Template-Type: ReDIF-Article 1.0
Author-Name: Mahendra Raj 
Author-X-Name-First: Mahendra 
Author-X-Name-Last: Raj 
Title: Pricing options on short-term interest rates using discrete arbitrage-free models 
Abstract:
  On June 23 1989, the Chicago Board of Options Exchange introduced a new
 option on short-term interest rate. These options were unique in that,
 unlike other interest rate dependent options, there were no assets like
 bonds underlying them. So, when these options are exercized, settlement
 delivery is in cash. These options opened new avenues for investors
 interested in hedging and speculating on interest rate movements. In the
 present study these short-term interest rate option markets are analysed
 utilizing recent developments on discrete interest rate stochastic
 processes. Of the various models developed to price interest contingent
 claims, Ho and Lee (1986) is especially important since these researchers
 use the entire term structure to derive relatively simple arbitrage based
 models. In this study these newly introduced options on interest rates are
 priced and empirically tested using the modified version of a Ho and Lee
 term structure model. 
Journal: Applied Economics Letters 
Pages: 1-3 
Issue: 1 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358339 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358339&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yang-Ming Chang 
Author-X-Name-First: Yang-Ming 
Author-X-Name-Last: Chang 
Author-Name: Victor Tremblay 
Author-X-Name-First: Victor 
Author-X-Name-Last: Tremblay 
Title: Duopsony models with consistent conjectural variations 
Abstract:
  In this note we develop a consistent conjectural variation model that
 generalizes Bresnahan's (1981) results to a duopoly-duopsony setting. This
 is the first duopsony model in which firms are constrained to have
 consistent conjectural variations, and two interesting results emerge.
 First, Bertrand conjectures occur when inputs are homogeneous and when
 input demand functions are horizontal. Second, the consistent conjectures
 equilibrium approaches Cournot when input demand functions are vertical or
 when the firm is a monopolist-monopsonist. This implies that firms will
 behave more competitively in a duopsony setting as inputs and outputs
 become more homogeneous and as input demand functions become relatively
 more elastic. 
Journal: Applied Economics Letters 
Pages: 8-11 
Issue: 1 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358357 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bijou Yang 
Author-X-Name-First: Bijou 
Author-X-Name-Last: Yang 
Author-Name: David Lester 
Author-X-Name-First: David 
Author-X-Name-Last: Lester 
Title: Capital punishment and deterrence: a comment on Cloninger's paper 
Abstract:
  Cloninger (1992) applied the portfolio approach to criminal behaviour and
 illustrated the deterrent effect of capital punishment by use of data from
 1983-1988 across the states of America and the District of Columbia. This
 comment suggests two possible flaws in Cloninger's analyses, which, if
 taken into account, may shed more light on the effect which he purports to
 demonstrate and it suggests that application of the analyses to an earlier
 historical period may be necessary. 
Journal: Applied Economics Letters 
Pages: 12-13 
Issue: 1 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358366 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358366&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Swarna Dutt 
Author-X-Name-First: Swarna 
Author-X-Name-Last: Dutt 
Title: Consistency under exponential forecasting 
Abstract:
  We study the consistency property in the exchange rate expectation
 formation process, which all rational forecasts have, but which itself
 does not require rationality. An alternative test procedure recommended by
 Pesaran (1989) is applied. Survey data helps avoid the risk premium issue
 altogether. The exponential forecasting framework provides evidence of
 bandwagon effects in the expectation formation process. Consistency is
 upheld at the shorter forecast horizon, but breaks down conclusively for
 the longer forecast periods. These results are supported by Froot and Ito
 (1989). 
Journal: Applied Economics Letters 
Pages: 14-18 
Issue: 1 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358375 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358375&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peijie Wang 
Author-X-Name-First: Peijie 
Author-X-Name-Last: Wang 
Author-Name: George Matysiak 
Author-X-Name-First: George 
Author-X-Name-Last: Matysiak 
Title: How do UK regional commercial rents move? 
Abstract:
  An investigation of UK rent movements and adjustment mechanisms shows
 London as unique in contrast with other regions in the country and
 distinguishes retail from office and industrial property markets. Two
 kinds of Granger causality of long run equilibrium and short term dynamics
 have been scrutinized to establish the evidence for our statement. 
Journal: Applied Economics Letters 
Pages: 19-23 
Issue: 1 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Qiang Du 
Author-X-Name-First: Qiang 
Author-X-Name-Last: Du 
Title: Price instability and inflation: empirical evidence from the People's Republic of China 
Abstract:
  The relationship between price instability and inflation is re-examined
 using the data for the People's Republic of China over the period 1953-91.
 The empirical results indicate that Friedman's conjecture of positive
 relationship between price instability and inflation is valid in China,
 where the economic system is quite different from those in market-oriented
 economy countries. Such a validation implies that higher inflation in
 China is unfavourable as it causes higher price instability that will
 reduce the efficiency of price system in allocating resource, hinder
 economic growth and could even result in economic disorder. This also
 suggests that a consistent and stable anti-inflation policy that reduces
 price instability would be preferable in China. 
Journal: Applied Economics Letters 
Pages: 25-28 
Issue: 2 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358302 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358302&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Miles Finney 
Author-X-Name-First: Miles 
Author-X-Name-Last: Finney 
Title: Property tax effects on intrametropolitan firm location: further evidence 
Abstract:
  This paper estimates the determinants of manufacturing firm location in
 an urban area, concentrating on the impact property taxes have on firm
 location. This note, which estimates location probabilities, provides
 further evidence under an alternative methodology on the role local taxes
 play in determining intrametropolitan location. 
Journal: Applied Economics Letters 
Pages: 29-31 
Issue: 2 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358311 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358311&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Johan Bring 
Author-X-Name-First: Johan 
Author-X-Name-Last: Bring 
Title: How not to find the relationship between foreign aid and economic growth 
Abstract:
Journal: Applied Economics Letters 
Pages: 32-33 
Issue: 2 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358320 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358320&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sharmila Choudhury 
Author-X-Name-First: Sharmila 
Author-X-Name-Last: Choudhury 
Title: Government wage differentials for women: do city dwellers earn more? 
Abstract:
  Previous research has shown that female workers, unlike other minorities,
 continue to earn a wage premium in the US public sector. We examine the
 nature of government wage differentials for female workers separately for
 city dwellers and non-city dwellers. A bivariate selectivity approach is
 used which recognizes the endogeneity of the government worker status
 variable and the union choice variable in the wage formation process. The
 public sector wage premium is found to be higher for city dwellers than
 non-city dwellers, pointing to the role of political influence in the
 government wage setting process. 
Journal: Applied Economics Letters 
Pages: 35-38 
Issue: 3 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358258 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358258&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Greasley 
Author-X-Name-First: David 
Author-X-Name-Last: Greasley 
Author-Name: Les Oxley 
Author-X-Name-First: Les 
Author-X-Name-Last: Oxley 
Title: Structural change and unit root testing: British industrial production 1700-1913 
Abstract:
  This paper considers unit root tests of the index of British industrial
 production 1700-1913. For the full sample the data are found to be I(1).
 However, three distinct phases are identified with alternating
 stationarity properties. One period, 1780-1851, is identified as the
 British Industrial Revolution. The results support the findings of Perron
 (1989) and Reichlin (1989) on the dangers of unit root testing in models
 with structural change. 
Journal: Applied Economics Letters 
Pages: 39-40 
Issue: 3 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358267 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358267&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Title: Testing nonlinearities in purchasing power parity 
Abstract:
  This note presents some empirical evidence on the presence of nonlinear
 adjustment in the PPP relationship. Nonlinearities are shown to be
 captured by a polynomial in the error correction term. It is also shown
 that there is some evidence for PPP when the hypothesis is tested over the
 period of the recent floating using the Yen/DM exchange rate. Using the
 residual of the cointegrating regression as an error correction term, two
 error correction models are estimated, and non-nested model selection
 testing reveals that nonlinear adjustment is predominant. 
Journal: Applied Economics Letters 
Pages: 41-43 
Issue: 3 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358276 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358276&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Swarna Dutt 
Author-X-Name-First: Swarna 
Author-X-Name-Last: Dutt 
Author-Name: Dipak Ghosh 
Author-X-Name-First: Dipak 
Author-X-Name-Last: Ghosh 
Title: An empirical investigation of the export growth-economic growth relationship 
Abstract:
  The export growth-economic growth cointegration structure is investigated
 for a large sample of low/middle/high income countries, including the
 newly industrialized ones. Previous Granger causality studies in this area
 are fundamentally flawed due to the absence of any form of pretesting for
 cointegration, hence we forward our study. Extensive stationarity tests
 are conducted including the KPSS procedure. In sequence we conduct
 cointegration tests based on the Phillips-Hansen fully modified OLS method
 and then run the Phillips-Ouliaris tests of non-stationarity on the
 residuals. For the majority of the countries in our sample, export growth
 and economic growth are cointegrated. 
Journal: Applied Economics Letters 
Pages: 44-48 
Issue: 3 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358285 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358285&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Salim Darbar 
Author-X-Name-First: Salim 
Author-X-Name-Last: Darbar 
Title: The unbiasedness of the forward exchange rate: evidence from the 1920s 
Abstract:
  The relationship between the spot and forward exchange rates during the
 1920s is reexamined for five major currencies with daily data. Johansen's
 (1988, 1991) methodology is used to test for cointegration between spot
 and forward exchange rates. The results show that the spot and forward
 exchange rates are cointegrated with a cointegrating vector of one,
 providing evidence in support of the unbiasedness of the forward exchange
 rate and market efficiency. Johansen's method provides stronger evidence
 in favour of the unbiasedness hypothesis compared to the residual based
 single equation OLS approach. 
Journal: Applied Economics Letters 
Pages: 49-53 
Issue: 3 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358294 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358294&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Mukum Mbaku 
Author-X-Name-First: John Mukum 
Author-X-Name-Last: Mbaku 
Title: Foreign aid and economic growth in Cameroon: a reply 
Abstract:
  Johan Bring (1994), in his criticism of my paper on Cameroon (Mbaku,
 1993), raises several issues related to the definition of aid, the time
 span used in the study, and the methodology adopted. In this reply, I
 shall address these issues and outline what I believe to be the key
 contributions and shortcomings of Bring's comments. I conclude that
 several of the issues raised by Bring were covered effectively in my
 original study, the methodology employed is based on one that has been
 made explicit in the literature, and I stand by the results and
 conclusions of my study. 
Journal: Applied Economics Letters 
Pages: 55-57 
Issue: 4 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358212 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358212&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdur Chowdhury 
Author-X-Name-First: Abdur 
Author-X-Name-Last: Chowdhury 
Title: Factors determining the income velocity of money in a developing economy 
Abstract:
  This paper investigates the influence of different factors on income
 velocity of money in 23 developing countries for the 1955-88 period. The
 results show that inflationary expectation raises income velocity in an
 agricultural developing economy. 
Journal: Applied Economics Letters 
Pages: 58-62 
Issue: 4 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358221 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358221&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Author-Name: Yijuan Zheng 
Author-X-Name-First: Yijuan 
Author-X-Name-Last: Zheng 
Title: Chaotic volatility in market portfolios 
Abstract:
  Empirical estimates of the Lorenz model of chaos are reported here for
 the conditional variances of returns of selected mutual funds over the
 period September 1988 to April 1993. These estimates show that chaotic
 instability may occur with a positive probability. 
Journal: Applied Economics Letters 
Pages: 63-65 
Issue: 4 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358230 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358230&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Easton 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Easton 
Title: Takeover activity and share returns in Australia: a note 
Abstract:
Journal: Applied Economics Letters 
Pages: 66-68 
Issue: 4 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358249 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358249&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cuddalore Sundar 
Author-X-Name-First: Cuddalore 
Author-X-Name-Last: Sundar 
Title: Impact of trade on purchasing power parity in black market and official exchange rates 
Abstract:
  In this study, the impact of trade on purchasing power parity was tested
 for a sample of Asian currencies using official and black market exchange
 rates. Cross exchange rates were used in order to directly compare prices
 between countries. The efficient markets version of PPP cannot be rejected
 for most trading country pairs using official exchange rates. For
 nontrading country pairs, PPP cannot be rejected using black market
 exchange rates. An implication of these results for future research is
 that the choice of exchange rates in PPP studies should be determined by
 trade or lack thereof between any two countries. 
Journal: Applied Economics Letters 
Pages: 69-73 
Issue: 5 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358168 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358168&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. Robert 
Author-X-Name-First: W. 
Author-X-Name-Last: Robert 
Author-Name: J. Alexander 
Author-X-Name-First: J. 
Author-X-Name-Last: Alexander 
Title: The investment-output ratio in growth regressions 
Abstract:
  The investment-output ratio is often used as a regressor in empirical
 studies of economic growth, although Scott (1991) is the only serious
 proponent of its being theoretically appropriate to do so. Evidence is
 here adduced that when capital stock data are available they ought to be
 used in preference to investment data. In addition, many growth studies
 employ population data to proxy, rather poorly, a labour force variable,
 although no one has ever suggested that this is more than a pis aller.
 Evidence is presented here that this is an unsatisfactory procedure. 
Journal: Applied Economics Letters 
Pages: 74-76 
Issue: 5 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358177 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358177&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. D. Byers 
Author-X-Name-First: J. D. 
Author-X-Name-Last: Byers 
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Title: Cross country evidence on nonlinearity in industrial production between the wars 
Abstract:
  We use the BDS statistic to test for unmodelled structure in the linearly
 filtered industrial production figures for Canada, France, Japan and the
 USA between 1919 and 1930. The i.i.d. null is rejected for France and
 Japan though there is other evidence for nonlinearity in the remaining
 series. In particular, we are able to fit self-exciting threshold
 autoregression (SETAR) models to each series. 
Journal: Applied Economics Letters 
Pages: 77-80 
Issue: 5 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mahendra Raj 
Author-X-Name-First: Mahendra 
Author-X-Name-Last: Raj 
Author-Name: David Thurston 
Author-X-Name-First: David 
Author-X-Name-Last: Thurston 
Title: January or April? Tests of the turn-of-the-year effect in the New Zealand stock market 
Abstract:
  Turn-of-the-year effect has been observed in many markets throughout the
 world and various explanations have been suggested for this anomaly in the
 markets. The 'tax-loss selling' hypothesis is one such explanation that
 has received some support. The present study examines the validity of this
 hypothesis in the New Zealand context. Since the financial year in New
 Zealand ends in March there should be an April effect if the tax-loss
 selling theory is to hold. The study finds that there is neither a January
 effect nor an April effect in New Zealand. The small size and the poor
 liquidity of the market may be factors influencing this observation. 
Journal: Applied Economics Letters 
Pages: 81-83 
Issue: 5 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358195 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358195&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Canopy Roychoudhury 
Author-X-Name-First: Canopy 
Author-X-Name-Last: Roychoudhury 
Title: A comparative analysis of the causes of discrimination between rental and owner-occupied housing units 
Abstract:
  Using fair housing audits, previous research has shown that black
 renters, unlike their white counterparts, continue to receive unfavourable
 treatment in the rental housing market. We extend the analysis to
 owner-occupied housing units for the Detroit Metropolitan area. Although
 racial discrimination appears to be declining in the rental market over
 time, our results show no sign of any change in the owner-occupied housing
 market. Probing the causes of discrimination, we find that significant
 differences and similarities exist in the hypotheses explaining
 discrimination between the two types of housing units. 
Journal: Applied Economics Letters 
Pages: 84-87 
Issue: 5 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358203 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358203&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Sonmez Atesoglu 
Author-X-Name-First: H. Sonmez 
Author-X-Name-Last: Atesoglu 
Title: Balance of payments determined growth in Germany 
Abstract:
Journal: Applied Economics Letters 
Pages: 89-91 
Issue: 6 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358122 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358122&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jakob Brochner Madsen 
Author-X-Name-First: Jakob Brochner 
Author-X-Name-Last: Madsen 
Title: Forecasts of inflation with price expectations 
Abstract:
  This paper embeds survey price expectations of manufacturing into a
 mark-up model of price determination. The model, which is employed to
 forecast (changes in) growth in consumer and producer prices one quarter
 ahead, is estimated for seven EEC countries. The predictive performance,
 in terms of the mean forecast error, of the model is compared with an
 ARIMA forecast of inflation. The results suggest that the predictive
 performance of the price-expectational-augmented price model is superior
 to the ARIMA model. 
Journal: Applied Economics Letters 
Pages: 92-95 
Issue: 6 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Title: A diffusion model of right-to-work law history in the United States 
Abstract:
  This study offers a new approach to measure the adoption practices of
 right-to-work legislation by states over time. By allowing the dependent
 variable to represent the number of years a state has had the RTW
 legislation (with 1989 as the terminal year), the intensity of adoption
 can be modelled. This technique allows the cross-section to represent the
 year of adoption rather than a single year, and represents an effort to
 compare states in like circumstances (a measure of diffusion).
 Interestingly, the result fails to support the theory that unionization
 rates are significantly negatively related to the adoption practices,
 although the degree of a state's labour force engaged in both construction
 and manufacturing are important. 
Journal: Applied Economics Letters 
Pages: 96-98 
Issue: 6 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358140 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358140&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Everton Dockery 
Author-X-Name-First: Everton 
Author-X-Name-Last: Dockery 
Author-Name: Yannis Georgellis 
Author-X-Name-First: Yannis 
Author-X-Name-Last: Georgellis 
Title: Long-run purchasing power parity: the case of Greece 1980-1992 
Abstract:
  In this paper we use cointegration techniques to test the long-run
 Purchasing Power Parity (PPP) hypothesis for nine Drachma exchange rates
 within the European currency area. The results support the long-run PPP
 hypothesis only in the cases of Portugal, Spain and the UK, as these
 countries were not seriously constrained by the Exchange Rate Mechanism
 (ERM). 
Journal: Applied Economics Letters 
Pages: 99-101 
Issue: 6 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358159 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358159&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Hynds 
Author-X-Name-First: Michael 
Author-X-Name-Last: Hynds 
Author-Name: Ian Smith 
Author-X-Name-First: Ian 
Author-X-Name-Last: Smith 
Title: The demand for test match cricket 
Abstract:
  Within an allocation of time framework, a demand function for test match
 cricket in Britain is estimated using 248 observations of daily
 attendances drawn from 52 matches over the period 1984 to 1992. We find
 that the time intensity of international cricket does have a mild
 deterrence effect on attendance as earnings rise. Consistent with other
 studies in the economics of sport, there is evidence that uncertainty of
 outcome augments demand. However, it is cricket, demographic and day
 specific, rather than economic, variables which account for most of the
 demand variation. The introduction in 1991 of test match cricket on
 Sundays added over 4000 spectators to total attendances. 
Journal: Applied Economics Letters 
Pages: 103-106 
Issue: 7 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358078 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358078&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Hansen 
Author-X-Name-First: Paul 
Author-X-Name-Last: Hansen 
Title: Investment data and the empirical relationship between exporters, government and economic growth 
Abstract:
  The effect of using gross investment data and utilized net capital stock
 data respectively to construct the investment-output ratio in growth
 equations modelling the effects of exporters and the government is
 demonstrated. Almost all such models in the literature use the former
 data, and yet, as discussed by Alexander (1994a), the latter data are
 theoretically superior. For a group of G7 countries evidence is produced
 that suggests the possibility that other researchers findings reflect the
 data they use to construct their investment-output ratio rather than a
 true relationship between exporters and the government respectively and
 economic growth. 
Journal: Applied Economics Letters 
Pages: 107-110 
Issue: 7 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358087 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358087&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Author-Name: David Smyth 
Author-X-Name-First: David 
Author-X-Name-Last: Smyth 
Title: Kuznets's inverted-U hypothesis revisited 
Abstract:
Journal: Applied Economics Letters 
Pages: 111-113 
Issue: 7 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Phanindra Wunnava 
Author-X-Name-First: Phanindra 
Author-X-Name-Last: Wunnava 
Author-Name: Syed Ali Raza Mehdi 
Author-X-Name-First: Syed Ali Raza 
Author-X-Name-Last: Mehdi 
Title: The effect of unemployment insurance on unemployment rate and average duration: evidence from pooled cross-sectional time-series data 
Abstract:
  This paper empirically analyses the impact of the unemployment insurance
 system upon the insured unemployment rate and the average duration of
 unemployment. It employs a simultaneous equation framework because of
 possible feedback effects between the insured unemployment rate and the
 average duration of unemployment. Based on a pooled crosssectional
 time-series model (covering all the 50 states in the USA for the years
 1967-88) that corrects for heteroscedasticity and autocorrelation, and the
 results show some support for the hypothesis that the unemployment
 insurance system, by providing workers with a safety net, increases both
 the insured unemployment rate and the duration period. 
Journal: Applied Economics Letters 
Pages: 114-118 
Issue: 7 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: A model of dynamic efficiency measurement 
Abstract:
  Methods of measuring dynamic efficiency of a set of units and comparing
 it with static efficiency are presented here through a linear programming
 model and illustrated by an empirical application. 
Journal: Applied Economics Letters 
Pages: 119-121 
Issue: 7 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358113 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358113&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maryann Brady 
Author-X-Name-First: Maryann 
Author-X-Name-Last: Brady 
Author-Name: Djeto Assane 
Author-X-Name-First: Djeto 
Author-X-Name-Last: Assane 
Author-Name: Lewis Karstensson 
Author-X-Name-First: Lewis 
Author-X-Name-Last: Karstensson 
Title: Cost structure in college and university student health centres 
Abstract:
  This study examines cost structure for the provision of health care in
 college and university student health centres. Empirical estimates of a
 translog cost function for 81 American College Health Association member
 institutions show economies of scale in the production of student health
 care. 
Journal: Applied Economics Letters 
Pages: 123-126 
Issue: 8 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Greene 
Author-X-Name-First: Michael 
Author-X-Name-Last: Greene 
Author-Name: Emily Hoffnar 
Author-X-Name-First: Emily 
Author-X-Name-Last: Hoffnar 
Title: Residential location and the earnings of white and Hispanic men 
Abstract:
  Much has been written on the impact of residential location on the
 earnings of males and whether the effect of residential location is
 different for African-American than white males. Unfortunately, very few
 researchers have devoted systematic attention to the impact of residential
 location on the earnings of Hispanics. Using data from the 1990 Current
 Population Survey, the authors estimate and compare the effect of
 residential location on the annual earnings of white and Hispanic males.
 Three principal findings emerge. First, the authors find that both central
 city and suburban Hispanics earn significantly less than white male
 residents of the suburbs. Secondly, the results reported here suggest that
 while central city residence lowers the earnings of both white and
 Hispanic men, the impact is more pronounced on the latter than the former.
 Third, this study finds no evidence that suburban earn more than central
 city Hispanics. This result stands in stark contrast to comparisons
 between suburban and central city whites, leading the authors to conclude
 that 'race rather than space' may play a more important role in
 contributing to the white-Hispanic male earnings differential. 
Journal: Applied Economics Letters 
Pages: 127-131 
Issue: 8 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358041 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358041&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Terence Mills 
Author-X-Name-First: Terence 
Author-X-Name-Last: Mills 
Title: Segmented trends and the stochastic properties of UK output 
Abstract:
  This letter confirms that annual UK output suffers a break in trend in
 1918 as suggested by Duck (1992). It then goes on to show that a segmented
 trend model with two breaks, in 1918 and 1921, with trend growth of
 approximately 2% and 2.25% per annum before and after these breaks, and
 with a cyclical component having a period of approximately 8 years,
 provides an excellent fit to the series. 
Journal: Applied Economics Letters 
Pages: 132-133 
Issue: 8 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358050 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358050&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkin Bairam 
Author-X-Name-First: Erkin 
Author-X-Name-Last: Bairam 
Title: The elasticity of scale in large New York Stock Exchange companies and corporations, 1975-92 
Abstract:
Journal: Applied Economics Letters 
Pages: 134-137 
Issue: 8 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358069 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358069&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nuno Crato 
Author-X-Name-First: Nuno 
Author-X-Name-Last: Crato 
Author-Name: Philip Rothman 
Author-X-Name-First: Philip 
Author-X-Name-Last: Rothman 
Title: A reappraisal of parity reversion for UK real exchange rates 
Abstract:
  We apply a new approach to test the long-run purchasing power parity
 theory of real exchange rate movements for the UK. The question of whether
 real exchange rates have a unit root or are mean reverting is set in the
 more general framework of fractionally differenced time-series models. Our
 results suggest that in the current period of floating rates, UK real
 exchange rates return to parity in the long run. 
Journal: Applied Economics Letters 
Pages: 139-141 
Issue: 9 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357970 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357970&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Robst 
Author-X-Name-First: John 
Author-X-Name-Last: Robst 
Title: Measurement error and the returns to excess schooling 
Abstract:
  This paper considers the degree of measurement error in estimates of
 required schooling for jobs and the bias created by errors when estimating
 the returns to overeducation. Using the Panel Study of Income Dynamics, it
 finds substantial differences between estimates of required schooling.
 Thus errors in measurement may seriously bias previous results examining
 the wage effects of overeducation. This paper uses instrumental variable
 techniques to correct for measurement error and finds no significant
 returns for surplus schooling. 
Journal: Applied Economics Letters 
Pages: 142-144 
Issue: 9 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357989 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357989&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dennis McCornac 
Author-X-Name-First: Dennis 
Author-X-Name-Last: McCornac 
Title: Velocity and money growth variability: evidence from Japan 
Abstract:
  This paper investigates the robustness of the Friedman hypothesis that
 states the volatility of money growth influences the velocity of money.
 Using data for Japan the Granger-causality method is implemented to test
 for the effect of the variability of the Japanese monetary aggregate
 M2+CDs on velocity. The regression estimates support the Friedman
 hypothesis. 
Journal: Applied Economics Letters 
Pages: 145-147 
Issue: 9 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Razzaque Bhatti 
Author-X-Name-First: Razzaque 
Author-X-Name-Last: Bhatti 
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Title: A new approach to testing ex ante purchasing power parity 
Abstract:
  Conventional PPP neglects the role of uncertainty and expectations in the
 determination of exchange rates. In the presence of uncertainty and
 expectations about the future, as postulated by ex ante PPP, the exchange
 rate is determined not only by current relative prices but also by the
 expected real exchange rate, implying that the omission of the latter
 makes the PPP model misspecified. Results of empirical testing indicate
 the importance of the role played by the expected real exchange rate in
 determining the current nominal exchange rate. These results support the
 ex ante PPP model against the conventional model. 
Journal: Applied Economics Letters 
Pages: 148-151 
Issue: 9 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358005 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358005&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Stuart McDougall 
Author-X-Name-First: R. Stuart 
Author-X-Name-Last: McDougall 
Title: The stability of velocity: a test for seasonal cointegration 
Abstract:
  This paper applies seasonal integration and cointegration tests to assess
 the non-stationary characteristics of velocity using 25 years of quarterly
 unadjusted New Zealand money and income data. Velocity is clearly
 non-stationary on the basis of the seasonal unit root tests and there is
 some evidence of a changing seasonal pattern. The non-stationarity of
 velocity is confirmed by the acceptance of the hypothesis of
 non-cointegration between money and income at both the zero and biannual
 frequency. On balance, the cointegration results indicate no long-run
 relationship between money and income. While not addressing the issue of
 direction of causation, these results could be interpreted as questioning
 the monetarist view that the stable relationship between money and income
 can be exploited so that important macroeconomic variables can be
 influenced by manipulating the money supply. 
Journal: Applied Economics Letters 
Pages: 152-157 
Issue: 9 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358014 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358014&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Parker 
Author-X-Name-First: Simon 
Author-X-Name-Last: Parker 
Author-Name: Timothy Dewhurst 
Author-X-Name-First: Timothy 
Author-X-Name-Last: Dewhurst 
Title: Hysteresis in the earnings function: an analysis by occupation 
Abstract:
  The theory of hysteresis in the earnings function is tested by
 investigating its existence across a variety of occupations. Hysteresis
 signals are detected for professionals and executives, but not for manual
 construction workers or for the self-employed, so lending support to the
 theory. 
Journal: Applied Economics Letters 
Pages: 158-160 
Issue: 9 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594358023 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594358023&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vasudeva Murthy 
Author-X-Name-First: Vasudeva 
Author-X-Name-Last: Murthy 
Author-Name: Victor Ukpolo 
Author-X-Name-First: Victor 
Author-X-Name-Last: Ukpolo 
Author-Name: John Mbaku 
Author-X-Name-First: John 
Author-X-Name-Last: Mbaku 
Title: Foreign aid and economic growth in Cameroon: evidence from cointegration tests 
Abstract:
  Mbaku (1993, 1994) presents empirical evidence to support the hypothesis
 that in Cameroon, during 1971-90, foreign aid had no impact on economic
 growth. In this note, we apply the recent technique of unit-root testing
 and Johansen's maximum likelihood procedure to show, on the contrary, that
 foreign aid had a positive contribution to economic growth in Cameroon
 during the period under study. We attribute the differences in the results
 to the differences in methodology, and the implied optimal lag structure
 in our study. We contend that cointegration tests are warranted in studies
 of this nature, before any structural analysis and policy implications of
 the model, are derived. 
Journal: Applied Economics Letters 
Pages: 161-163 
Issue: 10 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357916 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357916&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. H. J. Hassink 
Author-X-Name-First: W. H. J. 
Author-X-Name-Last: Hassink 
Author-Name: R. D. Huigen 
Author-X-Name-First: R. D. 
Author-X-Name-Last: Huigen 
Author-Name: Z. Zeelenberg 
Author-X-Name-First: Z. 
Author-X-Name-Last: Zeelenberg 
Title: Sampling errors and the substitution between white-collar and blue-collar workers 
Abstract:
  The consequences of sampling errors in estimating a simple labour demand
 model, using panel data of firms is discussed. It is found that the
 sampling errors of the variables at the firm-level due to the sampling
 process at the employee-level, have a substantial influence on the
 estimates of the elasticity of substitution between white-collar and
 blue-collar workers. It is shown that because of the large noise-to-signal
 ratio of the explanatory variable no evidence of substitution can be
 found. 
Journal: Applied Economics Letters 
Pages: 164-166 
Issue: 10 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357925 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357925&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Cooper 
Author-X-Name-First: John 
Author-X-Name-Last: Cooper 
Title: Purchasing power parity: a cointegration analysis of the Australian, New Zealand and Singaporean currencies 
Abstract:
  This paper provides a brief overview of tests for stationarity and
 cointegration and applies them in an attempt to establish the validity of
 purchasing power parity theory for the Australian, New Zealand and
 Singaporean currencies using quarterly time series for the period 1973 to
 1992. 
Journal: Applied Economics Letters 
Pages: 167-171 
Issue: 10 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357934 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357934&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Stern 
Author-X-Name-First: David 
Author-X-Name-Last: Stern 
Title: Accuracy of the translog function 
Abstract:
  There has been some discussion of the accuracy of the translog
 approximation. Various simulation studies have generated different
 assessments. It is shown that when data are generated using known
 elasticities but no explicit production or cost function, the translog
 estimates of own price and cross-price elasticities prove reasonably
 accurate. 
Journal: Applied Economics Letters 
Pages: 172-174 
Issue: 10 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357943 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357943&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Burdekin 
Author-X-Name-First: Richard 
Author-X-Name-Last: Burdekin 
Author-Name: Thomas Goodwin 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Goodwin 
Author-Name: Suyono Salamun 
Author-X-Name-First: Suyono 
Author-X-Name-Last: Salamun 
Author-Name: Thomas Willett 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Willett 
Title: The effects of inflation on economic growth in industrial and developing countries: is there a difference? 
Abstract:
  Using panel estimation for a large sample of industrial and developing
 countries we find significant negative effects of inflation on economic
 growth. The magnitude of these effects is, however, much larger for the
 industrial countries than for the developing countries 
Journal: Applied Economics Letters 
Pages: 175-177 
Issue: 10 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357952 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357952&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Majed Muhtaseb 
Author-X-Name-First: Majed 
Author-X-Name-Last: Muhtaseb 
Title: Motivations that underlie the subscription prices in common stocks rights offerings: industrial firms 
Abstract:
  The objective of this paper is to investigate the subscription price
 decision in a common stock rights offering. The competing prediction of
 the Heinkel and Schwartz model, in which a higher subscription price
 signals a higher quality firm, and the Myers and Majluf model in which the
 firm sets a low subscription price in order to secure the financing for a
 positive NPV project from the firm's existing stockholders are examined.
 For a sample of 69 industrial firms, the two-day offering period
 cumulative abnormal return is estimated using standard event study
 methodology. The relative subscription price is defined as the ratio of
 the subscription price to the mean of closing prices of the five trading
 days immediately preceding the two-day offering period. The sample was
 divided into two subsamples according to high and low relative
 subscription prices. The results indicate that industrial firms conform to
 the theoretical predictions of the Heinkel and Schwartz model. Higher
 quality firms use the subscription price in a rights offering as a
 signalling mechanism to distinguish themselves from lower quality firms.
 Relative subscription price is positively and significantly associated
 with the CAR. Apparently for industrials, securing the financing of a
 project is not a primary consideration. 
Journal: Applied Economics Letters 
Pages: 178-181 
Issue: 10 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357961 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357961&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Miller 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Miller 
Author-Name: Athanasios Noulas 
Author-X-Name-First: Athanasios 
Author-X-Name-Last: Noulas 
Title: Portfolio mix and net charge offs at large United States commercial banks 
Abstract:
  The United States banking industry experienced a period of poor
 performance in the late 1980s. Significant problems with loans as
 reflected in loan loss provisions and net charge offs hampered bank
 profitability. We examine the effect of portfolio composition on net
 charge offs at large commercial banks in the late 1980s. Among the various
 conclusions, one stands out: large banks that hold a higher share of total
 assets in loans also experience lower net charge offs to total loans,
 other things being constant. That is, the larger the exposure a bank has
 in loans relative to other assets, the better its experience with ultimate
 loan defaults. 
Journal: Applied Economics Letters 
Pages: 183-186 
Issue: 11 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357835 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357835&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Ermisch 
Author-X-Name-First: John 
Author-X-Name-Last: Ermisch 
Author-Name: Robert Wright 
Author-X-Name-First: Robert 
Author-X-Name-Last: Wright 
Title: Interpretation of negative sample selection effects in wage offer equations 
Abstract:
  The finding of negative sample selection effects in estimated wage offer
 equations is often viewed as being 'problematic', resulting from
 misspecification of the wage and selection processes. This note shows that
 negative sample selection effects are plausible in the context of
 Heckman's reservation wage model of labour supply. Therefore, such
 findings need not necessarily be cause for concern. 
Journal: Applied Economics Letters 
Pages: 187-189 
Issue: 11 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357844 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357844&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. Swidler 
Author-X-Name-First: S. 
Author-X-Name-Last: Swidler 
Author-Name: P. Ahmed 
Author-X-Name-First: P. 
Author-X-Name-Last: Ahmed 
Title: Wealth transfers and the initial pricing of PERCS 
Abstract:
  The purpose of this paper is to examine the initial pricing of a form of
 convertible preferred stock, PERCS (preferred equity redemption cumulative
 stock). The analysis shows that investors may pay more for the PERCS than
 the value of the individual components of the financially engineered
 security. The empirical results suggest that PERCS may be a cheaper way
 for firms to issue equity causing wealth transfers from holders of PERCS
 to common stock shareholders. 
Journal: Applied Economics Letters 
Pages: 190-193 
Issue: 11 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357853 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357853&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Judith Giles 
Author-X-Name-First: Judith 
Author-X-Name-Last: Giles 
Title: Another look at the evidence on foreign aid led economic growth 
Abstract:
  We apply recent time series techniques to Mbaku's Cameroon data to
 investigate the effects of foreign aid on economic growth. In contrast to
 Mbaku, we find some evidence to support the foreign aid led growth
 hypotheses in Cameroon. Our results illustrate the importance of testing
 hypotheses in an appropriate time series framework and the difficulties of
 time-series modelling with an insufficient span of data. 
Journal: Applied Economics Letters 
Pages: 194-199 
Issue: 11 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357862 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357862&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Jones 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Jones 
Author-Name: Richard Marriott 
Author-X-Name-First: Richard 
Author-X-Name-Last: Marriott 
Title: Determinants of the level and methods of charitable giving in the 1990 Family Expenditure Survey 
Abstract:
  The purpose of this note is to use the 1990 FES to update Jones and
 Posnett's analysis of the determinants of household giving to charity in
 the 1984 survey. Our analysis extends the earlier work by analysing the
 interaction between the level of giving and the method of payment. 
Journal: Applied Economics Letters 
Pages: 200-203 
Issue: 11 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357871 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357871&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Hondroyiannis 
Author-X-Name-First: George 
Author-X-Name-Last: Hondroyiannis 
Author-Name: Evangelia Papapetrou 
Author-X-Name-First: Evangelia 
Author-X-Name-Last: Papapetrou 
Title: Cointegration, causality and the government budget-inflation relationship in Greece 
Abstract:
  This paper considers the relationship between cointegration and causality
 and uses tests of cointegration as pre-test for Granger tests of
 causality. The analysis is employed in analysing the government
 budget-inflation relationship in Greece. Empirical evidence suggest that
 there is a long-run relationship between government budget and price level
 and support the hypothesis of a bidirectional causality between the two
 variables. 
Journal: Applied Economics Letters 
Pages: 204-206 
Issue: 11 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357880 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357880&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erdal Atukeren 
Author-X-Name-First: Erdal 
Author-X-Name-Last: Atukeren 
Title: A note on the tests of Granger-causality between exports and economic growth 
Abstract:
  This paper demonstrates that the Granger-causality tests are not affected
 by an accounting identity relationship. In the context of exports and
 economic growth relationship, this amounts to saying that if a
 Granger-causal relationship from exports to output is detected, this
 cannot be due to a built-in accounting identity relationship. 
Journal: Applied Economics Letters 
Pages: 207-209 
Issue: 11 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357899 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357899&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gregory Goering 
Author-X-Name-First: Gregory 
Author-X-Name-Last: Goering 
Author-Name: Michael Pippenger 
Author-X-Name-First: Michael 
Author-X-Name-Last: Pippenger 
Title: A note regarding ARCH and threshold processes: results from a Monte Carlo study 
Abstract:
  Many economic relationships are non-linear. Hence, when analysing
 economic data it is important to identify any non-linearity. The primary
 type of non-linearity examined by economists is the ARCH-class model.
 However, other types of non-linear processes may be expected in economic
 and financial data. One of these is the threshold-class autoregressive
 process. This paper finds that the power of standard ARCH pre-test
 procedures for detecting threshold type non-linearity is very poor under
 certain parameter specifications; and that ARCH may be 'detected' in a
 significant number of cases even though the true process is of the
 threshold class. Thus care should be taken when interpreting ARCH
 pre-tests in economic series that are likely to contain threshold
 boundaries. 
Journal: Applied Economics Letters 
Pages: 210-213 
Issue: 11 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357907 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357907&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Author-Name: Raymond Sfeir 
Author-X-Name-First: Raymond 
Author-X-Name-Last: Sfeir 
Title: Market volatility and skewness persistence 
Abstract:
  Skewness persistence and its impact on market volatility are examined
 here empirically over recent NYSE stock market data. The empirical results
 do not show any skewness persistence, although the skewness factor affects
 market volatility to a significant degree. This suggests the need to
 modify the volatility tests based on ARCH models. 
Journal: Applied Economics Letters 
Pages: 215-218 
Issue: 12 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357763 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357763&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdur Chowdhury 
Author-X-Name-First: Abdur 
Author-X-Name-Last: Chowdhury 
Title: The behaviour of closed-end country fund prices in the Asian NIEs 
Abstract:
  This paper tests the impact of international investment restrictions on
 closed-end country funds in four Asian countries - Hong Kong, Korea,
 Singapore and Taiwan. The results show that the relationship between the
 premiums or discounts on closed-end country funds and announcements of
 changes in investment restrictions is sensitive to how individual
 countries respond to foreign innovations. A strong relationship exists in
 countries with large restrictions on investment - Korea and Taiwan.
 However, the relationship seems to break down in countries where there are
 virtually no restrictions on investment - Hong Kong and Singapore. 
Journal: Applied Economics Letters 
Pages: 219-222 
Issue: 12 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357772 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357772&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bijou Yang 
Author-X-Name-First: Bijou 
Author-X-Name-Last: Yang 
Author-Name: David Lester 
Author-X-Name-First: David 
Author-X-Name-Last: Lester 
Title: The social impact of unemployment 
Abstract:
  Although it has been argued that unemployment results in an increased
 suicide rate in a society, this association was found in the present study
 in only a minority of a sample of nations with data available for the
 period 1950-85. 
Journal: Applied Economics Letters 
Pages: 223-226 
Issue: 12 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357781 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357781&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shujie Yao 
Author-X-Name-First: Shujie 
Author-X-Name-Last: Yao 
Title: Cointegration analysis of agriculture and non-agricultural sectors in the Chinese economy 1952-92 
Abstract:
  A vector autoregression (VAR) model is employed to investigate the
 cointegration relationship between agriculture and non-agricultural
 sectors in the Chinese economy during 1952-92. Three cointegration vectors
 are identified among agriculture, industry, construction, transport and
 services. Agriculture is found to be weakly exogenous to the economic
 system, suggesting that it was a main driving force for all the other
 sectors; but the converse is untrue. Government policies biased against
 agriculture are main reasons for agriculture's weak exogeneity. 
Journal: Applied Economics Letters 
Pages: 227-229 
Issue: 12 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357790 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357790&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Phillip Lawler 
Author-X-Name-First: Phillip 
Author-X-Name-Last: Lawler 
Author-Name: Neil Manning 
Author-X-Name-First: Neil 
Author-X-Name-Last: Manning 
Title: Purchasing power parity and market frictions: a neutral band analysis 
Abstract:
  The paper employs a simple threshold model of US bilateral real exchange
 rate dynamics. The econometric results appear consistent with the
 existence of a 'neutral band'. Real exchange rates seem to revert to
 purchasing power parity (PPP) levels only outside the neutral band. 
Journal: Applied Economics Letters 
Pages: 230-232 
Issue: 12 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357808 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357808&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Bailey 
Author-X-Name-First: Mark 
Author-X-Name-Last: Bailey 
Author-Name: Clive Collis 
Author-X-Name-First: Clive 
Author-X-Name-Last: Collis 
Title: A duration analysis approach to the examination of the lengths of periods of price stability in the UK retail petrol industry 
Abstract:
  This article applies duration analysis to pricing behaviour in an
 oligopolistic industry, namely the UK Retail Petrol Industry, for the
 period January 1983 to October 1989. The findings of the analysis are
 that: a period of rising or falling prices will reduce the lengths of
 price stability and that periods of price stability ending in March or
 April lasted longer than those ending in other months as firms awaited
 changes in the excise rate in the Budget. There was no evidence that the
 leading firm, Esso, exhibited longer periods of price stability, a result
 consistent with the hypothesis of conscious parallelism in pricing
 behaviour in an industry. 
Journal: Applied Economics Letters 
Pages: 233-235 
Issue: 12 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357817 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357817&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitris Kirikos 
Author-X-Name-First: Dimitris 
Author-X-Name-Last: Kirikos 
Title: Cointegration, risk aversion and real asset prices 
Abstract:
  In this letter a vector autoregressive framework is used in order to
 assess the empirical and economic relevance of the present value model of
 stock prices with varying discount factors, using data from the New York
 Stock Exchange over the period 1974-90. The time-series properties of the
 variables involved are determined by means of formal statistical tests and
 the relationship between risk aversion and stock price volatility is
 studied. The model performs poorly for all admissible values of the
 Arrow-Pratt measure of relative risk aversion. 
Journal: Applied Economics Letters 
Pages: 236-240 
Issue: 12 
Volume: 1 
Year: 1994 
X-DOI: 10.1080/135048594357826 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048594357826&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yin-Wong Cheung 
Author-X-Name-First: Yin-Wong 
Author-X-Name-Last: Cheung 
Author-Name: Menzie David Chinn 
Author-X-Name-First: Menzie David 
Author-X-Name-Last: Chinn 
Author-Name: Tuan Tran 
Author-X-Name-First: Tuan 
Author-X-Name-Last: Tran 
Title: How sensitive are trends to data definitions? Results for East Asian and G5 countries 
Abstract:
  This paper examines whether test results characterizing per capita output
 as either trend or difference stationary are sensitive to whether output
 is valued in domestic currency terms, or in some international numeraire,
 such as the Summers-Heston international dollar. Using the conventional
 ADF test, and the Kwiatkowsi et al. test with a trend stationary null, we
 find that for economies such as those of the East Asian countries, the
 best description of the persistence of the data does depend upon the
 valuation of output. No such discrepancy is found for the output series of
 the G5 countries. We conclude that researchers should be extremely
 cautious about making generalizations regarding the time-series properties
 of output. 
Journal: Applied Economics Letters 
Pages: 1-6 
Issue: 1 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357708 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357708&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Geraint Johnes 
Author-X-Name-First: Geraint 
Author-X-Name-Last: Johnes 
Title: Scale and technical efficiency in the production of economic research 
Abstract:
  Data envelopment analysis is applied to the research assessment exercise
 data collected by the Higher Education Funding Councils in 1992, to study
 the relative performance of UK university departments of economics. The
 analysis throws light on returns to scale and on the characteristics
 deemed desirable by the peer review panel. 
Journal: Applied Economics Letters 
Pages: 7-11 
Issue: 1 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357717 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357717&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chris Gardiner 
Author-X-Name-First: Chris 
Author-X-Name-Last: Gardiner 
Author-Name: John Henneberry 
Author-X-Name-First: John 
Author-X-Name-Last: Henneberry 
Title: Analysing the property-gilts yield differential 
Abstract:
  Forecast rather than actual values of variables are used in an analysis
 of the property-gilts yield gap to mimic more closely the investor's
 decision-making environment. The estimated equations combine parsimony
 with a high level of explanatory power. The yield gap is found to vary
 simultaneously in all regions. This is attributed to the dominance of an
 aspatial influence: inflation. 
Journal: Applied Economics Letters 
Pages: 12-15 
Issue: 1 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357726 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357726&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christos Kollias 
Author-X-Name-First: Christos 
Author-X-Name-Last: Kollias 
Title: Preliminary findings on the economic effects of Greek military expenditure 
Abstract:
  Greece has regularly been ranked as the country with the highest defence
 burden in NATO and the European Union. This study, using an
 error-correction approach, is a preliminary empirical investigation into
 the economic effects of military spending in Greece during the period
 1963-90. 
Journal: Applied Economics Letters 
Pages: 16-18 
Issue: 1 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357735 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357735&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Oluwole Owoye 
Author-X-Name-First: Oluwole 
Author-X-Name-Last: Owoye 
Title: The causal relationship between taxes and expenditures in the G7 countries: cointegration and error-correction models 
Abstract:
  The paper examines the causal relationship between tax revenues and
 expenditures in the G7 countries using cointegration and error-correction
 methodology. This statistical technique provides additional channels
 through which causality could emerge. The empirical results show that
 bidirectional causality exists between government taxes and expenditures
 in all countries except in Japan and Italy. For Japan and Italy, causality
 runs from government taxes to expenditures. 
Journal: Applied Economics Letters 
Pages: 19-22 
Issue: 1 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357744 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357744&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkin Bairam 
Author-X-Name-First: Erkin 
Author-X-Name-Last: Bairam 
Title: Externality effect of the USA total, federal and state government expenditures on private investment, 1960-91 
Abstract:
  The main objective of this short paper is to measure the impact of
 increases in total, federal and state government expenditures on private
 investment in the USA. For this purpose a framework based on a variable
 elasticity approach is used and tested. The results obtained conclusively
 support the 'accelerator principle' and 'crowding out' hypothesis. 
Journal: Applied Economics Letters 
Pages: 23-25 
Issue: 1 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357753 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357753&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhenmin Fang 
Author-X-Name-First: Zhenmin 
Author-X-Name-Last: Fang 
Author-Name: Richard Yan-Ki Ho 
Author-X-Name-First: Richard Yan-Ki 
Author-X-Name-Last: Ho 
Title: Asset reallocation with interest rate swaps 
Abstract:
  A bond portfolio model with interest rate swaps is developed to carry out
 the mean-variance analysis. It is found that interest rate swaps can be
 used to reallocate non-marketable bonds in the portfolio by swapping out
 the non-traded fixed-rate bonds into LIBOR-based floating rate notes. The
 optimal allocation of bond portfolios can be achieved from the implicit
 reallocation of non-marketable bonds in the portfolios. 
Journal: Applied Economics Letters 
Pages: 27-30 
Issue: 2 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357636 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357636&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Roberts 
Author-X-Name-First: Mark 
Author-X-Name-Last: Roberts 
Title: The second J-curve and trade account dynamics 
Abstract:
  A second and an independent J-curve effect emerges where import
 expenditures depend on wealth and where current account imbalance feeds
 back on itself through its effect on asset accumulation. The combination
 of the two J-curves in conjunction gives rise to a wide range of dynamic
 possibilities for the trade account. 
Journal: Applied Economics Letters 
Pages: 31-33 
Issue: 2 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357645 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357645&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vani Borooah 
Author-X-Name-First: Vani 
Author-X-Name-Last: Borooah 
Author-Name: Patricia McKee 
Author-X-Name-First: Patricia 
Author-X-Name-Last: McKee 
Author-Name: Michael Smyth 
Author-X-Name-First: Michael 
Author-X-Name-Last: Smyth 
Title: A decomposition method for analysing inter-group income differences with an application to Catholics and Protestants in Northern Ireland 
Abstract:
  This paper argues that inter-group disparities in economic welfare are
 best measured by intercommunity income differences and it proceeds to
 analyse the structure of such income differences through the decomposition
 of the ratio of the respective group incomes. Simulation experiments then
 attempt to uncover the relationship between changes in unemployment rates
 and (consequent) changes in the Catholic-Protestant income ratio in
 Northern Ireland. The results of these experiments show that reductions in
 the overall unemployment rate - if unaccompanied by improvements in the
 unemployment position of Catholics relative to that of Protestants - would
 have the least effect on the relative income of Catholics. 
Journal: Applied Economics Letters 
Pages: 34-37 
Issue: 2 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357654 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357654&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Sonmez Atesoglu 
Author-X-Name-First: H. Sonmez 
Author-X-Name-Last: Atesoglu 
Author-Name: Donald Dutkowsky 
Author-X-Name-First: Donald 
Author-X-Name-Last: Dutkowsky 
Title: Money, output and prices in Turkey 
Abstract:
  The determination of aggregate output and the price level in Turkey is
 examined. Empirical results indicate that the Turkish economy behaves
 consistent with predictions of a simple real business cycle model. Output
 follows an autoregressive structure with trend. Monetary policy is neutral
 and the results point to unitary elasticity between money and prices. The
 findings are generally robust to estimations in levels or first
 differences, and hold for either the narrow or broad money stock. The
 results suggest a modelling and policy strategy which may be relevant for
 other semi-industrialized countries. 
Journal: Applied Economics Letters 
Pages: 38-41 
Issue: 2 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357663 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357663&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. Michael 
Author-X-Name-First: P. 
Author-X-Name-Last: Michael 
Author-Name: A. R. Nobay 
Author-X-Name-First: A. R. 
Author-X-Name-Last: Nobay 
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Title: A test for rational expectations when some variables are I(2) 
Abstract:
  This paper exploits the result that in the case of I(2) processes the
 precise dating of variables is crucial when empirically testing for
 cointegration. The data for the latter part of the German hyperinflation
 episode exhibit I(2) behaviour. We utilize these data to discriminate
 between alternative expectations hypotheses in the demand for money. 
Journal: Applied Economics Letters 
Pages: 42-44 
Issue: 2 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357672 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357672&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale 
Author-X-Name-First: Guglielmo Maria 
Author-X-Name-Last: Caporale 
Author-Name: Nikitas Pittis 
Author-X-Name-First: Nikitas 
Author-X-Name-Last: Pittis 
Title: Interest rate linkages within the European Monetary System: an alternative interpretation 
Abstract:
  In this note the empirical evidence presented by Karfakis and Moschos
 (1990) and Katsimbris and Miller (1993) on interest rate linkages in the
 EMS is reinterpreted and their finding of non-stationarity of interest
 rate differentials in the EMS is rationalized. It is argued that their
 results are not counterintuitive if it is taken into account that the
 integration of financial markets in the EMS has been a gradual process,
 which has implied slow convergence of interest rates to German levels.
 Such a dynamic process accounts for the non-stationarity of interest rate
 differentials. However, the argument that standard parity conditions
 require pairwise cointegration of interest rates is a valid one once
 convergence has been achieved. 
Journal: Applied Economics Letters 
Pages: 45-47 
Issue: 2 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357681 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357681&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lloyd Blenman 
Author-X-Name-First: Lloyd 
Author-X-Name-Last: Blenman 
Title: Tests of covered interest parity: a comment 
Abstract:
  Tests for the existence of covered interest arbitrage opportunity are
 complicated by the existence of market incompleteness and the lack of
 synchronous trading data in foreign exchange markets. The acquisition and
 use of synchronous data resolves some problems but does not address the
 issue of heterogeneity. Typically customers face different opportunity
 sets and tests which purport to find no arbitrage opportunities must take
 this fact into account. 
Journal: Applied Economics Letters 
Pages: 49-50 
Issue: 3 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357546 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357546&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdur Chowdhury 
Author-X-Name-First: Abdur 
Author-X-Name-Last: Chowdhury 
Author-Name: Minh Dao 
Author-X-Name-First: Minh 
Author-X-Name-Last: Dao 
Author-Name: Abu Wahid 
Author-X-Name-First: Abu 
Author-X-Name-Last: Wahid 
Title: Monetary policy, output and inflation in Bangladesh: a dynamic analysis 
Abstract:
  This paper investigates the relationship between money, prices, output,
 and the exchange rate in Bangladesh during the 1974-92 period. Several
 interesting conclusions can be derived from the paper. First, the
 inflationary process in Bangladesh cannot be explained exclusively by the
 monetarist or the structuralist explanation of inflation. Second,
 regardless of the monetary aggregate employed, monetary policy exerts a
 significant unidirectional impact on real output. Third, monetary policy
 and inflation together account for a significant portion of fluctuations
 in the exchange rate. Finally, it is noted that monetary shocks have a
 strong, but relatively short-run, impact on inflation. In light of these
 findings, it can be concluded that monetary policy in Bangladesh should be
 carried out with extreme caution. While tight money may put a short-term
 halt to inflation and help stabilize the foreign trade sector, it may also
 cause a slowdown in the economy. 
Journal: Applied Economics Letters 
Pages: 51-55 
Issue: 3 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357555 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357555&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Phil Holmes 
Author-X-Name-First: Phil 
Author-X-Name-Last: Holmes 
Title: Ex ante hedge ratios and the hedging effectiveness of the FTSE-100 stock index futures contract 
Abstract:
  This paper examines the hedging effectiveness of the FTSE-100 stock index
 futures contract over the period 1984-92. Previous studies have examined
 this issue using ex post hedge ratios, resulting in an overestimation of
 hedging performance. This study utilizes ex ante hedge ratios which are
 determined on the basis of historical information. It is shown that while
 hedge ratios vary through time, nonetheless it is possible to use this
 futures contract to achieve very substantial risk reduction as compared to
 an unhedged position. Hedge ratios estimated over longer periods are shown
 to provide greater risk reduction when applied in subsequent periods. 
Journal: Applied Economics Letters 
Pages: 56-59 
Issue: 3 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357564 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357564&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hans-Jurgen Engelbrecht 
Author-X-Name-First: Hans-Jurgen 
Author-X-Name-Last: Engelbrecht 
Title: The impact of international trade on the 'in-house' transaction sector: evidence from the United States, 1985-89 
Abstract:
  This study investigates the impact of international trade on the
 'in-house' transaction sector of US manufacturing industries over the
 period 1985-89. Higher import (export) intensity is found to have a
 strongly (weakly) negative effect on the relative size of the sector. The
 need for organizational restructuring seems especially urgent for
 'high-tech' industries, which tend to have relatively large private
 bureaucracies. 
Journal: Applied Economics Letters 
Pages: 60-63 
Issue: 3 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357573 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357573&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. C. Lee 
Author-X-Name-First: B. C. 
Author-X-Name-Last: Lee 
Author-Name: John Powell 
Author-X-Name-First: John 
Author-X-Name-Last: Powell 
Title: A behavioural approach to sovereign debt reschedulings 
Abstract:
  An early-warning model which predicts the extent of sovereign debt
 reschedulings is developedusing the behavioural assumption thatindividuals
 (and governments) develop minimum consumption requirements. Sharp and
 unexpected falls in income and consumption can threaten these minimum
 requirements, thus foreshadowing the magnitude of sovereign debt
 reschedulings as government decision-makers choose to suspend full
 sovereign debt servicing in order to avoid extreme marginal utility
 losses. This implication is empirically analysed using data for 88
 countries. 
Journal: Applied Economics Letters 
Pages: 64-66 
Issue: 3 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357582 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357582&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bwo-Nung Huang 
Author-X-Name-First: Bwo-Nung 
Author-X-Name-Last: Huang 
Author-Name: Chin Yang 
Author-X-Name-First: Chin 
Author-X-Name-Last: Yang 
Title: The fractal structure in multinational stock returns 
Abstract:
  The essence of fractal analysis is seeking for a pattern that is
 independent of scale. This paper examines the existence of long-term
 memory in nine Asian stock markets together with US and UK indices using
 the modified rescaled-ranged (R/S) statistic. The modified R/S statistic
 is robust not only with respect to the normality assumption,but also to
 short-term autocorrelation. The data in the sample range from 1 January
 1988 to 30 June 1992 and are arranged in daily, weekly and monthly
 returns. In most cases, the phenomenon of long-term memory is not found;
 hence the random walk hypothesis cannot be rejected.The UK market,
 however, exhibits some long-term memory for various data frequencies and
 lags. The result of this paper provides directions for future research. 
Journal: Applied Economics Letters 
Pages: 67-71 
Issue: 3 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357591 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357591&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Javed Ashraf 
Author-X-Name-First: Javed 
Author-X-Name-Last: Ashraf 
Title: The effect of race on earnings in the United States 
Abstract:
  Most studies that have examined the effect of race on earnings in the
 United States have used aggregated data. This often obscures as much as it
 reveals.This article computes white-black earnings differentials for a
 number of relatively narrow groups, and finds that the earnings gap varies
 considerably across them. By using recent data from 1987, the study also
 updates earlier estimates of racial differentials. The use of Cotton and
 Neumark's modified version of the widely used Oaxaca technique, and
 Heckman's corrections for selectivity bias strengthen the methodological
 underpinnings of the model, and constitute improvement over previous work. 
Journal: Applied Economics Letters 
Pages: 72-75 
Issue: 3 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357609 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357609&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Keith Blackburn 
Author-X-Name-First: Keith 
Author-X-Name-Last: Blackburn 
Author-Name: Felipe Orduna 
Author-X-Name-First: Felipe 
Author-X-Name-Last: Orduna 
Author-Name: Martin Sola 
Author-X-Name-First: Martin 
Author-X-Name-Last: Sola 
Title: Exponential smoothing and spurious correlation: a note 
Abstract:
  Exponential smoothing can introduce spurious auto-correlation in
 detrended data. The extent of this depends on the length of lag, the value
 of the smoothing parameter and the nature of the input process. The most
 widely-used version of exponential smoothing is the Hodrick-Prescott
 low-frequency filter. 
Journal: Applied Economics Letters 
Pages: 76-79 
Issue: 3 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357618 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357618&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jai Sheen Mah 
Author-X-Name-First: Jai Sheen 
Author-X-Name-Last: Mah 
Title: An analysis of the structural change in the exchange market pressure: Korea, 1980-89 
Abstract:
  This paper tests the stability of the exchange market pressure model in
 the case of Korea under a managed floating exchange rate. Using the cusum
 of squares test, we show that the structural stability was broken in about
 mid-1986. This is plausible given that there was a sudden surplus in the
 balance of payments in Korea in late 1985. Estimation results show that
 the exchange market pressure model works very well where there is a
 surplus in balance of payments; however, its explanatory power is poor in
 periods of deficit. 
Journal: Applied Economics Letters 
Pages: 80-82 
Issue: 3 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Bellak 
Author-X-Name-First: Christian 
Author-X-Name-Last: Bellak 
Title: Foreign direct investments bias the net external asset position 
Abstract:
  The bias of the net external asset position (NEAP) which arises from the
 revaluation of Foreign Direct Investment (FDI) is examined. The bias is
 defined as the difference between the historical value and the market
 value of the balance of inward and outward FDI. Possible effects of the
 revaluation of FDI on the NEAP are discussed theoretically and empirical
 evidence is given on the magnitude of the bias. It is concluded that the
 use of NEAP data with FDI at historic cost - as frequently found to test
 hypotheses in growth theory and finance theory - leads to positively or
 negatively biased results in countries with a large net-FDI position
 compared to their NEA 
Journal: Applied Economics Letters 
Pages: 83-85 
Issue: 4 
Volume: 2 
Year: 1987 
X-DOI: 10.1080/758529807 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529807&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Estimating efficiency by cost frontiers: a comparison of parametric and nonparametric methods 
Abstract:
  Two methods of estimating efficiency by cost frontiers are analysed here
 by way of generalizing Farrell's convex hull method and illustrated by an
 empirical application. 
Journal: Applied Economics Letters 
Pages: 86-90 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529808 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529808&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Sonmez Atesoglu 
Author-X-Name-First: H. Sonmez 
Author-X-Name-Last: Atesoglu 
Title: An explanation of the slowdown in US economic growth 
Abstract:
  This paper provides a Keynesian account of the slowdown in the United
 States economic growth as suggested by the growth model of Thirlwall.
 According to Thirlwall's model, economic growth is determined by the
 dynamic Harrod foreign trade multiplier. This multiplier relation
 indicates that the fall in the rate of economic growth has been brought
 about mainly by an increase in the income elasticity of demand for imports 
Journal: Applied Economics Letters 
Pages: 91-94 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529809 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529809&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. Arestis 
Author-X-Name-First: P. 
Author-X-Name-Last: Arestis 
Author-Name: I. Biefang-Frisancho Mariscal 
Author-X-Name-First: I. Biefang-Frisancho 
Author-X-Name-Last: Mariscal 
Author-Name: P. G. A. Howells 
Author-X-Name-First: P. G. A. 
Author-X-Name-Last: Howells 
Author-Name: H. -M. Trautwein 
Author-X-Name-First: H. -M. 
Author-X-Name-Last: Trautwein 
Title: The demand for broad money in the United Kingdom and in West Germany: a comparative dynamic short-run study 
Abstract:
  This paper examines the short-run adjustment process in the demand for
 money in the UK and in Germany with a view, particularly, to exploring the
 consequences of the different experiences of financial innovation in the
 two countries. Our hypothesis was that interest rate relativities might
 play a larger role in the UK where a major innovation of the last twenty
 years has been the rise in the proportion of deposits paying
 market-sensitive interest rates. The estimations of the short-run dynamic
 equations, which are satisfactory for both countries, confirmed our view. 
Journal: Applied Economics Letters 
Pages: 95-97 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529810 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529810&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jakob De Haan 
Author-X-Name-First: Jakob 
Author-X-Name-Last: De Haan 
Author-Name: Jan Egbert Sturm 
Author-X-Name-First: Jan Egbert 
Author-X-Name-Last: Sturm 
Title: Is it real? The relationship between real deficits and real growth: new evidence using long-run data 
Abstract:
  Long-run data for the USA is used to examine whether the inflation
 adjustment of the government budget deficit as proposed by Eisner and
 Pieper makes a difference in assessing the impact of fiscal policy on
 economic growth. Using Vector Autoregressions (VAR) it is found that both
 the inflation adjusted and the unadjusted deficit exert a negative
 influence on real growth. 
Journal: Applied Economics Letters 
Pages: 98-102 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529811 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529811&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald Fraser 
Author-X-Name-First: Donald 
Author-X-Name-Last: Fraser 
Author-Name: Hao Zhang 
Author-X-Name-First: Hao 
Author-X-Name-Last: Zhang 
Title: A note on board directors 
Abstract:
  Additional evidence on the importance of independent board directors is
 provided. A positive and statistically significant link between the
 shareholder wealth effects of acquisition decisions and the percentage of
 outside board directors is found. This result is controlled for the
 possible effects of manager-shareholder interest alignment and synergetic
 gains. Moreover, the positive wealth effect diminishes as the square of
 the percentage of outside directors increases, suggesting a critical
 percentage for outside directors. Also there is evidence that the benefits
 of outside director monitoring is weakened without a certain level of
 managerial ownership. 
Journal: Applied Economics Letters 
Pages: 103-106 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529812 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529812&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jim Millington 
Author-X-Name-First: Jim 
Author-X-Name-Last: Millington 
Title: Age and inter-county net migration in Great Britain 
Abstract:
  The net migration patterns of four age groups are analysed using National
 Health Service Central Register (NHSCR) inter-county migration data for
 the periods 1987/88 and 1990/91. Age is shown to have an important bearing
 upon the relative importance of various determinants of migration. The
 effect of the movement from national boom to deep recession is also
 commented upon. 
Journal: Applied Economics Letters 
Pages: 107-109 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529813 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529813&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Brookfield 
Author-X-Name-First: David 
Author-X-Name-Last: Brookfield 
Title: New evidence regarding the statistical properties of the FTA500 UK stock market index 
Abstract:
  A well-known fact regarding the distributional properties of stock market
 returns is that they are fat-tailed. Evidence is provided in this paper of
 further interesting properties relating to a simple decomposition of
 returns. 
Journal: Applied Economics Letters 
Pages: 110-112 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529814 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529814&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Philip Hans Franses 
Author-X-Name-First: Philip Hans 
Author-X-Name-Last: Franses 
Title: IGARCH and variance change in the US long-run interest rate 
Abstract:
  It is shown that a one-time variance change in the US long-run interest
 rate spuriously suggests that it can be described with an IGARCH(1,1)
 process. The variance change is detected using a simple statistical test,
 and it corresponds to a change in monetary policy. 
Journal: Applied Economics Letters 
Pages: 113-114 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529815 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529815&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Caudill 
Author-X-Name-First: Steven 
Author-X-Name-Last: Caudill 
Author-Name: Sandra Johnson 
Author-X-Name-First: Sandra 
Author-X-Name-Last: Johnson 
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Title: Economies of scale in state lotteries: an update and statistical test 
Abstract:
  Until 1985, research in the economics literature on state lotteries was
 based on the simplifying assumption that administrative costs were
 constant. DeBoer (1985) provided empirical evidence supporting the idea
 that average administrative costs are not constant, but decline with
 output. In other words, DeBoer found evidence for the presence of
 economies of scale in the provision of state lotteries. The purpose of
 this study is to update and improve upon DeBoer's estimation of the
 lottery cost function. Unlike DeBoer, we statistically test for the
 presence of economies of scale in the administration of state lottery
 games. This study suggests that large scale lottery operations by larger
 states have lower per-unit costs than lotteries on smaller scales. Our
 study firmly establishes the presence of statistically significant
 economies of scale in the provision of state lotteries. 
Journal: Applied Economics Letters 
Pages: 115-117 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529816 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529816&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdur Chowdhury 
Author-X-Name-First: Abdur 
Author-X-Name-Last: Chowdhury 
Author-Name: Yingqui Liu 
Author-X-Name-First: Yingqui 
Author-X-Name-Last: Liu 
Title: Is money more productive in a developing economy? 
Abstract:
  This paper tests the frequently cited hypothesis that money is more
 productive in a developing economy relative to a developed economy. Output
 elasticity of money is estimated for 20 countries over the 1977-92 sample
 period. These countries represent various stages of economic development.
 Two important conclusions can be derived from the results. First,
 irrespective of the monetary aggregate employed, the output elasticity of
 money is extremely low for all 20 countries. Second, the elasticity figure
 is sensitive neither to the stage of economic development in a particular
 country nor the period of time under consideration. Consequently, it can
 be argued that money does not play a more productive role in a developing
 economy relative to a developed economy. 
Journal: Applied Economics Letters 
Pages: 118-121 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529817 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529817&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. H. M. Nelissen 
Author-X-Name-First: J. H. M. 
Author-X-Name-Last: Nelissen 
Title: Lifetime income distribution: households versus individuals 
Abstract:
  Equivalent lifetime income is more equally distributed than individual
 (non-equivalent) lifetime income. The assumption that lifetime income
 inequality is smaller than the annual income inequality is confirmed by
 our results. However, the difference between both appears to be rather
 small, in particular with respect to the older generations. 
Journal: Applied Economics Letters 
Pages: 122-125 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529818 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529818&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shujie Yao 
Author-X-Name-First: Shujie 
Author-X-Name-Last: Yao 
Title: Does profit-sharing work in a centrally-planned economy? Evidence from the Chinese state industries 
Abstract:
  Many studies indicate that profit-sharing is an effective incentive to
 boost productivity of firms in the western economies such as USA, UK and
 Germany. Whether a similar incentive scheme can work in a
 centrally-planned economy like China has not been well researched. China
 introduced a profit-sharing and bonus-payment scheme in the state-owned
 enterprises (SOEs) from 1979 in an attempt to reform the state industries.
 Using a modified CES production function in a non-linear simultaneous
 system, this study aims to estimate the impact of such a scheme on
 enterprise performance. It reveals that both labour quality and bonus
 incentive played an important role in raising SOEs' productivity 
Journal: Applied Economics Letters 
Pages: 126-129 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529819 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529819&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Asraul Hoque 
Author-X-Name-First: Asraul 
Author-X-Name-Last: Hoque 
Title: Co-integrating relationship between terms of trade and current account deficit: the Australian evidence 
Abstract:
  This paper examines the relationship between terms of trade and current
 account deficit (CAD) in Australia using the co-integration approach. The
 period covered is 1965:I to 1992:IV. Assuming that different exchange rate
 regimes will have different impacts on the relationship, the study
 considers three different exchange rate regimes for the period covered.
 The empirical results indicate that terms of trade along with domestic
 income and foreign income has a significant long-term relationship with
 the trade balance during the fixed exchange rate regime (1965:I to
 1974:III), but not during the flexible exchange rate period. In other
 words, terms of trade did not have significant impact on Australia's
 current account deficit in the flexible exchange rate regime under study. 
Journal: Applied Economics Letters 
Pages: 130-133 
Issue: 4 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758529820 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529820&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anthony Garratt 
Author-X-Name-First: Anthony 
Author-X-Name-Last: Garratt 
Author-Name: Stephen Hall 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Hall 
Title: A proposed framework for monetary policy 
Abstract:
  A proposal is outlined for reconciling the use of many indicators or
 instruments in setting monetary policy, with the need for clarity and
 openness. The proposal draws on the literature of unobserved component
 models (Stock and Watson, 1991), constructing the unobserved component
 using the Kalman Filter, from a set of unobservable series. The technique
 used allows for cointegration between variables and for the appropriate
 specification of stochastic trends (Garratt, Hall and Henry, 1992). In the
 empirical application a single measure of the tightness of monetary policy
 is derived from a range of observable indicators based on monthly UK data
 for the period 1978-92. 
Journal: Applied Economics Letters 
Pages: 135-138 
Issue: 5 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357456 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357456&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ercan Balaban 
Author-X-Name-First: Ercan 
Author-X-Name-Last: Balaban 
Title: Day of the week effects: new evidence from an emerging stock market 
Abstract:
  The primary objective is to investigate day of the week effects in an
 emerging stock market of a developing country, namely Turkey. Empirical
 results verify that although day of the week effects are present in
 Istanbul Securities Exchange Composite Index (ISECI) return data for the
 period January 1988 to August 1994, these effects change in direction and
 magnitude through time. 
Journal: Applied Economics Letters 
Pages: 139-143 
Issue: 5 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357465 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357465&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Salim Darbar 
Author-X-Name-First: Salim 
Author-X-Name-Last: Darbar 
Author-Name: Partha Deb 
Author-X-Name-First: Partha 
Author-X-Name-Last: Deb 
Title: Does trading volume have a unit root? 
Abstract:
  Time series properties of daily trading volume are examined for 22 New
 York Stock Exchange (NYSE) firms. Previous studies have found that trading
 volume of certain financial assets have a unit root. The Phillips-Perron
 approach, which is robust to heteroskedasticity and non-normality, isused
 to test the hypothesis of a unit root. There is strong evidence that daily
 volume is stationary around a linear trend. Also, for many stocks the
 deterministic trend is statistically significant. This result indicates
 the importance of appropriate detrending of trading volume before
 incorporating it in an economic model. 
Journal: Applied Economics Letters 
Pages: 144-147 
Issue: 5 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357474 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357474&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shunfeng Song 
Author-X-Name-First: Shunfeng 
Author-X-Name-Last: Song 
Title: Does generalizing density functions better explain urban commuting? Some evidence from the Los Angeles region 
Abstract:
  The assumption thaturban workers economize on commuting is implicit in
 urban economic theory. Yet it has been challenged by some recent studies.
 This study estimates commute flows implied by three urban density
 functions: monocentric, polycentric, and dispersive. A polycentric density
 function generalizes the standard monocentric model by assuming that
 employment and worker residences are distributed in a pattern consistent
 with several employment centres, not just one. A dispersive density
 function further generalizes the polycentric model by assuming that urban
 residents not only value access to employment centres but also value
 access to the overall job opportunities in their location choices. It is
 found that an urban density function better predicting the actual spatial
 patterns also better explains the actual commuting behaviour. This finding
 helps to preserve the assumption that urban workers make attempts to
 economize on commuting in their location choices. 
Journal: Applied Economics Letters 
Pages: 148-150 
Issue: 5 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357483 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357483&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gordon Tang 
Author-X-Name-First: Gordon 
Author-X-Name-Last: Tang 
Author-Name: Billy Mak 
Author-X-Name-First: Billy 
Author-X-Name-Last: Mak 
Title: A note on market integration before and after the stock crash in October 1987 
Abstract:
  Potential gains from international diversification depend upon the degree
 of market integration. This paper compares the degree of market
 integration before and after the stock crash in October 1987 and tests
 whether the results differ across different investment horizons. Empirical
 results show that the potential gains from diversification are greatly
 reduced to an increase in the correlation between stock markets after the
 stock crash. Our results are robust over different investment horizons. 
Journal: Applied Economics Letters 
Pages: 151-155 
Issue: 5 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357492 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357492&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Timothy Brailsford 
Author-X-Name-First: Timothy 
Author-X-Name-Last: Brailsford 
Title: An empirical test of the effect of the return interval on conditional volatility 
Abstract:
  Autoregressive Conditional Heteroscedasticity (ARCH) effects have been
 hypothesized to be caused by variations in the rate of information flow.
 Further, Nelson (1990, 1992) argues that ARCH effects and persistence in
 conditional variances should vary across sampling frequencies. However,
 these claims have not been subject to empirical tests on stock market data
 when the return interval is measured using intraday data. This paper
 presents such a test. The results support Nelson's claim that
 mis-specification in the conditional mean has only a small influence on
 the estimated conditional variance. Thus, mis-specified ARCH class models
 can be a consistent 'filter' if high frequency data are employed. At the
 microstructure level, the results are consistent with the view that ARCH
 effects are generated by variability in the rate of information arrival. 
Journal: Applied Economics Letters 
Pages: 156-158 
Issue: 5 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357500 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357500&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bijou Yang Lester 
Author-X-Name-First: Bijou Yang 
Author-X-Name-Last: Lester 
Title: Property crime and unemployment: a new perspective 
Abstract:
  Vanagunas (1984) found a significant association between the unemployment
 rate of minority males and both motor vehicle theft and the commercial
 robbery rate. However, he presented no theoretical framework with which to
 explain these results. This paper attempts to provide a microeconomic
 foundation for the link between property crime and unemployment. The model
 is based on a cost-benefit analysis. It is unique in that the behaviour is
 viewed from the perspective of criminals rather than non-criminals. The
 empirical findings supported the hypothesis with some qualifications. Only
 the association between the unemployment rate and the larceny rate was
 positive and significant for the property crimes of the USA for the period
 of 1960-90. 
Journal: Applied Economics Letters 
Pages: 159-162 
Issue: 5 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357519 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357519&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Andrew Coutts 
Author-X-Name-First: J. Andrew 
Author-X-Name-Last: Coutts 
Author-Name: Terence Mills 
Author-X-Name-First: Terence 
Author-X-Name-Last: Mills 
Author-Name: Jennifer Roberts 
Author-X-Name-First: Jennifer 
Author-X-Name-Last: Roberts 
Title: Misspecification of the market model: the implications for event studies 
Abstract:
  Event studies are increasingly found in the applied finance literature.
 They are employed to analyse the market reaction to events and thus to
 investigate market efficiency. The paper is concerned with
 misspecification testing of the single-index market model which is
 conventionally employed to generate returns within the event-study method.
 Weekly data from the constituents of the FT-SE 100 are used in order to
 subject the single-index market model to rigorous misspecification tests.
 It is concluded that misspecification is endemic in the market model and
 that this is likely to lead to incorrect estimation of abnormal returns,
 and therefore erroneous conclusions concerning the market impact of the
 event in question. 
Journal: Applied Economics Letters 
Pages: 163-165 
Issue: 5 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357528 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357528&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sadequl Islam 
Author-X-Name-First: Sadequl 
Author-X-Name-Last: Islam 
Title: The human development index and per capita GDP 
Abstract:
  Using cross-section data in regression analysis, this paper examines the
 relationship between per capita real GDP and the human development index
 in high, medium and low human development countries. The sensitivity of
 the human development index to changes in per capita GDP is found to be
 highest in low human development countries. An 'inverted U' type
 relationship between per capita GDP and the human development index
 appears to be valid for medium human development countries. 
Journal: Applied Economics Letters 
Pages: 166-167 
Issue: 5 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357537 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357537&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anastasios Xepapadeas 
Author-X-Name-First: Anastasios 
Author-X-Name-Last: Xepapadeas 
Author-Name: Hassini Habib 
Author-X-Name-First: Hassini 
Author-X-Name-Last: Habib 
Title: An almost ideal demand system with autoregressive disturbances for dairy products in Greece 
Abstract:
  An almost ideal demand system (AIDS) is used to estimate Greek milk,
 cheese and butter demand from 1960-91. The model is estimated with a
 correction for serially correlated errors which is proved justified.
 Elasticities obtained from the Rotterdam and Linear Expenditure models are
 compared to those obtained from AIDS. 
Journal: Applied Economics Letters 
Pages: 169-173 
Issue: 6 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357366 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357366&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Majed Muhtaseb 
Author-X-Name-First: Majed 
Author-X-Name-Last: Muhtaseb 
Title: An option pricing theory explanation of the increase in the divorce rate 
Abstract:
  This paper develops an analogy between a financial call option and a
 child born within wedlock. Outside marriage an unemancipated child
 represents a real call option to the parent who gains custody. Present
 value of court ordered monthly child support payment is the market price
 of the underlying asset. Exercise price is equal to present value of the
 costs of raising the child. Life of the option stretches from the date on
 which the divorce decree is issued to the date of emancipation for the
 child. Variability can be proxied by the standard deviation of the income
 of the noncustodial parent. A major policy implication evolves from the
 analogy. The perverse economic incentive of a parent (custodial) to seek
 custody of the child to exact economic gains out of the other parent
 (noncustodial) can be mitigated by reducing the value of the call option
 feature of the child. 
Journal: Applied Economics Letters 
Pages: 174-176 
Issue: 6 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357375 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357375&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Satya Paul 
Author-X-Name-First: Satya 
Author-X-Name-Last: Paul 
Author-Name: Kabir Chowdhury 
Author-X-Name-First: Kabir 
Author-X-Name-Last: Chowdhury 
Title: Export-led growth hypothesis: some empirical testing 
Abstract:
  The hypothesis of export-led growth is tested using annual time series
 data for Australia. The analysis reveals that both exports and the GDP
 series in log levels have unit roots but they do not cointegrate. However,
 there is evidence of Granger causality running from exports to GDP growth
 implying that expansion of exports promotes economic growth in Australia. 
Journal: Applied Economics Letters 
Pages: 177-179 
Issue: 6 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roy Boyd 
Author-X-Name-First: Roy 
Author-X-Name-Last: Boyd 
Author-Name: Tony Caporale 
Author-X-Name-First: Tony 
Author-X-Name-Last: Caporale 
Title: Resource prices, supply shocks and output fluctuations 
Abstract:
  Following King and Plosser's (1984) suggestion, we use the growth of four
 real natural resource prices to proxy post-war supply shocks and assess
 their importance in a VAR which controls for aggregate demand influences
 on real output. We find that these supply shock proxies are able to
 account for a sizable portion of US post-war output fluctuations. 
Journal: Applied Economics Letters 
Pages: 180-183 
Issue: 6 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357393 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357393&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eric Pentecost 
Author-X-Name-First: Eric 
Author-X-Name-Last: Pentecost 
Author-Name: Mark Holmes 
Author-X-Name-First: Mark 
Author-X-Name-Last: Holmes 
Title: Changes in the extent of financial integration within the European Community between the 1970s and 1980s 
Abstract:
  This study investigates the co-variability of changes in nominal interest
 rates for the main EC countries between April 1974 and January 1992, using
 principal components analysis. We find that there is evidence of increased
 monetary interdependence and greater capital market integration, but this
 is not a universal or even experience across all countries. EC capital
 markets also seem to have become more highly integrated than the money
 markets. 
Journal: Applied Economics Letters 
Pages: 184-187 
Issue: 6 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357401 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357401&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Gordon 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Gordon 
Title: Optimal lag length in estimating Dickey-Fuller statistics: an empirical note 
Abstract:
  The purpose of this note is to empirically demonstrate that the choice of
 summary statistic used in specifying the Dickey-Fuller test equation can
 determine the outcome of a test for stationarity. A reasonable empirical
 practice would be to evaluate stationarity over different lagged
 specifications of the Dickey-Fuller test equation. 
Journal: Applied Economics Letters 
Pages: 188-190 
Issue: 6 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357410 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357410&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Umit Erol 
Author-X-Name-First: Umit 
Author-X-Name-Last: Erol 
Author-Name: Erol Balkan 
Author-X-Name-First: Erol 
Author-X-Name-Last: Balkan 
Title: A choice-theoretic and information-oriented approach to the short-run characteristics of real and nominal interest rates 
Abstract:
  The paper adopts a choice-theoretic, information-oriented approach to the
 issue of stationarity of real interest rates. It is shown that a constant
 real rate of interest, even for short run and within the context of a
 simple two-market framework, requires overly demanding assumptions which
 are unlikely to be satisfied if efficient market hypothesis is explicitly
 considered. Such a model which indirectly supports the short-run
 variability of real interest rates in response to random information
 signals is tested empirically by utilizing multiple time series models for
 the 1959-87 observation period. The empirical results suggest a favourable
 interpretation of the model. 
Journal: Applied Economics Letters 
Pages: 191-195 
Issue: 6 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357429 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357429&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Victor Ukpolo 
Author-X-Name-First: Victor 
Author-X-Name-Last: Ukpolo 
Title: Exchange rate market efficiency: further evidence from cointegration tests 
Abstract:
  This paper examines the hypothesis that foreign exchange market is
 efficient. Several empirical results from earlier studies have been based
 on the implicit assumption that time-series data are stationary. But we
 use cointegration techniques, which imply that time-series data are
 non-stationary, to test for market efficiency, using Japanese data drawn
 from the Wall Street Journal. Our results suggest that the Japanese
 foreign exchange market is inconsistent with the efficiency hypothesis. 
Journal: Applied Economics Letters 
Pages: 196-198 
Issue: 6 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357438 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357438&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pierre Siklos 
Author-X-Name-First: Pierre 
Author-X-Name-Last: Siklos 
Title: Long-run and short-run money demand: which price deflator to use? Some evidence using New Zealand data 
Abstract:
  When institutional and financial changes are great, findings about the
 influence of income and opportunity cost variables on money demand, and
 the stability of any such relationship, may be influenced by how prices
 are measured. This paper considers the case of New Zealand, which has
 experienced several large regime shifts in the space of a decade. Using
 the cointegration/error correction framework, it is found that consumer
 prices excluding interest costs provide the most meaningful measure of
 money demand. 
Journal: Applied Economics Letters 
Pages: 199-202 
Issue: 6 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357447 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357447&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mikael Linden 
Author-X-Name-First: Mikael 
Author-X-Name-Last: Linden 
Title: The sizes and powers of some proposed I(1) and I(0) tests for a typical macro-economic time series 
Abstract:
  Four alternative tests for nonstationarity and stationarity are analysed
 in detail for a typical macro-economic time series. The analysed tests
 (ADF, LMSP, KPSS and G(p, q) tests) are asymptotical tests for the type of
 process considered. The small sample simulations reveal that the empirical
 sizes differ from the nominal sizes and the new proposed alternatives to
 the ADF test do not have bigger powers than these often used test
 statistics. 
Journal: Applied Economics Letters 
Pages: 203-207 
Issue: 7 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357267 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357267&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Keasey 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Keasey 
Author-Name: Robert Watson 
Author-X-Name-First: Robert 
Author-X-Name-Last: Watson 
Title: The pricing of small firm bank finance: evidence from the UK 
Abstract:
  The results indicate that although interest rate premia reflect a number
 of small firm risk characteristics, they do not seem to have significantly
 benefited from the increased bank competition of the late 1980s. 
Journal: Applied Economics Letters 
Pages: 208-210 
Issue: 7 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357276 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357276&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rudolf Winter-Ebmer 
Author-X-Name-First: Rudolf 
Author-X-Name-Last: Winter-Ebmer 
Title: Does layoff risk explain the firm-size wage differential? 
Abstract:
  If less stable (and also less able) workers select themselves into small,
 unstable and lowpaying firms, predicted layoff risk of workers can be used
 as a proxy for heterogeneity of workers and should therefore be included
 in wage regressions. Doing this, one third of the size earnings premium
 can be explained. 
Journal: Applied Economics Letters 
Pages: 211-214 
Issue: 7 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357285 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357285&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. D. Byers 
Author-X-Name-First: J. D. 
Author-X-Name-Last: Byers 
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Title: Bilinear quadratic ARCH and volatility spillovers in inter-war exchange rates 
Abstract:
  We investigate the properties of floating exchange rates in the inter-war
 period by estimating a bilinear quadratic ARCH model that allows for
 non-linearity in both mean and variance. Our analysis suggests that, with
 one exception, spot rates exhibited non-linearity in either of, or both,
 mean and variance. Apart from the intrinsic interest of this result it has
 implications for other work on, for instance, time varying risk premia
 which are assumed to depend on the conditional variance of forecast errors
 (ARCH-M models). Our analysis of the inter-war period suggests that such
 models are misspecified, which may explain the failure to find evidence of
 significant risk premia. 
Journal: Applied Economics Letters 
Pages: 215-219 
Issue: 7 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357294 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357294&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Barry Reilly 
Author-X-Name-First: Barry 
Author-X-Name-Last: Reilly 
Author-Name: Robert Witt 
Author-X-Name-First: Robert 
Author-X-Name-Last: Witt 
Title: English league transfer prices: is there a racial dimension? 
Abstract:
  Carmichael and Thomas (1993) recently examined the transfer market for
 association football within a Nash bargaining framework, and explored
 empirically some of the determinants of association football transfer
 prices for the 1990-91 English league season. The purpose of this paper is
 to examine the role exerted by race in the determination of association
 football transfer prices. Using data from the 1991-92 English league
 season, transfer price equations are estimated to establish if black
 players encounter unequal treatment in the transfer market. 
Journal: Applied Economics Letters 
Pages: 220-222 
Issue: 7 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357302 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357302&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. Doroodian 
Author-X-Name-First: K. 
Author-X-Name-Last: Doroodian 
Author-Name: Chulho Jung 
Author-X-Name-First: Chulho 
Author-X-Name-Last: Jung 
Title: Factor price equalization: revisited 
Abstract:
  Although theoretical discussion of Factor Price Equalization (FPE)
 theorem has been quite prolific in the international economics literature,
 empirical tests of the FPE theorem have been very limited and inadequately
 performed. In this paper, we use Johansen's multivariate cointegration
 testing procedure to test statistically the FPE theorem among seven EC
 countries for 1960-91. The results show that the FPE theorem is strongly
 supported for the period considered. 
Journal: Applied Economics Letters 
Pages: 223-226 
Issue: 7 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357311 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357311&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Cormack 
Author-X-Name-First: Paul 
Author-X-Name-Last: Cormack 
Title: A comment on some recent estimates of economies of scale in higher education 
Abstract:
  A simulation of the response of teaching labour inputs to a variety of
 course characteristics results in scale elasticities which are greater
 than one in the ceteris paribus case, but which are sensitive to course
 characteristics. Support is given to Nelson and Hevert (1992) who argue
 that cost functions omitting class size are mis-specified, but the
 argument is extended to other characteristics. For both Nelson and Hevert,
 and Lloyd, Morgan and Williams (1993) it is suggested that estimated scale
 elasticities may be distorted by departmental or institutional decisions
 to 'spend' some of their cost savings from increased scale. 
Journal: Applied Economics Letters 
Pages: 227-230 
Issue: 7 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357320 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357320&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Liu 
Author-X-Name-First: Peter 
Author-X-Name-Last: Liu 
Author-Name: Evan Tanner 
Author-X-Name-First: Evan 
Author-X-Name-Last: Tanner 
Title: Intertemporal solvency and breaks in the US deficit process: a maximum-likelihood cointegration approach 
Abstract:
  Previous research has shown that the intertemporal solvency condition is
 equivalent to the cointegration of either (1) the interest-inclusive
 government spendings and tax revenue or (2) the interest-exclusive
 government spendings, tax revenue and government outstanding debt. This
 note examines the intertemporal solvency condition using a maximum
 likelihood cointegration test. Results show that the solvency condition
 for the US government is satisfied only if a break is included in the
 process. 
Journal: Applied Economics Letters 
Pages: 231-235 
Issue: 7 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357339 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357339&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald Dutkowsky 
Author-X-Name-First: Donald 
Author-X-Name-Last: Dutkowsky 
Title: Interpreting adjustment cost effects under asymmetry: a note 
Abstract:
  This paper examines the Pfann and Verspagen specification for asymmetric
 adjustment cost. We show that under asymmetry, the coefficient for the
 linear-quadratic term understates the symmetric part of adjustment cost.
 The analysis reveals that a positive value for this parameter is
 sufficient but not necessary for a well-behaved adjustment cost function.
 The specification satisfies all the requirements when the linear-quadratic
 coefficient equals zero. We also derive a condition for a well-behaved
 adjustment cost function within a feasible region when the parameter has
 negative sign. Since our study expands the range of permissible parameter
 values, it increases the empirical applicability of the asymmetric
 adjustment cost function. 
Journal: Applied Economics Letters 
Pages: 236-238 
Issue: 7 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357348 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357348&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: F. R. Oliver 
Author-X-Name-First: F. R. 
Author-X-Name-Last: Oliver 
Author-Name: K. L. Q. Read 
Author-X-Name-First: K. L. Q. 
Author-X-Name-Last: Read 
Title: Measuring inter-national differences in income: a distributional approach 
Abstract:
  Statistics of per capita Gross Domestic Product for 178 countries for
 each of the years between 1970 and 1989 are analysed in order to measure
 inter-national inequalities and to assess the success of aid from the
 world's richer economies in reducing them. Conventional statistics of
 inequality, whether based on moments or on quantiles, show unsatisfactory
 irregularities. However, two statistical distributions are found which
 describe the data closely and enable convenient and relatively stable
 measures of inequality to be obtained. The results show that so far from
 decreasing, these measures of inter-national inequality approximately
 trebled during the period 1970-89. 
Journal: Applied Economics Letters 
Pages: 239-243 
Issue: 7 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357357 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mike Ingham 
Author-X-Name-First: Mike 
Author-X-Name-Last: Ingham 
Title: Union joining: an empirical test of the social custom model 
Abstract:
  A recent theoretical literature explores why individuals join unions
 which provide only public goods. This paper finds supportive empirical
 evidence for one such theory. However, the continued significance of
 certain personal characteristics in the unionization decision suggests
 that unions also provide attractive, privately appropriable services to
 their members. 
Journal: Applied Economics Letters 
Pages: 245-247 
Issue: 8 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357159 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357159&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Title: Expectations-augmented Phillips curve: further evidence from state economies 
Abstract:
  This paper tests the expectations-augmented Phillips-curve hypothesis for
 the 50 states in the US. Unlike previous work both adaptive and rational
 expectations are incorporated in the modeling of the Phillips-curve
 relationship. Second, the role of relative regional wages are taken into
 account. Third, the wage-price controls of 1971-72 and 1972-73 are
 included in the modeling efforts. The empirical results suggest that the
 expectations-augmented Phillips-curve model based on adaptive expectations
 provides better results across the 50 states than the Phillips-curve model
 based on rational expectations. 
Journal: Applied Economics Letters 
Pages: 248-254 
Issue: 8 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357168 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357168&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Gabriel 
Author-X-Name-First: Paul 
Author-X-Name-Last: Gabriel 
Title: Estimating the returns to college: a longitudinal analysis 
Abstract:
  This study estimates returns to college from longitudinal data for the
 United States labour market. A combination of actual and projected
 earnings levels yields rates of return between 12 and 15% for white males
 who completed four years of college during the early 1980s. 
Journal: Applied Economics Letters 
Pages: 255-257 
Issue: 8 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357177 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357177&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Yen 
Author-X-Name-First: Steven 
Author-X-Name-Last: Yen 
Title: Alternative transformations in a class of limited dependent variable models: alcohol consumption by US women 
Abstract:
  This study investigates alcohol consumption by women in the United
 States,using alternative specifications of the double-hurdle models which
 accommodate non-normal errors. The IHS double-hurdle model performs
 marginally better than the Box-Cox double-hurdle model but both models
 suggest very similar elasticities. The profile of a drinker includes
 white, black, smoker, homeowner, and residing in urban areas. Women who
 are older, pregnant or lactating, on special diet, and those with higher
 weight-height ratio are less likely to consume alcohol than others.
 Seasonal and regional variations are apparent. Smokers are more likely to
 consume alcohol and also consume more, while older women are less likely
 to drink and also drink less than others. 
Journal: Applied Economics Letters 
Pages: 258-262 
Issue: 8 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peijie Wang 
Author-X-Name-First: Peijie 
Author-X-Name-Last: Wang 
Title: The implications of cointegration in financial markets 
Abstract:
  The associations between cointegration and the measurement of volatility
 and risk in traditional financial analysis literature are investigated and
 conferred empirical meanings under various market circumstances via the
 Granger representation theorem. 
Journal: Applied Economics Letters 
Pages: 263-265 
Issue: 8 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357195 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357195&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Derek Leslie 
Author-X-Name-First: Derek 
Author-X-Name-Last: Leslie 
Author-Name: Yonghao Pu 
Author-X-Name-First: Yonghao 
Author-X-Name-Last: Pu 
Title: Unions and the rise in wage inequality in Britain 
Abstract:
  This paper lends support to the political explanation for the observed
 rising wage inequality in Britain in the 1980s and early 1990s. The
 decline of collective bargaining and other changes in pay arrangements
 during this time have been to the disadvantage of the low paid. We seek
 support using a cointegration framework, focusing on union density and
 strike variables. 
Journal: Applied Economics Letters 
Pages: 266-270 
Issue: 8 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357203 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357203&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Panayiotis Diamandis 
Author-X-Name-First: Panayiotis 
Author-X-Name-Last: Diamandis 
Author-Name: Georgios Kouretas 
Author-X-Name-First: Georgios 
Author-X-Name-Last: Kouretas 
Title: Cointegration and market efficiency: a time series analysis of the Greek drachma 
Abstract:
  We use multivariate cointegration techniques to examine market efficiency
 with respect to five bilateral exchange rates of the Greek drachma. The
 conclusion is that the five exchange rates possess one long-run
 relationship and that the existence of the cointegration relation is not
 affected by temporal instability. The market efficiency hypothesis is
 therefore rejected. 
Journal: Applied Economics Letters 
Pages: 271-277 
Issue: 8 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357212 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357212&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bijou Yang 
Author-X-Name-First: Bijou 
Author-X-Name-Last: Yang 
Author-Name: David Lester 
Author-X-Name-First: David 
Author-X-Name-Last: Lester 
Title: Suicide, homicide and unemployment 
Abstract:
  The strong association between unemployment and suicide was found in an
 examination of annual changes in both of these rates in the USA. However,
 the association between unemployment and suicide appears to be strong in
 the United States, but weak or non-existent in other nations. 
Journal: Applied Economics Letters 
Pages: 278-279 
Issue: 8 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357221 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357221&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. E. Allen 
Author-X-Name-First: D. E. 
Author-X-Name-Last: Allen 
Author-Name: Robert Prince 
Author-X-Name-First: Robert 
Author-X-Name-Last: Prince 
Title: The winner/loser hypothesis: some preliminary Australian evidence on the impact of changing risk 
Abstract:
  The extent of the winner-loser anomaly on the Austalian equities market
 for the period 1974-91 is examined. Documentation of the contrarian
 strategy is argued as being invalid unless compensation is made for
 changing risk premiums through time. The evidence shows a slight reversal
 for the winner portfolio based on raw returns, but risk adjusted winners
 continue to be winners and losers persist as losers although the behaviour
 is not statistically significant. 
Journal: Applied Economics Letters 
Pages: 280-283 
Issue: 8 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357230 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357230&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wen-Jen Hsieh 
Author-X-Name-First: Wen-Jen 
Author-X-Name-Last: Hsieh 
Title: Test of variable output and scale elasticities for 20 US manufacturing industries 
Abstract:
  The production function is examined and tests are made to determine
 whether or not output and scale elasticities vary across individual
 industries based on a new CES or the Box-Cox production function and a
 pooled data set of 20 US manufacturing industries during 1987-91. This
 approach differs from the conventional method of using long time-series
 data to estimate output or scale elasticities for each of the 20
 manufacturing industries. This new CES function has the advantages of
 including the Cobb-Douglas and linear functions as special cases, less
 multicollinearity problems, and more flexibility of output and scale
 elasticities. Empirical work shows that the new CES function yields better
 results. Both the Cobb-Douglas (double-log) and linear functions can be
 rejected at the 1% level. Output-labour elasticities varied from a low of
 0.18 for tobacco to a high of 0.70 for apparel. Output-capital
 elasticities also ranged from 0.31 for apparel to 0.88 for petroleum.
 Total output or scale elasticities ranged from 0.51 for tobacco to 1.24
 for primary metal. Thus, individual industries exhibit different output
 and scale elasticities. Although many industries show constant returns to
 scale, there are a number of industries that display decreasing or
 increasing returns to scale. 
Journal: Applied Economics Letters 
Pages: 284-287 
Issue: 8 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357249 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357249&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Abhyankar 
Author-X-Name-First: A. 
Author-X-Name-Last: Abhyankar 
Author-Name: L. S. Copeland 
Author-X-Name-First: L. S. 
Author-X-Name-Last: Copeland 
Author-Name: W. Wong 
Author-X-Name-First: W. 
Author-X-Name-Last: Wong 
Title: Moment condition failure in high frequency financial data: evidence from the S&P 500 
Abstract:
  Loretan-Phillips maximal moment exponent estimators are used to
 investigate the distribution of S&P 500 stock returns at a range of
 different frequencies. In all cases, the variance is found to be finite,
 but the existence of higher-order moments is in some doubt. 
Journal: Applied Economics Letters 
Pages: 288-290 
Issue: 8 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357258 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357258&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Chappell 
Author-X-Name-First: David 
Author-X-Name-Last: Chappell 
Author-Name: Joanne Padmore 
Author-X-Name-First: Joanne 
Author-X-Name-Last: Padmore 
Title: Changes in volatility of the sterling-Deutschmark exchange rate: the effect of ERM membership 
Abstract:
  The behaviour of the sterling-Deutschmark exchange rate is examined over
 a period from November 1988 to May 1994. At the beginning of this time
 period sterling did not belong to the ERM, it entered in October 1990 and
 was withdrawn in September 1992. In this study the effect of operating
 within the ERM on the volatility of the exchange rate is examined. 
Journal: Applied Economics Letters 
Pages: 291-294 
Issue: 9 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357078 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357078&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carol Horton Tremblay 
Author-X-Name-First: Carol Horton 
Author-X-Name-Last: Tremblay 
Author-Name: Victor Tremblay 
Author-X-Name-First: Victor 
Author-X-Name-Last: Tremblay 
Title: Children and the economics of Christmas gift-giving 
Abstract:
  In spite of its importance to the retail sector, there has been
 relatively little research on the economics of Christmas Season
 gift-giving. The one exception is Waldfogel (1993), The Deadweight loss of
 Christmas, American Economic Review, 83, 1328-1336, who found a
 substantial amount of deadweight loss associated with Christmas
 gift-giving. Here it is shown that the Waldfogel study is incomplete and
 alternative models of consumer choice theory which better explain
 Christmas gift-giving are identified. Although the standard neoclassical
 and altruistic models predict no relationship between the population of
 children and per capita Christmas spending, a model is developed that
 includes non-pecuniary externalities and predicts that children have a
 positive impact on Christmas gift-giving. This prediction is supported by
 empirical evidence. 
Journal: Applied Economics Letters 
Pages: 295-297 
Issue: 9 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357087 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357087&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Greene 
Author-X-Name-First: Michael 
Author-X-Name-Last: Greene 
Author-Name: Emily Hoffnar 
Author-X-Name-First: Emily 
Author-X-Name-Last: Hoffnar 
Title: Political empowerment: earnings in the presence of African-American mayors 
Abstract:
  A full interactive earnings model measures the earnings premium enjoyed
 by African-American men in cities headed by African-American mayors. After
 controlling for selection into the labour force, African-American men in
 such cities are found to enjoy a 7.9% earnings premium, which derives
 mainly from a higher return to high-school education. 
Journal: Applied Economics Letters 
Pages: 298-301 
Issue: 9 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkin Bairam 
Author-X-Name-First: Erkin 
Author-X-Name-Last: Bairam 
Title: Kaldor's technical progress function revisited 
Abstract:
  Here, Kaldor's technical function is re-examined and a model that can be
 used to test the shape of the function is introduced and tested. The
 results obtained conclusively refute the hypothesis that suggests the
 technical progress function is linear and confirm Kaldor's original
 hypothesis that suggests it is &#x201c;convex upwards&#x201d;. 
Journal: Applied Economics Letters 
Pages: 302-304 
Issue: 9 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Smyth 
Author-X-Name-First: David 
Author-X-Name-Last: Smyth 
Author-Name: Pami Dua 
Author-X-Name-First: Pami 
Author-X-Name-Last: Dua 
Author-Name: Susan Washburn Taylor 
Author-X-Name-First: Susan Washburn 
Author-X-Name-Last: Taylor 
Title: Structural change in the relationship between presidential popularity and inflation and unemployment: the Nixon and Ford presidencies 
Abstract:
  A quadratic presidential popularity function for the Nixon and Ford
 presidencies is estimated. Using monthly data it is found that there is a
 structural change in the relationship between presidential popularity and
 inflation and unemployment between the two presidencies. This result
 strengthens the authors' earlier finding that one must be wary of using a
 single social preference function between inflation and unemployment that
 is time invariant. 
Journal: Applied Economics Letters 
Pages: 305-307 
Issue: 9 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357113 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357113&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stefano Fachin 
Author-X-Name-First: Stefano 
Author-X-Name-Last: Fachin 
Title: The Finnish demand for money revisited: an application of Box-Tiao cointegration analysis and bootstrap tests 
Abstract:
  The Johansen and Juselius (1990) data on the money demand in Finland are
 re-examined through the Box-Tiao (1977) canonical correlation procedure,
 and the existence of stationary cointegrating vectors tested through the
 bootstrap. The conclusions reached are that (1) the Johansen and Juselius
 results are remarkably confirmed, and (2) the bootstrap proves to be a
 valuable tool, enabling robust and simple cointegration tests to be
 carried out as non-stationarity tests on the estimated cointegrating
 relationships. 
Journal: Applied Economics Letters 
Pages: 308-310 
Issue: 9 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357122 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357122&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Swarna Dutt 
Author-X-Name-First: Swarna 
Author-X-Name-Last: Dutt 
Author-Name: Dipak Ghosh 
Author-X-Name-First: Dipak 
Author-X-Name-Last: Ghosh 
Title: The foreign exchange market efficiency hypothesis revisited 
Abstract:
  The foreign exchange market efficiency hypothesis is revisited using the
 modern Phillips-Hansen Fully Modified Ordinary Least squares (FM-OLS)
 procedure. It corrects for both endogeneity in the data and asymptotic
 bias in the coefficient estimates. The volatile decade of the 1980s is the
 chosen sample. The necessary and sufficient condition for market
 efficiency/unbiasedness is tested by sequentially conducting the
 Phillips-Ouliaris non-stationarity test on the residuals and the FM-WALD
 test for the required parameter values. Across the board evidence is found
 supporting cointegration between future spot rates and forward rates, i.e.
 the necessary condition is satisfied. But both the necessary and
 sufficient condition is supported for two out of four currencies,
 presumably due to the presence of the risk premium and/or market
 imperfections. 
Journal: Applied Economics Letters 
Pages: 311-315 
Issue: 9 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Swarna Dutt 
Author-X-Name-First: Swarna 
Author-X-Name-Last: Dutt 
Author-Name: Dipak Ghosh 
Author-X-Name-First: Dipak 
Author-X-Name-Last: Ghosh 
Title: Purchasing power parity doctrine: weak and strong form tests 
Abstract:
  The purchasing power parity hypothesis is investigated within a highly
 economically integrated set of nations, namely the European Monetary
 System (EMS). The modern Phillips-Hansen Fully Modified Ordinary Least
 Squares (FM-OLS) procedure is used, which for the first time allows for an
 unrestricted cointegration test of the PPP doctrine. It corrects for both
 endogeneity in the data and asymptotic bias in the coefficient estimates.
 The entire floating exchange rate period is studied. The weak form
 (necessary condition) and strong form (necessary and sufficient condition)
 of PPP are sequentially tested for. The Phillips-Ouliaris non-stationarity
 test on the exchange rate-price ratio series residuals and the FM-WALD
 test for the required parameter values are conducted. Across the board
 evidence is found supporting co-integration between exchange rate and
 prices, i.e. the necessary condition (weak form PPP) is satisfied, with
 the sole exception of the Belgian Franc. But the necessary and sufficient
 condition (strong form PPP) is not supported for any of the currencies. 
Journal: Applied Economics Letters 
Pages: 316-320 
Issue: 9 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357140 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357140&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joan Pasqual 
Author-X-Name-First: Joan 
Author-X-Name-Last: Pasqual 
Author-Name: Jose Antonio Tarrio 
Author-X-Name-First: Jose Antonio 
Author-X-Name-Last: Tarrio 
Title: Optimal time-phasing of investment: a consolidated spurious model 
Abstract:
  Previous studies have presented a model to determine the profitability of
 delaying a project for a period. In the model it is implicitly assumed
 that no change affects the project during the period in question. This
 assumption is opposed to those usually made in dynamic models. Analysing
 the model, we see that the condition for the postponement of the project
 to be optimal is indistinguishable from the general profitability
 condition (net present value > 0): it is worth deferring unprofitable
 projects and not deferring the profitable ones. The problem these authors
 considered is thus non-existent, unless the model is modified to
 incorporate ad hoc assumptions 
Journal: Applied Economics Letters 
Pages: 321-322 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518979 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518979&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Author-Name: Paul Michaelides 
Author-X-Name-First: Paul 
Author-X-Name-Last: Michaelides 
Title: Autocorrelations, returns and Australian financial futures 
Abstract:
  This paper explores whether predictable autocorrelation structures exist
 in returns data on Australian financial futures. We explore the data using
 power transformations and find that for the bank accepted bills market
 there are potential gains from this strategy. 
Journal: Applied Economics Letters 
Pages: 323-326 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518980 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518980&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Clare 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Clare 
Author-Name: Joelle Miffre 
Author-X-Name-First: Joelle 
Author-X-Name-Last: Miffre 
Title: A note on forecasting the CAC 40 and DAX stock index futures 
Abstract:
  In this paper we extend the research on the predictability of stock and
 bond markets to futures markets. By using stock and bond market
 forecasting variables we build ex ante models of the MATIF CAC 40 and DFB
 DAX stock index futures contracts. Since it is possible to construct a
 practical trading rule from the out-of-sample forecasts from these models,
 we use these models as a valid test of the efficient market hypothesis. We
 find that while we can develop a profitable trading rule for the French
 contract, a similar profitable trading rule for the German contract cannot
 be developed. Our results appear to suggest that the stock index futures
 market in France appears to be weakly inefficient, while the German model
 may only represent spurious correlations between the forecasting variables
 and the DFB DAX contract. 
Journal: Applied Economics Letters 
Pages: 327-330 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518981 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518981&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Patricia Fraser 
Author-X-Name-First: Patricia 
Author-X-Name-Last: Fraser 
Title: Returns and firm size: A note on the UK experience 1970-1991 
Abstract:
  Examining UK companies traded on the London Stock Exchange, the evidence
 reported in this note implies that prior to mid-1989 smaller companies
 consistently outperformed the market portfolio. Since then, however, the
 'size effect' has disappeared. 
Journal: Applied Economics Letters 
Pages: 331-334 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518982 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518982&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Brockman 
Author-X-Name-First: Paul 
Author-X-Name-Last: Brockman 
Author-Name: Yiuman Tse 
Author-X-Name-First: Yiuman 
Author-X-Name-Last: Tse 
Title: Information shares in Canadian agricultural cash and futures markets 
Abstract:
  This paper examines the information shares in four pairs of Canadian
 agricultural cash and futures markets by exploring their cointegrating
 relationships. Using error correction models (ECMs) and Hasbrouck's
 econometric method of estimating information shares, the results show that
 the price discovery process is most pronounced in the futures market. The
 identification and quantification of the dominant market of price
 discovery is of great interest to both hedgers and speculators. The
 advantage of Hasbrouck's technique is that it facilitates the
 quantification of the concept of price discovery and market dominance. 
Journal: Applied Economics Letters 
Pages: 335-338 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518983 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518983&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Haiyan Song 
Author-X-Name-First: Haiyan 
Author-X-Name-Last: Song 
Title: A time-varying parameter consumption model for the UK 
Abstract:
  This paper uses a time varying parameter (TVP) approach to model and
 forecast the aggregate consumers' expenditure on non-durables and services
 in the UK. The results suggest that the TVP method is particularly useful
 in forecasting when the structure of the consumption model is unstable. 
Journal: Applied Economics Letters 
Pages: 339-342 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518984 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518984&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Baimbridge 
Author-X-Name-First: Mark 
Author-X-Name-Last: Baimbridge 
Author-Name: Samuel Cameron 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Cameron 
Author-Name: Peter Dawson 
Author-X-Name-First: Peter 
Author-X-Name-Last: Dawson 
Title: Satellite broadcasting and match attendance: the case of rugby league 
Abstract:
  A recent development in the UK television industry has been the emergence
 of satellite and cable broadcasting. We examine the entrance of the BSkyB
 satellite network into the coverage of the first division of the rugby
 football league over the 1993-94 season. This paper extends the familiar
 model of sport attendance to incorporate the live television transmission
 of games which is found to exert a negative influence on attendance. Our
 result suggests considerable scope for future research in this neglected
 aspect of the factors affecting sport attendance. 
Journal: Applied Economics Letters 
Pages: 343-346 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518985 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518985&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitrios Malliaropulos 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Malliaropulos 
Title: Testing long-run neutrality of money: evidence from the UK 
Abstract:
  The paper presents empirical evidence on the long-run neutrality of
 monetary policy in the UK based on the methodology developed by Fisher and
 Seater. Money is found to be long-run neutral with respect to real GDP and
 real equity prices. However, in the short to medium term permanent
 positive shocks to money supply seem to be positively correlated with real
 GDP and negatively correlated with real equity prices. 
Journal: Applied Economics Letters 
Pages: 347-350 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518986 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518986&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Albert Ade Okunade 
Author-X-Name-First: Albert Ade 
Author-X-Name-Last: Okunade 
Title: A note on benefit differentials of black and white female workers 
Abstract:
  Large national micro-data bases (such as Current Population Survey and
 Survey of Income and Programme Participation) lack information on employer
 outlays for the fringe benefits paid workers. Therefore, this paper
 motivates research on intra-firm black-white differences in non-wage
 fringe benefits using data on female office workers of a large public
 university. Empirical results indicate that racial differences exist among
 the fringes (pension, health and life insurance, sick leave, longevity
 pay, vacation) and also vary across department sizes. The differentials
 tend to disappear, however, when combined benefits or total compensation
 is used as a modelling framework. These results suggest potential
 sensitivity of regression model estimates, of black-white benefit gaps to
 the degree of aggregation in the data being modelled. 
Journal: Applied Economics Letters 
Pages: 351-354 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518987 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518987&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Muhammad Mustafa 
Author-X-Name-First: Muhammad 
Author-X-Name-Last: Mustafa 
Author-Name: Matiur Rahman 
Author-X-Name-First: Matiur 
Author-X-Name-Last: Rahman 
Title: Capacity utilization in the USA and inflation: testing for cointegration and Granger causality 
Abstract:
  This paper investigates the long-run and short-run dynamics between
 capacity utilization and inflation in the USA by using cointegration and
 error-correction models. It employs monthly data from January 1984 to
 December 1994. Although each variable in level is found non-stationary by
 unit root tests, ADF tests and error-correction models fail to confirm any
 long-run association between capacity utilization and inflation. Despite a
 lack of cointegration, error-correction models have been utilized to
 identify Granger causality that has been found to run from total
 industrial capacity utilization to inflation. 
Journal: Applied Economics Letters 
Pages: 355-358 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518988 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518988&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Sawkins 
Author-X-Name-First: John 
Author-X-Name-Last: Sawkins 
Title: Measuring the effects of regulation: an event study of the English and Welsh water industry 
Abstract:
  An event study methodology is used to identify and analyse the key
 regulatory initiatives taken by the economic regulator of the English and
 Welsh water industry during the period 1989-1994. By analysing movements
 in water company share returns relative to the stock market as a whole it
 is possible to see whether regulatory interventions had any effect on
 investor expectations. The results are consistent with the rejection of
 the hypothesis of regulatory capture, and with the view that the economic
 regulator sought to balance the demands of companies and customers through
 various policy initiatives. 
Journal: Applied Economics Letters 
Pages: 359-362 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518989 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518989&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Dynamic Farrell efficiency: a time series application 
Abstract:
  Dynamic versions of Farrell efficiency are formulated here and
 empirically applied to airlines data to estimate productivity growth and
 technical efficiency changes. 
Journal: Applied Economics Letters 
Pages: 363-366 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518990 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518990&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saud Choudhry 
Author-X-Name-First: Saud 
Author-X-Name-Last: Choudhry 
Author-Name: Derek Hum 
Author-X-Name-First: Derek 
Author-X-Name-Last: Hum 
Title: Graduated work incentives and how they affect marital stability: the Canadian evidence 
Abstract:
  This paper examines how NIT payments might destabilize marriages by
 enhancing the economic quality of alternatives to married life. Data from
 Canada's MINCOME experiment indicates that the various levels of GAI
 support did have a stabilizing influence on its participants' marriages.
 This suggests that the nature of a support programme may influence the
 stability of low-income households, thereby making a much needed dent in
 the cycle of marital dissolution. 
Journal: Applied Economics Letters 
Pages: 367-371 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518991 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518991&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Madden 
Author-X-Name-First: David 
Author-X-Name-Last: Madden 
Title: Omitted variables, dynamic specification and tests for homogeneity 
Abstract:
  This note examines the sensitivity of tests for homogeneity in demand
 systems to such factors as omitted variables and dynamic and stochastic
 specification. It estimates demand systems for Ireland using time-series
 data for different unconditional demand systems with differing dynamic and
 stochastic specification and also estimates a conditional demand system,
 thus attempting to reconcile disparate results from previous work in this
 area. 
Journal: Applied Economics Letters 
Pages: 372-374 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518992 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518992&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Suzhen Zhu 
Author-X-Name-First: Suzhen 
Author-X-Name-Last: Zhu 
Author-Name: Paul Ellinger 
Author-X-Name-First: Paul 
Author-X-Name-Last: Ellinger 
Author-Name: C. Richard Shumway 
Author-X-Name-First: C. Richard 
Author-X-Name-Last: Shumway 
Title: The choice of functional form and estimation of banking inefficiency 
Abstract:
  The effects of alternative functional forms on parametric estimation of a
 multi-product cost function are examined using a sample of rural US banks.
 Functional forms considered for possible choice are three versions of
 second-order Taylor-series expansions (or locally-flexible functional
 forms-translog, normalized quadratic, and generalized Leontief. The
 generalized quadratic Box-Cox transformation and the likelihood dominance
 criterion are used as vehicles for conducting nested and non-nested tests.
 Although all three forms are rejected by the nested test, the likelihood
 dominance criterion indicates that the translog is clearly preferred over
 the other two as the functional form of choice. Using either of the other
 functional forms would substantially alter conclusions about both scale
 elasticities and inefficiencies, including the impact of bank size on
 these measures. 
Journal: Applied Economics Letters 
Pages: 375-379 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518993 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518993&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. Karathanassis 
Author-X-Name-First: G. 
Author-X-Name-Last: Karathanassis 
Author-Name: C. Patsos 
Author-X-Name-First: C. 
Author-X-Name-Last: Patsos 
Title: Heteroscedasticity and other misspecification issues in the market model 
Abstract:
  In this paper the authors attempt to analyse the validity of the
 traditional market model in the complex environment of emerging and
 bullish markets where heteroscedasticity and other misspecification issues
 are detected through application of a wide range of appropriate empirical
 tests and tools. The issue which the authors investigate is generally
 related to excess volatility caused either by market over-reaction or by
 changes in the market regime accompanied by changes in the systematic risk
 (beta) or by short-period non-informational 'noise' accompanied by
 violations of the classical assumptions on the residuals of the market
 model. The results of this work highlight and reveal several sides of
 relatively unknown and empirically confused areas regarding market
 efficiency and appropriateness and adequacy of the market model, as well
 as certain unusual features of investor behaviour. 
Journal: Applied Economics Letters 
Pages: 380-382 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518994 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518994&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Author-Name: Rand Ressler 
Author-X-Name-First: Rand 
Author-X-Name-Last: Ressler 
Title: An empirical note on the impact of college athletics on tuition revenues 
Abstract:
  The economics and sociology literature has given much attention to the
 proper role of athletics in the mission of institutions of higher
 education. This discussion has turned into a debate; one argument holds
 that athletics fit nicely into the mission of most colleges. However, it
 has also been argued that athletics impede the students and faculty from
 achieving their academic potential. We argue that college athletics can
 increase the demand to attend the institution and lower the price
 elasticity of demand of non-resident students. This, in turn, increases
 the level of financial resources available to the institution. We model
 the percentage of out-of-state students as being dependent upon athletic
 success (among other variables) and find a positive and significant
 relationship between the two. In addition, potential net revenue gains
 from athletic success are provided for specific institutions. 
Journal: Applied Economics Letters 
Pages: 383-387 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518995 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518995&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Whitehead 
Author-X-Name-First: John 
Author-X-Name-Last: Whitehead 
Title: Differentiating use and non-use values with the properties of the variation function 
Abstract:
  A technique for measuring the use and non-use components of the total
 value of a quality change is proposed. The technique is illustrated using
 data from a study of the Pamlico Sound. 
Journal: Applied Economics Letters 
Pages: 388-390 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518996 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518996&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ralf Ostermark 
Author-X-Name-First: Ralf 
Author-X-Name-Last: Ostermark 
Author-Name: Teppo Martikainen 
Author-X-Name-First: Teppo 
Author-X-Name-Last: Martikainen 
Author-Name: Jaana Aaltonen 
Author-X-Name-First: Jaana 
Author-X-Name-Last: Aaltonen 
Title: The predictability of Finnish stock index futures and cash returns by derivatives volume 
Abstract:
  The predictability of Finnish stock index futures and cash returns by the
 volume of stock index options and futures is investigated. Relying on
 Granger causality tests and vector autoregression, the results support the
 hypothesis that derivatives trading volume cannot be used to predict
 returns. 
Journal: Applied Economics Letters 
Pages: 391-393 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518997 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518997&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. D. Byers 
Author-X-Name-First: J. D. 
Author-X-Name-Last: Byers 
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Title: Evidence on volatility spillovers in the interwar floating exchange rate period based on high/low prices 
Abstract:
  Evidence of volatility spillovers between four foreign exchange rates is
 examined in the interwar floating exchange rate period using daily high
 and low prices rather than closing prices. It is found that volatility is
 highly persistent and that spillovers occur. 
Journal: Applied Economics Letters 
Pages: 394-396 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Title: Unit roots cointegration and the demand for money in India 
Abstract:
  It is shown that the variables in the demand for money in India are unit
 root variables. Therefore the long- and short-run money demand functions
 are estimated using cointegration methods and error correction
 formulation. It is found that the long-run income and interest rate
 elasticities are about 1.5 and -0.42 respectively. 
Journal: Applied Economics Letters 
Pages: 397-399 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758518999 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518999&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Magnus Johannesson 
Author-X-Name-First: Magnus 
Author-X-Name-Last: Johannesson 
Author-Name: Ulf-G Gerdtham 
Author-X-Name-First: Ulf-G 
Author-X-Name-Last: Gerdtham 
Title: A pilot test of using the veil of ignorance approach to estimate a social welfare function for income 
Abstract:
  The veil of ignorance approach is tested as a basis for empirically
 determining the shape of the social welfare function for income. An
 experiment is carried out where the participants choose between different
 societies that differ with respect to per capita income and the
 distribution of income. The answers are analysed using logistic regression
 analysis. According to the results the respondents are willing to give up
 Swedish Crowns (SEK) 1 in the group with more income to gain SEK 0.35 in
 the group with less income, but this trade-off is independent of the size
 of the difference in income between the groups. 
Journal: Applied Economics Letters 
Pages: 400-402 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758519000 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758519000&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. Cunningham 
Author-X-Name-First: S. 
Author-X-Name-Last: Cunningham 
Author-Name: J. Vilasuso 
Author-X-Name-First: J. 
Author-X-Name-Last: Vilasuso 
Title: Time aggregation and causality tests: results from a monte carlo experiment 
Abstract:
  This paper examines the importance of time aggregation in causality
 testing. We find that temporal aggregates are between two and ten times
 more unlikely to detect a true causal relationship than are systematic
 sampled aggregates over short aggregation spans. 
Journal: Applied Economics Letters 
Pages: 403-405 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758519001 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758519001&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Newton Lowry 
Author-X-Name-First: Mark Newton 
Author-X-Name-Last: Lowry 
Author-Name: Lawrence Kaufmann 
Author-X-Name-First: Lawrence 
Author-X-Name-Last: Kaufmann 
Title: The treatment of Z factors in price cap plans 
Abstract:
  Z factors are a commonly misunderstood but important component of price
 cap regulation. A typical concern is that they result in a double counting
 of special business conditions in the price cap index. This letter
 explains the mathematical logic for Z factors and shows that they need not
 result in double counting. Implementation issues are briefly discussed. 
Journal: Applied Economics Letters 
Pages: 406-408 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758519002 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758519002&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. M. Steeley 
Author-X-Name-First: J. M. 
Author-X-Name-Last: Steeley 
Title: The use of spline functions for forecasting in the presence of structural changes: a cautionary tale 
Abstract:
  A number of methods have been suggested to improve forecasts for data
 sets subject to structural breaks. This article explains why one such
 procedure, the spline function technique, may not be a natural candidate.
 An example is given where data that appeared to be well forecast using
 spline functions performed poorly beyond a very short forecasting horizon. 
Journal: Applied Economics Letters 
Pages: 409-411 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758519003 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758519003&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Philip Sachinides 
Author-X-Name-First: Philip 
Author-X-Name-Last: Sachinides 
Title: Seigniorage versus inflation tax: a comment 
Abstract:
  This paper is a comment on an article by de Haan et al. (1993) on
 seigniorage in developing countries. It is argued that de Haan et al.
 conflate the concepts of seigniorage and inflation tax, although it is now
 established that these two concepts are distinct. Furthermore, the
 measures they employ to calculate inflation tax and seigniorage are
 questioned. Examples suggest that they systematically overestimate
 seigniorage and miscalculate the inflation tax. 
Journal: Applied Economics Letters 
Pages: 412-414 
Issue: 10 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/758519004 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758519004&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Peel 
Author-X-Name-First: David 
Author-X-Name-Last: Peel 
Author-Name: Alan Speight 
Author-X-Name-First: Alan 
Author-X-Name-Last: Speight 
Title: Asymmetry in the variance of economic activity: evidence for long-run UK GDP 
Abstract:
  The purpose is to document the significance of non-linearity in the
 conditional mean and variance of the long-run annual UK GDP growth rate.
 In particular, an examination is made of asymmetry in conditional variance
 with respect to past shocks which implies that the conditional variance is
 greater, and the conditional variance function steeper, following negative
 shocks to output growth. Simulations of the estimated model also suggest
 the potential for complex dynamics including substantial amplitude
 changes. 
Journal: Applied Economics Letters 
Pages: 415-418 
Issue: 11 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356961 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356961&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: N. R. Vasudeva Murthy 
Author-X-Name-First: N. R. Vasudeva 
Author-X-Name-Last: Murthy 
Author-Name: Victor Ukpolo 
Author-X-Name-First: Victor 
Author-X-Name-Last: Ukpolo 
Title: Aggregate health care expenditure in the United States: new results 
Abstract:
  This research note, upon rectifying some inadvertently transposed entries
 in the observation matrix which was used in the authors' original article
 (Murthy and Ukpolo, 1994), using the maximum likelihood technique
 investigates whether in the United States during the period 1960-87, real
 per capita health care expenditure is related to real per capita income,
 the age structure of the population, number of practicing physicians, the
 relative price of health care and the ratio of public health care
 expenditure to total health care expenditure. While new results reveal the
 presence of two cointegrating vectors, the basic findings are consistent
 with the empirical evidence reported in the original paper. 
Journal: Applied Economics Letters 
Pages: 419-421 
Issue: 11 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356970 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356970&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mauro Gallegati 
Author-X-Name-First: Mauro 
Author-X-Name-Last: Gallegati 
Author-Name: Domenico Mignacca 
Author-X-Name-First: Domenico 
Author-X-Name-Last: Mignacca 
Title: Nonlinearities in business cycle: SETAR models and G7 industrial production data 
Abstract:
  In this paper we enquire if nonlinear or linear models produce iid
 residuals using the BDS test for the G7 industrial production series. We
 found that nonlinear models produce iid residual for the USA, and evidence
 of NL are also detected for Canada and Germany, while Japanese data does
 not reject the alternatives, and the L model is rejected for Italy, France
 and the UK. On this evidence, 'white chaos' data generation processes
 cannot be rejected. We evaluate the linear and nonlinear impulse response
 functions finding that: long-run multipliers are smaller for European
 countries; long-run asymmetries are evident for the USA, Canada and West
 Germany. Differently from previous research, our results show that the
 non-linear hypothesis has to be taken seriously, but with some caution
 because of not entirely satisfactory forecast performance and asymmetries
 (this is especially true for the US series). On the other hand, the
 hypothesis of linearity can be rejected with greater confidence, since it
 almost always fails to encompass the alternative. 
Journal: Applied Economics Letters 
Pages: 422-427 
Issue: 11 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356989 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356989&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Brooks 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Brooks 
Title: A measure of persistence in daily pound exchange rates 
Abstract:
  An alternative procedure to that of Lo is proposed for assessing whether
 there is significant evidence of persistence in time series. The technique
 estimates the Hurst exponent itself, and significance testing is based on
 an application of bootstrapping using surrogate data. The method is
 applied to a set of 10 daily pound exchange rates. A general lack of
 long-term memory is found to characterize all the series tested, in
 sympathy with the findings of a number of other recent papers which have
 used Lo's techniques. 
Journal: Applied Economics Letters 
Pages: 428-431 
Issue: 11 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kofi Amoateng 
Author-X-Name-First: Kofi 
Author-X-Name-Last: Amoateng 
Title: The relationship between real long-short interest spread differentials and real exchange rates 
Abstract:
  This paper opens up an empirical investigation of the nature of the link
 between real long-short interest spread differentials and real exchange
 rates for the integrated financial markets in the industrialized world
 from the 1980s and the early 1990s. The consistent evidence is that there
 is a long-run relationship between real exchange rates and real long-short
 interest spread differentials and vice versa for the UK/US markets. Also,
 the coefficient of the error-correction term significantly estimates
 feedback from the real long-short interest spread differentials to real
 exchange rates and vice versa in the UK/US markets. 
Journal: Applied Economics Letters 
Pages: 432-436 
Issue: 11 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357005 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357005&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. A. Razzak 
Author-X-Name-First: W. A. 
Author-X-Name-Last: Razzak 
Title: Are devaluations effective in inducing real depreciations in sub-Saharan Africa? 
Abstract:
  The analysis of this paper, with pooled data for 20 countries in
 sub-Saharan Africa during 1971-1991, indicates that nominal devaluations
 are effective in inducing permanent depreciations in the real exchange
 rate (RER). A 10% nominal devaluation of the domestic currency (expressed
 in units per US dollar) translates into a real depreciation of 8.8 and
 7.7% in the short and long run, respectively. It is also established that
 the RER appreciates with an increase in inflation tax. A policy
 implication of these results is that nominal devaluations are effective in
 keeping the RER close to a level that maintains external competitiveness,
 if accompanied by appropriate restrictive monetary and fiscal policies. 
Journal: Applied Economics Letters 
Pages: 437-439 
Issue: 11 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357014 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357014&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xuejun Wang 
Author-X-Name-First: Xuejun 
Author-X-Name-Last: Wang 
Title: Equilibrium models of asset pricing with progressive taxation and tax evasion 
Abstract:
  This note examines the effect of tax evasion on the excess rate of
 return. With a simple assumption about tax evasion, we find that a small
 successful tax evasion will lower the excess rate of return at an
 increasing rate under progressive taxation. 
Journal: Applied Economics Letters 
Pages: 440-443 
Issue: 11 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357023 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357023&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gerald Lynch 
Author-X-Name-First: Gerald 
Author-X-Name-Last: Lynch 
Author-Name: Bradley Ewing 
Author-X-Name-First: Bradley 
Author-X-Name-Last: Ewing 
Title: Velocity and the variability of anticipated and unanticipated money growth: a cross-country comparison 
Abstract:
  This paper uses a Granger causality test to determine if increased
 instability in the money supply of a country leads to a decline in
 velocity in that country. This research adds two new dimensions to the
 literature in this area. First, monetary growth is decomposed into
 anticipated and unanticipated components. Second, we extend the study to
 all of the G-7 countries. Our empirical results support the existence of a
 relationship between monetary instability and velocity growth in the G-7
 countries. 
Journal: Applied Economics Letters 
Pages: 444-448 
Issue: 11 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Wong 
Author-X-Name-First: Michael 
Author-X-Name-Last: Wong 
Title: Market reactions to several popular trend-chasing technical signals 
Abstract:
  This is a study of abnormal patterns of returns associated with several
 trend-chasing technical signals commonly found in newspapers, finance
 magazines and technical analysts' reports in the Hong Kong stock market.
 With event-study methodology, it finds significantly positive (or
 negative) nominal and excess returns in the period after the signals
 change to provide bullish (or bearish) signals. Furthermore, it shows that
 the price tends to be more volatile in the period before the signal
 changes. These results support the conjecture that trend-chasing signals
 constitute important information in the market and they have an impact on
 stock returns. 
Journal: Applied Economics Letters 
Pages: 449-456 
Issue: 11 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357041 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357041&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jin-Tan Liu 
Author-X-Name-First: Jin-Tan 
Author-X-Name-Last: Liu 
Title: Relative price dispersion and inflation: evidence from Taiwan's hyperinflation 
Abstract:
  Evidence is presented that a positive association existed between
 inflation and relative prices for Taiwan during a period of hyperinflation
 (1946-1949). The empirical result is consistent with most of the findings
 in the literature. Intramarket price dispersion is positively related to
 the average market rate of price change, but the strength of this
 relationship differs across the market. 
Journal: Applied Economics Letters 
Pages: 457-459 
Issue: 11 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357050 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357050&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kiseok Lee 
Author-X-Name-First: Kiseok 
Author-X-Name-Last: Lee 
Author-Name: Shawn Ni 
Author-X-Name-First: Shawn 
Author-X-Name-Last: Ni 
Title: Inflation uncertainty and real economic activities 
Abstract:
  Inflation uncertainty is shown to have highly significant negative
 correlations with real activities if the uncertainty is measured by a
 state-dependent conditional variance model. The results are consistent
 with those obtained from survey data and cross-country data. 
Journal: Applied Economics Letters 
Pages: 460-462 
Issue: 11 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595357069 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595357069&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaume Puig Junoy 
Author-X-Name-First: Jaume Puig 
Author-X-Name-Last: Junoy 
Author-Name: Angel Lopez Nico&#x13a;s 
Author-X-Name-First: Angel Lopez 
Author-X-Name-Last: Nico&#x13a;s 
Title: Assessing health care infrastructure at the regional level: a statistical approach 
Abstract:
  In this paper we construct a set of infrastructure and health-need
 synthetic indices for the Spanish Autonomous Communities out of a wide
 range of representative variables by means of the statistical technique of
 principal components. The combination of both infrastructure and need
 indices yields a final index of relative coverage which proxies the access
 to publicly insured health care conditions of Spanish citizens in
 different regions. 
Journal: Applied Economics Letters 
Pages: 463-466 
Issue: 12 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356871 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356871&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pekka Hietala 
Author-X-Name-First: Pekka 
Author-X-Name-Last: Hietala 
Author-Name: Matti Keloharju 
Author-X-Name-First: Matti 
Author-X-Name-Last: Keloharju 
Title: The ex-dividend day behaviour of Finnish restricted and unrestricted shares 
Abstract:
  We analyse the ex-dividend day behaviour of two classes of shares whose
 trading is potentially dominated by investors under different tax regimes
 because of foreign ownership restrictions. Our results provide evidence in
 favour of the hypothesis that long-term investors are the marginal
 investors that determine the stock prices around the ex-dividend day, and
 against the hypothesis that short-term trading is the driving force behind
 equilibrium ex-dividend ratios. 
Journal: Applied Economics Letters 
Pages: 467-468 
Issue: 12 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356880 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356880&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Baimbridge 
Author-X-Name-First: Mark 
Author-X-Name-Last: Baimbridge 
Title: Academic staff salaries: equity and exploitation 
Abstract:
  Utilizing existing survey data and calculated salary means for academic
 staff, an examination of two aspects of remuneration is undertaken. First,
 salary differentials between academic staff and second, the value of work
 undertaken outside office hours. Findings indicate that only a small
 proportion of existing salary differentials can be attributed to the
 number of hours worked. Second, a measure of exploitation by universities
 is calculated indicating that approximately one-third of salaries are
 'earned' outside normal working hours. 
Journal: Applied Economics Letters 
Pages: 469-472 
Issue: 12 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356899 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356899&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Terry Maxwell Alchin 
Author-X-Name-First: Terry Maxwell 
Author-X-Name-Last: Alchin 
Title: A note on tobacco product prices in the Australian CPI 
Abstract:
  This paper analyses the continuation of tobacco product prices within the
 Consumer Price Index (CPI) compiled by the Australian Bureau of Statistics
 (ABS) in Australia. There are important areas concerning packet sizes,
 nicotine content and tar content that make the continued inclusion of such
 prices inconsistent between periods. This is also important when one
 considers the changing patterns of tobacco consumption and the need to
 incorporate such changes in any Australian CPI. The paper concludes with a
 recommendation that tobacco be removed from the CPI so that smokers whose
 income is linked to the CPI are not 'cushioned' from tobacco price rises
 which result from increased tobacco product taxation. Recent increases in
 the Australian CPI are used to illustrate how the cyclical nature of
 increased tobacco prices in the Australian CPI raise the excise tax rates
 and the continued inclusion of tobacco prices in the Australian CPI raises
 government benefits as a result. This means that the important sumptuary
 tax role of tobacco tax could be reduced. 
Journal: Applied Economics Letters 
Pages: 473-477 
Issue: 12 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356907 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356907&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Razzaque Bhatti 
Author-X-Name-First: Razzaque 
Author-X-Name-Last: Bhatti 
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Title: An alternative approach to testing uncovered interest parity 
Abstract:
  This paper presents some evidence on the uncovered interest parity (UIP)
 hypothesis using an alternative model specification and quarterly data on
 three-month treasury bill rates denominated in eleven currencies vis-a-vis
 the dollar. Results of cointegration and coefficient restriction tests are
 strongly supportive of UIP in all cases. These results suggest that
 capital and foreign exchange markets have become highly integrated. 
Journal: Applied Economics Letters 
Pages: 478-481 
Issue: 12 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356916 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356916&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Smyth 
Author-X-Name-First: David 
Author-X-Name-Last: Smyth 
Title: The supply side effects of inflation in the United States: evidence from multifactor productivity 
Abstract:
  The hypothesis that inflation has reduced the rate of growth in the
 United States is tested using time series data for multifactor
 productivity. The negative effects of inflation on growth are significant
 and substantial. 
Journal: Applied Economics Letters 
Pages: 482-483 
Issue: 12 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356925 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356925&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jakob De Haan 
Author-X-Name-First: Jakob 
Author-X-Name-Last: De Haan 
Author-Name: Bernd Jan Sikken 
Author-X-Name-First: Bernd Jan 
Author-X-Name-Last: Sikken 
Author-Name: Andrew Hilder 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Hilder 
Title: On the relationship between the debt ratio and debt maturity 
Abstract:
  The relationship between government debt and the maturity of government
 debt is analysed for eight OECD countries. It is found that the negative
 relationship between debt and effective maturity as reported by Missale
 and Blanchard (1994) for Ireland and Italy can also be found for some
 other countries with lower debt ratios. Furthermore, this negative
 relationship occurs only in periods when debt ratios rise. For Canada and
 the US, on the other hand, a positive relationship is found between debt
 and debt maturity. 
Journal: Applied Economics Letters 
Pages: 484-486 
Issue: 12 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356934 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356934&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Eagle 
Author-X-Name-First: David 
Author-X-Name-Last: Eagle 
Author-Name: Dale Domian 
Author-X-Name-First: Dale 
Author-X-Name-Last: Domian 
Title: Quasi-real bonds: inflation-indexing that retains the government's hedge against aggregate-supply shocks 
Abstract:
  Inflation-indexed bonds, such as the UK's indexed-linked gilts and
 Canada's real return bonds, are hailed by economists for reducing
 inflation risk to both borrowers and lenders. However, we find that
 fixed-rate bonds have an advantage over inflation-indexed bonds by
 providing borrowers with a hedge against aggregate-supply shocks. National
 governments would benefit from this in the event of a major catastrophe
 that substantially reduces aggregate supply. To retain this hedge and
 still provide indexing for aggregate-demand-caused inflation, we propose a
 financial innovation called quasi-real bonds which are indexed to nominal
 GDP growth. 
Journal: Applied Economics Letters 
Pages: 487-490 
Issue: 12 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356943 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356943&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Author-Name: Kumiko Okamura 
Author-X-Name-First: Kumiko 
Author-X-Name-Last: Okamura 
Title: History versus expectations: test of new growth theory 
Abstract:
  Which of the two forces, past history or future expectations, plays a
 more dominant role in economic growth? This hypothesis is econometrically
 tested here for Japan over the period 1965-90 and the evidence suggests a
 more dominant role for the forward looking expectations. 
Journal: Applied Economics Letters 
Pages: 491-494 
Issue: 12 
Volume: 2 
Year: 1995 
X-DOI: 10.1080/135048595356952 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048595356952&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. M. Burton 
Author-X-Name-First: B. M. 
Author-X-Name-Last: Burton 
Author-Name: A. A. Lonie 
Author-X-Name-First: A. A. 
Author-X-Name-Last: Lonie 
Author-Name: D. M. Power 
Author-X-Name-First: D. M. 
Author-X-Name-Last: Power 
Title: Corporate growth and the equity-debt choice 
Abstract:
  In this paper we extend the analysis of earlier investigations into the
 relationship between patterns of corporate growth and the announcement of
 new financing (see for example, Pilotte 1992; Burton et al., 1993) by
 examining the growth in turnover and earnings achieved by equity and
 debt-issuing firms. We study the performance of UK firms which made new
 financing announcements between 1989 and 1991 and find (i) that corporate
 growth generally declined in the years which followed the announcement
 date and (ii) that equity-issuing firms exhibited higher pre-announcement
 growth in sales turnover and in earnings than their debt-issuing
 counterparts - significantly higher growth in the case of the expansion in
 the value of sales. 
Journal: Applied Economics Letters 
Pages: 1-4 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525505 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525505&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Adam Szulc 
Author-X-Name-First: Adam 
Author-X-Name-Last: Szulc 
Title: Purchasing power parities and consumer theory 
Abstract:
  Purchasing power parities are calculated using the index number defined
 as a ratio of cost functions in two price situations. The definition does
 not require similarity of preference across countries. Necessary
 parameters are estimated using translogarithmic Hicksian budget shares.
 The results may be useful in comparisons of consumption because of the
 relevance to the consumer theory. 
Journal: Applied Economics Letters 
Pages: 5-7 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525506 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525506&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rungsun Hataiseree 
Author-X-Name-First: Rungsun 
Author-X-Name-Last: Hataiseree 
Author-Name: Anthony Phipps 
Author-X-Name-First: Anthony 
Author-X-Name-Last: Phipps 
Title: The degree of capital mobility in Thailand: some estimates using a cointegration approach 
Abstract:
  An empirical estimate of the degree of international capital mobility in
 Thailand is given. A model of interest rate determination which allows for
 imperfectly mobile capital and the impact of both domestic and
 international influences on the domestic rate is developed and estimated
 using cointegration techniques. The results indicate that domestic
 interest rates have been influenced significantly by foreign interest
 rates. However, despite several reductions in capital control in the late
 1980s and early 1990s, the degree of capital mobility appears not to be as
 high as previously reported nor to have increased significantly. The
 finding of a moderately high degree of capital mobility coupled with a
 reasonable EC-type, short-run dynamic adjustment equation for the domestic
 interest rate implies that there is still some scope for the Thai
 authorities to conduct an independent monetary policy. 
Journal: Applied Economics Letters 
Pages: 9-13 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525507 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525507&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rita Biswas 
Author-X-Name-First: Rita 
Author-X-Name-Last: Biswas 
Author-Name: Hany Shawky 
Author-X-Name-First: Hany 
Author-X-Name-Last: Shawky 
Title: The impact of political shocks on cointegrated exchange rate series 
Abstract:
  This study applies cointegration tests with time-dependent dummies to
 assess the impact of the Gulf War on the relationship between the forward
 exchange rate and the spot exchange rate using the British pound and the
 Japanese yen in terms of the US dollar. Cointegration of the spot and
 forward rate series cannot be supported for each of the exchange rates for
 a sample period around the Gulf War unless a five-week dummy is introduced
 starting in the Invasion week. The evidence is consistent with the
 existing literature in that it indirectly supports the long-run
 relationship between the spot and forward rates and confirms that
 short-run disruptions could occur and are consistent with the long-run
 relationship. 
Journal: Applied Economics Letters 
Pages: 15-19 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525508 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525508&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcus Chambers 
Author-X-Name-First: Marcus 
Author-X-Name-Last: Chambers 
Title: Speed of adjustment and estimation of the partial adjustment model 
Abstract:
  The effect which the speed of adjustment parameter has on the statistical
 properties of the partial adjustment model, and estimates of its
 parameters, is investigated. It is shown that in the case of very rapid
 adjustment, the model approaches a classical (static) regression model,
 but in the case of very slow adjustment, the dependent (or state) variable
 displays near random walk behaviour. The finite sample performance of the
 nonlinear least squares estimator is investigated in a simulation study,
 and it is found that substantial bias and mean squared error can be a
 feature of the estimates in the model with very slow adjustment. This
 suggests that extreme caution should be exercised in situations where the
 estimated speed of adjustment parameter is found to be small. 
Journal: Applied Economics Letters 
Pages: 21-23 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525509 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525509&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vernon Gayle 
Author-X-Name-First: Vernon 
Author-X-Name-Last: Gayle 
Title: The determinants of student loan take-up in the United Kingdom: another gaze 
Abstract:
  This paper makes a comparison and contrast with the work of Johnes
 (1994). A similar set of survey results are employed to identify the
 variables which influence undergraduates' decision to take out student
 loans. In general income factors are not found to be significant. There is
 evidence that being in debt is influential. This concurs with Johnes'
 findings, although in this research credit card debts are also found to be
 a significant influence. The results suggest that marital status has a
 significant effect on taking out a loan, but the direction of the effect
 opposes Johnes results. 
Journal: Applied Economics Letters 
Pages: 25-27 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525510 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525510&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Cheng 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Cheng 
Title: An investigation of cointegration and causality between fertility and female labour force participation 
Abstract:
  Applying Hsiao's version of the Granger causality method, this paper
 examines the causality between fertility and female labour participation
 using transformed US data for the period 1948-93. The PP tests reveal that
 the original series are not stationary; therefore, a first differencing is
 performed. This study finds that there is a undirectional causality
 running from BR to FR with no feedback. The results confirm the hypothesis
 that the presence of small children discourages a woman from seeking
 employment outside the house, yet employment does not affect women's
 decision to have children. 
Journal: Applied Economics Letters 
Pages: 29-32 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525511 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525511&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mahendra Raj 
Author-X-Name-First: Mahendra 
Author-X-Name-Last: Raj 
Author-Name: David Thurston 
Author-X-Name-First: David 
Author-X-Name-Last: Thurston 
Title: Effectiveness of simple technical trading rules in the Hong Kong futures markets 
Abstract:
  Weak-form market efficiency states that past information cannot be used
 to consistently generate excess returns. So, technical analysis which uses
 past information on securities should not help generate abnormal profits
 consistently in a weak-form efficient market. In the present study, two
 simple technical trading strategies - Moving-Average-Oscillator and
 Trading Range Break-Out - are implemented to test whether they result in
 excess returns. The study is performed on the Hang Seng Futures Index,
 traded at the Hong Kong Futures Exchange. It is found that the moving
 average strategy does not produce significant excess returns, but four out
 of the six Trading Range Break-Out rules resulted in significant positive
 returns for the buy signal. 
Journal: Applied Economics Letters 
Pages: 33-36 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525512 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525512&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan King 
Author-X-Name-First: Alan 
Author-X-Name-Last: King 
Author-Name: Paul Hansen 
Author-X-Name-First: Paul 
Author-X-Name-Last: Hansen 
Title: Aggregate health care expenditure in the United States: evidence from cointegration tests: a comment 
Abstract:
  Murthy and Ukpolo (1994) recently estimated a model of aggregate health
 care expenditure for the United States using cointegration techniques.
 Their choice of dependent variable, however, introduced the possibility of
 simultaneity bias in the error-correction model they presented. Their
 results were also affected by errors in their database. In an effort to
 confirm or invalidate their findings, a slightly modified version of their
 model was estimated using a corrected database. The results obtained
 suggested that Murthy and Ukpolo's basic approach to modelling the market
 for health care may have been under-specified or alternatively should have
 incorporated separate demand and supply equations. 
Journal: Applied Economics Letters 
Pages: 37-39 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525513 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525513&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ky-Hyang Yuhn 
Author-X-Name-First: Ky-Hyang 
Author-X-Name-Last: Yuhn 
Title: Is the Fisher effect robust? Further evidence 
Abstract:
  New international evidence exists on the Fisher effect in the United
 States, the United Kingdom, Japan, Germany and Canada over the modern
 (post-March 1973) floating exchange rate experience. Some puzzling data
 has been observed which suggests that the Fisher effect appears to be
 strong only for particular sample periods. It has also been reported in
 the literature that the Fisher effect is more likely in the long run, and
 that it is not common across economic regimes. This study sheds some light
 on these controversial issues taking advantage of more powerful tests for
 unit roots and cointegration. The findings for the Fisher effect contrast
 with previous results, especially those of Mishkin. The empirical results
 appear to accord with historical observations on interest rate movements
 in the five countries. Some important results are as follows: (1) the
 Fisher effect is not robust to policy changes; (2) there is strong
 evidence of a long-run Fisher effect for the United States, Germany, and
 Japan, but little evidence for the United Kingdom and Canada; (3) the
 short-run Fisher effect is only detected in Germany. 
Journal: Applied Economics Letters 
Pages: 41-44 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525514 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525514&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. M. C. de Boer 
Author-X-Name-First: P. M. C. 
Author-X-Name-Last: de Boer 
Author-Name: R. Harkema 
Author-X-Name-First: R. 
Author-X-Name-Last: Harkema 
Author-Name: A. J. Soede 
Author-X-Name-First: A. J. 
Author-X-Name-Last: Soede 
Title: Maximum likelihood estimation of market share models with large numbers of shares 
Abstract:
  Maximum likelihood procedures for estimating market share models break
 down or produce very unstable estimates when the number of brands is large
 as compared with the number of observations. The reason behind this
 phenomenon is that the estimate of the contemporaneous covariance matrix
 of the error terms of the model becomes singular or almost singular. This
 problem may be resolved by imposing restrictions on the contemporaneous
 covariance matrix. The resulting estimation procedure suggests that the
 model may contain a large number of shares, while the variance of each
 share may be estimated freely. 
Journal: Applied Economics Letters 
Pages: 45-48 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525515 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525515&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Weber 
Author-X-Name-First: Christian 
Author-X-Name-Last: Weber 
Title: A note on unemployment rates and the paper-bill spread 
Abstract:
  This paper reports a significant causal relationship from the paper-bill
 spread to the civilian unemployment rate even after accounting for the
 importance of output growth in explaining the unemployment rate. However,
 this relationship apparently vanished in the 1970s. Adding the paper-bill
 spread to the unemployment rate autoregression causes three key nominal
 variables, money growth, inflation, and a detrended interest rate to
 become jointly insignificant in all samples which include the 1980s. 
Journal: Applied Economics Letters 
Pages: 49-51 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525516 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525516&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sadequl Islam 
Author-X-Name-First: Sadequl 
Author-X-Name-Last: Islam 
Title: Persistence of economic growth and its determinants: some evidence for South Korea and India 
Abstract:
  This paper examines time-series properties of economic growth and its key
 determinants for South Korea and India. The paper adopts a non-parametric
 method suggested by Cochrane (1988) and used by Campbell and Mankiw (1987)
 and Romer (1991), among others, to measure the persistence of economic
 growth and its determinants. The empirical evidence suggests that the rate
 has been more persistent in South Korea than in India. 
Journal: Applied Economics Letters 
Pages: 53-54 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525517 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525517&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkin Bairam 
Author-X-Name-First: Erkin 
Author-X-Name-Last: Bairam 
Title: Finite sample behaviour of GNR tests for serial correlation 
Abstract:
  The Gauss-Newton regression (GNR) tests for autoregressive (AR) processes
 are based on the asymptotic theory. Consequently, their finite sample
 properties are not known. The objective of this paper is to remedy this by
 undertaking a Monte Carlo study. It is hoped that the results reported
 will shed some light on the small sample properties of the type of GNR
 tests discussed here. 
Journal: Applied Economics Letters 
Pages: 55-57 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525518 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525518&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Uri Benzion 
Author-X-Name-First: Uri 
Author-X-Name-Last: Benzion 
Author-Name: Alon Granot 
Author-X-Name-First: Alon 
Author-X-Name-Last: Granot 
Author-Name: Joseph Yagil 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Yagil 
Title: An experimental investigation of direct subjective discount rates 
Abstract:
  Employing implicit discount rates (derived from subjects' cash-flow
 responses) previous experimental studies find that the order of magnitude
 of the implicit rates is higher than actual capital-market rates, and that
 the impact of time (t) and (S) of the cash-flow on discount rates (R) is
 negative. To circumvent the problem of possible misvaluation of the
 exponential function documented in the literature, this experimental study
 uses direct rather than implicit rates. The results demonstrate that the
 effect of t and S on R is positive. It is therefore suggested that in
 addition to implicit discount rates, direct rates too should be used in
 future research. 
Journal: Applied Economics Letters 
Pages: 59-61 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525519 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525519&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Phil Holmes 
Author-X-Name-First: Phil 
Author-X-Name-Last: Holmes 
Title: Spot price volatility, information and futures trading: evidence from a thinly traded market 
Abstract:
  The impact of futures trading on spot volatility is examined for a thinly
 traded contract, the FTSE Eurotrack. Futures trading increases the rate at
 which information is impounded into prices and reduces persistence. These
 benefits cease after the suspension of trading. The results suggest that
 even in a thinly traded market the existence of futures has a beneficial
 impact on price discovery in the underlying spot market. The paper
 highlights the need to determine not only whether spot price volatility
 changes after the introduction of futures trading, but also, if it does,
 why it does, before drawing policy conclusions about the regulation of
 futures markets. Failure to address the latter issue may lead to
 inappropriate policy conclusions. 
Journal: Applied Economics Letters 
Pages: 63-66 
Issue: 1 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758525520 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758525520&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Yerger 
Author-X-Name-First: David 
Author-X-Name-Last: Yerger 
Title: Used car markets: reliability does matter, but do Consumer Reports? 
Abstract:
  In work previously published in Applied Economics, Pratt and Hoffer
 (1990) did not find a significant effect upon US domestic vehicle resale
 prices from differences in reliability (maintenance expense) across
 models. This study, however, utilizes an alternative measure of
 reliability differences and finds that reliability differences do impact
 US resale car prices in the manner expected. The finding reinforces the
 view that used vehicle markets are efficient. In addition, the results
 suggest that Consumer Reports annual evaluation of used vehicles is not
 new information which affects resale prices. Instead, resale prices appear
 to reflect the information in the Consumer Reports evaluations in advance
 of the announcement's release. 
Journal: Applied Economics Letters 
Pages: 67-70 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356708 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356708&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Henri Theil 
Author-X-Name-First: Henri 
Author-X-Name-Last: Theil 
Author-Name: Dongling Chen 
Author-X-Name-First: Dongling 
Author-X-Name-Last: Chen 
Author-Name: Janet Galvez 
Author-X-Name-First: Janet 
Author-X-Name-Last: Galvez 
Title: The spatial correlation of the per capita income of Florida's counties, 1970-1990 
Abstract:
Journal: Applied Economics Letters 
Pages: 71-72 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356717 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356717&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sadequl Islam 
Author-X-Name-First: Sadequl 
Author-X-Name-Last: Islam 
Title: Surprises in the consumption function: a comparative study 
Abstract:
  The 'surprise' consumption function is estimated for selected industrial
 countries (France, Germany, Japan, and the USA) and four high-growth East
 Asian countries (Hong Kong, South Korea, Singapore, and Taiwan). The main
 objective of the paper is to test Hall's (1978) hypothesis that the rate
 of change in comsumption is determined by the innovation in the
 income-generating process. The main findings are that compared to the
 selected industrial countries, (a) consumption is more volatile in East
 Asian countries and (b) the 'surprise' coefficient is higher for the East
 Asian countries. 
Journal: Applied Economics Letters 
Pages: 73-75 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356726 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356726&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Barkoulas 
Author-X-Name-First: John 
Author-X-Name-Last: Barkoulas 
Author-Name: Alpay Filizetkin 
Author-X-Name-First: Alpay 
Author-X-Name-Last: Filizetkin 
Author-Name: Robert Murphy 
Author-X-Name-First: Robert 
Author-X-Name-Last: Murphy 
Title: Time series evidence on the saving-investment relationship 
Abstract:
  The long-run saving-investment correlation for the 24 OECD countries is
 re-examined using the Johansen procedure. It is found that saving and
 investment rates are not correlated in the long run for the majority of
 OECD countries. In the countries where cointegration is found, the
 Gonzalo-Granger common factor analysis suggests that saving is the driving
 force of the cointegrated system. 
Journal: Applied Economics Letters 
Pages: 77-80 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356735 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356735&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gan Wee-Beng 
Author-X-Name-First: Gan 
Author-X-Name-Last: Wee-Beng 
Author-Name: Soone Le Ying 
Author-X-Name-First: Soone Le 
Author-X-Name-Last: Ying 
Title: Stock price and expected dividends: evidence from Singapore 
Abstract:
  The Campbell-Shiller 'dividend-ratio' model is used to determine the
 extent to which the level and volatility of aggregate stock prices in
 Singapore deviate from their fundamental values. The results find support
 for the hypothesis that the past dividend-price ratio provides additional
 information in predicting future changes in dividend and the actual
 dividend-price ratio tracks its theoretical values as well. However
 volatility is larger than implied by the model. 
Journal: Applied Economics Letters 
Pages: 81-83 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356744 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356744&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Rogers 
Author-X-Name-First: John 
Author-X-Name-Last: Rogers 
Author-Name: Michael Greene 
Author-X-Name-First: Michael 
Author-X-Name-Last: Greene 
Author-Name: Emily Hoffnar 
Author-X-Name-First: Emily 
Author-X-Name-Last: Hoffnar 
Title: Does welfare cause increases in female-headed households? 
Abstract:
  Public discourse in the United States has become increasingly dominated
 by debates over the impact of welfare expenditures on specific demographic
 groups. Of particular concern is the potential impact of welfare
 expenditures on the formation of female-headed households. Applying
 Granger causality to time series data on expenditures on Aid To Families
 with Dependent Children (AFDC) and the proportion of families headed by
 females, the authors examine whether increases in AFDC expenditures causes
 a rise in the number of female-headed households. Evidence provided is
 inconsistent with the hypothesis that rising welfare expenditures
 generates an increase in the number of female-headed households. More
 generally, the results suggest that public policies which attempt to
 reduce the numbers of female-headed households via a reduction in AFDC
 benefits or a tightening of eligibility requirements are unlikely to be
 successful. 
Journal: Applied Economics Letters 
Pages: 85-88 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356753 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356753&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Athanassia Xenaki 
Author-X-Name-First: Athanassia 
Author-X-Name-Last: Xenaki 
Title: The determinants of Greek manufacturing investment: a comment 
Abstract:
Journal: Applied Economics Letters 
Pages: 89-90 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356762 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356762&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Systematic measures of dynamic Farrell efficiency 
Abstract:
  A method of measuring the systematic component of dynamic efficiency
 characterized by Farrell's nonparametric method is developed and
 empirically applied over airlines data. 
Journal: Applied Economics Letters 
Pages: 91-94 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356771 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356771&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. D. Owen 
Author-X-Name-First: A. D. 
Author-X-Name-Last: Owen 
Author-Name: K. Chowdhury 
Author-X-Name-First: K. 
Author-X-Name-Last: Chowdhury 
Author-Name: J. R. R. Garrido 
Author-X-Name-First: J. R. R. 
Author-X-Name-Last: Garrido 
Title: A market share model for vegetable and tropical oils 
Abstract:
  This paper is concerned with specification and estimation of a model
 explaining market shares for the world's major vegetable and tropical
 oils. Market shares are explained by relative prices and an attribute
 variable designed to reflect increased consumer preference for
 polyunsaturated fats and oils. A general autoregressive distributed lag
 model is specified, with data acceptable reduction of the unrestricted
 model yielding a more parsimonius representation of the data generation
 process. 
Journal: Applied Economics Letters 
Pages: 95-99 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356780 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356780&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Hasan 
Author-X-Name-First: Mohammad 
Author-X-Name-Last: Hasan 
Author-Name: Majid Taghavi 
Author-X-Name-First: Majid 
Author-X-Name-Last: Taghavi 
Title: Money, output, price and causality in mainland China 
Abstract:
  This paper re-examines the relationship between money and other
 macroeconomic variables in mainland China. The results of a four-variable
 VAR analysis are indicative of a bi-directional causality between narrow
 money supply and real income. However, contrary to most research work in
 this area, the findings support a uni-directional causality from broad
 money to real income, making the former a good intermediate target
 variable. Moreover, these results cast serious doubts about the relevance
 of the quantity theory of money for price determination in China. 
Journal: Applied Economics Letters 
Pages: 101-105 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356799 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356799&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antony Dnes 
Author-X-Name-First: Antony 
Author-X-Name-Last: Dnes 
Title: Resale price maintenance and antitrust policy 
Abstract:
  Blair and Fesmire (Southern Economic Journal, June 1994, pp. 1043-1046)
 argue for the treatment of resale price maintenance (RPM) with a
 rule-of-reason approach, based on a welfare comparison in which changes in
 consumer surplus may outweigh gains in producer surplus from RPM. The
 welfare analysis of RPM is extended by recognizing limitations on the
 incentive for expenditure on service provision. 
Journal: Applied Economics Letters 
Pages: 107-108 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356807 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356807&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Clare 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Clare 
Author-Name: Raymond O'Brien 
Author-X-Name-First: Raymond 
Author-X-Name-Last: O'Brien 
Author-Name: Peter Smith 
Author-X-Name-First: Peter 
Author-X-Name-Last: Smith 
Author-Name: Stephen Thomas 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Thomas 
Title: Global macroeconomic shocks, time-varying covariances and tests of the international CAPM 
Abstract:
  The mean variance efficiency (MVE) of a portfolio of international bonds
 and equities is tested using a CAPM model of excess returns. The
 conditional variances and covariances of the portfolio returns are allowed
 to time-vary according to shocks in up to three global macro-economic
 variables simultaneously. Athough the hypothesis of MVE is easily rejected
 within a static version of the CAPM this is not the case at conventional
 significance levels in the CAPM with macro-economic shocks. Results
 suggest that there exists a dominant role for US macroeconomic
 disturbances for international capital markets. Integrating macro-economic
 disturbances more fully into the CAPM may provide theory-consistent models
 which do not rely solely upon time-series representations of time-varying
 return variances and covariances such as ARCH. 
Journal: Applied Economics Letters 
Pages: 109-113 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356816 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356816&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shujie Yao 
Author-X-Name-First: Shujie 
Author-X-Name-Last: Yao 
Author-Name: Jirui Liu 
Author-X-Name-First: Jirui 
Author-X-Name-Last: Liu 
Title: Decomposition of Gini coefficients by class: a new approach 
Abstract:
  When Gini coefficients are decomposed by class (e.g. occupation, sex,
 region, and so on, it is possible to examine how income inequality can be
 measured by its class components: intra-class, inter-class and overlapped.
 In the literature, there have been many studies on the decomposition
 methodology but most methods are either inflexible or too onerous for
 empirical analysis. This paper develops a new approach to overcome the
 shortcomings of existing studies. An example using the most recent Chinese
 rural income data is provided to demonstrate how this method can be
 applied to study regional income inequality. 
Journal: Applied Economics Letters 
Pages: 115-119 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356825 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356825&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Dockery 
Author-X-Name-First: E. 
Author-X-Name-Last: Dockery 
Author-Name: M. G. Kavussanos 
Author-X-Name-First: M. G. 
Author-X-Name-Last: Kavussanos 
Title: Testing the efficient market hypothesis using panel data, with application to the Athens stock market 
Abstract:
  This paper performs unit root tests using panel data to investigate
 empirically stock price efficiency of the Athens stock market. Our Wald
 test statistics reject the random walk hypothesis for stock prices, which
 is a necessary condition for market efficiency. 
Journal: Applied Economics Letters 
Pages: 121-123 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356834 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356834&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Sumner 
Author-X-Name-First: Michael 
Author-X-Name-Last: Sumner 
Title: The irrelevance of adjustment costs for investment determination 
Abstract:
  The seasonal pattern of investment, and its relation with output, rule
 out convex adjustment costs as an explanation of the distributed lag in
 response of investment to its determinants. 
Journal: Applied Economics Letters 
Pages: 125-126 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356843 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356843&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tony Caporale 
Author-X-Name-First: Tony 
Author-X-Name-Last: Caporale 
Author-Name: K. Doroodian 
Author-X-Name-First: K. 
Author-X-Name-Last: Doroodian 
Author-Name: M. R. M. Abeyratne 
Author-X-Name-First: M. R. M. 
Author-X-Name-Last: Abeyratne 
Title: Cyclical unemployment: sectoral shifts or aggregate disturbances? A vector autoregression approach 
Abstract:
  Using a multivariate vector autoregression (VAR) model, this paper
 investigates if sectoral shifts, inflation uncertainty, or demand shocks
 are the primary cause of unemployment fluctuations in the postwar US
 economy. A sectoral shifts variable (cross-section volatility), an ARCH
 measure of inflation uncertainty, and three demand shocks variables
 (monetary base growth rate, interest rates and inflation rates) are
 incorporated in a VAR model. Our major findings are: cross-section
 volatility Granger causes unemployment; the sectoral shifts variable and
 inflation uncertainty explain a small amount, while demand shocks
 variables explain a substantial amount of the variation in unemployment. 
Journal: Applied Economics Letters 
Pages: 127-130 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356852 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356852&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank Hack 
Author-X-Name-First: Frank 
Author-X-Name-Last: Hack 
Author-Name: Ashish Vaidya 
Author-X-Name-First: Ashish 
Author-X-Name-Last: Vaidya 
Title: State economic growth and international export orientation 
Abstract:
  This paper examines the relationship between the degree of state
 international export orientation and US state industrial growth rates.
 Both export orientation variables as well as domestic factors were used to
 analyse the extent of their effect on state industrial growth from 1977 to
 1987. The results indicate that state export promotion expenditures were
 not significant in influencing domestic employment growth, while the
 variable was negatively correlated with export employment growth. However,
 a high proportion of exports to total shipments in the initial year, was
 significant in explaining state industrial growth rates. An important
 result was that states exporting to growing regions experienced higher
 growth rates, indicating that world demand influences state economic
 growth. Furthermore, the domestic market potential had a strong positive
 influence on all measures of growth including the export sector, providing
 support for the notion that US economic growth is largely driven by the
 domestic market. A surprising result was that relative capital endowment
 was not significantly correlated with growth in the export sector, while
 it was negatively correlated with domestic and total employment growth
 rates. 
Journal: Applied Economics Letters 
Pages: 131-134 
Issue: 2 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356861 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356861&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mehdi Monadjemi 
Author-X-Name-First: Mehdi 
Author-X-Name-Last: Monadjemi 
Author-Name: Len Perry 
Author-X-Name-First: Len 
Author-X-Name-Last: Perry 
Title: Share price movements: a study of four OECD countries 
Abstract:
  This paper examines the responses of share prices in Belgium, Britain,
 France and Germany to the influences of major international share markets,
 domestic output and interest rates. The empirical results of the study
 indicate positive and significant responses of share prices to movements
 of foreign share prices and a negative and significant responses to
 changes in domestic interest rates. 
Journal: Applied Economics Letters 
Pages: 135-137 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356528 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356528&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bijou Yang 
Author-X-Name-First: Bijou 
Author-X-Name-Last: Yang 
Author-Name: David Lester 
Author-X-Name-First: David 
Author-X-Name-Last: Lester 
Title: Conceptualizing suicide in economic models 
Abstract:
  This review illustrates how a variety of economic models can be applied
 to suicidal behaviour, including a cost-benefit analysis, a demand-supply
 model, a labour force participation analogy, signalling game theory,
 investment under uncertainty, and economic definitions of irrationality. 
Journal: Applied Economics Letters 
Pages: 139-143 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356537 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356537&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Bittlingmayer 
Author-X-Name-First: George 
Author-X-Name-Last: Bittlingmayer 
Title: Merger and the returns to labour and investment 
Abstract:
  Manufacturing industries with high merger intensities have higher
 value-added of about 10% after taking into account the number of employees
 and the amount of new investment. Merger-intensive industries are also
 more investment-intensive, and they have higher value-added per employee.
 These findings support the view that mergers in manufacturing serve to
 transfer intangible capital and to allow low-cost solutions to the problem
 of developing and ultimately deploying assets. 
Journal: Applied Economics Letters 
Pages: 145-148 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356546 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356546&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Inmaculada Garcia 
Author-X-Name-First: Inmaculada 
Author-X-Name-Last: Garcia 
Author-Name: Jose Alberto Molina 
Author-X-Name-First: Jose Alberto 
Author-X-Name-Last: Molina 
Title: Unemployment as a constraint on labour supply and goods demand in Spain 
Abstract:
  In this paper the implications of unemployment on labour supply and goods
 demand functions in Spain are analysed during the period 1964-91. To this
 end, the labour supply and goods demand is jointly modelled using a
 dynamic linear expenditure system under the condition that labour supply
 has been rationed due to the increasing number of unemployed in the last
 three decades. After proof that the model exhibits neither autocorrelation
 nor dynamic heteroscedasticity problems, it is found that food, beverages
 and tobacco, gross rent, fuel and power and miscellaneous goods are
 necessities, while other goods are luxuries. Labour has an expenditure
 effect below zero. The own-price Marshallian and Hicksian elasticities are
 negative for consumption goods and positive for labour, and indicate that
 all consumption goods are price inelastic. Finally, the cross-price values
 indicate that the goods are complementary. 
Journal: Applied Economics Letters 
Pages: 149-153 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356555 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356555&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Sephton 
Author-X-Name-First: Peter 
Author-X-Name-Last: Sephton 
Title: Extended critical values for a simple test of cointegration 
Abstract:
  Leybourne and McCabe have extended the Kwiatkowski et al. stationarity
 test to examine the null hypothesis of cointegration. The purpose of this
 note is to provide an extended set of critical values for use in applied
 research. 
Journal: Applied Economics Letters 
Pages: 155-157 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356564 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356564&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rasha Torstensson 
Author-X-Name-First: Rasha 
Author-X-Name-Last: Torstensson 
Title: Is equality really growth-promoting? 
Abstract:
  It has been shown that the more uneven the initial distribution of
 income, the less an economy is expected to grow. Employing so-called
 Extreme Bounds Analysis (EBA), it is found that the direct effect of
 income distribution on growth is fragile. This applies to both democracies
 and dictatorships. It has also been suggested that income distribution
 will have different effects when applied to developing as opposed to
 developed economies. However, the results show that income distribution
 has the same effect in both developed and developing countries.
 Nonetheless, this relationship is also fragile. 
Journal: Applied Economics Letters 
Pages: 159-161 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356573 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356573&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Lensink 
Author-X-Name-First: Robert 
Author-X-Name-Last: Lensink 
Title: The allocative efficiency of the formal versus the informal financial sector 
Abstract:
  An important reason for the disappointing effects of the financial reform
 programmes, as part of the structural adjustment programmes in sub-Saharan
 Africa, stems from the strong focus of the adjustment programmes on the
 formal banking sector. A financial reform programme which does not
 explicitly employ the knowledge of the informal financial sector may lead
 to a sub-optimal allocation of resources and hence may not improve the
 quality of investments. 
Journal: Applied Economics Letters 
Pages: 163-165 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356582 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356582&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkin Bairam 
Author-X-Name-First: Erkin 
Author-X-Name-Last: Bairam 
Title: Disaggregate inventory-sales ratios over time: the case of US companies and corporations, 1976-92 
Abstract:
  The results reported here show that the aggregate figures used in the
 literature are not adequate to analyse the behaviour of inventories over
 time. Researchers can obtain more reliable and useful results if they
 investigate the inventories-sales behaviour at disaggregate level. The
 disaggregate results reported here give support to those who believe that
 the increased use of computerized inventory control has been reducing the
 inventories kept by most firms. 
Journal: Applied Economics Letters 
Pages: 167-169 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356591 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356591&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Harry Anthony Patrinos 
Author-X-Name-First: Harry Anthony 
Author-X-Name-Last: Patrinos 
Title: Non-linearities in the returns to education: sheepskin effects or threshold levels of human capital? 
Abstract:
  Recent findings of non-linearities in the returns to education are cited
 as evidence of sheepskin effects, but evidence from Guatemala suggests
 otherwise. While non-linearities in the returns to education exist, it is
 argued that they are associated with 'threshold' levels. 
Journal: Applied Economics Letters 
Pages: 171-173 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356609 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356609&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pablo Coto Millan 
Author-X-Name-First: Pablo Coto 
Author-X-Name-Last: Millan 
Author-Name: Jose Banos Pino 
Author-X-Name-First: Jose Banos 
Author-X-Name-Last: Pino 
Title: Derived demands for 'General Cargo' shipping in Spain, 1975-1992, an economic approach 
Abstract:
  The behaviour of 'General Cargo' shipping transport in Spain is
 analysed.Derived demands for the period 1975-1992 are estimated.
 Cointegration techniques are used to obtain long-run and short-run
 equations, both estimated separately in two steps, and jointly in one
 step. Price and output elasticities agree with previous findings and could
 be used for analyzing the revenue effects of changes in freights and
 medium-term forecasting of traffic and revenues. 
Journal: Applied Economics Letters 
Pages: 175-178 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356618 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356618&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Denslow 
Author-X-Name-First: David 
Author-X-Name-Last: Denslow 
Title: Consumer attitudes toward trade liberalization 
Abstract:
  This paper fills an existing gap in the international trade literature by
 empirically modelling consumer attitudes regarding trade liberalization
 efforts. Data are taken from the policy response section of a monthly
 consumer confidence survey, with estimation accomplished using a trinomial
 logit methodology. Results indicate that uncertainty, import competition
 risk, cyclical, educational, and demographic factors play significant
 roles in determining consumer beliefs with respect to trade policy. 
Journal: Applied Economics Letters 
Pages: 179-182 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Manning 
Author-X-Name-First: Richard 
Author-X-Name-Last: Manning 
Title: Logit regressions with continuous dependent variables measured with error 
Abstract:
  The logit regression model is generally used as a method for estimating
 relationships in which the dependent variable is binary in nature, though
 it is also useful for estimation when the dependent variable is continuous
 but bounded on the unit intervals. Logit parameter estimates in this case
 are obtained by ordinary least squares regression on a simple
 transformation on the dependent variable. In such applications, however,
 measurement error in the dependent variable, rather than being relatively
 benign as in ordinary linear regressions, is a source of
 heteroscedasticity, calling into question the efficiency of the OLS
 estimator in such cases. 
Journal: Applied Economics Letters 
Pages: 183-184 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356636 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356636&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan King 
Author-X-Name-First: Alan 
Author-X-Name-Last: King 
Author-Name: Robert Alexander 
Author-X-Name-First: Robert 
Author-X-Name-Last: Alexander 
Title: The slowdown in US economic growth: a comment 
Abstract:
  In a recent paper in this journal, Atesoglu argued that the reduction in
 the rate of economic growth in the United States since 1973 was largely
 due to an increase in the income elasticity of demand for imports,
 following Thirlwall's law. The purpose of this paper is to show that the
 evidence presented in support of this conclusion is subject to a serious
 flaw. 
Journal: Applied Economics Letters 
Pages: 185-186 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356645 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356645&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ciaran Driver 
Author-X-Name-First: Ciaran 
Author-X-Name-Last: Driver 
Author-Name: Chit-Wei Saw 
Author-X-Name-First: Chit-Wei 
Author-X-Name-Last: Saw 
Title: Performance of structural change indices: analysis using real and simulated data 
Abstract:
  This note reports the results of a computer simulation exercise with two
 commonly used indices of structural change: the Michaely/Stoikov index and
 the Lilien index. The performance of the indicators in measuring
 structural change is compared. The base data used in the simulations are
 employment numbers in 23 UK industries 1948-85 The effects of different
 levels of aggregation and different differencing periods are noted. 
Journal: Applied Economics Letters 
Pages: 187-188 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356654 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356654&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Qingbin Wang 
Author-X-Name-First: Qingbin 
Author-X-Name-Last: Wang 
Author-Name: Helen Jensen 
Author-X-Name-First: Helen 
Author-X-Name-Last: Jensen 
Author-Name: Steven Yen 
Author-X-Name-First: Steven 
Author-X-Name-Last: Yen 
Title: Impact of cholesterol information on US egg consumption: evidence from consumer survey data 
Abstract:
  Impact of cholesterol information and demographic variables on egg
 consumption is examined using data from a consumer survey conducted by the
 United States Department of Agriculture (USDA). Estimation results of a
 double-hurdle model suggest that information and health concerns about
 cholesterol represented by three variables are significant factors
 affecting consumer decisions about whether to consume eggs and how much to
 consume. Demographic variables with significant effect on the
 participation and/or consumption decisions include region, employment
 status, age, body mass index, sex, race and education. 
Journal: Applied Economics Letters 
Pages: 189-191 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356663 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356663&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Athanasios Episcopos 
Author-X-Name-First: Athanasios 
Author-X-Name-Last: Episcopos 
Title: Testing the (S,s) model of inventory investment with Canadian wholesale trade data 
Abstract:
  The (S,s) model of inventories is a robust alternative to production
 smoothing theories. Despite the apparent usefulness of the model,
 exhaustive testing has been lacking in the literature. This note employs a
 recently published econometric methodology to test the (S,s) model and
 provide additional evidence from Canadian wholesale trade. The empirical
 findings favour (S,s) against the quadratic cost model for all the product
 categories investigated. 
Journal: Applied Economics Letters 
Pages: 193-195 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356672 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356672&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Junsoo Lee 
Author-X-Name-First: Junsoo 
Author-X-Name-Last: Lee 
Author-Name: Dante Mossi 
Author-X-Name-First: Dante 
Author-X-Name-Last: Mossi 
Title: On improvements of Phillips-Perron unit root tests using optimal bandwidth estimates 
Abstract:
  The performance of the Phillips and Perron unit root tests is examined
 using the optimal bandwidth selection procedure of Andrews and the
 pre-whitening procedure of Andrews and Monahan. It has been shown that
 they do not make significant improvements over the tests using fixed
 truncation lags. 
Journal: Applied Economics Letters 
Pages: 197-200 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356681 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356681&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Majed Muhtaseb 
Author-X-Name-First: Majed 
Author-X-Name-Last: Muhtaseb 
Title: Motivations that underlie the subscription prices in common stocks rights offerings: public utilities 
Abstract:
  The objective of this letter is to test the competing predictions of the
 Heinkel and Schwartz model, in which a higher subscription in a Common
 Stock Rights Offering price signals a higher quality firm, and the Myers
 and Majluf model in which the firm sets a low subscription price in order
 to secure the financing for a positive NPV project from the firm's
 existing stockholders. For a sample of 105 public utilities, the two-day
 offering period cumulative abnormal return, the dependent variable, is
 estimated using standard event study methodology. The independent variable
 is the relative subscription price, defined as the ratio of the
 subscription price to the mean of closing prices of the five trading days
 immediately preceding the two-day offering period. The results indicate
 that there are public utilities whose financing decision complies with the
 predictions of the Heinkel and Schwartz model and others whose financing
 activity acts according to the predictions of the Myers and Majluf model.
 Finally, the explanatory power of either model is generally minimal
 pointing towards the presence of other factors, in addition to securing
 the financing of a project and signalling the quality of the firm, that
 determine the subscription price in a common stock rights offering. 
Journal: Applied Economics Letters 
Pages: 201-204 
Issue: 3 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356690 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356690&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Weiren Wang 
Author-X-Name-First: Weiren 
Author-X-Name-Last: Wang 
Title: Married female labour force participation: an analysis of probit model with a natural non-participation rate 
Abstract:
  Of the probit analysis with a natural no-response rate is applied to
 empirically examine the determinants of the labour force participation of
 married women using data from the Panel Study of Income Dynamics in the
 1989 interviewing year. The model features simultaneous determination of
 labour force participation status and the natural non-participation rate
 of of married women. A natural 2.6% non-participation rate was found among
 married women. The natural non-participation rate is also significant by
 the likelihood ratio test. The standard probit model underestimates the
 probability of non-participation of married women as well as the marginal
 effect of a particular explanatory variable. 
Journal: Applied Economics Letters 
Pages: 205-207 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520864 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520864&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Azzeddine Azzam 
Author-X-Name-First: Azzeddine 
Author-X-Name-Last: Azzam 
Title: Estimating the degree of dominance in a bilateral oligopoly 
Abstract:
  An empirical bilateral oligopoly model is constructed to estimate the
 degree of dominance by the upstream and downstream industry. The model is
 applied to the beef slaughter and retail industries. The hypothesis of
 equal dominance is not rejected. 
Journal: Applied Economics Letters 
Pages: 209-211 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520865 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520865&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Germano Mwabu 
Author-X-Name-First: Germano 
Author-X-Name-Last: Mwabu 
Author-Name: Joseph Wang'ombe 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Wang'ombe 
Title: Black market trade: an example from a rural hospital in Kenya 
Abstract:
  Provision of mortuary services free of charge in a government hospital in
 rural Kenya is found to have led to a black market trade in these
 services. The principal participants in the market were the mortuary
 attendants and bereaved families. A method is developed for determining
 black market expenditures on mortuary services at a government hospital.
 On average, a bereaved family spent about US $2.30 on mortuary services.
 Burial expenses were also substantial, amounting to some US $75 per
 bereaved family. It is shown that free provision of mortuary services in
 government hospitals has a hidden cost, that could exceed the fee that
 users can be expected to pay openly. 
Journal: Applied Economics Letters 
Pages: 213-215 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520866 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520866&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yannis Georgellis 
Author-X-Name-First: Yannis 
Author-X-Name-Last: Georgellis 
Title: Duration of first marriage: does pre-marital cohabition matter? 
Abstract:
  Based on UK data, this study uses parametric and non-parametric hazard
 models to assess the significance of pre-marital cohabitation in affecting
 patterns of first marriage durations. 
Journal: Applied Economics Letters 
Pages: 217-219 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520867 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520867&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Gallet 
Author-X-Name-First: Craig 
Author-X-Name-Last: Gallet 
Title: Mergers and market power in the US steel industry 
Abstract:
  Studies of the relationship between market structure and market power
 continue to account for a large segment of the literature. The traditional
 structure-conduct-performance approach of analysing this issue has been
 criticized because of its lack of attention to industry-specific
 characteristic. Adopting an approach which focuses on a single industry,
 we use data on the US steel industry to analyse the effects of several
 mergers on the steel market power. Although our results show that market
 power in the steel industry has been falling in recent years, it does
 appear that two recent mergers did boost market power. 
Journal: Applied Economics Letters 
Pages: 221-223 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520868 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520868&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hendrik Van den Berg 
Author-X-Name-First: Hendrik Van den 
Author-X-Name-Last: Berg 
Title: Does simultaneity exaggerate empirical tests of the trade-growth relationship? 
Abstract:
  Simultaneity between the volume of trade and national output may have
 biased past empirical tests of the export-growth relationship. To judge
 the extent of such bias, this paper compares results of single- and
 simultaneous- equation regression models of trade and growth that closely
 resemble the specifications of previous studies. In order to enhance the
 analysis, a number of other alleged shortcomings of previous statistical
 studies of trade and growth are addressed: omitted variable bias and
 non-stationarity are dealt with by using modern time-series regression
 procedures, measurement error is reduced by using more accurate measures
 of capital and labour available for six Latin American countries over the
 period 1960-1990, and both imports and exports are used to proxy trade.
 The results shown that simultaneity bias causes single equation results to
 understate, not over state, the trade-growth relationship. 
Journal: Applied Economics Letters 
Pages: 225-231 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520869 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520869&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Felmingham 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Felmingham 
Title: The risk premium on the Australian dollar in the 30-day forward market 
Abstract:
  A GARCH (1,1)-M model of the 30-day forward rate error reveals the
 following: a constant, but not time varying risk premium; evidence of
 market inefficiencies; a well determined GARCH (1,1) effect, but no
 I-GARCH process. The daily time series extended from 2 January 1985 to 13
 May 1994. 
Journal: Applied Economics Letters 
Pages: 233-235 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520870 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520870&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Alberto Molina 
Author-X-Name-First: Jose Alberto 
Author-X-Name-Last: Molina 
Title: Is Spanish consumer behaviour consistent with the utility maximization? A non-parametric response 
Abstract:
  The objective of this paper is to check Spanish data on consumption
 expenditures and leisure for consistency with maximization of a
 non-satiated, continuous, concave, monotonic utility function. To this
 end, we apply the non-parametric approach using annual time-series
 covering the period 1964 to 1992. The results indicate that Spanish data
 are consistent with the weak and generalized axioms of the revealed
 preference theory, that is to say, the sample national data are consistent
 with the neoclassical theory of consumer behaviour or, in other words, the
 hypothesis of stability of individual preferences is accepted. 
Journal: Applied Economics Letters 
Pages: 237-241 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520871 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520871&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: Financial deepening and economic growth in developing economics 
Abstract:
  Granger-causality tests on data for 22 Asian, Latin American and
 Caribbean developing economies suggest that financial deepening does not
 make much difference to economic growth: for eight countries no lead-lag
 relationship was detected and in six more economic growth led financial
 deepening. 
Journal: Applied Economics Letters 
Pages: 243-246 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520872 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520872&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:3:y:1996:i:4:p:243-246




Template-Type: ReDIF-Article 1.0
Author-Name: J. Thornton 
Author-X-Name-First: J. 
Author-X-Name-Last: Thornton 
Author-Name: P. Molyneux 
Author-X-Name-First: P. 
Author-X-Name-Last: Molyneux 
Title: Unanticipated income and consumption in ASEAN countries 
Abstract:
  This note tests the rational expectations-permanent income hypothesis for
 the six ASEAN countries using the methodology developed by Hall and
 Flavin. The statistical evidence rejects the hypothesis for each country
 except Singapore. 
Journal: Applied Economics Letters 
Pages: 247-249 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520873 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520873&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicos Apergis 
Author-X-Name-First: Nicos 
Author-X-Name-Last: Apergis 
Author-Name: Costas Karfakis 
Author-X-Name-First: Costas 
Author-X-Name-Last: Karfakis 
Title: Sources of fluctuations in exchange rates: a structural VAR analysis 
Abstract:
  Structural vector autoregressive (SVAR) techniques are used to identify
 the sources of fluctuations in nominal and real exchange rates of the
 Greek drachma. The results indicate that, in most cases, supply shocks are
 the dominant sources of exchange rate volatility. 
Journal: Applied Economics Letters 
Pages: 251-254 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520874 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520874&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: The adjustment of nominal interest rates in Mexico: a study of the Fisher effect 
Abstract:
  Evidence is presented in favour of a Fisher effect between treasury bill
 interest rates and inflation in Mexico between 1978-94. The two series
 appear to be cointegrated and a unit proportional relationship between
 them would appear to exist such that treasury bills rates respond fully to
 inflationary shocks over a period of about 12 months. As such, monetary
 policy in Mexico is unlikely to have much impact on real rates of interest
 over the long-run. 
Journal: Applied Economics Letters 
Pages: 255-257 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520875 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520875&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Author-Name: Kumiko Okamura 
Author-X-Name-First: Kumiko 
Author-X-Name-Last: Okamura 
Title: Convergence to steady state growth: a model for Japan (1965-90) 
Abstract:
  A model of convergence to steady-stage growth is specified here in terms
 of deviations from a steady-state demand for inputs and estimated for
 Japan for the period 1965-90. The estimated results show a dominant role
 of capital in the convergence process and also the forward looking view of
 input demand. 
Journal: Applied Economics Letters 
Pages: 259-265 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520876 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520876&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Apostolos Serletis 
Author-X-Name-First: Apostolos 
Author-X-Name-Last: Serletis 
Author-Name: Paul Dormaar 
Author-X-Name-First: Paul 
Author-X-Name-Last: Dormaar 
Title: Testing for deterministic nonlinear dependence in the australian dollar-US dollar exchange rate series 
Abstract:
  Tests are made for (deterministic) chaos on weekly data (from 01/13/87 to
 06/02/93) for the spot-month futures exchange rate between the Australian
 dollar and the U.S. dollar. The Nychka, Ellner, Gallant and McCaffrey
 nonparametric test for positivity of the maximum Lyapunov exponent is used
 and successful detection of chaos is claimed. 
Journal: Applied Economics Letters 
Pages: 267-269 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520877 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520877&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xeni Dassiou 
Author-X-Name-First: Xeni 
Author-X-Name-Last: Dassiou 
Author-Name: Peter Holl 
Author-X-Name-First: Peter 
Author-X-Name-Last: Holl 
Title: Merger failure and merger profitability: an alternative to the Hviid and Prendergast model 
Abstract:
  In this paper the effect of failed mergers on the profitability of the
 bidder and the target is investigated. It is demonstrated that when firms
 produce differentiated products in Bertrand competition, the
 post-rejection expected profitability of both firms is adversely affected
 by the information revealed through the rejection. This is a reversal of
 the Hviid and Prendergast finding that the post-offer increase in the
 profitability of the target firms is further boosted by the information
 made available through the rejection. This reversal is the direct result
 of using upward sloping reaction curves, which are usually found in
 price-setting games. The prediction for the bidder firm remains unchanged;
 this will experience a fall in its profits in the case of merger failure,
 the degree of which will be even more extensive if the failed bid was
 hostile because of the information transmission involved. 
Journal: Applied Economics Letters 
Pages: 271-273 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520878 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520878&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Mulligan 
Author-X-Name-First: Robert 
Author-X-Name-Last: Mulligan 
Title: Export-import endogeneity in the context of the Thirlwall- Hussain model: an application of the Durbin-Wu-Hausman test incorporating a Monte Carlo experiment 
Abstract:
  The Thirlwall-Hussain model (in which output growth depends on export
 growth) and an ad hoc alternative (in which growth depends on imports) are
 estimated and compared for the USA. The Durbin-Wu-Hausman test is used to
 determine the endogeneity or exogeneity of exports and imports with
 respect to output. A Monte Carlo study reveals the small-sample behaviour
 of the test statistics, which partly overturns the asymptotic results.
 Four sets of Monte Carlo simulations are performed. The first three assume
 the Thirlwall-Hussain model is correct and add: 1. standard normal, 2.
 log-normal, and 3. chi-square error terms. The fourth simulation uses the
 bootstrap method relying on the empirical distribution of the original
 data, and makes no assumption about the underlying data generating
 process. US exports and imports are both endogenous with respect to
 output, a major difficulty for the Thirlwall-Hussain model. 
Journal: Applied Economics Letters 
Pages: 275-279 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520879 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520879&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vasanthakumar Bhat 
Author-X-Name-First: Vasanthakumar 
Author-X-Name-Last: Bhat 
Title: The determinants of technological protectionism 
Abstract:
  The relationship between the macroeconomic variables and pressures for
 technological protectionism in the United States is analysed. A number of
 complaints under Section 337 of the Tariff Act 1930 are used as a measure
 of pressures for protectionism. The analysis, based on nonparametric tests
 and Poisson regression analysis, indicates a close relationship between
 the macroeconomic variables and the number of complaints under Section
 337. The multilateral trade-weighted value of the US dollar adjusted by
 changes in consumer prices, import to export ratio, gross domestic
 products, consumer price indexes, unemployment rates, and inventory to
 sales ratios are some of the macroeconomic factors that affect Section 337
 complaints. The complaints in each industry are found to be proportional
 to the size of shipments in the USA. The countrywise analysis of
 complaints indicates a strong relationship between the number of
 complaints and the proportion of patents a country has received in the
 USA. 
Journal: Applied Economics Letters 
Pages: 281-283 
Issue: 4 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758520880 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758520880&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jing Lu 
Author-X-Name-First: Jing 
Author-X-Name-Last: Lu 
Title: On the high correlation between unemployment and the dispersion of industrial unemployment 
Abstract:
  The high correlation between aggregate unemployment and the dispersion of
 industrial unemployment can be explained by both aggregate disturbances
 and sectoral shifts. This paper separates the effects of these two shocks
 by decomposing each industry's unemployment into aggregate and
 idiosyncratic components, so that the two new unemployment dispersions
 constructed by only the aggregate and idiosyncratic components measure
 respectively the influence of aggregate disturbances and sectoral shifts.
 It is found that this high correlation is almost entirely attributed to
 aggregate disturbances and that sectoral shifts are not important in
 explaining unemployment fluctuations in the U.S. for the period 1948-1990. 
Journal: Applied Economics Letters 
Pages: 285-288 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356366 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356366&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chutima Suraratdecha 
Author-X-Name-First: Chutima 
Author-X-Name-Last: Suraratdecha 
Title: A model of state-level prescription drug expenditures in the USA 
Abstract:
  Research is scanty on pharmaceutical care expenditures of developed
 nations. This paper models the determinants of state-level prescription
 drug expenditures for the USA, based on pooled data for 1980, 1982, 1984,
 1988 and 1990. The GLS regression results indicate that older adults age
 65 or more, Medicaid recipients and realincome are strongly significant
 determinants. With the growing proportion of the elderly and the
 increasing poverty rates among Medicare and Medicaid recipients,
 pharmaceutical care reform proposals need to focus on preventive care,
 rather than expensive treatments. 
Journal: Applied Economics Letters 
Pages: 289-292 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356375 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356375&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Caudill 
Author-X-Name-First: Steven 
Author-X-Name-Last: Caudill 
Author-Name: Daniel Gropper 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Gropper 
Author-Name: Tracy Stephens 
Author-X-Name-First: Tracy 
Author-X-Name-Last: Stephens 
Title: The effect of charter status on savings and loan resolution costs 
Abstract:
  Beginning in 1933, with the establishment of the first federally
 chartered savings and loan, the thrift industry has functioned under a
 dual regulatory system. This paper addresses the question of whether this
 moral hazard, created by regulatory competition, increased the resolution
 costs of state chartered institutions relative to the federally chartered
 thrifts. Resolution costs are those expended by the Resolution Trust
 Company (RTC) to handle a defunct thrift. This study shows, using a
 variety of methods and statistical tests, that the charter orientation of
 a defunct savings and loan had a significant effect on the resolution
 costs associated with the handling of the thrift by the RTC. Therefore, it
 can be stated that this dual regulation of the savings and loan industry
 created a moral hazard in which there were incentives for regulators to
 provide broader investment powers and less strict regulation to attract
 thrifts. Because state regulators tended to provide less strict
 regulations, the resolution costs for defunct state chartered savings and
 loans were larger than for their federally chartered counterparts. 
Journal: Applied Economics Letters 
Pages: 293-297 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Junsoo Lee 
Author-X-Name-First: Junsoo 
Author-X-Name-Last: Lee 
Author-Name: B. S. Shin 
Author-X-Name-First: B. S. 
Author-X-Name-Last: Shin 
Author-Name: In Chung 
Author-X-Name-First: In 
Author-X-Name-Last: Chung 
Title: Causality between advertising and sales: new evidence from cointegration 
Abstract:
  It is puzzling that previous studies have found causality only in one
 direction from sales to advertising, but not the reverse. Employing the
 sequential causality tests of Toda Phillips (1993), the casual
 relationship between advertising and sales appears to run in both
 directions. This finding provides evidence that conventional causality
 tests can be misleading. 
Journal: Applied Economics Letters 
Pages: 299-301 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356393 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356393&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kyle Stiegert 
Author-X-Name-First: Kyle 
Author-X-Name-Last: Stiegert 
Author-Name: B. Wade Brorsen 
Author-X-Name-First: B. Wade 
Author-X-Name-Last: Brorsen 
Title: The distribution of futures prices: diffusion-jump versus generalized beta-2 
Abstract:
  Which of two distributions, the diffusion-jump process or the generalized
 beta-2 distribution, is superior in approximating the actual distribution
 of futures prices? The parameters of the distributions were estimated
 using the futures prices of four highly diverse commodities: British
 pound, corn, gold, and live cattle. The results suggest that the
 generalized beta-2 distribution is superior to the diffusion-jump. 
Journal: Applied Economics Letters 
Pages: 303-305 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356401 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356401&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Johan Torstensson 
Author-X-Name-First: Johan 
Author-X-Name-Last: Torstensson 
Title: Can factor proportions explain vertical intra-industry trade? 
Abstract:
  Two questions in particular will be addressed. First, can earlier results
 for specific industries that suggest a positive relation between quality
 and capital-labour ratios of exporting countries be generalized to other
 industries? Second, what type of capital, physical or human, is most
 important in affecting the quality of vertically differentiated products?
 The results suggest that the relation between factor endowments and the
 quality of exported products is not just restricted to the product groups
 in previous analyses and that it is primarily human and not physical
 capital that determines the quality of production. 
Journal: Applied Economics Letters 
Pages: 307-309 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356410 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356410&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Zimmer 
Author-X-Name-First: Michael 
Author-X-Name-Last: Zimmer 
Title: Assortative mating and ethnicity in the low wage population: an examination of spouses' earnings 
Abstract:
  Social scientists have long maintained an interest in the socioeconomic
 underpinnings of marital formation. Considerable research has focused on
 patterns of spouse selection which tend to pair individuals of like
 characteristics. One area which invites more research involves assortative
 mating of labour market characteristics such as hours worked and hourly
 wages. This study examines correlations among husband-wife pairs in the
 low-income population. Based on a special data extract from the
 Seattle-Denver income maintenance experiments, regression models of wages
 and hours worked are estimated separately for husbands and wives.
 Residuals from these models are used to estimate husband-wife correlations
 in unmeasured labour market traits. Results indicate evidence to support
 the hypothesis that spouse-selection patterns are not consistent across
 race groups and point to the need for further research. 
Journal: Applied Economics Letters 
Pages: 311-315 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356429 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356429&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alain Hecq 
Author-X-Name-First: Alain 
Author-X-Name-Last: Hecq 
Title: IGARCH effect on autoregressive lag length selection and causality tests 
Abstract:
  Using Monte Carlo experiments, we show how information criteria
 determine, in the presence of GARCH errors, an optimal lag length in
 univariate time series and causality tests. We illustrate the simulations
 by testing the presence of serial correlation in exchange rates as well as
 Granger-causality between interest rates. 
Journal: Applied Economics Letters 
Pages: 317-323 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356438 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356438&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Holmes 
Author-X-Name-First: Mark 
Author-X-Name-Last: Holmes 
Title: Bank credit in the ERM: an investigation of the role of Germany 
Abstract:
  This letter examines the role of Germany in the determination of bank
 credit in the EU. For a sample of ERM members, the Johansen procedure is
 employed to test for bivariate cointegrating relationships with Germany.
 Causality is investigated using the error correction methodology advocated
 by Engle and Granger. Long-run equilibrium relationships with Germany are
 identified in all cases. However, the results lend limited support to the
 German dominance hypothesis since credit provision appears to be more
 interactive in nature. 
Journal: Applied Economics Letters 
Pages: 325-328 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356447 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356447&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdul Latif 
Author-X-Name-First: Abdul 
Author-X-Name-Last: Latif 
Title: Can an increase in national saving reduce the level of unemployment in Australia? 
Abstract:
  The savings to GDP ratio is considerably lower in Australia than the OECD
 average. The lower level of savings does not only result in a current
 account deficit but also has a negative relationship with the unemployment
 rate. In order to overcome this problem, the Australian government has
 recently adopted policies which are designed to increase the level of
 savings in the economy. An examination of the impact of these policies on
 unemployment shows that an increase in the level of savings would not be
 sufficient to reduce unemployment rates in Australia. 
Journal: Applied Economics Letters 
Pages: 329-332 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356456 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356456&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Thomas Bernard 
Author-X-Name-First: Jean-Thomas 
Author-X-Name-Last: Bernard 
Author-Name: Eric Genest-Laplante 
Author-X-Name-First: Eric 
Author-X-Name-Last: Genest-Laplante 
Title: Transfer pricing by the Canadian oil industry: a company analysis 
Abstract:
  The Canadian oil industry has been the subject of several debates with
 respect to charges of transfer pricing. On the basis of a large data set,
 which includes all oil shipments into the US and Canada from 1974-84, the
 first direct test of manipulative transfer pricing, based on actual
 company behaviour, is performed. Particular attention is paid to the
 multicollinearity problem which arises in this context. Through regression
 analysis it emerges that the six largest Canadian affiliates of
 multinational corporations paid crude-oil import prices which were
 generally equal to or lower than prices of third-party transactions for a
 country in a given year. This is a fairly robust result which highlights
 the existence of manipulative transfer pricing. In the present case, the
 practice was beneficial to Canada. 
Journal: Applied Economics Letters 
Pages: 333-340 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356465 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356465&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jang Jin 
Author-X-Name-First: Jang 
Author-X-Name-Last: Jin 
Author-Name: Eden Yu 
Author-X-Name-First: Eden 
Author-X-Name-Last: Yu 
Title: Export-led growth and the US economy: another look 
Abstract:
  The hypothesis of export-led growth for the US economy is tested. A
 six-variable vector autoregressive (VAR) model is constructed to balance
 various possible offsetting impacts on exports and output. Based on the
 VAR techniques, no significant causal impacts are found between exports
 and output. This suggests that export expansion is neutral with respect to
 the growth of the US economy. 
Journal: Applied Economics Letters 
Pages: 341-344 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356474 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356474&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kok Chew Lim 
Author-X-Name-First: Kok Chew 
Author-X-Name-Last: Lim 
Title: Dividends with no taxes: evidence from Hong Kong 
Abstract:
  Litzenberger and Ramaswamy's (1979) model is used to test whether
 expected dividend yield is priced for Hong Kong stocks. Unlike the case in
 the United States, there are no taxes on dividend income nor on capital
 gains in Hong Kong. It is found that expected dividend yield has no effect
 on stock returns. The results are consistent with the prediction of
 Litzenberger and Ramaswamy's (1979) model in a market where dividend
 income and capital gains are not taxed. 
Journal: Applied Economics Letters 
Pages: 345-348 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356483 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356483&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ranko Bon 
Author-X-Name-First: Ranko 
Author-X-Name-Last: Bon 
Author-Name: Tomonari Yashiro 
Author-X-Name-First: Tomonari 
Author-X-Name-Last: Yashiro 
Title: Comparative stability analysis of demand-side and supply-side input-output models: the case of Japan, 1960-90 
Abstract:
  The results of comparative stability analysis of demand- and supply-side
 input-output models using the Japanese data are presented, together with
 the results of the comparison between the comparative stability analysis
 of the two models using the Japanese, UK and US data. The results of
 comparative stability analysis of the two models using the US data were
 reported elsewhere (Bon, 1986), and the results of the analysisusing the
 UK data were presented in this journal (Bon and Xu Bing, 1993). The
 forecasts of sectoral and total output of the two models are generated
 with known final demand and value added figures from subsequent tables,
 and are compared with known output figures for benchmark years. The
 results of the three studies are similar in part. The demand-side model
 performs somewhat better in terms of total output forecasts, but the
 supply-side performs somewhat better for a larger number of sectors. Also,
 in all three countries the supply-side model provides markedly superior
 forecasts for 'mature' sectors, such as agriculture and mining. However,
 there are some notable differences between Japan, on the one hand, and the
 UK and USA, on the other. In particular, the construction sector's
 performance is predicted better by the demand-side model in Japan, whereas
 the supply-side model produces better construction forecasts in the case
 of the UK and USA. Some other differences regarding several other sectors
 may be due to different aggregation scheme. Both models should be used to
 determine the extent to which an economy or a sector are demand- or
 supply-driven. 
Journal: Applied Economics Letters 
Pages: 349-354 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356492 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356492&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkin Bairam 
Author-X-Name-First: Erkin 
Author-X-Name-Last: Bairam 
Title: The form of the production function for the Chinese regional economy 
Abstract:
  This paper is mainly concerned with estimating appropriate production
 functions for the Chinese economy using provincial data, 1973-89. It is
 hoped that the results obtained would help to assess the variabilities in
 the scale elasticity, elasticity of substitution as technical progress
 over time. It is hoped also that the results obtained would help to assess
 the roles of economies of scale, elasticity of substitution and technical
 progress in Chinese economic growth. The outline ofthe paper is as
 follows:in Section IIthe basic model used for estimation purposes is
 discussed. Section III discusses the estimation procedures used, results
 obtained and assesses their technical and economic implications. Finally,
 Section IV summarizes the main conclusions to be drawn from the paper. 
Journal: Applied Economics Letters 
Pages: 355-358 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356500 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356500&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Muhammed Islam 
Author-X-Name-First: Muhammed 
Author-X-Name-Last: Islam 
Title: Instability in trade flows as a cause of economic stagnation in Africa: an error-correction test 
Abstract:
  This paper identifies export instability as an additional cause of
 changes in GDP. Instability is measured by deviations of exports from
 their trend values. A multivariate error-correction model that
 incorporates export instability is tested on individual time series data
 (1967-1990) for twenty-one African countries. The results indicate
 reduction in export-earnings but not any significant decline in GDP growth
 due to instability. Half of these countries experienced export-to-growth
 causality, with a reverse causality in three-fourths of them. The results
 are sensitive to both the omission of variables and the test procedure
 used. 
Journal: Applied Economics Letters 
Pages: 359-364 
Issue: 5 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356519 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356519&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matiur Rahman 
Author-X-Name-First: Matiur 
Author-X-Name-Last: Rahman 
Author-Name: Muhammed Mustafa 
Author-X-Name-First: Muhammed 
Author-X-Name-Last: Mustafa 
Author-Name: Eldon Bailey 
Author-X-Name-First: Eldon 
Author-X-Name-Last: Bailey 
Title: US budget deficits, inflation and exchange rate: a cointegration approach 
Abstract:
  This paper applies the well-known cointegration approach to explore a
 possible long-run pairwise relationship between (i) US real budget
 deficits and real exchange rates, and (ii) US inflation rates and real
 exchange rates. The unit root test shows that each of the above time
 series is non-stationary in levels. It is also verified that stationarity
 can be induced in each series by the first differencing of the level data.
 The ADF test results indicate a lack of cointegration between the US real
 budget deficits and the real exchange rates at 1, 5 and 10% levels of
 significance. The same is also true for US inflation rates and real
 exchange rates. But these findings have been contradicted by those from
 the associated error-correction models at 5 and 10% levels of
 significance. The estimates of the error-correction models offer evidences
 to long-run/short-run unidirectional Granger causality from the real
 budget deficits to the real exchange rates, and from the real exchange
 rates to the inflation rates. 
Journal: Applied Economics Letters 
Pages: 365-368 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356249 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356249&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nadeem Burney 
Author-X-Name-First: Nadeem 
Author-X-Name-Last: Burney 
Title: Exports and economic growth: evidence from cross-country analysis 
Abstract:
  This paper analyses the relationship between exports growth and economic
 growth by estimating an augmented GDP-growth equation on the basis of
 cross-country data, and using OLS and random coefficient (RC) methods. The
 latter method yields both mean response coefficients, as in the case of
 OLS method, as well as country-specific coefficients. The relationship has
 been estimated for two separate periods, i.e. 1965-80 and 1980-90. The
 estimates obtained using a RC method indicates that while there exists a
 positive link between exports and economic growth, the relationship is
 significant only for the period 1980-90. This suggests that the results
 obtained in the earlier studies using OLS method could be spurious. The
 evidence further indicates that the change in the coefficients between the
 two periods consists of both structural as well as behavioural shifts.
 Finally, the estimated country-specific coefficients show that the role of
 exports in GDP growth vary with the level of development. 
Journal: Applied Economics Letters 
Pages: 369-373 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356258 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356258&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mehdi Monadjemi 
Author-X-Name-First: Mehdi 
Author-X-Name-Last: Monadjemi 
Title: Do fiscal variables affect private consumption? Evidence from Australia and the United States 
Abstract:
  This study examines the effect of fiscal measures on real private
 consumption using an error correction model. On balance, the empirical
 results of the study provided some evidence against the Ricardian
 equivalence hypothesis. In particular, responses to real government
 consumption and taxes in the United States and responses to real
 government debt and transfer payments in Australia were significant with
 their dynamic paths moving opposite to Ricardian proposition. 
Journal: Applied Economics Letters 
Pages: 375-378 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356267 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356267&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Torben Andersen 
Author-X-Name-First: Torben 
Author-X-Name-Last: Andersen 
Author-Name: Niels Lynggard Hansen 
Author-X-Name-First: Niels Lynggard 
Author-X-Name-Last: Hansen 
Title: Do prices move counter-cyclically? 
Abstract:
  The cyclical properties of producer and consumer prices are analysed on
 quarterly data for the period 1961:1 to 1990:4 for 15 OECD countries. It
 is found that the cyclical properties of prices vary substantially over
 time and across countries. All countries have periods with pro- and
 counter-cyclical prices and thus both demand and supply shocks are
 important in accounting for business cycle fluctuations. Considering the
 lead and lag structure, it is generally found that price increases lead
 output decreases. 
Journal: Applied Economics Letters 
Pages: 379-383 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356276 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356276&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Fielding 
Author-X-Name-First: David 
Author-X-Name-Last: Fielding 
Title: Consumer expenditure in South Africa: a time-series model 
Abstract:
  A time-series model of private consumption in South Africa is presented.
 Consumer expenditure is found to be sensitive not only to income, but also
 to the source of income, interest rates and measures of political and
 economic uncertainty. 
Journal: Applied Economics Letters 
Pages: 385-389 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356285 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356285&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Peel 
Author-X-Name-First: David 
Author-X-Name-Last: Peel 
Author-Name: Dennis Thomas 
Author-X-Name-First: Dennis 
Author-X-Name-Last: Thomas 
Title: Attendance demand: an investigation of repeat fixtures 
Abstract:
  Using fixed betting odds for football match outcomes this paper improves
 on previous versions of outcome uncertainty models of attendance demand by
 utilizing data on 'repeat' fixtures between two teams. This provides some
 control over the variation in match characteristics which influence
 demand. The analysis of 'repeat' fixtures also enables an improved
 treatment of the 'core support' element of attendances. The contribution
 of fixed betting odds in explaining attendance demand is confirmed as is
 the 'U'-shaped relationship between attendance and home team probability
 of success. 
Journal: Applied Economics Letters 
Pages: 391-394 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356294 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356294&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Atrayee Ghoshroy-Saha 
Author-X-Name-First: Atrayee 
Author-X-Name-Last: Ghoshroy-Saha 
Author-Name: Hendrik Vann De Berg 
Author-X-Name-First: Hendrik Vann 
Author-X-Name-Last: De Berg 
Title: Mexico's futile attempt to defy purchasing power parity 
Abstract:
  Many empirical studies have suggested that purchasing power parity (PPP)
 does not hold in the short run, and some conclude that PPP is not observed
 even in the long run. The recent collapse of the Mexican peso suggests
 otherwise, however. This study examines whether PPP has bound the nominal
 peso/dollar exchange rate and the Mexican and US price levels between 1920
 and 1994. Given the long sample period,unit root tests were conducted
 taking structural breaks into account, but the variables were still found
 to contain unit roots. Cointegration tests confirm a relationship between
 the exchange rate and price levels, and an error correction model verifies
 that it has indeed been the PPP relationship that linked the variables.
 Deviations from PPP were corrected, on average, within four years. The
 confirmation of PPP during the period 1920-94 underscores the futility of
 Mexican policies that defied PPP in the early 1990s, after trade and
 capital flows were liberalized. 
Journal: Applied Economics Letters 
Pages: 395-399 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356302 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356302&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jai Mah 
Author-X-Name-First: Jai 
Author-X-Name-Last: Mah 
Title: On the characteristics of tariff rates: permanent or temporary shocks? 
Abstract:
  The characteristics of tariff rates in the United States and five major
 European countries are revealed, based on the unit root tests
 acknowledging structural breaks. Finding structural breakpoints
 endogenously, it is shown that the crash type tariff rate level breaks can
 be found in the tariff history of Denmark, Sweden, Switzerland, and the
 United States. In case of acknowledging structural breaks, tariff rates of
 France, Switzerland and the United States are characterized by temporary
 shocks. 
Journal: Applied Economics Letters 
Pages: 401-403 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356311 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356311&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hans Dewachter 
Author-X-Name-First: Hans 
Author-X-Name-Last: Dewachter 
Title: Charts as signals in Markov switching world 
Abstract:
  This note evaluates the signal performance of charts under the maintained
 assumption that the DGP is a standard Markov switching model. It is found
 that, within this framework, charts contain valuable information with
 respect to the current state of the latent process. Hence, this note
 provides a (statistical) rationale for the reported profitability of
 chartists rules in terms of an underlying Markov switching model as the
 DGP. 
Journal: Applied Economics Letters 
Pages: 405-407 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356320 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356320&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Derick Boyd 
Author-X-Name-First: Derick 
Author-X-Name-Last: Boyd 
Title: The impact of exchange rate adjustment on output: Jamaica 1960-90 
Abstract:
  Recent articles have argued that devaluations can have a short-term
 contractionary impact followed by an expansionary phase that may or may
 not result in net expansion in the long term. This paper extends recent
 work on this issue by developing a specification that obviates the
 problems of spurious and inconsistent parameter estimation that may result
 in the absence of stationarity and cointegrating relationships. The
 findings suggest that exchange devaluations have had a neutral impact on
 Jamaican output. It also examines the implicit assumption that within the
 real exchange rate relationship the nominal exchange rate and the relative
 price effects are of equal weight, and finds this not to be the case. 
Journal: Applied Economics Letters 
Pages: 409-411 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356339 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356339&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Scott McDonald 
Author-X-Name-First: Scott 
Author-X-Name-Last: McDonald 
Author-Name: Jennifer Roberts 
Author-X-Name-First: Jennifer 
Author-X-Name-Last: Roberts 
Title: Misspecification and cross-country growth regressions 
Abstract:
  Cross-country growth studies are commonly used to empirically investigate
 the neoclassical convergence hypothesis, the determinants of growth and
 the impact of policies on growth performance. While questions have been
 raised concerning the reliability of data and the specification of the
 explanatory variables, little attention has been paid to the derivation of
 growth rates. The standard method employs time series regressions to
 estimate average annual growth rates, which are then used as the dependent
 variable in the cross-section analysis. This procedure is only valid if
 the growth rate equations are well specified and the growth rates are
 stable over the time period in question. Using data for 75 countries for
 the period 1950 to 1992, we present much evidence to show that neither of
 the above propositions is supported; growth rate regressions are commonly
 misspecified and suffer from parameter instability. These results cast
 doubts on the validity of cross-country growth studies. 
Journal: Applied Economics Letters 
Pages: 413-416 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356348 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356348&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Howard Gensler 
Author-X-Name-First: Howard 
Author-X-Name-Last: Gensler 
Title: The effects of welfare guarantee levels and tax rates on male labour supply 
Abstract:
  The effect of welfare on labour supply is theoretically ambiguous. The
 effect of implicit welfare tax rates has not been precisely determined in
 previous studies. The effective welfare guarantee levels and tax rates
 estimated for each state from 1979 to 1990. Employing these newly
 estimated welfare descriptive statistics, the labour supply impacts of
 both welfare guarantee levels and tax rates are determined with high
 statistical precision for married males with children. A standard labour
 supply model is estimated by means of a tobit procedure over a multiyear
 cross-sectional pooled data set derived from the US Census Bureau's
 Current Population Survey for the period 1979 to 1990. Increases in the
 welfare guarantee level slightly increase labour supply for married males.
 An elasticity of 0.04 is computed. Increases in the welfare tax rate on
 earned income slightly decreases labour supply. An elasticity of -0.07 is
 computed. 
Journal: Applied Economics Letters 
Pages: 417-422 
Issue: 6 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356357 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Simona Andreano 
Author-X-Name-First: Maria Simona 
Author-X-Name-Last: Andreano 
Author-Name: Giovanni Savio 
Author-X-Name-First: Giovanni 
Author-X-Name-Last: Savio 
Title: Common trends and common cycles under alternative exchange rate regimes 
Abstract:
  This paper investigates the dynamic interrelationships of economic
 activity in major economies under the pre- and post-Bretton Woods eras of
 fixed and flexible exchange rates. A recently developed multivariate
 method called common trends and common cycles is used to detect the
 presence of both short- and long-term comovements in monthly industrial
 production indices of the G7 countries during the period from 1963 to
 1993. The empirical results indicate the existence of an international
 business cycle under both regimes. Further, we show that the comovements
 in levels and in growth rates of the series have been more important in
 the pre- 1973 period of fixed rates. 
Journal: Applied Economics Letters 
Pages: 423-426 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540798 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540798&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dikaios Tserkezos 
Author-X-Name-First: Dikaios 
Author-X-Name-Last: Tserkezos 
Title: The dynamics of OECD forecasts for Greece 
Abstract:
  This paper considers the dynamics of the OECD macroeconomic forecasts for
 Greece. A Geometric Distributed Lags model is used to study the dynamic
 responses between the actual data and the forecasts supplied by OECD the
 last 15 years. 
Journal: Applied Economics Letters 
Pages: 427-429 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540799 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540799&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Sapsford 
Author-X-Name-First: David 
Author-X-Name-Last: Sapsford 
Author-Name: Peter Turnbull 
Author-X-Name-First: Peter 
Author-X-Name-Last: Turnbull 
Title: A new method for investigating the relationship between strikes and absenteeism 
Abstract:
  This paper presents a new method for evaluating the relationship which
 exists between strikes and absenteeism, as alternative forms of industrial
 conflict. The proposed method is outlined and its use illustrated in an
 analysis of the British dock labour market. 
Journal: Applied Economics Letters 
Pages: 431-434 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540800 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540800&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Couton 
Author-X-Name-First: C. 
Author-X-Name-Last: Couton 
Author-Name: F. Gardes 
Author-X-Name-First: F. 
Author-X-Name-Last: Gardes 
Author-Name: Y. Thepaut 
Author-X-Name-First: Y. 
Author-X-Name-Last: Thepaut 
Title: Hedonic prices for environmental and safety characteristics and the Akerlof effect in the French car market 
Abstract:
  In this paper, the computation of hedonic prices on individual panel data
 shows the positive valuation of environmental and safety characteristics
 by the market and gives some evidence of an Akerlof effect between
 perceived quality and the part of the market price which is not explained
 by car characteristics and pure inflation. 
Journal: Applied Economics Letters 
Pages: 435-440 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540801 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540801&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: Impacts of government policies, economic conditions, and past migration on net migration in the USA: 1992-93 
Abstract:
  The determinants of net migration rates including government taxes and
 welfare spending for 48 contiguous states and the District of Columbia
 during 1992-93 are examined. The weighted least squares (WLS) method is
 employed assuming dependent variable heteroscedasticity. Major findings
 indicate that net migration rates vary positively with employment growth,
 hourly earnings, percentage of possible sunshine, and past net migration,
 and they are negatively correlated with state and local tax burdens,
 welfare spending, violent crime, and percentage of population in the age
 groups of 18-24 and 24-34. Thus, Sir John Hicks's theory that migration
 was mainly caused by net economic advantages is confirmed. These results
 may have policy implications in the area of job creation, tax policy,
 welfare reform, the allocation of limited budget to different programmes
 and law enforcement. 
Journal: Applied Economics Letters 
Pages: 441-444 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540802 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540802&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Owain Ap Gwilym 
Author-X-Name-First: Owain Ap 
Author-X-Name-Last: Gwilym 
Author-Name: Mike Buckle 
Author-X-Name-First: Mike 
Author-X-Name-Last: Buckle 
Title: An analysis of bid-ask spreads on American-and European-style index options 
Abstract:
  The UK option market is unique in trading both American-style and
 European-style contracts on the same underlying stock index. We use
 high-frequency quote data to examine the magnitude and distribution of the
 bid-ask spreads on these contracts, which are found to be at least partly
 determined by relative trading volume. We also present comparisons with
 the limited previous evidence on the level of option bid-ask spreads in
 the UK and USA. We find that increased trading volumes in the UK index
 options in recent years have not clearly reduced spreads. 
Journal: Applied Economics Letters 
Pages: 445-449 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540803 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540803&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kenneth Reinert 
Author-X-Name-First: Kenneth 
Author-X-Name-Last: Reinert 
Author-Name: Gina Scorza 
Author-X-Name-First: Gina 
Author-X-Name-Last: Scorza 
Title: The effects of a North American free trade agreement on the US glassware market 
Abstract:
Journal: Applied Economics Letters 
Pages: 451-454 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540804 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540804&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Brockman 
Author-X-Name-First: Paul 
Author-X-Name-Last: Brockman 
Title: The role of reputation capital in the investment banking industry 
Abstract:
  Based on the information-related view of financial intermediation and the
 role of reputation capital, this study contributes to the extant
 literature by designing an empirically testable hypothesis related to the
 existence and use of reputation capital. It is hypothesized that one of
 the consequences of a breach of trust between investment banks and their
 clients is a deterioration in the banks' market value. For at least one of
 the event study methods used herein (i.e., the Sign test), evidence is
 found at the 1% level of significance in support of the hypothesized
 market reaction to reputation-damaging events. 
Journal: Applied Economics Letters 
Pages: 455-458 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540805 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540805&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Kohn 
Author-X-Name-First: Robert 
Author-X-Name-Last: Kohn 
Title: An additive tax and subsidy for controlling automobile pollution 
Abstract:
  It is well known that a unit tax on the emissions of polluting firms and
 an equal unit subsidy for emissions abated are not symmetrical
 instruments. However, when no entry-exit conditions are at stake, as in
 the case of polluting households, the tax and subsidy are equivalent.
 Moreover, any combination of the two, summing to marginal pollution
 damage, is also efficient. This strong result is applied to the case of an
 economy in which each household owns an automobile. It also extends to the
 case in which some households rely on mass-transit or car-pooling,
 provided that such households also receive the subsidy. 
Journal: Applied Economics Letters 
Pages: 459-462 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540806 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540806&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert McMaster 
Author-X-Name-First: Robert 
Author-X-Name-Last: McMaster 
Title: A non-parametric approach to identifying the sources of cost savings arising from competitive tendering 
Abstract:
  The estimation of the factors contributing to the reduction in the costs
 of service delivery arising from the tendering of specified health and
 local authority activities presents difficulties for conventional
 parametric techniques, because of an absence in cardinal measurability.
 This implies that the debate over whether reductions in costs are
 primarily due to improvements in productivity or deteriorations in the
 conditions of incumbent workforces remains highly polemic. Attempts are
 made to measure the principal sources of cost savings using a
 non-parametric procedure. In this way a more generalized picture may be
 presented than has been the case to date. It is found that productivity
 improvements are the highest ranked source of cost reductions, but
 reductions in employee conditions and earnings are also highly ranked. It
 is emphasized that those sources are not independent, and that more
 research into the primary contributors to increases in productivity is
 needed. 
Journal: Applied Economics Letters 
Pages: 463-466 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540807 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540807&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Melika Ben Salem 
Author-X-Name-First: Melika Ben 
Author-X-Name-Last: Salem 
Author-Name: Jean-Francois Jacques 
Author-X-Name-First: Jean-Francois 
Author-X-Name-Last: Jacques 
Title: About the stability of the inventory-sales ratio: an empirical study with US sectoral data 
Abstract:
  The behaviour of one of the most important inventory indicators is
 highlighted. The investigation concerns US sectoral post-war data. It
 appears that a decline in the ratio for manufacturing, when observed, is
 partially offset by an increasing inventory-sales ratio in the trade
 sector. 
Journal: Applied Economics Letters 
Pages: 467-469 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540808 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540808&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Adam Wagstaff 
Author-X-Name-First: Adam 
Author-X-Name-Last: Wagstaff 
Author-Name: Guillem Lopez 
Author-X-Name-First: Guillem 
Author-X-Name-Last: Lopez 
Title: Hospital costs in Catalonia: a stochastic frontier analysis 
Abstract:
  A multiproduct stochastic hospital cost frontier is estimated on panel
 data for 43 Catalan hospitals over the period 1988-91 on the assumption
 that inefficiency remains constant over time. In addition to reporting
 estimates of inefficiency, the paper reports estimates of economies of
 scope and economies of scale. 
Journal: Applied Economics Letters 
Pages: 471-474 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540809 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540809&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Ka-Yiu Fung 
Author-X-Name-First: Michael Ka-Yiu 
Author-X-Name-Last: Fung 
Author-Name: Ken Kai-Hong Wan 
Author-X-Name-First: Ken Kai-Hong 
Author-X-Name-Last: Wan 
Title: Ownership and efficiency differentials in chinese industry: further evidence from data envelopment analysis 
Abstract:
  The objective of our study is to analyse the difference in economic
 efficiency between the state and collective sectors of Chinese industry,
 with the help of a data set containing firm-level data of 7273 enterprises
 across 35 industrial branches in Hubei Province in 1990. Data envelopment
 analysis which evaluates the enterprises' performance in terms of both
 output and profit is applied as an alternative to the conventional TFP
 approach. 
Journal: Applied Economics Letters 
Pages: 475-482 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540810 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540810&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Apergis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Apergis 
Title: What opportunity cost of holding real balances? The case of Greece 1978-1993 
Abstract:
  In this paper cointegration techniques have been applied to identify the
 role of opportunity cost in the demand for real balances in the Greek case
 and covering the period 1978-93. The results reveal that it is the
 simultaneous presence of nominal interest rates, the expected inflation
 and the expected depreciation variables that must be used as proxies for
 the opportunity cost. 
Journal: Applied Economics Letters 
Pages: 483-485 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540811 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540811&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stilianos Fountas 
Author-X-Name-First: Stilianos 
Author-X-Name-Last: Fountas 
Author-Name: Jyh-Lin Wu 
Author-X-Name-First: Jyh-Lin 
Author-X-Name-Last: Wu 
Title: Are the Greek budget deficits too large? 
Abstract:
  We use a residual-based cointegration test suggested by Gregory and
 Hansen that allows for the determination of a structural break in the
 cointegration vector to test for the sustainability of Greek fiscal
 deficits over the 1958-92 period. This relatively recent test leads to a
 different result from that derived from standard Engle-Granger
 cointegration tests. The use of the conventional Engle-Granger test
 implies no cointegration between tax revenues and interest-inclusive
 government expenditures. On the other hand, using the Gregory-Hansen test
 we conclude that tax revenues and interest-inclusive government
 expenditures are cointegrated and a structural break in the cointegrating
 vector took place in either 1981 or 1983. Our result of cointegration with
 a structural break is consistent with a strict interpretation of the
 government's intertemporal budget constraint since it implies a zero
 discounted value of the public debt. However, since the
 cointegration-regression slope parameter is significantly less than one
 (when tax revenues are regressed on expenditure), the undiscounted value
 of the public debt is different from zero. This means that the government
 has incentives to default on its debt and, therefore, Greek budget deficit
 policy is not sustainable. 
Journal: Applied Economics Letters 
Pages: 487-490 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540812 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540812&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Almas Heshmati 
Author-X-Name-First: Almas 
Author-X-Name-Last: Heshmati 
Author-Name: Yilma Mulugeta 
Author-X-Name-First: Yilma 
Author-X-Name-Last: Mulugeta 
Title: Technical efficiency of the Ugandan matoke farms 
Abstract:
  The issues of measurement of technical efficiency in the production of
 matoke in Uganda are investigated. A Cobb-Douglas functional form is used
 to represent the underlying production technology and corrected least
 squares procedure to estimate the model and the farm-specific measures of
 technical efficiency. The data consists of a crossection of 288
 matoke-producing family farms during the crop year 1990-1991. The
 productive performance of farms are compared according to the size of
 land. The impact of various production characteristics on the production
 structure of the farms is also tested. The empirical results from a
 comparison of different farm sizes show very small variations in mean
 efficiency between the different size classes. Some variations in the
 distribution of farms within each size-class are observed. The mean
 technical efficiency is found to be 65%. 
Journal: Applied Economics Letters 
Pages: 491-494 
Issue: 7 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/758540813 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540813&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Almas Heshmati 
Author-X-Name-First: Almas 
Author-X-Name-Last: Heshmati 
Title: On the single and multiple time trends representation of technical change 
Abstract:
  This paper is concerned with the estimation of production functions and
 measurement of the rate of technical change. Multiple time trends are
 introduced as an alternative to the single time trend representation of
 technical change. The underlying technology is represented by Cobb-Douglas
 and translog functional forms. Random effects models with homoscedastic
 variances is assumed. The models are estimated using the generalized least
 squares method. The data used are a large rotating panel data set from
 Swedish crop producer farms over the period 1976-1988. The empirical
 results show that a single or multiple time trends representation yield
 different time behaviour of technical change. The latter is found to
 perform much better. 
Journal: Applied Economics Letters 
Pages: 495-499 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yoshiko Kuwahara 
Author-X-Name-First: Yoshiko 
Author-X-Name-Last: Kuwahara 
Author-Name: Yasushi Ohkusa 
Author-X-Name-First: Yasushi 
Author-X-Name-Last: Ohkusa 
Title: An alternative estimation method for the OCE model 
Abstract:
  We provide an alternative estimation method which can be used to estimate
 the coefficient of intertemporal substitution and risk aversion
 separately, without assuming log-normal distribution or using a social
 market portfolio. We find the two parameters are significantly positive.
 This finding is the first case in this field. 
Journal: Applied Economics Letters 
Pages: 501-503 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356113 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356113&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. H. Brown 
Author-X-Name-First: K. H. 
Author-X-Name-Last: Brown 
Author-Name: M. Yousefi 
Author-X-Name-First: M. 
Author-X-Name-Last: Yousefi 
Title: Deficits, inflation and central banks' independence: evidence from developing nations 
Abstract:
  Deficits should Granger-cause inflation in developing countries since the
 central banks are not autonomous. Nevertheless, our empirical results
 refute the causality between government deficits and inflation in a study
 of ten developing countries. 
Journal: Applied Economics Letters 
Pages: 505-509 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356122 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356122&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. J. Sloane 
Author-X-Name-First: P. J. 
Author-X-Name-Last: Sloane 
Author-Name: H. Battu 
Author-X-Name-First: H. 
Author-X-Name-Last: Battu 
Author-Name: P. T. Seaman 
Author-X-Name-First: P. T. 
Author-X-Name-Last: Seaman 
Title: Overeducation and the formal education/experience and training trade-off 
Abstract:
  For the first time the issue of overeducation is addressed for the UK.
 Substantial amounts of over and undereducation are found. The evidence
 supports the view that formal education and other components of human
 capital are substitutes for the over- and undereducated. 
Journal: Applied Economics Letters 
Pages: 511-515 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Author-Name: Razzaque Bhatti 
Author-X-Name-First: Razzaque 
Author-X-Name-Last: Bhatti 
Title: Does Europe have an integrated capital market? Evidence from real interest parity tests 
Abstract:
  Empirical evidence on capital market integration in Europe is presented
 by testing for mean reversion in the real interest differentials of seven
 European countries vis-a-vis Germany. The tests overwhelmingly reject the
 null hypothesis of random walk in the real interest rate differentials,
 implying that capital and goods markets have become integrated in the
 countries considered. 
Journal: Applied Economics Letters 
Pages: 517-520 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356140 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356140&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Ashworth 
Author-X-Name-First: John 
Author-X-Name-Last: Ashworth 
Author-Name: Peter Johnson 
Author-X-Name-First: Peter 
Author-X-Name-Last: Johnson 
Author-Name: Cheryl Conway 
Author-X-Name-First: Cheryl 
Author-X-Name-Last: Conway 
Title: How small firms forecast short-term employment: some survey evidence 
Abstract:
  The way in which small firms formulate their short-term employment
 forecasts is examined. Survey evidence based on the experience of some
 recently formed small businesses located in the North of England is used
 to test two models of forecast formation. The empirical results suggest
 that small firms use a linear adaptive model when forecasting. 
Journal: Applied Economics Letters 
Pages: 521-524 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356159 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356159&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Author-Name: Chao-Shun Hung 
Author-X-Name-First: Chao-Shun 
Author-X-Name-Last: Hung 
Author-Name: Neela Manage 
Author-X-Name-First: Neela 
Author-X-Name-Last: Manage 
Title: Ricardian equivalence, budget deficits, and saving in the United States, 1955:1-1991:4 
Abstract:
  The Ricardian equivalent theory is examined by dichotemizing the total US
 federal budget deficit into its structural (exogeneous) and cyclical
 (endogeneous) components. The former is hypothesized to be the expected,
 planned deficit, whereas the latter is viewed as the unpredictable,
 unplanned, unexpected deficit. Instrumental variables estimates for the
 periods 1955-1991 and 1973-1991 find that structural deficits elicit
 increased saving but cyclical deficits do not. Thus, the findings indicate
 support for a partially Ricardian equivalent world: saving only partially
 offsets budget deficits. 
Journal: Applied Economics Letters 
Pages: 525-528 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356168 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356168&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Title: Consumption growth and the intertemporal elasticity of substitution: some evidence from income quintile groups in Japan 
Abstract:
  This research empirically analysed the relations between the difference
 in consumer's preference and the consumption growth rate in Japan. As a
 result, the close relationship between the two is revealed. This study has
 clarified the fact that as the income bracket becomes higher, the value of
 intertemporal elasticity of substitution becomes smaller. This is
 consistent with the gap in the consumption growth rate between the income
 brackets, i.e. the difference in the consumer's preference parameter has
 played a significant role in correcting the consumption gap in the period
 of high economic growth in post-war Japan. 
Journal: Applied Economics Letters 
Pages: 529-532 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356177 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356177&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Nelissen 
Author-X-Name-First: Jan 
Author-X-Name-Last: Nelissen 
Title: Annualized versus non-annualized lifetime income redistribution 
Abstract:
  This paper concerns the impact of the lifespan on the redistributive
 effect of the social security system when considering lifetime income. It
 is shown that with the exception of the old age pensions, the impact is
 very small. It is also doubted whether annualization has to be applied. 
Journal: Applied Economics Letters 
Pages: 533-536 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. Geoffrey Booth 
Author-X-Name-First: G. Geoffrey 
Author-X-Name-Last: Booth 
Author-Name: Mustafa Chowdhury 
Author-X-Name-First: Mustafa 
Author-X-Name-Last: Chowdhury 
Title: Information noise and stock return volatility: evidence from Germany 
Abstract:
  Using data from the Frankfurt Stock Exchange, this paper investigates the
 impact of an increase in trading hours (from two to three on 15 January
 1990) on the variance of stock returns. The results confirm those of most
 earlier studies that report that trading time volatility is significantly
 larger than non-trading time volatility. In addition, the results are
 consistent with the private and public information hypotheses with regard
 to stock return volatility, but they do not support the noise trading
 hypothesis. 
Journal: Applied Economics Letters 
Pages: 537-540 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356195 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356195&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mototsugu Fukushige 
Author-X-Name-First: Mototsugu 
Author-X-Name-Last: Fukushige 
Title: On the determinants of households' consumption inequality: an empirical analysis for Japanese workers' households 
Abstract:
  From the theoretical point of view, households consumption inequality
 represents the inequality of the expected utilities through their
 lifecycles if each family optimizes its lifetime utility. We investigate
 its empirical validity, applying a regression analysis. The result of the
 regression analysis shows its empirical advantages as a measure for
 economic inequality. 
Journal: Applied Economics Letters 
Pages: 541-544 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356203 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356203&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Karen Mumford 
Author-X-Name-First: Karen 
Author-X-Name-Last: Mumford 
Title: Strikes and profits: considering an asymmetric information model 
Abstract:
  The Hayes asymmetric information model of strike activity predicts a
 negative relationship between actual firm profits and strike frequency,
 and a positive relationship between the trade union's expectations of firm
 profitability and the duration of strikes. Results from the application of
 the model presented in this paper provide only limited support: the
 relationship between strike behaviour and profits is found to be more
 complex than the model allows for and exploring other variables which are
 expected to influence strike activity leads to more satisfactory results. 
Journal: Applied Economics Letters 
Pages: 545-548 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356212 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356212&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Cheng 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Cheng 
Title: On the relationship between money and inflation in the United States: additional evidence 
Abstract:
  The causality between money and inflation is re-examined by applying
 Hsiao's version of the Granger causality method to US data for the period
 1959-94. The Phillips-Perron unit roots tests are performed and the series
 of M1 and M2 become stationary after first differencing, while the series
 of CPI, PPI, GDP deflator, and M3 become stationary after second
 differencing. It is revealed that money (measured in M1 or M2) does not
 cause inflation, yet if the M3 measure of money is used, then it is found
 that money causes inflation. 
Journal: Applied Economics Letters 
Pages: 549-552 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356221 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356221&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Taufiq Choudhry 
Author-X-Name-First: Taufiq 
Author-X-Name-Last: Choudhry 
Title: The Fisher effect and the gold standard: evidence from the USA 
Abstract:
  This paper investigates the long run relationship between nominal
 interest rate and the inflation rate (Fisher effect) in the USA during the
 gold standard era (1879-1913). Using Johansen cointegration tests, results
 show that there exists a Fisher effect on both the nominal short- and
 long-term interest rates during the stated period. 
Journal: Applied Economics Letters 
Pages: 553-555 
Issue: 8 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356230 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356230&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Geraint Johnes 
Author-X-Name-First: Geraint 
Author-X-Name-Last: Johnes 
Title: Multi-product cost functions and the funding of tuition in UK universities 
Abstract:
  A quadratic multi-product cost function is estimated for UK universities
 prior to the abolition of the binary divide. The arguments of the function
 include linear and interaction terms in undergraduate tuition,
 postgraduate tuition and research, and in each case these are separately
 identified for the (broadly defined) arts and sciences. The preferred
 specification is used to evaluate ray economies of scale, product-specific
 economies of scale and economies of scope. Estimates of average
 incremental costs are also provided. Results from OLS and stochastic
 frontier methods are compared. 
Journal: Applied Economics Letters 
Pages: 557-561 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355943 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355943&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lance Fisher 
Author-X-Name-First: Lance 
Author-X-Name-Last: Fisher 
Author-Name: Hyeon-Seung Huh 
Author-X-Name-First: Hyeon-Seung 
Author-X-Name-Last: Huh 
Title: Sources of fluctuations in Australian imports 
Abstract:
  Dynamic interactions among the real exchange rate, income and imports are
 modelled for Australia. Evidence of one cointegrating relationship is
 found among these series and base structural inferences on long-run
 identifying restrictions of the type proposed for vector-error correction
 models by King, Plosser, Stock and Watson (1991). Under the identifying
 restriction that a domestic supply shock has no effect on the real
 exchange rate in the long run, this shock explains most of the
 forecast-error variance of imports at all horizons except for one quarter.
 At this horizon, the domestic demand shock is most important. The foreign
 supply shock becomes more important as the forecast horizon increases and
 explains almost half of the forecast-error variance of imports in the long
 run. 
Journal: Applied Economics Letters 
Pages: 563-566 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355952 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355952&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anoma Abhayaratne 
Author-X-Name-First: Anoma 
Author-X-Name-Last: Abhayaratne 
Title: Foreign trade and economic growth evidence from Sri Lanka, 1960-1992. 
Abstract:
  The relationship between export and economic growth in Sri Lanka,
 1960-1992 is examined using the techniques of causality and cointegration.
 The hypothesis that foreign trade stimulates economic growth was rejected
 by the findings of the study. 
Journal: Applied Economics Letters 
Pages: 567-570 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355961 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355961&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Babak Eftekhari 
Author-X-Name-First: Babak 
Author-X-Name-Last: Eftekhari 
Author-Name: Stephen Satchell 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Satchell 
Title: Some problems with modelling asset returns using the elliptical class 
Abstract:
  The suitability of the elliptical distribution to model asset returns in
 applied work is examined. Two frameworks are identified: the first
 framework allows for normality testing but fails to capture the GARCH
 effect present in the data; the second framework captures the GARCH effect
 but has the disadvantage that all commonly used tests for normality have
 minimum power. 
Journal: Applied Economics Letters 
Pages: 571-572 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355970 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355970&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Baban Hasnat 
Author-X-Name-First: Baban 
Author-X-Name-Last: Hasnat 
Title: Child Labour in American Imports 
Abstract:
  Child labour has been the focus of research since the Industrial
 Revolution, but few provide an econometric examination of the relationship
 between imports and child labour. This paper fills this gap by presenting
 a probit model and testing for American imports in 1990 from a broad group
 of 92 countries. Regression results of various versions of our basic model
 reveal that the equations are all highly significant and predict at least
 80% of the observations correctly, that the signs are generally as
 expected, and the variables are significant at the accepted level in most
 cases. We fail to find support for the perception that US imports
 significantly increase the likelihood of a child labour problem abroad.
 The paper also recommends directions for future research in this area. 
Journal: Applied Economics Letters 
Pages: 573-576 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355989 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355989&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sue Kilpatrick 
Author-X-Name-First: Sue 
Author-X-Name-Last: Kilpatrick 
Author-Name: Bruce Felmingham 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Felmingham 
Title: Labour mobility in Australian industry 
Abstract:
  Two Australian mobility surveys are analysed (February 1989 and February
 1992) to identify the explanation of labour mobility in Australian
 industry. An informal analysis reveals that labour turnover is higher in
 boom as opposed to recessed conditions. A formal legit study reveals that
 industry unemployment rates have a significant impact on male turnover,
 but not on female mobility. The age of workers and their tenure in the job
 reduce the odds of a job change, generally, while the tendency towards
 part time work is encouraging mobility. Occupational status is
 significant, especially among male workers, and for plant operators and
 labourers in particular. 
Journal: Applied Economics Letters 
Pages: 577-579 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Parantap Basu 
Author-X-Name-First: Parantap 
Author-X-Name-Last: Basu 
Author-Name: Pami Dua 
Author-X-Name-First: Pami 
Author-X-Name-Last: Dua 
Title: Velocity instability in the USA: a monetary or real phenomenon? 
Abstract:
  Using a vector autoregressive framework, this paper examines the role of
 real and monetary factors in explaining velocity instability in the sample
 periods 1973:1-1993:2 and 1979:4-1993:2. The VAR model includes money
 growth variability, velocity, the interest rate and real output. On the
 basis of variance decompositions for both sample periods, there is little
 support for Friedman's monetary uncertainty hypothesis. Movements in
 velocity are governed more by interest rate and real output changes. 
Journal: Applied Economics Letters 
Pages: 581-585 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356005 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356005&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Tzanidakis 
Author-X-Name-First: George 
Author-X-Name-Last: Tzanidakis 
Author-Name: Theo Kirizidis 
Author-X-Name-First: Theo 
Author-X-Name-Last: Kirizidis 
Title: A test of a modern version of the Solow model 
Abstract:
  This paper suggests a test of an upgraded version of the Solow model
 which was suggested by Mankiw, Romer and Weil (MRW). MRW upgrade the Solow
 exogenous growth theory by including human capital. Human capital has been
 a major variable suggested mainly by endogenous growth models in order to
 eliminate diminishing returns, the heart of any exogenous growth theory.
 The MRW exogenous growth theory yields an estimable specification for the
 determinants of the steady state per capita level of income. The same
 theory suggests that the growth rate of per capita income depends on
 savings, human capital and population growth rates as well as the starting
 per capita income. In this paper we derive a transformation of their model
 which implies that all that matters for the growth rate is the starting
 period growth rate. This implied hypothesis is tested but it does not find
 support by the data. In this context, the rejection of the restriction may
 be interpreted as evidence against the MRW exogenous growth theory. This
 paper is part of our wider research on exogenous versus endogenous growth
 models. 
Journal: Applied Economics Letters 
Pages: 587-590 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356014 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356014&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Melvin Borland 
Author-X-Name-First: Melvin 
Author-X-Name-Last: Borland 
Author-Name: Roy Howsen 
Author-X-Name-First: Roy 
Author-X-Name-Last: Howsen 
Title: Teacher-associated expenditures and student achievement 
Abstract:
  Inconsistent evidence exists within the economics of education research
 literature with respect to the relationship between teacher salary and
 student performance. This paper shows that such inconsistency of results
 could be attributed to simultaneous equation bias and model
 misspecification. Using alternative model specifications, alternative
 implications are suggested. Where additional relevant variables such as a
 measure of cognitive skills and a measure of the degree of market
 competition are included and where the statistical model reflects relevant
 theoretical considerations, evidence of a positive and significant
 relationship between teacher-associated expenditures and student academic
 achievement does not exist. 
Journal: Applied Economics Letters 
Pages: 591-593 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356023 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356023&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sadequl Islam 
Author-X-Name-First: Sadequl 
Author-X-Name-Last: Islam 
Title: Economic freedom, per capita income and economic growth 
Abstract:
  Based on cross-section data, this paper explores the relationship between
 economic freedom and the economic performance of low, middle and high
 income countries. The regression results show that there is a direct
 relationship between the economic freedom index and per capita income in
 low income countries and all countries as a whole. The evidence also
 indicates that there is a direct relationship between the economic freedom
 index and the growth rate of per capita income in high income countries
 and all countries as a whole. 
Journal: Applied Economics Letters 
Pages: 595-597 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Katsimbris 
Author-X-Name-First: George 
Author-X-Name-Last: Katsimbris 
Author-Name: Stephen Miller 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Miller 
Title: The new Keynesian economics and the output-inflation trade-off 
Abstract:
  This letter reconsiders the empirical tests of the new Keynesian and new
 classical models performed by Ball Mankiw and Romer and Akerlof, Rose and
 Yellen. The original tests conform basically to cross-section analysis; we
 develop both time-series and pooled cross-section, time-series tests of
 these issues, using the methodology and results of Katsimbris. Our tests
 find at best weak support for either the new Keynesian or the new
 classical hypotheses. 
Journal: Applied Economics Letters 
Pages: 599-602 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356041 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356041&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Easton 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Easton 
Author-Name: Sean Pinder 
Author-X-Name-First: Sean 
Author-X-Name-Last: Pinder 
Title: Australian government sector initial public offerings 
Abstract:
  The paper examines the initial pricing of all Australian government
 sector initial public offerings (IPOs) that have been made over the last
 six years. A statistically significant first-day average abnormal return
 of approximately 8% is found. Contrary to overseas findings, there is no
 evidence that these government sector IPOs were more underpriced than
 Australian private sector IPOs. 
Journal: Applied Economics Letters 
Pages: 603-605 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356050 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356050&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Weber 
Author-X-Name-First: Christian 
Author-X-Name-Last: Weber 
Author-Name: James West 
Author-X-Name-First: James 
Author-X-Name-Last: West 
Title: Functional form in regression models of Okun's law 
Abstract:
  The Box-Cox transformation is used to determine the functional form for
 Okun's relationship between the output gap and the unemployment rate.
 Results from two different data sets strongly fail to reject his double
 log specification, and the MLE results are quantitatively very similar to
 a double log model specification. 
Journal: Applied Economics Letters 
Pages: 607-609 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356069 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356069&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ravi Ratnayake 
Author-X-Name-First: Ravi 
Author-X-Name-Last: Ratnayake 
Title: Industry concentration-profitability relationship and competition policy: is there a critical concentration level? 
Abstract:
  The critical concentration hypothesis that there exists a threshold level
 of concentration which separates industries into two regimes in terms of
 profits has been tested empirically using the single-equation approach,
 ignoring the simultaneity involved in the determination of profits across
 industries. The majority of previous studies found supportive evidence for
 the hypothesis. This paper employs a simultaneous equation model to
 examine the concentration-profitability relationship and casts serious
 doubt on the existence of any such critical threshold. 
Journal: Applied Economics Letters 
Pages: 611-614 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356078 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356078&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Federico Perali 
Author-X-Name-First: Federico 
Author-X-Name-Last: Perali 
Author-Name: Thomas Cox 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Cox 
Title: On the identification of the Barten-Gorman model: an example within the AIDS framework 
Abstract:
  This note provides the proof for the identifying conditions necessary to
 estimate the demographic parameters of the Barten-Gorman model. They are
 normalizations derived from the homogeneity property of the cost function
 that do not alter its theoretical admissibility. 
Journal: Applied Economics Letters 
Pages: 615-619 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356087 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356087&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guang Wan 
Author-X-Name-First: Guang 
Author-X-Name-Last: Wan 
Title: Using panel data to estimate Engel functions: food consumption in China 
Abstract:
  The conventional specification of the Engel function is modified to take
 full advantage of the characteristics of panel data, which are usually
 used to fit Engel curves. Empirical results based on Chinese data
 demonstrate the superiority of the proposed model. 
Journal: Applied Economics Letters 
Pages: 621-624 
Issue: 9 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596356096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596356096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dikaios Tserkezos 
Author-X-Name-First: Dikaios 
Author-X-Name-Last: Tserkezos 
Title: A turning-point diagnostics analysis on the accuracy of the OECD forecasts for Turkey 
Abstract:
  The accuracy of forecasts by OECD for Turkey is examined, for nine
 macroeconomic variables over the period 1980-1993. Using turning-point
 diagnostics analysis it is concluded that the OECD should re-examine its
 potentials in order to improve its forecasting ability. 
Journal: Applied Economics Letters 
Pages: 625-627 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355817 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355817&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Param Silvapulle 
Author-X-Name-First: Param 
Author-X-Name-Last: Silvapulle 
Title: Testing for a unit root in a time series with mean shifts 
Abstract:
  The study considers the ADF and KPSS tests for unit root testing in a
 time series characterized by a number of structural changes in its mean.
 Using the Monte Carlo simulation method the percentage points of the tests
 distributions are estimated. These two tests are biased towards
 non-rejection of the unit root. The bias of these tests appears to
 increase as the number of breaks in the series increases. The overall
 results in the study indicate that when a time series is subjected to a
 number of changes, provided the appropriate critical values are used, the
 unit root tests can erroneously reject the hypothesis of unit root. The
 tabulated critical values can be used in hypothesis testing. 
Journal: Applied Economics Letters 
Pages: 629-635 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355826 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355826&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcelo Resende 
Author-X-Name-First: Marcelo 
Author-X-Name-Last: Resende 
Title: Mergers and acquisitions in the UK: a disaggregated analysis 
Abstract:
  The time series properties of mergers and acquisitions are investigated
 in the UK at sectoral level for the period 1971:1-1989:4. Two main sets of
 results emerge: (1) 1971:1-1989:4 the degree of persistence to shocks is
 uniformly low across sectors; (2) shocks are predominately aggregate.
 These two sets of results indicate that further analysis relying on
 aggregate data and short-term explanatory factors may be relevant. 
Journal: Applied Economics Letters 
Pages: 637-640 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355835 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355835&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mehdi Monadjemi 
Author-X-Name-First: Mehdi 
Author-X-Name-Last: Monadjemi 
Title: Public expenditure and Private investment: a study of the UK and the USA 
Abstract:
  The effect of fiscal measures on private investment is examined using
 variance decompositions derived from the error correction model. The
 empirical results of the study provide little support for the importance
 of fiscal measures in explaining variations of private investment. Output
 and profitability were the only two important variables in explaining
 forecast error variance of private investment in either country. 
Journal: Applied Economics Letters 
Pages: 641-644 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355844 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355844&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Teppo Martikainen 
Author-X-Name-First: Teppo 
Author-X-Name-Last: Martikainen 
Author-Name: Vesa Puttonen 
Author-X-Name-First: Vesa 
Author-X-Name-Last: Puttonen 
Title: Call-put signal predicts Finnish stock returns 
Abstract:
  The paper investigates the predictability of Finnish stock and stock
 index futures returns by the volume of index options. Absolute stock
 market returns are predictable by options volume while returns per se are
 not. However, call and put volume offer useful information on the future
 behaviour of stock and futures markets. Profitable trading strategies
 based on the so called call-put signal are created. 
Journal: Applied Economics Letters 
Pages: 645-648 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355853 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355853&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Keshab Shrestha 
Author-X-Name-First: Keshab 
Author-X-Name-Last: Shrestha 
Author-Name: Chris Sakellariou 
Author-X-Name-First: Chris 
Author-X-Name-Last: Sakellariou 
Title: Wage discrimination: a statistical test 
Abstract:
  Measurements of wage discrimination, based on gender, age, race or
 religion, are important for empirical economists. Traditional approaches
 to the measurement of wage discrimination do not set up the question of
 discrimination as a hypothesis that can be statistically tested.
 Furthermore, they face the so called 'index number problem'. In this
 paper, an alternative approach is presented where wage discrimination can
 be tested as a statistical hypothesis. Furthermore, the proposed method
 eliminates the index number problem. 
Journal: Applied Economics Letters 
Pages: 649-651 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355862 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355862&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Clare 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Clare 
Author-Name: Richard Priestley 
Author-X-Name-First: Richard 
Author-X-Name-Last: Priestley 
Title: Estimating the cost of capital of the UK's newly privatized utilities 
Abstract:
  In this paper the cost of capital of the UK's newly privatized utilities
 is estimated using both the CAPM and the APT. It is found that the APT
 provides a better description of excess security returns than the CAPM.
 However, neither model can explain the crosssection of excess returns on
 the sample of UK utilities. The failure of the factor models is traced to
 the existence of considerable idiosyncratic risk inherent in the utility
 stocks. 
Journal: Applied Economics Letters 
Pages: 653-657 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355871 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355871&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. J. Prior 
Author-X-Name-First: M. J. 
Author-X-Name-Last: Prior 
Title: The gloomy mists of the 1960s: pricing of investment trust shares without data on net asset value 
Abstract:
  The paper considers the pricing of investment trust shares in the 1960s
 when data on net asset value were not available on a real time basis, but
 viewable only infrequently on the basis of annual company reports, and
 when the industry itself was in rapid transition from an old fashioned
 industry to the modern industry of today. A significant relationship is
 found between changes in both investment trust yields and retention ratios
 and subsequent changes in the ex-post observable discount. The suggestion
 is that as yields rise the fixed management charge erodes a smaller
 proportion of the trust's income. The more than proportionate rise in the
 share's price then shows up as a smaller discount. 
Journal: Applied Economics Letters 
Pages: 659-661 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355880 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355880&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chris Fawson 
Author-X-Name-First: Chris 
Author-X-Name-Last: Fawson 
Author-Name: Terry Glover 
Author-X-Name-First: Terry 
Author-X-Name-Last: Glover 
Author-Name: Wenshwo Fang 
Author-X-Name-First: Wenshwo 
Author-X-Name-Last: Fang 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Title: The weak-form efficiency of the Taiwan share market 
Abstract:
  This paper evaluates monthly stock index price from the Taiwan stock
 market for evidence of weak form market efficiency. Four empirical
 methodologies are employed: the Ljung-Box Q test, the binomial
 distribution test, the runs test and the unit root test of stationarity in
 stock prices. Empirical evidence suggests that the monthly stock price for
 the Taiwan stock market exhibits weak-form efficiency. 
Journal: Applied Economics Letters 
Pages: 663-667 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355899 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355899&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rodolfo Nayga 
Author-X-Name-First: Rodolfo 
Author-X-Name-Last: Nayga 
Title: Consumer demand for poultry at home and away from home: a discrete choice analysis 
Abstract:
  US consumption of poultry products has increased steadily, over the past
 several years. This study identifies how socio-economic and demographic
 factors affect the probability of consuming poultry at home and away from
 home, using the Nationwide Food Consumption Survey of the US Department of
 Agriculture. 
Journal: Applied Economics Letters 
Pages: 669-672 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355907 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355907&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Sequira 
Author-X-Name-First: John 
Author-X-Name-Last: Sequira 
Title: Time series analysis of settlement prices for individual currency futures in Singapore 
Abstract:
  This paper investigates the efficiency of the currency futures market in
 the Singapore International Monetary Exchange. The weak sense of market
 efficiency is tested, with the random walk model being used as the
 benchmark for comparing univariate models fitted to the three major
 currency futures, namely deutschmark. Japanese yen and British pound. In
 weak-form tests of the efficient market hypothesis (EMH), security prices
 reflect fully all available information based on past values of price
 data. This means that the weak form tests whether all information
 contained in the historical prices is fully reflected in current prices. A
 restrictive version of the weak form of the EMH is the random walk model,
 which assumes that successive returns are independent and identically
 distributed over time. Thus, evidence supporting the random walk model is
 evidence supporting the weak form efficiency of the EMH. Univariate
 modelling of the data involves fitting several moving average,
 autoregressive and autoregressive moving average specifications. Using the
 mean absolute error (MAE), the performances of the estimated models are
 compared against the random walk model. The three currency futures models
 consistently outperform the random walk model on the strength of the MAE,
 which challenges the EMH in the currency futures market in Singapore. 
Journal: Applied Economics Letters 
Pages: 673-676 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355916 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355916&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Satya Paul 
Author-X-Name-First: Satya 
Author-X-Name-Last: Paul 
Title: A modified human development index and international comparison 
Abstract:
  The paper proposes a modified human development index (HDI) which
 complies with the view of the Sen and others that an increase in the value
 of a physical indicator at a higher level represents a greater achievement
 than an equal increase in its value at the lower level. It also includes
 an infant survival rate, which is another important key indicator of
 development. The relative ranking of countries based on the modified index
 is significantly different from that based on the traditional HDI. This
 indicates the empirical usefulness of the proposed index. 
Journal: Applied Economics Letters 
Pages: 677-682 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355925 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355925&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Sephton 
Author-X-Name-First: Peter 
Author-X-Name-Last: Sephton 
Title: A note on fractional cointegration 
Abstract:
  In this note I point to a typographical error in a recent paper by
 Baillie and Bollerslev (1994), and I provide a test - with simulated
 critical values - for fractional cointegration among seven daily
 currencies. 
Journal: Applied Economics Letters 
Pages: 683-685 
Issue: 10 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355934 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355934&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkin Bairam 
Author-X-Name-First: Erkin 
Author-X-Name-Last: Bairam 
Title: Non-convex cost and the behaviour of inventories: some disaggregate results 
Abstract:
  The disaggregate results reported here show that the marginal costs are
 increasing over time and, therefore, the main foundation of the law of
 supply is still valid. This implies that some other explanation has to be
 found to explain why firms bunch rather than smooth production. 
Journal: Applied Economics Letters 
Pages: 687-691 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355664 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355664&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Edgerton 
Author-X-Name-First: David 
Author-X-Name-Last: Edgerton 
Author-Name: Ghazi Shukur 
Author-X-Name-First: Ghazi 
Author-X-Name-Last: Shukur 
Title: Some questions concerning dynamic almost ideal demand systems 
Abstract:
  A paper by Xepanadeas and Habib, that estimates dynamic demand models, is
 shown to contain some serious errors. Careful consideration of the
 adding-up condition is shown to be necessary when using demand systems
 with autoregressive disturbances. Misspecification testing should be used
 in all empirical work. These points are illustrated using a dynamic almost
 ideal demand system applied to Swedish dairy data. 
Journal: Applied Economics Letters 
Pages: 693-695 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355673 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355673&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Azali Mohamed 
Author-X-Name-First: Azali 
Author-X-Name-Last: Mohamed 
Title: Velocity and the variability of anticipated and unanticipated money growth in Malaysia 
Abstract:
  This paper investigates the causal linkages between velocity of money and
 both anticipated and unanticipated components of money supply growth, and
 its variability as measured on the Malaysian annual data (1973-94). The
 motivation is to provide evidence in a developing country context about
 whether the authorities should pay attention to signals from anticipated
 or unanticipated or both components of money supply aggregate. The
 empirical findings from the VAR model support the hypothesis not only that
 the components of money supply growth Granger-cause the growth of money
 velocity but also in its variability measures offer an additional
 evidence. 
Journal: Applied Economics Letters 
Pages: 697-700 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355682 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355682&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Lux 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Lux 
Title: Long-term stochastic dependence in financial prices: evidence from the German stock market 
Abstract:
  A number of authors have argued that financial prices may exhibit hidden
 long-term dependence. We consider this claim analysing German stock market
 data. Applying three different concepts for the identification of long
 memory effects, virtually no evidence of such behaviour is found for stock
 market returns. Another recent assertion says that long term memory may
 not be pertinent to stock returns but rather to the conditional volatility
 of financial market prices. As it turns out, this claim is very much
 supported by our investigation of German stock market data. Furthermore,
 the long memory property is more pronounced in absolute values of returns
 than in the squares of returns (both used as proxies for volatility). The
 methods employed are: the time-honoured procedure of estimating the Hurst
 exponent for the scaling behaviour of the range of cumulative departures
 from the mean of a time series, the modified range analysis. 
Journal: Applied Economics Letters 
Pages: 701-706 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355691 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355691&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Korres 
Author-X-Name-First: George 
Author-X-Name-Last: Korres 
Title: Sources of structural change: an input-output decomposition analysis for Greece 
Abstract:
  Technical change greatly contributes to the explanation of economic
 structural changes. The aim of this paper is to measure the extension and
 the direction of structural and technological change. The impact of
 structural and technological changes on sectoral gross output was computed
 by breaking down the total change into the part due to changes in
 input-output coefficients (technological change) and the part due to
 changes and composition of final demand. The decomposition of structural
 change is based on the following questions. What were the engines of
 growth? What was the role and impact of technological change and which
 economies experienced the most and least structural change? 
Journal: Applied Economics Letters 
Pages: 707-710 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355709 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355709&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Harold Brumm 
Author-X-Name-First: Harold 
Author-X-Name-Last: Brumm 
Title: The human capital augmented Solow model revisited 
Abstract:
  A maintained hypothesis of the present paper is that a necessary
 condition for model verification is the robust empirical confirmation of
 the model's implied restrictions. In particular, the results of a
 statistical test of any such restrictions should be favourable and
 invariant across samples. A recent influential paper presented evidence in
 support of the principal restriction implied by the human capital
 augmented Solow model of economic growth. The present paper makes use of
 samples different from those examined in the prior paper. The conclusion
 reached here, unlike that reached in the prior paper, is that the
 augmented Solow model is not robust. 
Journal: Applied Economics Letters 
Pages: 711-714 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355718 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355718&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Philip Hardwick 
Author-X-Name-First: Philip 
Author-X-Name-Last: Hardwick 
Author-Name: Michael Adams 
Author-X-Name-First: Michael 
Author-X-Name-Last: Adams 
Title: Claims' estimation in multiproduct life insurance firms: preliminary United Kingdom results 
Abstract:
  In the insurance industry, claims tend to constitute the major proportion
 of the total annual outgoings across almost all product lines. This
 preliminary study develops a cost function of insurance claims and applies
 the model to 1988-93 data from the UK life insurance industry. In general,
 the results support the hypothesis that larger life insurance firms on
 average face bigger claims-to-premium ratios than smaller firms. There is
 also evidence of a positive relationship between claims and the degree of
 specialization in the provision of life insurance products. Finally, there
 is clear support for the view that stock firms have a less severe claims
 experience than mutuals. We conclude that the model provides intuitive
 insights into the determinants of insurance claims which could help to
 stimulate and direct further research. 
Journal: Applied Economics Letters 
Pages: 715-718 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355727 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355727&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stein Ostbye 
Author-X-Name-First: Stein 
Author-X-Name-Last: Ostbye 
Title: Another note on Oswald's 'The Economic Theory of Trade Unions' 
Abstract:
  The purpose of this note is to emphasize that the qualitative effect of a
 labour subsidy on the union's desired wage rate, is highly sensitive to
 the design of the policy instrument. 
Journal: Applied Economics Letters 
Pages: 719-720 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355736 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355736&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Ghiath Shabsigh 
Author-X-Name-First: Ghiath 
Author-X-Name-Last: Shabsigh 
Title: On the effects of money on the terms of trade: an empirical investigation 
Abstract:
Journal: Applied Economics Letters 
Pages: 721-724 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355745 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355745&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tony Naughton 
Author-X-Name-First: Tony 
Author-X-Name-Last: Naughton 
Title: A factor analysis of equity market relationships in Asia 
Abstract:
  The equity markets of the Asian region have become a focus of attention
 for academic researchers interested in identifying return relationships
 and potential diversification benefits for international investors. In
 this paper, equity-return relationships are investigated for selected
 Asian and developed country markets. The traditional equity return
 correlation matrix is extended to a factor analysis to identify
 relationships in terms of groupings. The results indicate the existence of
 a developed market group that includes Hong Kong, but excludes Japan.
 Other results include the identification of the Philippines and Taiwan as
 segmented markets and a grouping of Japan and Korea. 
Journal: Applied Economics Letters 
Pages: 725-728 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355754 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355754&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Hansen 
Author-X-Name-First: Paul 
Author-X-Name-Last: Hansen 
Title: Kaldor's technical progress function: a comment 
Abstract:
  The shape of Kaldor's technical progress function is retested using
 time-series data for a selection of OECD countries. In contrast to
 Bairam's study, which is criticized for its restrictions on several of the
 key variables, it appears that the function can be specified as a linear
 equation. This is in contradiction to Kaldor's original hypothesis that
 the function is concave and supports his subsequent simplifying assumption
 of linearity. 
Journal: Applied Economics Letters 
Pages: 729-731 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355763 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355763&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Davies 
Author-X-Name-First: B. 
Author-X-Name-Last: Davies 
Author-Name: P. Downward 
Author-X-Name-First: P. 
Author-X-Name-Last: Downward 
Title: The applicability of industrial organization theory to the services sector: initial tests from the UK hotel industry 
Abstract:
  Despite the growth of literature on industrial organization and the
 growth of the services sector in many economies, little work has been
 undertaken on the former in relation to the latter, especially using
 econometric techniques. Whilst a set of nested hypotheses are represented
 by the industrial organization framework the specific competing issues
 involved cannot be examined in the context of services until the general
 applicability and relevance of the framework have been established. This
 paper attempts to address these issues via the medium of the UK hotel
 industry. The Schmalensee approach is adopted, whereby a general model is
 constructed and tested to generate a subsequent parsimonious
 representation of it. Pooled data is used for 65 hotel companies over a 5
 year time period. It was found that a dynamic formulation of the
 hypothesis worked best and the results take on the mantle of 'stylized
 facts'. The implication is that the industrial organization hypothesis and
 framework do have legitimacy for future analyses of, for example, the
 tourism industry. 
Journal: Applied Economics Letters 
Pages: 733-735 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355772 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355772&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matti Viren 
Author-X-Name-First: Matti 
Author-X-Name-Last: Viren 
Title: Suicide and business cycles: Finnish evidence 
Abstract:
  The relationship between suicide and business cycles is analysed using
 long Finnish time series for the period 1878-1994. The results clearly
 show that suicide increases along with age and is related to both GDP
 growth (inversely), bankruptcies and unemployment. 
Journal: Applied Economics Letters 
Pages: 737-738 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355781 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355781&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Darlene Chisholm 
Author-X-Name-First: Darlene 
Author-X-Name-Last: Chisholm 
Title: Continuous Degrees of Residual Claimancy: Some Contractual Evidence 
Abstract:
  A data set on share contracts between motion-pictures actors and
 producers in the United States is used to identify determinants of share
 size in revenue- and profit-sharing contracts. The evidence suggests that
 share size balances moral hazard and risk-sharing tradeoffs. 
Journal: Applied Economics Letters 
Pages: 739-741 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355790 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355790&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Hofler 
Author-X-Name-First: Richard 
Author-X-Name-Last: Hofler 
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Title: How close to their offensive potential do national football league teams play? 
Abstract:
  This paper presents preliminary results about how close to their
 offensive potential teams in the National Football League (NFL) play. Our
 study extends the work of previous researchers in several ways. First, we
 are the first to investigate the efficiency of professional football
 teams. Secondly, we utilize a panel data set covering the seasons 1989 to
 1993 for all 28 NFL teams. Thirdly we estimate a frontir for the offensive
 teams. By estimating a stochastic production frontier model on a panel
 data set of NFL teams we find that many teams have played very close to
 their offensive potentials. For example, teams could have scored around
 one point more in each game than they actually did. This shows that these
 NFL teams are excellent, on average, at exploiting their talent - which
 seems reasonable. 
Journal: Applied Economics Letters 
Pages: 743-747 
Issue: 11 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355808 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355808&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Stuart McDougall 
Author-X-Name-First: R. Stuart 
Author-X-Name-Last: McDougall 
Title: Seasonal unit root characteristics of disaggregated output 
Abstract:
  Tests for unit roots and cointegration have been extended to enable tests
 for seasonal units and more importantly tests for seasonal cointegration
 between series with common seasonals. To this end seasonal unit root tests
 are applied to unadjusted New Zealand GDP data and its disaggregated
 components. These, tests reveal that while aggregate GDP clearly exhibits
 a constant seasonal pattern a majority of its component series exhibit a
 changing seasonal pattern implying that stochastic innovations are
 occurring at the seasonal frequency. Furthermore, seasonal cointegration
 tests reveal that these changing seasonal patterns, observed in the
 component series, cancel out yielding a deterministic seasonal pattern on
 aggregation. 
Journal: Applied Economics Letters 
Pages: 749-753 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355529 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355529&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Author-Name: Russell McKenzie 
Author-X-Name-First: Russell 
Author-X-Name-Last: McKenzie 
Title: Learning to rent-seek: collective action and in-kind benefits in the public sector 
Abstract:
  The present provides alternative specifications for public choice models
 that analyse the determinants of a variety of in-kind efforts to obtain
 monopoly rights (or rent-seek). A variable relating to the age of states
 in the USA provides suggestive empirical evidence of the importance of
 societal stability in forming interest-group coalitions, as suggested by
 the work of Mancur Olson. In fact, when previous models are respecified to
 include 'age since statehood', political determinants of elegant
 restaurant dining, golfing excursions and limo services - all in-kind
 rent-seeking perquisites - become more evident and important. 
Journal: Applied Economics Letters 
Pages: 755-757 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355538 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355538&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Costas Karfakis 
Author-X-Name-First: Costas 
Author-X-Name-Last: Karfakis 
Title: Testing the intertemporal model of the current account: some evidence from Greece 
Abstract:
  This paper examines the lifecycle model of the current account
 determination in Greece. Bivariate vector autoregressive (VAR) analysis
 indicates that the past history of the current account has information
 content for future changes in national cash flow. The formal strong
 restrictions implied by the present-value model are rejected. 
Journal: Applied Economics Letters 
Pages: 759-762 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355547 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355547&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeffrey Bernstein 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Bernstein 
Author-Name: Xiaoyi Yan 
Author-X-Name-First: Xiaoyi 
Author-X-Name-Last: Yan 
Title: Canadian-Japanese R&D spillovers and productivity growth 
Abstract:
  R&D spillovers contribute to total factor productivity (TFP) growth. This
 paper examines the contribution of intranational and international R&D
 spillovers between Canada and Japan to industrial TFP growth. TFP growth
 is measured and decomposed for 10 Canadian and Japanese manufacturing
 industries. Generally, spillovers contribute to productivity gains. We
 find that domestic spillovers contribute more than international
 spillovers. Moreover, in industries where marginal propensities to spend
 on R&D are relatively lower, domestic spillovers reduce TFP growth. 
Journal: Applied Economics Letters 
Pages: 763-767 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355556 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355556&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mamadou Wane 
Author-X-Name-First: Mamadou 
Author-X-Name-Last: Wane 
Author-Name: Paul Burkett 
Author-X-Name-First: Paul 
Author-X-Name-Last: Burkett 
Author-Name: Robert Guell 
Author-X-Name-First: Robert 
Author-X-Name-Last: Guell 
Title: Economic growth and monetary union in sub-Saharan Africa: new evidence on the effects of CFA-zone membership. 
Abstract:
  Estimation of a structural economic growth equation using data for 26
 sub-Saharan African countries over the years 1974-92 reveals positive
 growth effects of membership in the French African Community (CFA) zone
 stemming from an enhanced productivity of investment. However, these
 effects appear to be limited to the pre-1980 period, despite the CFA's
 superior inflation performance relative to non-CFA countries thereafter.
 The results also support the importance of distinguishing between expected
 and unexpected inflation in analysing the growth effects of inflation and
 of CFA membership. 
Journal: Applied Economics Letters 
Pages: 769-773 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355565 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355565&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bradley Ewing 
Author-X-Name-First: Bradley 
Author-X-Name-Last: Ewing 
Title: Velocity and interest rate variability in Italy: a further test of the Friedman hypothesis 
Abstract:
  This paper examines whether interest rate variability leads to a decrease
 in the velocity of money in Italy. The hypothesis is tested using the
 Johansen cointegration technique and error-correction modelling. The
 empirical findings lend support to the Friedman hypothesis and help
 reconcile the mixed results of others regarding the hypothesis in Italy.
 The error-correction model results are consistent with risk-averse
 households holding more money, and thus reducing velocity, when faced with
 the uncertainty associated with interest rate variability. 
Journal: Applied Economics Letters 
Pages: 775-778 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355574 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355574&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wei-Chiao Huang 
Author-X-Name-First: Wei-Chiao 
Author-X-Name-Last: Huang 
Title: Religion, culture, economic and sociological correlates of suicide rates: a cross-national analysis 
Abstract:
  Enormous variations exist in suicide rates across countries. This paper
 demonstrates that a significant proportion of the cross-country variations
 in suicide rates can be explained by a combination of religion, culture,
 economic and sociological variables. 
Journal: Applied Economics Letters 
Pages: 779-782 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355583 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355583&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. David Walls 
Author-X-Name-First: W. David 
Author-X-Name-Last: Walls 
Author-Name: Kelly Busche 
Author-X-Name-First: Kelly 
Author-X-Name-Last: Busche 
Title: Betting volume and market efficiency in Hong Kong race track betting 
Abstract:
  The Harville formula provides an analytical basis for the arbitrage
 pricing relationship between the odds on 'win' bets and the odds on
 'quinella' bets in parimutuel betting markets. This study employs this
 relationship and high frequency time series data on the evolution of the
 betting odds from Hong Kong race tracks to test the hypothesis of betting
 market efficiency and to examine the role of the volume of belting. The
 non-stationary odds data are analysed using Johansen's maximum likelihood
 cointegration techniques to test the condition for market efficiency. The
 volume of betting is found to be a significant determinant of the degree
 of market efficiency across races but not within races. 
Journal: Applied Economics Letters 
Pages: 783-787 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355592 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355592&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michel Strawczynski 
Author-X-Name-First: Michel 
Author-X-Name-Last: Strawczynski 
Author-Name: Momi Dahan 
Author-X-Name-First: Momi 
Author-X-Name-Last: Dahan 
Title: Government finance and endogenous growth 
Abstract:
  A crucial assumption for the solution of the endogenous growth model with
 government intervention is a balanced budget along the perpetual steady
 state. This assumption is unreal once we are interested to test the model
 using government data, given that in most countries the budget is not
 balanced. In this letter we adopt the well-known rule of 'tax smoothing'
 in order to make this assumption a realistic one. According to our
 approach the relevant variable for the implementation of a balanced budget
 is permanent government expenses. The empirical performance of the model
 is characterized using Israeli data. 
Journal: Applied Economics Letters 
Pages: 789-791 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355600 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355600&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Cameron 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Cameron 
Title: The role of divorce in the consumption function: an EC study 
Abstract:
Journal: Applied Economics Letters 
Pages: 793-795 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355619 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355619&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zainudin Arsad 
Author-X-Name-First: Zainudin 
Author-X-Name-Last: Arsad 
Author-Name: J. Andrew Coutts 
Author-X-Name-First: J. Andrew 
Author-X-Name-Last: Coutts 
Title: The weekend effect, good news, bad news and the Financial Times Industrial Ordinary Shares Index: 1935-94 
Abstract:
  In recent years much evidence has been documented of the existence of
 regularities in stock price returns, and consequently the notion of market
 efficiency has been questioned. The primary objective of this paper is to
 investigate the 'weekend' effect for a large sample of daily returns from
 the Financial Times Industrial Ordinary Shares Index (FT 30). Empirical
 results lead us to tentatively suggest that a weekend effect has existed
 for the FT 30, but that this regularity has not been persistent. We then
 partition the Monday returns into positive and negative returns, and find
 that whilst the weekend effect holds for the Mondays, with negative
 returns, it fails to hold for Mondays which exhibit positive returns.
 These results support the results of earlier research. Finally we conclude
 that these results do not contest the notion of market efficiency. 
Journal: Applied Economics Letters 
Pages: 797-801 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355628 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355628&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jon Vilasuso 
Author-X-Name-First: Jon 
Author-X-Name-Last: Vilasuso 
Title: Changes in the duration of economic expansions and contractions in the United States 
Abstract:
  This paper employs nonparametric change-point tests to business cycle
 duration data in the United States. The findings are consistent with
 recent studies citing longer expansions and shorter contractions since
 World War II. However, it is found that these shifts occurred much
 earlier. There is evidence of a single abrupt change-point to longer
 expansions that occurred in 1929. The shift towards shorter contractions
 was gradual: the transition began in 1918 and was completed in 1938. 
Journal: Applied Economics Letters 
Pages: 803-806 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355637 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355637&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matiur Rahman 
Author-X-Name-First: Matiur 
Author-X-Name-Last: Rahman 
Author-Name: Muhammad Mustafa 
Author-X-Name-First: Muhammad 
Author-X-Name-Last: Mustafa 
Title: The dancing of the real exchange rate of US dollar and the US real trade balance 
Abstract:
  The current study seeks to re-examine a possible long-run dynamic
 relationship between the trade-weighted real exchange rate of US dollar
 and US real trade balance by using the well-known cointegration
 methodology. The sample period includes observations from the second
 quarter of 1973 through the second quarter of 1992. The unit root test
 reveals that the trade-weighted real exchange value of dollar and the US
 real trade balance are individually nonstationary in levels. The ADF test
 concludes that there is no systematic long-run association between these
 two variables even under the flexible exchange rate system. 
Journal: Applied Economics Letters 
Pages: 807-808 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355646 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355646&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Olugbenga Onafowora 
Author-X-Name-First: Olugbenga 
Author-X-Name-Last: Onafowora 
Title: Inflation in developing countries 
Abstract:
Journal: Applied Economics Letters 
Pages: 809-814 
Issue: 12 
Volume: 3 
Year: 1996 
X-DOI: 10.1080/135048596355655 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048596355655&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Madhu Mohanty 
Author-X-Name-First: Madhu 
Author-X-Name-Last: Mohanty 
Title: Why workers queue for local government jobs: the US evidence 
Abstract:
  Following the technique of bivariate probit with partial observability, I
 find the evidence that one reason US workers queue for local government
 jobs is to obtain union status. The average desire probability for local
 government union jobs is found to be twice as large as the desire
 probability for local-non-union employment. Estimated from the same
 sample, the length of the local-union queue, which is almost twice the
 size of the queue for local-non-union jobs, suggests the importance of the
 desire for union status in the worker's decision to enter the local
 government job queue 
Journal: Applied Economics Letters 
Pages: 1-6 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521822 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521822&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yen-Sheng Huang 
Author-X-Name-First: Yen-Sheng 
Author-X-Name-Last: Huang 
Title: The size anomaly on the Taiwan Stock Exchange 
Abstract:
  This paper examines the size anomaly on the Taiwan Stock Exchange over
 the period 1971-93. Using a sample of all listed stocks, this research
 finds that the smallest size quintile earns a significantly higher
 abnormal return than other four size portfolios over the whole sample
 period. Moreover, the size anomaly cannot be attributed to the January
 effect. The smallest size quintile performs better than the average of the
 other four size quintiles in almost every month. 
Journal: Applied Economics Letters 
Pages: 7-12 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521823 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521823&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Buckley 
Author-X-Name-First: Peter 
Author-X-Name-Last: Buckley 
Author-Name: Jane Frecknall Hughes 
Author-X-Name-First: Jane Frecknall 
Author-X-Name-Last: Hughes 
Title: Japanese transfer pricing policy: a note 
Abstract:
  This paper examines the issue of transfer pricing with particular
 reference to Japanese multinational companies against the background of
 recent press reports alleging the misuse of this pricing mechanism to
 locate artificially group profits in countries where a tax advantage may
 be obtained. The chief allegation seems to be that companies set out
 deliberately to engineer a pricing structure which results in a
 sales/purchase price which is artificially low/high for goods which,
 typically, are traded across one or more national boundaries. This is in
 practice difficult to prove, and tax authorities normally seek to make
 adjustments based on attempts to establish a 'fair' or 'arm's length'
 price for goods for which an independent market seldom exists. The
 assumption generally made is that multinationals operate similarly in
 respect of transfer pricing, namely to the disadvantage of host countries
 in which they operate. It is the contention of this paper that this
 blanket assumption does not hold true, especially in the instance of
 Japanese multinationals, and it is argued that this can be demonstrated
 clearly if the pricing structures operated by a typical Japanese firm are
 examined in the light of the differing costing principles obtaining and
 the different business culture. 
Journal: Applied Economics Letters 
Pages: 13-17 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521824 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521824&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Juha-Pekka Kallunki 
Author-X-Name-First: Juha-Pekka 
Author-X-Name-Last: Kallunki 
Author-Name: Teppo Martikainen 
Author-X-Name-First: Teppo 
Author-X-Name-Last: Martikainen 
Title: Financial market liberalization and the relationship between stock returns and financial leverage in Finland 
Abstract:
  The results of this note indicate that the return-leverage relation
 turned from negative to positive in Finland in the late 1980s. This
 finding is explained by the liberalization of Finnish financial markets
 and the decrease in the degree of financial leverage of Finnish listed
 firms. The results highlight the remarkable effect of the financial market
 liberalization on the financial management of Finnish firms and the
 empirical results on the Finnish financial markets. 
Journal: Applied Economics Letters 
Pages: 19-21 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521825 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521825&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdelhak Senhadji 
Author-X-Name-First: Abdelhak 
Author-X-Name-Last: Senhadji 
Title: Two common problems related to the use of the Armington aggregator in computable general equilibrium models 
Abstract:
  This note highlights two common problems with the application of the
 population CES aggregator introduced by Armington. Both are related to the
 dependence of the input shares on the elasticity of substitution even when
 relative prices are held constant. A modified CES aggregator is proposed
 which avoids these problems. 
Journal: Applied Economics Letters 
Pages: 23-25 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521826 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521826&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shujie Yao 
Author-X-Name-First: Shujie 
Author-X-Name-Last: Yao 
Title: Decomposition of Gini coefficients by income factors: a new approach and application 
Abstract:
  When total income consists of a number of factors, the Gini coefficient
 measuring income inequality can be decomposed into factor components. Some
 traditional decomposition methods rely on calculating the covariances
 between incomes and their ranks. Such methods have obvious limitations in
 empirical studies. This paper develops a simple decomposition approach
 applicable for any type of data with an example to demonstrate how income
 inequality in rural China in 1992 can be decomposed into agricultural and
 non-agricultural components. 
Journal: Applied Economics Letters 
Pages: 27-31 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521827 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521827&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Karolina Ekholm 
Author-X-Name-First: Karolina 
Author-X-Name-Last: Ekholm 
Author-Name: Johan Torstensson 
Author-X-Name-First: Johan 
Author-X-Name-Last: Torstensson 
Author-Name: Rasha Torstensson 
Author-X-Name-First: Rasha 
Author-X-Name-Last: Torstensson 
Title: Comparative advantage in the Middle East and North Africa 
Abstract:
  This paper asks whether net trade in the Middle East and North Africa
 (MENA) can be explained by differences in comparative costs and in the
 exploitation of scale economies. Based on a sample of six countries, it is
 shown that factor proportions do not significantly affect net trade. In an
 analysis based on a sample of three countries, we are also able to
 incorporate technical differences and differences in scale economies. We
 find no support of these variables significantly affecting net trade
 either. Therefore, we are fairly confident in drawing the conclusion that
 for our country sample, net trade does not seem to be explained by
 comparative costs, technical differences, or scale economies. This leads
 us to conclude that measures undertaken to increase trade between MENA
 countries without simultaneously removing domestic distortions may not be
 welfare improving. 
Journal: Applied Economics Letters 
Pages: 33-35 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521828 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521828&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Wright 
Author-X-Name-First: Robert 
Author-X-Name-Last: Wright 
Title: A simple method for controlling for compositional effects in the measurement of poverty 
Abstract:
  This paper outlines a method for controlling for compositional factors in
 the measurement of poverty. The method is based in shift-share analysis
 and direct standarization, the later technique popular in the field of
 demography. The method is consistent with Sen's influential axiomatic
 approach to poverty measurement and employs the popular poverty index
 proposed by Foster et al. This index is one of the few summary poverty
 measures that can be directly standardized and also meets Sen's criteria. 
Journal: Applied Economics Letters 
Pages: 37-39 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521829 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521829&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan Speight 
Author-X-Name-First: Alan 
Author-X-Name-Last: Speight 
Author-Name: Dennis Thomas 
Author-X-Name-First: Dennis 
Author-X-Name-Last: Thomas 
Title: Football league transfers: a comparison of negotiated fees with arbitration settlements 
Abstract:
  This paper investigates the differences between negotiated and arbitrated
 settlements in the footballers transfer market utilizing a data set
 containing FLAC decisions covering the period 1978-9 to 1991-2. Our
 analysis suggests that arbitrated settlements deflate transfer fees
 compared with negotiated transfers. We also identify a tendency towards
 greater risk aversion amongst buying clubs. 
Journal: Applied Economics Letters 
Pages: 41-44 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521830 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521830&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Robst 
Author-X-Name-First: John 
Author-X-Name-Last: Robst 
Author-Name: Glenn Graham 
Author-X-Name-First: Glenn 
Author-X-Name-Last: Graham 
Title: Access to health care and current health status: do physicians matter? 
Abstract:
  A number of studies examine the link between access to medical care and
 health status. Previous studies find little or no relationship between the
 availability of health care and health status. We examine the issue
 separately for metropolitan and rural areas. We find that the number of
 physicians in a county has a positive influence on the health status of
 individuals in rural areas. Also, older people benefit more from the
 presence of physicians than younger people. Consistent with previous
 studies, no clear relationship is found in metropolitan areas. These
 results support several United States government programmes that encourage
 physicians to locate in rural areas. 
Journal: Applied Economics Letters 
Pages: 45-48 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521831 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521831&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pami Dua 
Author-X-Name-First: Pami 
Author-X-Name-Last: Dua 
Author-Name: David Smyth 
Author-X-Name-First: David 
Author-X-Name-Last: Smyth 
Title: Public perceptions of the relative seriousness of inflation and unemployment in the United States 
Abstract:
  We analyse the determinants of the public's relative concerns about
 inflation and unemployment using responses to the Gallup Poll question on
 the relative seriousness of inflation and unemployment. We then estimate
 the rate of inflation that politicians will choose to impose on the US
 economy given the natural rate of unemployment. We find that this rate of
 inflation, which we call 'the natural rate of inflation', is in the region
 of 5%. 
Journal: Applied Economics Letters 
Pages: 49-52 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521832 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521832&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Magnus Johannesson 
Author-X-Name-First: Magnus 
Author-X-Name-Last: Johannesson 
Author-Name: Per-Olov Johansson 
Author-X-Name-First: Per-Olov 
Author-X-Name-Last: Johansson 
Title: The value of life extension and the marginal rate of time preference: a pilot study 
Abstract:
  The aim of this paper is to introduce and test a new approach for the
 measurement of the marginal rate of time preference for life-years gained
 based on contingent valuation techniques. A simple binary willingness to
 pay question is administered in a general public sample of two age groups
 (34-5 years and 64-5 years). In this pilot study, the estimated marginal
 rate of time preference is 1.3%. 
Journal: Applied Economics Letters 
Pages: 53-55 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521833 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521833&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Baimbridge 
Author-X-Name-First: Mark 
Author-X-Name-Last: Baimbridge 
Title: Movie admissions and rental income: the case of James Bond 
Abstract:
  This paper addresses the issue of optimal movie design with respect to a
 single series of feature films, the James Bond movies. This is in contrast
 to previous studies where analysis has been primarily confined to samples
 of record box office earning movies. With respect to US admissions and
 rental income four separate models are estimated examining economic
 factors, the Bond actors, film quality and intertemporal indicators.
 Findings indicate non-monotonic relationship with respect to price and an
 inverse one with respect to total movie attendance. A positive influence
 is recorded by the first three Bond actors although audience loyalty
 declines after four appearances and a debutante brings significant
 additional returns. Quality is also an important component with the
 attainment or nomination of Academy Awards being particularly lucrative.
 The relative success of the series is, however, on a declining trajectory. 
Journal: Applied Economics Letters 
Pages: 57-61 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521834 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521834&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Giles 
Author-X-Name-First: David 
Author-X-Name-Last: Giles 
Title: Causality between the measured and underground economies in New Zealand 
Abstract:
  We investigate some characteristics of the underground economy in New
 Zealand by testing for Granger causality between measured and 'hidden'
 real GDP in that country. We find clear evidence of causality from
 measured to hidden economic activity, but only weak evidence of causality
 in the reverse direction. This poses a dilemma for policy makers who wish
 to stimulate economic growth and also minimize the size of the 'tax gap'. 
Journal: Applied Economics Letters 
Pages: 63-67 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521835 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521835&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Baffes 
Author-X-Name-First: John 
Author-X-Name-Last: Baffes 
Title: Explaining stationary variables with non-stationary regressors 
Abstract:
  When variables included in an OLS regression are stationary, conventional
 statistical measures such as t-statistics and R2's - in addition to a
 priori information from economic theory - are the standard indicators used
 to assess the performance of the hypothesized model. However, if the
 variables under consideration are non-stationary, such conventional
 measures no longer have the usual interpretation. With recent developments
 in time-series analysis, namely cointegration, researchers are able to
 deal with models containing non-stationary variables effectively. A
 standard cointegration model, however, requires all variables included in
 the regression to be of the same order of integration. In this paper we
 consider a regression in which the dependent variable is integrated of
 order zero, I(0), while the explanatory variables are integrated of order
 one, I(1). Conventional statistical measures are inapplicable because the
 regressors are not stationary. On the other hand, cointegration statistics
 are inapplicable because the variables are not of the same order of
 integration. This letter proposes a methodology on how to evaluate the
 performance of such a model. 
Journal: Applied Economics Letters 
Pages: 69-75 
Issue: 1 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758521836 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521836&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Author-Name: Robert Faff 
Author-X-Name-First: Robert 
Author-X-Name-Last: Faff 
Title: A note on beta forecasting 
Abstract:
  The issue of beta forecasting is explored using Australian stock returns
 data. A simple market model is fitted to individual stock data over the
 period 1983 to 1987 and the beta estimated from this sample is used to
 forecast the market model beta over the period 1988 to 1992. It is found
 that a simple transformation of the initial period beta produces a
 forecast error which is remarkably close to the transformation which
 produces the minimum least squares forecast error. This suggests that the
 more complex forecasting techniques proposed in the literature may not be
 worth the additional computational effort. 
Journal: Applied Economics Letters 
Pages: 77-78 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526698 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526698&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Baimbridge 
Author-X-Name-First: Mark 
Author-X-Name-Last: Baimbridge 
Author-Name: Philip Whyman 
Author-X-Name-First: Philip 
Author-X-Name-Last: Whyman 
Title: Demand for religion in the British Isles 
Abstract:
  This paper analyses, for the first time, consumer preferences for
 religion within the British Isles. We examine the characteristics of the
 leading denominations on a cross-sectional basis for 1994 in relation to
 their membership. It is found that significant factors determining
 religious membership include the geographical location and period of
 foundation, specialized regional and ethnic indicators, attributes of
 ministers, whether 'established' or 'disestablished' and supply-side
 factors. These findings have repercussions on the future marketing of
 religion in an increasingly secular and multi-cultural society, together
 with the debate on the future of the established, or state, churches. 
Journal: Applied Economics Letters 
Pages: 79-82 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526699 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526699&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdur Chowdhury 
Author-X-Name-First: Abdur 
Author-X-Name-Last: Chowdhury 
Title: Margin requirements and stock market volatility in Thailand 
Abstract:
  The use of margin requirements as a potential policy tool for controlling
 sudden stock price changes and market volatility has attracted
 considerable attention in the developed stock markets. However, no
 consensus has emerged regarding the significance of the impact of changes
 in margin requirement of the stock market. The existing analyses are
 extended to test the impact of changes in margin requirements on stock
 prices in an emerging stock market. Using recent data from the Stock
 Exchange of Thailand, margin requirements are demonstrated to have an
 important impact on the behaviour of stock prices. Increases (decreases)
 in margin requirements usually lead to a downward (upward) trend in stock
 prices. An interesting aspect of the result is the apparently asymmetric
 nature of the response of stock prices to changes in margin requirements.
 The market appears to respond immediately and forcefully to a decrease in
 the margin requirements; whereas the response to an increase in margin
 requirements is much slower and weaker. 
Journal: Applied Economics Letters 
Pages: 83-87 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526700 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526700&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matiur Rahman 
Author-X-Name-First: Matiur 
Author-X-Name-Last: Rahman 
Author-Name: Muhammad Mustafa 
Author-X-Name-First: Muhammad 
Author-X-Name-Last: Mustafa 
Title: Dynamic linkages and Granger causality between short-term US corporate bond and stock markets 
Abstract:
  It is sought to investigate a possible long-run association and Granger
 causality between US stock and short-term corporate bond markets by
 applying the well-known cointegration and error-correction methodology.
 The unit root tests reveal that the rates of return from S&P 500 and
 short-term US corporate bond yields are non-stationary in levels. The ADF
 test finds them cointegrated at 1, 5 and 10% levels of significance. The
 estimated error-correction model confirms a long-run relationship between
 these two markets. The short-term US corporate bond market appears to
 Granger-cause the US stock market in the long run. Furthermore, there
 appears to be a two-way short-run Granger causality and reversible
 feedback between these two markets. 
Journal: Applied Economics Letters 
Pages: 89-91 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526701 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526701&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bill Woodland 
Author-X-Name-First: Bill 
Author-X-Name-Last: Woodland 
Author-Name: Linda Woodland 
Author-X-Name-First: Linda 
Author-X-Name-Last: Woodland 
Title: Efficiency in gambling markets involving spread: a corrected and simplified test 
Abstract:
  A correction is proposed for a test of market efficiency that is commonly
 applied to sports betting markets. Markets offering spread and totals
 wagers, such as football and basketball, typically employ the 'eleven for
 ten' betting rule. The previously established test statistic for
 profitability is positively biased, so it could lead researchers to a
 false rejection of the efficient markets hypothesis. 
Journal: Applied Economics Letters 
Pages: 93-95 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526702 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526702&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Rougier 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Rougier 
Title: A simple necessary condition for negativity in the almost ideal demand system with the Stone price index 
Abstract:
  A necessary condition is derived for negativity in the almost ideal
 demand system (AIDS) when used with the Stone price index. This condition
 is very simple and can be examined by a t-test on a single equation within
 the framework of ordinary least squares (OLS) estimation. 
Journal: Applied Economics Letters 
Pages: 97-99 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526703 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526703&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ram Mudambi 
Author-X-Name-First: Ram 
Author-X-Name-Last: Mudambi 
Title: A complete information index for measuring the proportionality of electoral systems 
Abstract:
  A crucial property of an electoral system is the manner in which it
 translates a vote distribution into a pattern of representation. Measures
 of this property are important in assessing the relative merits of
 differing electoral systems. Galeotti proposes one useful index (Galeotti,
 G., 1994, On proportional non-representation, Public Choice, 80, 359-70).
 However, it is argued that this index is informationally incomplete. A
 complete information index is proposed and shown to perform better in an
 illustration using data from Sicilian provincial elections. 
Journal: Applied Economics Letters 
Pages: 101-104 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526704 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526704&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kausik Chaudhuri 
Author-X-Name-First: Kausik 
Author-X-Name-Last: Chaudhuri 
Title: Stock returns in emerging markets: a common trend analysis 
Abstract:
  An empirical investigation is offered of the number of common trends in
 stock returns in seven Asian emerging markets. There is evidence of a
 single common trend. Following Kasa (Kasa, K., 1992, Common stochastic
 trends in international stock markets, Journal of Monetary Economics, 29,
 95-124) a measure is obtained of common trend and graphic evidence is
 provided in favour of market interdependence. 
Journal: Applied Economics Letters 
Pages: 105-108 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526705 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526705&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ercan Balaban 
Author-X-Name-First: Ercan 
Author-X-Name-Last: Balaban 
Author-Name: Kursat Kunter 
Author-X-Name-First: Kursat 
Author-X-Name-Last: Kunter 
Title: A note on the efficiency of financial markets in a developing country 
Abstract:
  Semi-strong efficiency in the stock market, the foreign exchange market
 and the interbank money market in Turkey is investigated by using the
 direct Granger causality tests. Significant deviations are reported from
 the efficient market hypothesis (EMH) with respect to changes in market
 liquidity in all these markets for the period of January 1989 to July
 1995. It is also found that these markets are pairwise interdependent.
 However, market liquidity cannot be predicted by using developments in the
 financial market. Possible implications for domestic and foreign investors
 and for monetary policy makers are discussed. 
Journal: Applied Economics Letters 
Pages: 109-112 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526706 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526706&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Cheng 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Cheng 
Author-Name: Robert Hsu 
Author-X-Name-First: Robert 
Author-X-Name-Last: Hsu 
Author-Name: Qiyu Chu 
Author-X-Name-First: Qiyu 
Author-X-Name-Last: Chu 
Title: The causality between fertility and female labour force participation in Japan 
Abstract:
  Applying Hsiao's version of the Granger causality method, an examination
 is carried out into the causality between fertility (BR) and female labour
 (FR) participation for Japan over the period 1950-1993. A unidirectional
 causality appears to run from BR to FR without feedback. The F-statistics
 show that fertility negatively affects female labour force participation
 but not vice versa. It appears that women's employment does not hinder the
 probability of having more children, but having small children at home
 strongly discourages them from seeking outside employment. 
Journal: Applied Economics Letters 
Pages: 113-116 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526707 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526707&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Derek Leslie 
Author-X-Name-First: Derek 
Author-X-Name-Last: Leslie 
Author-Name: Phil Murphy 
Author-X-Name-First: Phil 
Author-X-Name-Last: Murphy 
Title: Measuring discrimination by decomposing earnings functions 
Abstract:
  An unrecognized problem is examined in a frequently used method for
 decomposing earnings functions in the measurement of discrimination. The
 conventional method decomposes changes in the log of the geometric mean of
 the distribution, as opposed to the correct quantity, which is the change
 in the log of the arithmetic mean. Using the log of the geometric mean
 involves decomposing both changes in the mean and the spread of the
 distribution. But the mean and the spread of many earnings functions are
 subject to change, so it is not quite clear what this decomposition
 achieves. Two examples illustrate timewise and cross-sectional
 comparisons. 
Journal: Applied Economics Letters 
Pages: 117-120 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526708 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526708&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abbas Grammy 
Author-X-Name-First: Abbas 
Author-X-Name-Last: Grammy 
Author-Name: Djeto Assane 
Author-X-Name-First: Djeto 
Author-X-Name-Last: Assane 
Title: New Evidence on the effect of human capital on economic growth 
Abstract:
  We improve results of the Mankiw, Romer and Weil (1992) augmented
 neoclassical growth model by considering broader measures of human
 capital. Compared with the MRW results, our approach increases the
 explanatory power of the model and the speed of conditional income
 convergence. 
Journal: Applied Economics Letters 
Pages: 121-124 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526709 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526709&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Stochastic efficiency measurement: a new approach 
Abstract:
  A new method of measuring productive efficiency is proposed and
 empirically applied here, when the input output data are subject to random
 variations. This method is useful in applications of Farrell efficiency
 and data envelopment analysis. 
Journal: Applied Economics Letters 
Pages: 125-128 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526710 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526710&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Junsoo Lee 
Author-X-Name-First: Junsoo 
Author-X-Name-Last: Lee 
Title: Finite sample performance of Schmidt-Philips unit root tests 
Abstract:
  The finite sample performance is investigated for two versions of the
 Lagrange multiplier (LM) unit root tests. It is found that the correct
 size of the augmented tests is obtained at the expense of the power, while
 the reasonable power of the transformed tests reflects the size
 distortions under the null hypothesis. 
Journal: Applied Economics Letters 
Pages: 129-132 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526711 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526711&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ather Akbari 
Author-X-Name-First: Ather 
Author-X-Name-Last: Akbari 
Author-Name: Tomson Ogwang 
Author-X-Name-First: Tomson 
Author-X-Name-Last: Ogwang 
Title: The Canadian earnings functions under test 
Abstract:
  Many Canadian studies continue to use Mincer's basic post-schooling
 earnings function to analyse labour market earnings of individuals.
 Several policy recommendations are based on these analyses. The underlying
 assumptions in these studies are that the Mincer's specification of
 earnings model is correct and that the error terms of these models are
 normally distributed and homoscedastic. By performing several tests on
 four cross-sectional Canadian data sets ranging from 1981 to 1991, the
 present study confirms previous suggestions in literature that the
 standard Mincer specification of earnings model should not be adopted
 without testing. The hypotheses of a correctly specified functional form,
 and of the normality and homoscedasticity of errors, are rejected for all
 the data sets used in this study. These results question the validity of
 past policy recommendations based on Mincer type earnings functions in
 Canada. 
Journal: Applied Economics Letters 
Pages: 133-139 
Issue: 2 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758526712 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758526712&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Steeley 
Author-X-Name-First: James 
Author-X-Name-Last: Steeley 
Title: The implications of cointegration in financial markets: a comment 
Abstract:
  In this short paper, I show that the characterization of the efficient
 securities market in Wang (1995) is inconsistent with financial economic
 theory, and offer a theoretically consistent alternative. By contrast,
 under this alternative definition of an efficient market, the component
 securities cannot be cointegrated. 
Journal: Applied Economics Letters 
Pages: 141-143 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Ram Pillarisetti 
Author-X-Name-First: J. Ram 
Author-X-Name-Last: Pillarisetti 
Title: An empirical note on inequality in the world development indicators 
Abstract:
  A broad range of inequality measures is used to examine inter-country
 inequality in two highly correlated indicators of development, the per
 capita real income (Y) and the Human Development Index (HDI). The
 difference in the degree of inequality in Y and the HDI is found to be
 highly sensitive to the inequality index. Wolfson's index reflected high
 inter-country inequality in both Y and the HDI. Several other indexes also
 measured high inequality in Y and the HDI at varying levels. The entropy
 class of measures exhibited a high inequality in Y but negligible
 inequality in the HDI. 
Journal: Applied Economics Letters 
Pages: 145-147 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355393 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355393&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Magnus Johannesson 
Author-X-Name-First: Magnus 
Author-X-Name-Last: Johannesson 
Author-Name: Bengt Liljas 
Author-X-Name-First: Bengt 
Author-X-Name-Last: Liljas 
Author-Name: Richard O'Conor 
Author-X-Name-First: Richard 
Author-X-Name-Last: O'Conor 
Title: Hypothetical versus real willingness to pay: some experimental results 
Abstract:
  The aim of this study was to compare hypothetical and real willingness to
 pay (WTP) in an experimental setting by eliciting WTP for a private good,
 a box of chocolates. The experimental subjects were randomly divided into
 two groups. One group received an open-ended hypothetical WTP question and
 another group participated in a second-price auction with real payments.
 The mean WTP was SEK 89.50 (STD 75.37) in the hypothetical payment group
 and SEK 87.40 (STD 39.47) in the real payment group. The null hypothesis
 of no difference in the mean WTP between the groups could not be rejected. 
Journal: Applied Economics Letters 
Pages: 149-151 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355401 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355401&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stein Ostbye 
Author-X-Name-First: Stein 
Author-X-Name-Last: Ostbye 
Title: A real options approach to investment in factor demand models 
Abstract:
  A real options approach to investment is used to derive a new full static
 equilibrium condition for capital within the framework of a restricted
 variable cost function. Empirical evidence suggests that the use of the
 traditional equilibrium condition may be grossly misleading. 
Journal: Applied Economics Letters 
Pages: 153-157 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355410 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355410&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kavous Ardalan 
Author-X-Name-First: Kavous 
Author-X-Name-Last: Ardalan 
Title: The no-arbitrage condition and financial markets with heterogeneous and costly information 
Abstract:
  The explosion of the rational expectations equilibrium models in the
 finance literature has occurred when the perfect market assumption of
 homogeneous information is relaxed and prices play the role of aggregating
 and transmitting information in the financial market. This paper shows
 that the no-arbitrage condition in a financial market with heterogeneous
 and costly information is equivalent to the existence of a pricing
 operator. It is further shown that equilibrium prices in financial markets
 with heterogeneous and costly information are, in fact, equilibrium prices
 in a perfect market plus a certain factor. This paper then shows the
 functional relation between this certain factor and the form of the
 information-cost function. In this way, the results of Ross (1978), Gaman
 and Ohlson (1981), and Dermody and Prisman (1993) are extended to
 financial markets with heterogeneous and costly information. 
Journal: Applied Economics Letters 
Pages: 159-161 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355429 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355429&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Carneiro 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Carneiro 
Author-Name: Joao Faria 
Author-X-Name-First: Joao 
Author-X-Name-Last: Faria 
Title: Currency substitution and indexed money 
Abstract:
  The paper tests the hypothesis that the presence of indexed money may
 rule out a process of currency substitution in contexts of persistent high
 inflation. Estimates for the case of Brazil using monthly data for the
 period 1985 to 1993 and cointegration techniques offer support for that. 
Journal: Applied Economics Letters 
Pages: 163-166 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355438 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355438&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Walter Nonneman 
Author-X-Name-First: Walter 
Author-X-Name-Last: Nonneman 
Author-Name: Isabelle Cortens 
Author-X-Name-First: Isabelle 
Author-X-Name-Last: Cortens 
Title: A note on the rate of return to investment in education in Belgium 
Abstract:
  Internal rates on return to investment in higher secondary, university
 and non-university higher education in Belgium (1992) are presented.
 Private, social and fiscal returns are distinguished. Private and social
 returns are low for secondary education, but substantially higher than
 long-run returns of investment in physical capital. Returns for females
 are systematically higher than those for males. A remarkable finding is
 that social returns are higher than private returns, indicating a net-tax
 on educational investment rather than a net-subsidy. Fiscal returns are
 particularly high for tertiary education implying no reverse
 redistributive effects. 
Journal: Applied Economics Letters 
Pages: 167-171 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355447 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355447&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeffrey Waddoups 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Waddoups 
Author-Name: Djeto Assane 
Author-X-Name-First: Djeto 
Author-X-Name-Last: Assane 
Title: Duration and mobility of young male workers in a segmented labour market 
Abstract:
  This study analyses the notion that the length of spells in secondary
 segment employment inhibits mobility to primary segment employment.
 Findings for young male workers aged 20-25 detect the existence of such an
 effect with secondary segment hazard rates exhibiting negative duration
 dependence after three years of duration. 
Journal: Applied Economics Letters 
Pages: 173-176 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355456 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355456&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Knowles 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Knowles 
Title: Which level of schooling has the greatest economic impact on output? 
Abstract:
  An assessment is made of whether primary, secondary or tertiary education
 has the greatest impact on national income. An aggregate production
 function is estimated for a cross-section of 77 countries which
 disaggregates the labour force on the basis of the highest level of
 schooling attained. The results imply that for both high-income and less
 developed countries the marginal product of labour increases with each
 successive level of schooling. Tertiary education has the greatest
 economic impact. 
Journal: Applied Economics Letters 
Pages: 177-180 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355465 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355465&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Atanu Saha 
Author-X-Name-First: Atanu 
Author-X-Name-Last: Saha 
Author-Name: Oral Capps 
Author-X-Name-First: Oral 
Author-X-Name-Last: Capps 
Author-Name: Patrick Byrne 
Author-X-Name-First: Patrick 
Author-X-Name-Last: Byrne 
Title: Calculating marginal effects in dichotomous - continuous models 
Abstract:
  In many economic settings, individual decisions can be viewed as a
 sequential process where a dichotomous choice is followed by a continuous
 choice. These processes are frequently encountered in consumption demand
 studies, where the decision of whether or not to consume a particular
 commodity is followed by the choice of how much to consume. The Heckman
 two-step approach has been extensively used in estimating these models.
 Expressions are derived for calculating marginal effects of regressors in
 dichotomous-continuous models. It is proposed that the marginal effect
 expressions are incomplete in almost all consumption demand studies that
 use the Heckman approach. In dichotomous-continuous models, a change in an
 explanatory variable that is common to both stages of the decision process
 has two effects: (1) it affects the likelihood of whether the commodity
 will be consumed; and (2) if the commodity is consumed, it affects the
 expenditure on that commodity. The first effect has so far been omitted
 from applied demand studies. The correct marginal effect expressions are
 derived for single-commodity and multiple-commodity demand models. An
 application to consumption survey data on 12 food commodities shows that
 erroneous marginal effect expressions can introduce substantial bias in
 demand elasticity estimates. 
Journal: Applied Economics Letters 
Pages: 181-185 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355474 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355474&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michel Normandin 
Author-X-Name-First: Michel 
Author-X-Name-Last: Normandin 
Title: Precautionary saving and the Deaton paradox 
Abstract:
  The Deaton paradox implies that the permanent income hypothesis (PIH)
 under certainty equivalence is rejected because observed consumption is
 excessively smooth. It is shown how several reasonable parametrization of
 the PIH under precautionary saving imply that consumption is smoother than
 labour income and that the relative smoothness matches that found in the
 data. 
Journal: Applied Economics Letters 
Pages: 187-190 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355483 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355483&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:4:y:1997:i:3:p:187-190




Template-Type: ReDIF-Article 1.0
Author-Name: Weiren Wang 
Author-X-Name-First: Weiren 
Author-X-Name-Last: Wang 
Title: Tobit analysis with a natural non-response rate 
Abstract:
  A Tobit model is considered with a natural non-response rate. The model
 features simultaneous determination of the standard Tobit model and a
 natural non-response rate. An example on the determinants of extramarital
 affairs is used to illustrate the method. The natural non-response rate is
 shown to be statistically significant in this example. 
Journal: Applied Economics Letters 
Pages: 191-194 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355492 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355492&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jakob Brochner Madsen 
Author-X-Name-First: Jakob Brochner 
Author-X-Name-Last: Madsen 
Title: Tests of the Lucas supply curve with price expectational data 
Abstract:
  The Lucas supply curve is tested using EEC price expectational data. The
 tests failed to find any evidence of a positively sloped aggregate supply
 curve due to worker and producer misperception. 
Journal: Applied Economics Letters 
Pages: 195-197 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355500 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355500&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lourens Broersma 
Author-X-Name-First: Lourens 
Author-X-Name-Last: Broersma 
Title: Competition between employed and unemployed job searchers: is there a difference between the UK and The Netherlands? 
Abstract:
  In this paper We investigate whether there is a difference between
 competition between unemployed and employed job searchers in flexible and
 rigid labour markets. Comparing the results for the more or less flexible
 labour market in the UK with the rigid labour market in The Netherlands,
 we find remarkably similar results. 
Journal: Applied Economics Letters 
Pages: 199-203 
Issue: 3 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355519 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355519&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Hart 
Author-X-Name-First: Peter 
Author-X-Name-Last: Hart 
Author-Name: Nicholas Oulton 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Oulton 
Title: Zipf and the size distribution of firms 
Abstract:
  Based on a sample of 50441 independent UK companies of all sizes covering
 all sectors of the UK economy, the size distribution of companies is close
 to lognormal, even though the hypothesis of lognormality can be rejected
 statistically. A Zipf plot shows that the Pareto distribution is a poor
 fit to the upper 5% tail. 
Journal: Applied Economics Letters 
Pages: 205-206 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518494 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518494&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence Leger 
Author-X-Name-First: Lawrence 
Author-X-Name-Last: Leger 
Title: UK investment trusts: performance, timing and selectivity 
Abstract:
  GLS estimation with correction for autocorrelation is used to examine the
 performance of 72 UK Investment Trusts in four non-overlapping five-year
 samples, 1974 to 1993, using measures of 'timing', and 'selectivity'.
 Abnormal performance on both indicators is found to be weak, with very
 little persistence. Patterns of significant selectivity and timing are
 found to reverse after the first period. Negative timing performance is
 found for around one third of trusts in the last three sample periods, and
 strong negative correlations are observed between timing and selectivity
 for all periods. Various interpretations of these findings are given. 
Journal: Applied Economics Letters 
Pages: 207-210 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518495 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518495&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ananda Weliwita 
Author-X-Name-First: Ananda 
Author-X-Name-Last: Weliwita 
Author-Name: Ramu Govindasamy 
Author-X-Name-First: Ramu 
Author-X-Name-Last: Govindasamy 
Title: Determinants of farmland prices in the north-eastern United States: a cointegration analysis 
Abstract:
  We examine the determinants of land prices in the north-eastern United
 States by applying Johansen and Juselius maximum-likelihood cointegration
 procedure to two recent land price models. The results suggest that there
 is an equilibrium relationship between real land price and real gross farm
 income, inflation rate, interest rate, and land area. We found that both
 real and nominal interest rates are cointegrated with land prices. These
 findings support recent suggestions that interest rate plays a more
 significant role in determining land prices than previously thought. 
Journal: Applied Economics Letters 
Pages: 211-214 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518496 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518496&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shujie Yao 
Author-X-Name-First: Shujie 
Author-X-Name-Last: Yao 
Title: A modified matrix for policy analysis on production diversification for Thai agriculture 
Abstract:
  A modified policy analysis matrix is developed to study the costs and
 benefits of crop production in Thailand. Government intervention in
 production diversification is assessed with alternative indicators of
 comparative advantages. It suggests that intervention may be socially
 undesirable but there are exceptional cases, especially when economic
 externality exists. 
Journal: Applied Economics Letters 
Pages: 215-218 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518497 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518497&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkan Erdil 
Author-X-Name-First: Erkan 
Author-X-Name-Last: Erdil 
Title: A test of wage leadership hypothesis in Turkish manufacturing industry 
Abstract:
Journal: Applied Economics Letters 
Pages: 219-223 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518498 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518498&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Faruk Se&#x13c;uk 
Author-X-Name-First: Faruk 
Author-X-Name-Last: Se&#x13c;uk 
Title: GMM estimation of currency substitution in a high-inflation economy: evidence from Turkey 
Abstract:
  This paper shows that currency substitution is a first-order importance
 in a high inflation economy like Turkey. A money-in-the-utility function
 model is estimated and tested using Hansen's Generalized Method of Moments
 procedure. The results show that elasticity of substitution between the
 Turkish Lira and the US dollar is high and statistically significant. The
 estimate of the share of foreign balances in producing domestic money
 services is considerably large and statistically significant. 
Journal: Applied Economics Letters 
Pages: 225-227 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518499 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518499&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rodolfo Nayga 
Author-X-Name-First: Rodolfo 
Author-X-Name-Last: Nayga 
Title: Obesity and heart disease awareness: a note on the impact of consumer characteristics using qualitative choice analysis 
Abstract:
  This note examines the impact of socio-economic and demographic factors
 on the likelihood that an individual is aware of the link between being
 overweight and heart disease. Results indicate that nonwhites, lower
 educated individuals, and those with lower income are less likely to be
 aware of the link between being overweight and heart disease. Considering
 the extent of the obesity problem in the United States, these results
 should be used as a guide in the design of food policy and health
 education campaigns about obesity and heart disease. 
Journal: Applied Economics Letters 
Pages: 229-231 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518500 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518500&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alex Lammertsma 
Author-X-Name-First: Alex 
Author-X-Name-Last: Lammertsma 
Author-Name: Kees Koedijk 
Author-X-Name-First: Kees 
Author-X-Name-Last: Koedijk 
Author-Name: Clemens Kool 
Author-X-Name-First: Clemens 
Author-X-Name-Last: Kool 
Title: The evidence on international output-inflation trade-off: an evaluation 
Abstract:
  Combining and processing the information in ten previously published
 studies, we analyse the Lucas variability hypotheses. When adequate
 account is taken of structural differences between developing and
 developed countries, the prediction of the Lucas model that higher nominal
 demand variability leads to a lower inflation-output trade-off must be
 rejected for the group of developed countries. This does not imply that
 developed countries can use active demand policies without deteriorating
 their short-run inflation-output trade-off. More realistically, the result
 suggests that nominal demand variability is an inadequate indicator of
 demand shocks for the group of developed countries. This may be due to
 relatively low inflation levels and variability in the developed
 countries. For the developing countries where nominal (inflationary)
 shocks dominate, this may be less of a problem. 
Journal: Applied Economics Letters 
Pages: 233-236 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518501 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518501&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Hasan 
Author-X-Name-First: Mohammad 
Author-X-Name-Last: Hasan 
Author-Name: Ian Lincoln 
Author-X-Name-First: Ian 
Author-X-Name-Last: Lincoln 
Title: Tax then spend or spend then tax? Experience in the UK, 1961-93 
Abstract:
  Using a hybrid of cointegration theory and Granger-Akaike's synthesis of
 modelling strategy, we have reexamined the causal relationship between tax
 revenue and government spending in the UK in a cointegrated VAR model. The
 results are indicative of a bi-directional causality between revenue and
 spending. 
Journal: Applied Economics Letters 
Pages: 237-239 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518502 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518502&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan Speight 
Author-X-Name-First: Alan 
Author-X-Name-Last: Speight 
Author-Name: David McMillan 
Author-X-Name-First: David 
Author-X-Name-Last: McMillan 
Title: Are there asymmetries in UK consumption? A closer look 
Abstract:
  This letter reappraises some recently reported tests for asymmetries in
 UK consumers' expenditure relative to trend. In particular, we consider
 the disaggregation of consumers' expenditure into broad categories of
 durable and non-durable goods and services, and according to 13 specific
 consumption categories. We also consider the sensitivity of test results
 to alternative detrending methods; namely Hodrick-Prescott filtering and
 structural time series modelling. We find that previous consideration of
 total consumers expenditure alone masks an important difference in the
 properties of expenditure across the durable/non-durable distinction,
 durables exhibiting significant asymmetric 'steepness' which is robust to
 the method of detrending, while non-durables exhibit significant
 'deepness' under Hodrick-Prescott detrending but not structural time
 series trend modelling. 
Journal: Applied Economics Letters 
Pages: 241-245 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518503 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518503&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. A. Salisu 
Author-X-Name-First: M. A. 
Author-X-Name-Last: Salisu 
Author-Name: V. N. Balasubramanyam 
Author-X-Name-First: V. N. 
Author-X-Name-Last: Balasubramanyam 
Title: Income and price elasticities of demand for alcoholic drinks 
Abstract:
  This paper provides estimates of income and price elasticities of demand
 for beer, wine and spirits in the UK and utilizes these elasticities to
 estimate the impact of the increase in tax rates, announced by the
 Chancellor in his revised November 1994 budget, on total tax revenues. The
 estimates of additional tax revenues based on our model are lower than
 those expected by the Chancellor. The results reported in this paper
 suggest that if the Chancellor were to realize the revenues he expects
 from taxation of alcoholic drinks he would have to increase the tax rates
 on wine and lower those on beer and spirits. 
Journal: Applied Economics Letters 
Pages: 247-251 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518504 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518504&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Terence Mills 
Author-X-Name-First: Terence 
Author-X-Name-Last: Mills 
Author-Name: Gianluigi Pelloni 
Author-X-Name-First: Gianluigi 
Author-X-Name-Last: Pelloni 
Author-Name: Athina Zervoyianni 
Author-X-Name-First: Athina 
Author-X-Name-Last: Zervoyianni 
Title: Unemployment Fluctuations in the UK: 1958-92 
Abstract:
  This paper presents estimates of a reduced-form unemployment equation for
 the UK using annual data from 1958 to 1992. It extends previous work by
 using modern time series econometrics, by focusing on variables that bring
 about fluctuations around the natural rate as well as variables that
 determine it, and by using a measure of sectoral reallocation purged of
 demand influences. The resulting equation has stable parameters which are
 readily interpretable in terms of the underlying theories of unemployment
 fluctuations. 
Journal: Applied Economics Letters 
Pages: 253-255 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518505 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518505&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Taijfiq Choudhry 
Author-X-Name-First: Taijfiq 
Author-X-Name-Last: Choudhry 
Title: Cointegration analysis of the inverted Fisher effect: evidence from Belgium, France and Germany 
Abstract:
  This paper investigates the inverted Fisher effect in Belgium, France and
 Germany during 1955-94 using the cointegration method. Cointegration tests
 of two different null hypotheses, cointegration and no cointegration, are
 applied. Little support is found for the inverted Fisher effect. 
Journal: Applied Economics Letters 
Pages: 257-260 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518506 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518506&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. W. Mui 
Author-X-Name-First: H. W. 
Author-X-Name-Last: Mui 
Author-Name: M. M. Ali 
Author-X-Name-First: M. M. 
Author-X-Name-Last: Ali 
Title: Economic analysis of crime and punishment: an Asian case 
Abstract:
  In this paper, we have investigated the deterrent effects of sanctions
 and severity of punishment on crime rates based on the experience of Hong
 Kong. The effects of socio-economic variables such as unemployment rate,
 poverty, number of illegal immigrants, and total population on crime rates
 are also studied. Criminal behaviour is analysed using a utility theoretic
 framework and criminals are viewed as rational economic agents. Annual
 data of all categories of crimes committed in Hong Kong from 1972 to 1992
 are used to estimate the parameters. In contrast to societies with a
 European culture, we have found that the crime rates experienced in an
 Asian city are quite different. 
Journal: Applied Economics Letters 
Pages: 261-265 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518507 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518507&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amresh Hanchate 
Author-X-Name-First: Amresh 
Author-X-Name-Last: Hanchate 
Author-Name: K. V. Ramaswamy 
Author-X-Name-First: K. V. 
Author-X-Name-Last: Ramaswamy 
Title: New agricultural technology, timeliness and wages for labour: a longitudinal study of rural wages in India 
Abstract:
  While there is widespread agreement that the spread of new technology
 crops in India since the mid-1960s has affected rural wages, there is
 considerable disagreement over the nature of this effect. The existing
 literature has posed this problem in a demand-supply framework - with a
 rise in agricultural wages ascribed to increased labour demand caused by
 this technology change, and stagnant or falling wages attributed to labour
 supply growth outstripping labour demand. In this paper we reconsider this
 issue in a modified framework. Within a competitive demand-supply
 framework we add another aspect of production technology that is
 idiosyncratic to agriculture, namely, sensitivity of yields to timing of
 farm operations (say, planting date). It is common knowledge that
 mistiming can cause substantial yield loss. In a competitive labour market
 this causes greater impatience on the farmers' part. They are willing to
 pay a higher wage rather than risk loss of yield. As newer technology
 crops tend to be more time sensitive, this puts an upward pressure on
 wages. In this paper we test this hypothesis using annual state-level data
 from India for the period 1970-85. Delineating the demand-supply effect of
 new technology on wages from that of the timeliness effect, we indeed find
 supportive evidence for the above hypothesis. 
Journal: Applied Economics Letters 
Pages: 267-270 
Issue: 4 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758518508 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758518508&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nasser Daneshvary 
Author-X-Name-First: Nasser 
Author-X-Name-Last: Daneshvary 
Author-Name: William Luksetich 
Author-X-Name-First: William 
Author-X-Name-Last: Luksetich 
Title: Income sources and declared charitable tax deductions 
Abstract:
  Within the framework of traditional economic theory a charitable
 contribution is considered a consumption good. As such, the demand for
 giving is affected by changes in the price of giving and current income.
 Moreover, changes in wealth, expected future income, and 'habits' may
 affect giving. Previous empirical studies of giving have not considered
 the possibility of the impact that donor's wealth might have on giving.
 One way of accounting for such possible effect is to include various
 sources of donor's income in the demand function. Using the Internal
 Revenue Service Individual Tax Model Files and a dynamic econometric model
 of charitable giving, we estimate demand for giving for various income
 groups and examine impacts of various income sources on giving. The
 findings indicate that the higher the share of wages and dividends in
 disposable income, the higher the amount of giving. The amount of giving
 is lower when the share of interest, capital gain, or pension income is
 higher. 
Journal: Applied Economics Letters 
Pages: 271-274 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532591 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532591&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Paul Leigh 
Author-X-Name-First: J. Paul 
Author-X-Name-Last: Leigh 
Author-Name: Deborah Lubeck 
Author-X-Name-First: Deborah 
Author-X-Name-Last: Lubeck 
Author-Name: Paul Farnham 
Author-X-Name-First: Paul 
Author-X-Name-Last: Farnham 
Author-Name: James Fries 
Author-X-Name-First: James 
Author-X-Name-Last: Fries 
Title: Absenteeism and HIV infection 
Abstract:
  We sought to determine whether employed patients with HIV infection
 reported more days unable to work than similar patients without HIV
 infection. We did not consider whether HIV infection resulted in job loss.
 Cross-sectional data on 884 employed patients from five physician-sites in
 California were drawn from the AIDS Time-Oriented Health Outcome Study
 (ATHOS). An econometric 2-part model with a number of covariates including
 age, race, education, and an instrumental variable reflecting the
 probability of any employment was constructed to provide a comparison
 between three categories of patients, HIV -negative; HIV positive but not
 yet AIDS; and AIDS. The results suggested no statistically significant
 difference between the comparison patients (HIV -negative) and the
 patients with HIV but not AIDS for days unable to work. Employed patients
 with AIDS, however, reported roughly 5.1 (one week) more days unable to
 work out of the prior three months than either the comparison patients or
 the patients with HIV infection but not AIDS. 
Journal: Applied Economics Letters 
Pages: 275-280 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532592 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532592&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Giles 
Author-X-Name-First: David 
Author-X-Name-Last: Giles 
Title: The hidden economy and tax-evasion prosecutions in New Zealand 
Abstract:
  We consider non-stationary time-series data for the size of the hidden
 economy and for tax-related prosecutions in New Zealand. The two series
 are found to be cointegrated, and there is strong evidence of Granger
 causality from prosecutions to hidden activity. There is no significant
 evidence of reverse causality. 
Journal: Applied Economics Letters 
Pages: 281-285 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532593 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532593&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. David Walls 
Author-X-Name-First: W. David 
Author-X-Name-Last: Walls 
Title: Increasing returns to information: evidence from the Hong Kong movie market 
Abstract:
  We examine a sample of 300 movies that appeared on the top-10 charts in
 Hong Kong. We apply an empirical test proposed by Ijiri and Simon (1974)
 and find that movie revenues in the territory of Hong Kong are consistent
 with the hypothesis of increasing returns to information. This empirical
 result confirms the results of De Vany and Walls (1996) who found evidence
 of increasing returns to information in their analysis of movie data from
 the US Top-50 charts. 
Journal: Applied Economics Letters 
Pages: 287-290 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532594 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532594&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pingsun Leung 
Author-X-Name-First: Pingsun 
Author-X-Name-Last: Leung 
Author-Name: Walter Miklius 
Author-X-Name-First: Walter 
Author-X-Name-Last: Miklius 
Title: Demand for nutrition vs. demand for tastes 
Abstract:
  This paper extends the analyses by Silberberg (1985) of the relationship
 between the expenditures for food to satisfy nutritional requirements and
 the expenditures to satisfy the desire for tastes using alternative
 estimates of the minimum cost or technically efficient diet. The
 hypothesis originally tested by Silberberg is retested by following his
 procedure for estimating the minimum cost diet but using data supplied by
 the 1977-78 Food Consumption Survey in Hawaii. The results are roughly
 consistent with the hypothesis, i.e., if the lowest income group is
 excluded, the ratio of actual food expenditures to the minimum cost diet
 rises with increase in household incomes. However, an argument could be
 made that the procedure used by Silberberg in estimating the minimum cost
 or technically efficient diets did not satisfactorily separate the
 expenditures for nutrition from the expenditures to satisfy the demand for
 tastes. We, therefore, re-estimated the hypothesis with the minimum cost
 diet which satisfies Recommended Daily Allowances (RDAs). We find that the
 results again are consistent with the hypothesis but the effect of changes
 in income on food expenditures to satisfy tastes is relatively small. It
 is argued elsewhere that the technology (as embodied in available recipes)
 is not available to convert all nutrients contained in a typical minimum
 cost diet into palatable meals. Therefore, the minimum cost diet estimated
 by optimizing over the raw foods is not feasible and, therefore, is not an
 appropriate measure of how cheaply the demand for nutrition could be
 satisfied. We retested the Silberberg's hypothesis using the 'feasible'
 minimum cost diet estimated by optimizing over those bundles of foods that
 represent reasonably popular meal recipes. Using this procedure, it is
 estimated that about 60% of the food expenditures were to satisfy the
 demand for tastes versus about 70% obtained using Silberberg's procedure. 
Journal: Applied Economics Letters 
Pages: 291-295 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532595 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532595&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zainudin Arsad 
Author-X-Name-First: Zainudin 
Author-X-Name-Last: Arsad 
Author-Name: J. Andrew Coutts 
Author-X-Name-First: J. Andrew 
Author-X-Name-Last: Coutts 
Title: The trading month anomaly in the Financial Times Industrial Ordinary Shares Index: 1935-1994 
Abstract:
  In this paper we employ a large sample of daily returns from the
 Financial Times Industrial Ordinary Shares Index to investigate the
 existence of the 'trading month' effect or the 'turn-of-the-month' effect.
 We tentatively conclude that a trading month effect is present, but that
 this effect exists for a much shorter period than has been documented by
 previous studies both for the US and the UK. Finally, we also document
 evidence which lends support to the information release hypothesis of
 French (1980). 
Journal: Applied Economics Letters 
Pages: 297-299 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532596 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532596&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Title: Does the Chinese official CPI underestimate inflation? 
Abstract:
  This paper examines the behaviour of the Chinese official CPI relative to
 a market-based index. The empirical results indicate that the official
 index underestimates the actual inflation rate and that the bias is
 time-varying. The biasedness of the official index is attributed to covert
 price rises induced by the presence of price controls and quantity
 rationing. 
Journal: Applied Economics Letters 
Pages: 301-304 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532597 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532597&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kon Lai 
Author-X-Name-First: Kon 
Author-X-Name-Last: Lai 
Title: On the disparate evidence on trend stationarity in inflation rates: a reappraisal 
Abstract:
  Conflicting findings on stationarity in inflation have been reported in
 different economic literatures. This study attempts to reconcile the
 disparate findings and provides alternative international evidence on
 stationarity in inflation. Empirical results show that when a new,
 powerful unit-root test is applied, strong and consistent evidence of
 stationarity can be found in monthly inflation rates. The results further
 show that the use of different data frequencies and different price
 indices to measure inflation, as in prior studies, may also affect test
 results and lead to disparities in findings on stationarity. 
Journal: Applied Economics Letters 
Pages: 305-309 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532598 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532598&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Timothy Hylan 
Author-X-Name-First: Timothy 
Author-X-Name-Last: Hylan 
Author-Name: Maureen Lage 
Author-X-Name-First: Maureen 
Author-X-Name-Last: Lage 
Author-Name: Michael Treglia 
Author-X-Name-First: Michael 
Author-X-Name-Last: Treglia 
Title: Institutional change and invariance of behaviour in Major League Baseball 
Abstract:
  The invariance interpretation of the Coase Theorem is examined using the
 mobility behaviour of all offensive players (hitters) in Major League
 Baseball (MLB) who played from 1949 to 1992. Results indicate that while
 the institution of the rookie draft did not affect the mobility of
 players, the mobility of players was altered under free agency. In
 addition, the period of free agency witnessed mobility behaviours of
 veteran players which was unlike that mobility under the guidance of
 owners. 
Journal: Applied Economics Letters 
Pages: 311-314 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532599 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532599&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hans-Jurgen Engelbrecht 
Author-X-Name-First: Hans-Jurgen 
Author-X-Name-Last: Engelbrecht 
Title: International R&D spillovers amongst OECD economies 
Abstract:
  Theories of endogenous growth have recently explored the role of
 international R&D spillovers. This study extends Coe and Helpman's model
 (Coe, D. T. and Helpman, E., 1995, International R&D spillovers, European
 Economic Review, 39, 859-87) allowing for country-specific spillover
 effects using interactive dummy variables, by netting out the impact of
 productivity catch-up, and by including a business cycle variable. The
 empirical results suggest a diverse picture. For some countries, e.g. the
 USA, Canada and West Germany, recent spillovers seem to have a negative
 impact on TFP. Hypotheses are suggested to explain the results. 
Journal: Applied Economics Letters 
Pages: 315-319 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532600 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532600&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Title: Effects of devaluation on income distribution 
Abstract:
  Few studies in the literature have argued that inflationary effects of
 devaluation redistribute income from workers to producers. By using
 cross-sectional data from 24 countries, this paper provides an empirical
 support for the theoretical arguements that indeed, devaluations have
 unequalizing effects on income distribution. 
Journal: Applied Economics Letters 
Pages: 321-323 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532601 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532601&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Owain Ap Gwilym 
Author-X-Name-First: Owain Ap 
Author-X-Name-Last: Gwilym 
Author-Name: Mike Buckle 
Author-X-Name-First: Mike 
Author-X-Name-Last: Buckle 
Title: Forward/forward volatilities and the term structure of implied volatility 
Abstract:
  Forward/forward volatility derived from options' implied volatilities is
 a measure of the market's expectation of future volatility. We examine the
 factors affecting forward/forward volatility and present evidence of its
 predictive performance based on FTSE100 index options. 
Journal: Applied Economics Letters 
Pages: 325-328 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532602 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532602&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francis In 
Author-X-Name-First: Francis 
Author-X-Name-Last: In 
Author-Name: Chris Doucouliagos 
Author-X-Name-First: Chris 
Author-X-Name-Last: Doucouliagos 
Title: Human capital formation and US economic growth: a causality analysis 
Abstract:
  In this paper, Granger causality tests are applied to a new data set on
 human capital formation and US private sector GDP. The study is the first
 to test for causality between human capital formation and economic growth.
 It employs an error correction mechanism and is estimated through
 canonical cointegration regression. The results show strong evidence of
 casuality from human capital formation to private sector GDP and vice
 versa. 
Journal: Applied Economics Letters 
Pages: 329-331 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532603 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532603&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. Cameron 
Author-X-Name-First: S. 
Author-X-Name-Last: Cameron 
Title: Marital instability and business start-up rates 
Abstract:
  Inspired by the work of Becker, economists have produced a voluminous
 literature on divorce. This is almost completely devoid of any reference
 to macroeconomic effects. The bulk of it examines the determinants of
 separation. This paper explores one such macroeconomic effect; the impact
 of divorce on small business start-ups. The route through which it exerts
 this influence is the housing market. Housing is an important component of
 wealth for the majority of households. Divorce can have a dramatic impact
 on the value of investment in housing available to an individual (see
 Davis et al., 1992); for example, an individual may be nominally the owner
 of a house yet be forced, by the courts, to relinquish it for a former
 partner. This is a sharp change in wealth holdings which must surely
 influence major capital commitments. Given recent work on consumer
 durables and housing (Carruth and Henley, 1992) one might expect divorce
 to impact on durable spending, but this important aspect to aggregate
 demand has not been investigated. Nor has the influence on aggregate
 supply through its effect on the formation of new firms been examined.
 There is thus considerable scope for analysis of the impact of divorce on
 aggregate demand and supply. This paper focuses exclusively on the latter.
 It adapts some models from the emerging literature on the formation of new
 firms and applies these to data at county level for England and Wales. The
 estimated equations indicate that divorce has a negative and significant
 impact on the rate of small business start-ups. 
Journal: Applied Economics Letters 
Pages: 333-335 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532604 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532604&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Kelley Pace 
Author-X-Name-First: R. Kelley 
Author-X-Name-Last: Pace 
Author-Name: Ronald Barry 
Author-X-Name-First: Ronald 
Author-X-Name-Last: Barry 
Title: Fast spatial estimation 
Abstract:
  Spatial estimators usually provide lower prediction errors than their
 aspatial counterparts. However, most of the standard techniques require a
 large number of operations. Fortunately, for a given observation only a
 relatively small number of nearby observations typically exhibit
 correlated errors. This means that most of the elements of the n by n
 spatial matrices are zero. The use of sparse matrix techniques can
 dramatically lower storage requirements and reduce execution times. In
 addition, adopting a first differencing model allows the use of GLS which
 avoids the necessity of evaluating an n by n determinant. This also
 greatly reduces computational costs. 
Journal: Applied Economics Letters 
Pages: 337-341 
Issue: 5 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758532605 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758532605&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kamal Upadhyaya 
Author-X-Name-First: Kamal 
Author-X-Name-Last: Upadhyaya 
Author-Name: Dharmendra Dhakal 
Author-X-Name-First: Dharmendra 
Author-X-Name-Last: Dhakal 
Title: Devaluation and the trade balance: estimating the long run effect 
Abstract:
  This study tests the effectiveness of devaluation on the trade balance in
 eight developing countries from Asia, Europe, Africa and Latin America. A
 unique and new methodology is used to estimate the long run effect of
 devaluation on the trade balance. The estimated results suggest that
 devaluation, in general, does not improve the trade balance in the long
 run. In some cases it even had a perverse effect. 
Journal: Applied Economics Letters 
Pages: 343-345 
Issue: 6 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355276 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355276&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Cellini 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Cellini 
Title: Growth empirics: evidence from a panel of annual data 
Abstract:
  The paper shows that the use of annual data pooled into a panel of
 several countries can be a good choice for analysing the properties of
 long-term economic growth. Of course, an appropriate regression
 specification must be considered, to account for the short-run components
 of such high frequency data. The results point out that conditional
 convergence is important, as well as physical capital accumulation, in
 growth process; the human capital accumulation, on the contrary, appears
 to be no longer significant when country fixed-effects are accounted for.
 More importantly, the estimates are consistent with very plausible values
 of the input shares. 
Journal: Applied Economics Letters 
Pages: 347-351 
Issue: 6 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355285 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355285&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Giuliana Parodi 
Author-X-Name-First: Giuliana 
Author-X-Name-Last: Parodi 
Title: Trade Union Congress Policy towards union mergers: a statistical analysis, 1960-83 
Abstract:
  This letter extends Elgar and Simpson's (1994) analysis on the working of
 the Bridlington Principles to the analysis of the working of TUC voluntary
 policy with respect to mergers among affiliated unions over the period
 1960-83. Univariate analysis is applied to microdata to investigate the
 effectiveness of voluntary policy on mergers with respect both to the
 implementation and to the achievement of the underlying objectives of the
 policy. The results of the tests clearly show the achievement of the
 implementation of the policy in terms of when and how mergers occurred and
 the achievement of the policy objective of rationalizing the structure of
 affiliated unions; the results of the tests about the achievement of the
 policy objective of reducing competition for membership among affiliated
 unions are less conclusive. The results of our analysis on mergers broadly
 confirm Edgar and Simpson's results about the effectiveness of TUC
 voluntary policies. 
Journal: Applied Economics Letters 
Pages: 353-358 
Issue: 6 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355294 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355294&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Giles 
Author-X-Name-First: David 
Author-X-Name-Last: Giles 
Author-Name: Andrea Keil 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Keil 
Title: Applying the RESET test in allocation models: a cautionary note 
Abstract:
  Some of the issues which arise if the RESET test is used to validate the
 functional form of the equations in an allocation model are discussed. The
 simple application of this test, equation, by equation, is inappropriate
 on various grounds. The appropriate formulation of the RESET test in a
 full systems context requires care. This is discussed and illustrated with
 Engel curves for expenditure on alcoholic beverages in Australia. The same
 principles apply to other 'variable addition tests' used in econometrics. 
Journal: Applied Economics Letters 
Pages: 359-363 
Issue: 6 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355302 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355302&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Byung-Joo Lee 
Author-X-Name-First: Byung-Joo 
Author-X-Name-Last: Lee 
Author-Name: Mary Lee 
Author-X-Name-First: Mary 
Author-X-Name-Last: Lee 
Title: Generalized method of moment estimation of truncated or censored regression 
Abstract:
  This paper proposes the generalized method of moment estimation of
 truncated or censored regression model, and applies this procedure to the
 recreational demand model estimation. In a typical limited dependent
 variable regression, the conditional mean of error distribution is no
 longer zero. However, by symmetric trimming of error distribution, we can
 obtain zero conditional mean, and the orthogonality conditions for GMM
 estimation. Travel cost model (TOM) is estimated using the symmetrically
 trimmed GMM estimation. Bootstrap is used to simulate the finite sample
 distribution of GMM estimates. 
Journal: Applied Economics Letters 
Pages: 365-368 
Issue: 6 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355311 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355311&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hakan Berument 
Author-X-Name-First: Hakan 
Author-X-Name-Last: Berument 
Title: Financing divided governments 
Abstract:
  This paper finds that when the Congress and Presidency are controlled by
 the different political parties in the USA the creation of the seigniorage
 revenue to finance spending is not higher than when those two branches are
 controlled by the same party. However, the hypothesis that the creation of
 seigniorage revenue was lower during the period when the country had a
 fixed exchange rate regime was partially supported. 
Journal: Applied Economics Letters 
Pages: 369-372 
Issue: 6 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355320 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355320&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Baimbridge 
Author-X-Name-First: Mark 
Author-X-Name-Last: Baimbridge 
Author-Name: Philip Whyman 
Author-X-Name-First: Philip 
Author-X-Name-Last: Whyman 
Title: Institutional macroeconomic forecasting performance of the UK economy 
Abstract:
  The accuracy of short-run macroeconomic forecasts for the UK economy is
 analysed by examining institutional, human capital and model-based
 factors. It is found that members of the Chancellor's panel of independent
 forecasters have a superior performance than other institutions, whilst
 the higher education sector and research/consultancy organizations have
 detrimental records. Additionally, non-monotonic relationships are found
 for the number of economists contributing to the forecast and the number
 of equations within the model. Moreover, with respect to the mean number
 of these factors currently employed by organizations in the sample,
 economies of scale exist in forecast accuracy. However, the attainment of
 a doctorate and the number of variables utilized reduce forecast accuracy. 
Journal: Applied Economics Letters 
Pages: 373-376 
Issue: 6 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355339 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355339&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yasushi Ohkusa 
Author-X-Name-First: Yasushi 
Author-X-Name-Last: Ohkusa 
Title: A counter evidence for the Lazear-Moore findings: an empirical study of incentive part in the wage structure in Japan 
Abstract:
  This paper examines whether there is an incentive in the wage structure
 of employees compared with the wage structure of self-employed workers
 using the most comprehensive survey of workers in Japan. While the
 estimation results of the whole sample of 35 092 indicate that there is an
 incentive, albeit insignificant, when the analysis is concentrated on
 petty and small-sized firms, which include most self-employed workers, no
 significant incentive is found. Therefore, the Lazear-Moore findings may
 be contaminated by the effect of firm scale. 
Journal: Applied Economics Letters 
Pages: 377-379 
Issue: 6 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355348 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355348&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Title: The tax-spend debate: the case of Canada 
Abstract:
  The time series relationship between revenues, expenditures, and GDP in
 the case of Canada is examined. Utilizing the Johansen-Juselius
 multivariate cointegration procedure and error correction modelling we
 find that revenues follow a time path independent of expenditures and GDP.
 On the other hand, expenditures respond to budgetary disequilibrium in
 that budget imbalances would be corrected by expenditure changes.
 Moreover, evidence suggests that expenditures also respond to GDP. 
Journal: Applied Economics Letters 
Pages: 381-386 
Issue: 6 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355357 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Constantinos Katrakilidis 
Author-X-Name-First: Constantinos 
Author-X-Name-Last: Katrakilidis 
Title: Spending and revenues in Greece: new evidence from error correction modelling 
Abstract:
  This paper attempts to re-evaluate the long-run relationship between
 government spending and revenues in Greece. The analysis is carried out
 for the period 1974 to 1991 by means of Johansen's multivariate
 cointegration technique and error correction vector autoregressive (ECVAR)
 modelling. The results provide evidence of a feedback effect between the
 examined series. 
Journal: Applied Economics Letters 
Pages: 387-391 
Issue: 6 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355366 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355366&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Cheng 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Cheng 
Author-Name: Robert Hsu 
Author-X-Name-First: Robert 
Author-X-Name-Last: Hsu 
Title: Human capital and economic growth in Japan: an application of time series analysis 
Abstract:
  The cointegration and causality between human capital and economic growth
 in Japan is examined by applying Johansen's test of cointegration and
 Hsiao's version of the Granger causality method to the Japanese data for
 the period 1952-93. The Phillips-Perron (PP) tests reveal that the
 original series of GDP is not stationary; therefore, a first differencing
 is performed. It is found that there is a bidirectional causality between
 human capital and economic growth. The results basically confirm the
 hypothesis that an increase in human capital stock exerts positive effects
 on economic growth and vice versa. 
Journal: Applied Economics Letters 
Pages: 393-395 
Issue: 6 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355375 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355375&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Efstratios Loizou 
Author-X-Name-First: Efstratios 
Author-X-Name-Last: Loizou 
Author-Name: Kostandinos Mattas 
Author-X-Name-First: Kostandinos 
Author-X-Name-Last: Mattas 
Author-Name: Angelos Pagoulatos 
Author-X-Name-First: Angelos 
Author-X-Name-Last: Pagoulatos 
Title: Macro-monetary effects on agricultural prices: the case of Greek agriculture 
Abstract:
  The macroeconomic effects on agricultural prices in the Greek economy
 and, in particular, differences in prices paid and received by farmers
 (cost-price squeeze) are examined employing integration and cointegration
 analysis. A Johansen cointegration test between prices paid and prices
 received by farmers supports the presence of cost-price squeeze, since
 non-cointegration between the two price indices cannot be rejected. In
 other words, prices paid by farmers respond more than prices received by
 farmers during inflationary periods and hence affect their parity ratio.
 Multivariate cointegration tests indicated that forces outside agriculture
 can explain the non-cointegration between farm input and output prices.
 These forces are monetary macro variables through the country's
 macroeconomic policy, such as money supply, the general price level and
 the domestic product. 
Journal: Applied Economics Letters 
Pages: 397-400 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355113 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355113&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Cameron 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Cameron 
Title: Are Greek smokers rational addicts? 
Abstract:
  Greek cigarette comsumption is examined by combining work by Zanias
 (1987) and Becker et al. (1994). Application of Becker et al.'s lead
 consumption term to the Zanias model yields results that do not strongly
 support the rational addiction model and show price and income as
 insignificant. 
Journal: Applied Economics Letters 
Pages: 401-402 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355122 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355122&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marybeth Charters 
Author-X-Name-First: Marybeth 
Author-X-Name-Last: Charters 
Author-Name: Paul Grimes 
Author-X-Name-First: Paul 
Author-X-Name-Last: Grimes 
Title: Technology and librarianship: a test of the human capital model of occupational segregation 
Abstract:
  An empirical test of the human capital model of occupational segregation
 is undertaken by analysing the gender ratio of new entrants into a
 traditional female occupation over a period of time characterized by
 significant technological change. Specifically, the relative number of
 females receiving the terminal professional degree in librarianship is
 examined over the 1968-92 period using regression analysis. The results
 indicate that a statistically significant decline in the relative number
 of new female entrants occurred over this period, ceteris paribus. Thus,
 the human capital model cannot be rejected in this case. 
Journal: Applied Economics Letters 
Pages: 403-406 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. Cameron 
Author-X-Name-First: S. 
Author-X-Name-Last: Cameron 
Author-Name: K. U. Zaman 
Author-X-Name-First: K. U. 
Author-X-Name-Last: Zaman 
Title: Festive versus seasonal effects in consumption: a note 
Abstract:
  The standard approach to seasonality uses quarterly data and shift
 dummies to allow for intercept variation. The model presented here
 includes a distinct festive dummy and is thus more precise 
Journal: Applied Economics Letters 
Pages: 407-408 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355140 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355140&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. J. Dawson 
Author-X-Name-First: P. J. 
Author-X-Name-Last: Dawson 
Title: On testing Kuznets' economic growth hypothesis 
Abstract:
  Kuznets (1955) hypothesizes that during economic growth, per capita
 income inequality first increases, reaches a peak and then declines. We
 test this relationship for 36 less developed countries (LDCs) using a
 regression model, with quadratic functional form, relating income
 inequality to income. Estimation using robust errors to correct for
 heteroscedasticity yields results which support Kuznets's hypothesis.
 Inequality is greatest at about a level of real GDP (1980 international
 prices) of US$2000/head. 
Journal: Applied Economics Letters 
Pages: 409-410 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355159 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355159&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Satya Paul 
Author-X-Name-First: Satya 
Author-X-Name-Last: Paul 
Title: The quality of life: an international comparison based on ordinal measures 
Abstract:
  This paper presents an international comparison of the quality of life
 based on two ordinal measures, namely, the Borda and Copeland scores. The
 data on 11 indicators/attributes of well-being available for 109 countries
 are used to compute these measures. The study reveals that both the
 measures provide very similar world ranking of the quality of life. The
 OECD block is seen of the top and the Sub-Saharan African countries at the
 bottom of the world ranking. Most of the East European and Latin American
 countries are in the second and third quintiles, some Asian countries such
 as Singapore, Korea and Malaysia are in the second quintile and most
 Mother Asian countries are in the fourth and fifth quintiles of world
 ranking. 
Journal: Applied Economics Letters 
Pages: 411-414 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355168 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355168&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Sharpe 
Author-X-Name-First: David 
Author-X-Name-Last: Sharpe 
Title: Economic forecasts by industry type: comparisons and statistical tests 
Abstract:
  In this article we group together and compare economic forecasts by
 industry type. That is, corporate forecasts of GDP and CPI are compiled by
 industry for the following: financial institutions, economic consultants,
 auto manufacturers, business associations, universities, and insurance
 companies. Error statistics, such as the MAE and RMSE, are calculated over
 the 1992 to 1995 forecasting range. Observing the rankings of industry
 forecasts based on error statistics might lead one to conclude that some
 industries are more proficient at forecasting the economy than others.
 Indeed, we might infer that intentional bias may be a component of the
 forecasts provided by some industries. This work, however, provides a
 number of statistical tests to determine whether there are real
 differences in forecasts by industry type, or whether the differences are
 merely matters of chance. 
Journal: Applied Economics Letters 
Pages: 415-418 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355177 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355177&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Guell 
Author-X-Name-First: Robert 
Author-X-Name-Last: Guell 
Author-Name: Marvin Fischbaum 
Author-X-Name-First: Marvin 
Author-X-Name-Last: Fischbaum 
Title: Estimating allocative inefficiency in the prescription drug industry 
Abstract:
  The economic organization of the pharmaceutical industry is profoundly
 affected by the patent system, which provides a temporary monopoly as an
 incentive for innovation. The consensus of industry observers has been
 that potential benefits from stimulating pharmaceutical innovation are
 large and very difficult to estimate, while the costs of monopoly power
 are relatively modest. We argue that the use of accounting profits to
 estimate social costs of monopoly has led to serious underestimates of
 those social costs. In this paper we use sales estimates for individual
 drugs from survey data published by IMS America Ltd to estimate dead
 weight loss (DWL) per dollar of sales for several prescription drugs. We
 estimate that for the drugs we study there is $5 billion of DWL on the $8
 billion of sales. 
Journal: Applied Economics Letters 
Pages: 419-423 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajen Mookerjee 
Author-X-Name-First: Rajen 
Author-X-Name-Last: Mookerjee 
Title: Export volume, exchange rates and global economic growth: the Indian experience 
Abstract:
  Analysis of the nexus of India's export volume, real effective exchange
 rates and measures of global economic growth is performed using time
 series techniques of cointegration and causality. The results suggest that
 India would benefit from a policy of export growth that is managed, rather
 than stimulated by exchange rate depreciation. 
Journal: Applied Economics Letters 
Pages: 425-429 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355195 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355195&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. P. Caselli 
Author-X-Name-First: G. P. 
Author-X-Name-Last: Caselli 
Author-Name: S. Curatolo 
Author-X-Name-First: S. 
Author-X-Name-Last: Curatolo 
Title: Do estimable relations exist between size and efficiency of institutions and productivity growth? An exercise in the spirit of D. C. North 
Abstract:
  This paper, seeks to test the Fuess and van den Berg (1992) hypothesis on
 the influence of transactions costs on the productivity growth rate for
 the Italian economy in the period 1951-89, taking into account the
 increasing size of the transactions sector. 
Journal: Applied Economics Letters 
Pages: 431-435 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355203 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355203&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Weber 
Author-X-Name-First: Christian 
Author-X-Name-Last: Weber 
Title: The paper-bill spread and Blanchard's version of Okun's law 
Abstract:
  Blanchard (1989) interprets Okun's Law as a relationship between VAR
 innovations in output and the unemployment rate. Adding the paper-bill
 spread to a bivariate VAR in output growth and the unemployment rate and
 even ordering it ahead of the unemployment rate when estimating the
 structural disturbances does not alter Blanchard's finding that Okun's
 coefficient for output and unemployment rate innovations rate is around
 -0.18. 
Journal: Applied Economics Letters 
Pages: 437-440 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355212 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355212&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fernando Fernandez-Rodriguez 
Author-X-Name-First: Fernando 
Author-X-Name-Last: Fernandez-Rodriguez 
Author-Name: Simon Sosvilla-Rivero Julian 
Author-X-Name-First: Simon Sosvilla-Rivero 
Author-X-Name-Last: Julian 
Title: Combining information in exchange rate forecasting: evidence from the EMS 
Abstract:
  In this paper we propose a multivariate local predictor, inspired in the
 literature on deterministic chaos, and apply it to nine EMS currencies,
 using daily data for the January 1973-December 1994 period. Our local
 predictors perform marginally better than a random walk in forecasting the
 nominal exchange rate, clearly outperforming the random walk directional
 forecast. 
Journal: Applied Economics Letters 
Pages: 441-444 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355221 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355221&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matiur Rahman 
Author-X-Name-First: Matiur 
Author-X-Name-Last: Rahman 
Author-Name: Muhammad Mustafa 
Author-X-Name-First: Muhammad 
Author-X-Name-Last: Mustafa 
Author-Name: Michael Kurth 
Author-X-Name-First: Michael 
Author-X-Name-Last: Kurth 
Title: Integration and causality in US mortgage and T-bond markets 
Abstract:
  This paper re-examines the issues of integration and causality in US
 mortgage and T-bond markets by using the well-known cointegration and
 error correction methodology. It employs monthly data from January 1980
 through June 1993. The unit root test reveals nonstationarity in 30-year
 nominal mortgage rates and 30-year nominal T-bond yields. The DF tests
 affirm cointegration between these two variables. The estimates of the
 associated error correction model depict unidirectional long-run as well
 as short-run Granger causality that runs from the 30-year T-bond market to
 the 30-year mortgage market. Reversible short-run feedbacks are also
 observed between the two markets. 
Journal: Applied Economics Letters 
Pages: 445-447 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355230 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355230&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gabriel Quiros-Romero 
Author-X-Name-First: Gabriel 
Author-X-Name-Last: Quiros-Romero 
Author-Name: Simon Sosvilla-Rivero 
Author-X-Name-First: Simon 
Author-X-Name-Last: Sosvilla-Rivero 
Title: Do short-term interest rates influence long-term interest rates? Empirical evidence from some EMS countries 
Abstract:
  This paper attempts to evaluate the possible influence of short-term
 interest rates on the determination of long-term interest rates for some
 EMS countries. In particular, we discuss a way of reconciling the widely
 dominant term-structure approach to interest rates with the conditions
 imposed by the market practice of financing high proportions of securities
 portfolios at money market rates. To that end, we apply the cointegration
 analysis to daily data. 
Journal: Applied Economics Letters 
Pages: 449-451 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355249 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355249&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. C. Arize 
Author-X-Name-First: A. C. 
Author-X-Name-Last: Arize 
Author-Name: J. Malindretos 
Author-X-Name-First: J. 
Author-X-Name-Last: Malindretos 
Title: Effects of exchange-rate variability on inflation variability: some additional evidence 
Abstract:
  This study re-examines the hypothesis that exchange-rate variability is
 another factor contributing to inflation variability. The analysis uses
 cross-country data for 41 countries over the current floating
 exchange-rate era. It employs the instrumental variable estimator, Emery's
 (1993) specification suggestions, centering of data technique and a longer
 and more recent sample period (1973Q1-1990Q4). The empirical evidence
 supports the above hypothesis and strengthens the case for stable
 exchange-rate policies. 
Journal: Applied Economics Letters 
Pages: 453-457 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355258 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355258&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Darlene Chisholm 
Author-X-Name-First: Darlene 
Author-X-Name-Last: Chisholm 
Title: Erratum 
Abstract:
Journal: Applied Economics Letters 
Pages: 458-458 
Issue: 7 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355267 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355267&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Mcguinness 
Author-X-Name-First: Paul 
Author-X-Name-Last: Mcguinness 
Title: Inter-day return behaviour for stocks quoted 'back-to-back' in Hong Kong and London 
Abstract:
  The effect of extended trading hours in Hong Kong stocks, resulting from
 the development of the SEAQ International London market in such stocks, is
 considered here. This market, which opens shortly after the close of the
 Hong Kong market, appears to have produced some modulation in the mean and
 volatility levels of day-of-the-week returns. 
Journal: Applied Economics Letters 
Pages: 459-464 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536625 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536625&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Partridge 
Author-X-Name-First: Mark 
Author-X-Name-Last: Partridge 
Author-Name: Dan Rickman 
Author-X-Name-First: Dan 
Author-X-Name-Last: Rickman 
Title: Long-term unemployment and US State wages 
Abstract:
  During the 1980s, rising European unemployment without rapidly subsiding
 wage pressure challenged conventional labour market theories. One
 explanation is that a greater proportion of unemployment that is long-term
 unemployment (LTU) reduces downward wage pressure. Empirical evidence
 regarding this proposition is mixed, where it is possible the relationship
 varies across countries. Hence, this study examines the LTU-wage
 relationship for the US using 1976-91 state-level data. The results
 suggest that a greater LTU proportion is positively related to wages, but
 the result should be interpreted cautiously. Thus, US labour markets may
 be 'tighter' than previously suspected. 
Journal: Applied Economics Letters 
Pages: 465-468 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536626 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536626&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kausik Chaudhuri 
Author-X-Name-First: Kausik 
Author-X-Name-Last: Chaudhuri 
Title: Cointegration, error correction and Granger causality: an application with Latin American stock markets 
Abstract:
  This paper offers an empirical investigation of the presence of a long
 run relationship in stock prices in six Latin Emerging Markets. We find
 evidence of a long run relationship among all of these countries in a
 bivariate framework. Results indicate the presence of bidirectional rather
 than unidirectional causality suggesting the absence of weak exogeneity
 among their stock prices. 
Journal: Applied Economics Letters 
Pages: 469-471 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jacquelynne Mclellan 
Author-X-Name-First: Jacquelynne 
Author-X-Name-Last: Mclellan 
Author-Name: Debasish Chakraborty 
Author-X-Name-First: Debasish 
Author-X-Name-Last: Chakraborty 
Title: Another look at long-run purchasing power parity using Sims tests for unit roots 
Abstract:
  This paper tests for long-run PPP using two types of unit root tests,
 standard Dickey-Fuller (DF) or Augmented Dickey-Fuller (ADF) tests and
 Bayesian Sims tests. A problem with DF and ADF tests has been the low
 power of the tests; that is, such tests have difficulty in rejecting the
 random-walk hypothesis for real exchange rates. Sims tests, in contrast,
 do not give undue weight to the unit root. Instead Sims tests use a
 Bayesian posterior odds ratio which spreads the probability uniformly on
 the [0,1] interval. Monthly data for several industrialized and
 less-developed countries are used. Results indicate that real exchange
 rates do not appear to follow a random walk. While short-run deviations
 from PPP do occur, they fade in the long run. 
Journal: Applied Economics Letters 
Pages: 473-476 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536628 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536628&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Title: A simple method to test the Fisher effect 
Abstract:
  This alternative method of analysis applies the generalized method of
 moments developed by Hansen to the conditional restrictions implied by the
 Fisher effect. This approach has some advantages, i.e. it is robust to the
 non-normality of the error term, it is unnecessary to formulate the
 expected inflation rate explicitly, and the returns of multiple assets can
 be analysed simultaneously. 
Journal: Applied Economics Letters 
Pages: 477-479 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536629 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536629&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Keith Bender 
Author-X-Name-First: Keith 
Author-X-Name-Last: Bender 
Title: Specification issues in the modelling of union status determination 
Abstract:
  This paper investigates the relationship between econometric and variable
 specification in a model of union status determination. In a departure
 from the union membership literature, it is hypothesized that the
 industrial characteristics should not affect union status determination
 directly, but rather through bargained wages. A data set which combines
 personal and industrial characteristics is used to examine these issues.
 It is found that if sample selection into union jobs is controlled for,
 the industrial variables add no explanatory power to the union status
 equations, although they are important in the wage equations. 
Journal: Applied Economics Letters 
Pages: 481-485 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536630 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536630&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. C. H. Jones 
Author-X-Name-First: J. C. H. 
Author-X-Name-Last: Jones 
Author-Name: L. Laudadio 
Author-X-Name-First: L. 
Author-X-Name-Last: Laudadio 
Title: Non-wage labour costs and employment: a note on some Canadian evidence from the 1970s 
Abstract:
  This note considers the relationship between quasi-fixed labour costs
 (paid absences, employee pension plans, etc.) and overtime hours worked.
 Specifically, it reports the results of testing the hypothesis that, the
 larger the ratio of quasi-fixed costs to overtime wage rates, the greater
 the incentive for employers to schedule overtime hours for the current
 work force and pay overtime rates rather than expand the work force and
 pay standard rates. The results fail to reject the hypothesis. 
Journal: Applied Economics Letters 
Pages: 487-491 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536631 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536631&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Hondroyiannis 
Author-X-Name-First: George 
Author-X-Name-Last: Hondroyiannis 
Author-Name: Evangelia Papapetrou 
Author-X-Name-First: Evangelia 
Author-X-Name-Last: Papapetrou 
Title: Are budget deficits inflationary? A cointegration approach 
Abstract:
  This paper investigates the direct and indirect effects of budget deficit
 on inflation in Greece for the period 1957-93. The empirical analysis
 employs tests of cointegration, as suggested by Johansen and Juselius, as
 pretests for Granger tests of causality. The empirical evidence suggests
 that the indirect effects of budget deficits on inflation exist while the
 direct effects are not present. 
Journal: Applied Economics Letters 
Pages: 493-496 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536632 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536632&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkin Bairam 
Author-X-Name-First: Erkin 
Author-X-Name-Last: Bairam 
Title: The roles of diffusion of advance technology and capital deepening in economic growth: a cross-country study 
Abstract:
  This paper is mainly concerned with measuring absolute and relative roles
 of diffusion of advanced technology and capital deepening in economic
 growth. The results obtained suggest an inverse U-shape relationship
 between productivity growth rates and levels of economic development.
 These results also suggest that the role of capital deepening is very
 modest. 
Journal: Applied Economics Letters 
Pages: 497-501 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536633 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536633&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Majed Muhtaseb 
Author-X-Name-First: Majed 
Author-X-Name-Last: Muhtaseb 
Title: Determinants of global portfolio composition 
Abstract:
  The efficient set is derived using unhedged returns of stock market
 indices of 'Group of Seven' countries. It is found that total risk is far
 more important than return in determining whether or not a stock market
 index is included in an optimal portfolio on the efficient set. 
Journal: Applied Economics Letters 
Pages: 503-505 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536634 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536634&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Carneiro 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Carneiro 
Author-Name: Joao Ricardo Faria 
Author-X-Name-First: Joao Ricardo 
Author-X-Name-Last: Faria 
Title: Causality between the minimum wage and other wages 
Abstract:
  The paper analyzes the effects of the minimum wage over the other wages
 in Brazil using a bargaining framework. The key result is that the minimum
 wage precedes the market wage in the period 1980-85 while there is
 simultaneous determination in the period 1986-93. 
Journal: Applied Economics Letters 
Pages: 507-510 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536635 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536635&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiaming Liu 
Author-X-Name-First: Xiaming 
Author-X-Name-Last: Liu 
Author-Name: Haiyan Song 
Author-X-Name-First: Haiyan 
Author-X-Name-Last: Song 
Author-Name: Peter Romilly 
Author-X-Name-First: Peter 
Author-X-Name-Last: Romilly 
Title: Are Chinese stock markets efficient? A cointegration and causality analysis 
Abstract:
  Established in December 1990 and July 1991 respectively, the Shanghai and
 Shenzhen Stock Exchanges are the only two official stock markets in China.
 This paper aims to test for randomness in each stock exchange share price
 index, and to examine the relationship between the two share price
 indexes. Statistical evidence shows that both the Shanghai and Shenzhen
 indexes can be best characterized as random walk processes and therefore
 the markets are efficient individually. However, the Engle-Granger
 two-stage cointegration analysis and the Johansen procedure suggest a
 long-run equilibrium relationship between the two stock prices, while the
 Granger causality test indicates a feedback relationship between the
 returns of the Shenzhen and Shanghai shares. These results imply that the
 stock markets are collectively inefficient. 
Journal: Applied Economics Letters 
Pages: 511-515 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536636 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536636&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chi-Ang Lin 
Author-X-Name-First: Chi-Ang 
Author-X-Name-Last: Lin 
Title: The trade balance and the real exchange rate: the US evidence from 1973: 3 to 1994: 9 
Abstract:
  Based upon the trade balance determination models developed by Razin
 (1984), Greenwood (1984), and Hill (1990), there exists bidirectional
 causality between the trade balance and the real exchange rate. By
 applying Geweke's linear feedback measures for the US from 1973:3 to
 1994:9, the results indicate that the magnitude of feedback from the real
 exchange rate to the trade balance is very close to that from the reverse
 direction and confirm that causality between them is indeed bidirectional. 
Journal: Applied Economics Letters 
Pages: 517-520 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536637 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536637&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ila Patnaik 
Author-X-Name-First: Ila 
Author-X-Name-Last: Patnaik 
Title: Poverty, excess sensitivity and the permanent income hypothesis: evidence from a developing country 
Abstract:
  In this paper we develop a very simple test to measure 'poverty' in a
 developing country. From evidence on aggregate consumption we obtain an
 estimate of the proportion of labour income received by consumers who own
 no physical or financial assets or have access to credit. Evidence from a
 developing country - India - indicates a role for current income in
 explaining consumption over and above that predicted by the permanent
 income hypothesis. This may be attributed to 'poverty', the inability to
 save or borrow. 
Journal: Applied Economics Letters 
Pages: 521-524 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536638 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536638&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. M. Leung 
Author-X-Name-First: H. M. 
Author-X-Name-Last: Leung 
Title: Total factor productivity growth in Singapore's manufacturing industries 
Abstract:
  This paper contributes to the debate concerning the sources of growth of
 newly industrializing East Asian economies, of which Singapore is an
 example. We first of all measure Total Factor Productivity (TFP) growth
 from industry level data for Singapore over a time series, and then
 regress the estimates to a list of variables. The TFP growth is estimated
 to be around 2-3% per annum over the last ten years, somewhat higher than
 previous estimates but remains a small fraction of the actual GDP growth.
 The variables found to have significant influence on TFP growth include
 foreign ownership, export orientation, and remuneration per employee. The
 result also suggests that Singapore has not gained much from
 learning-by-doing. 
Journal: Applied Economics Letters 
Pages: 525-528 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536639 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536639&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Seaton 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Seaton 
Title: Neoclassical and collective rationality in household labour supply 
Abstract:
  The Neoclassical treatment of household labour supply assumes household
 members possess identical preferences. Models have emerged which assume
 separate utility functions for household members where the solution to
 resource allocation is derived from non-cooperative or bargaining games.
 It can be argued that bargaining implies Pareto efficient resources
 allocation and that non-cooperation is inefficient in the same sense that
 if individuals cooperated at least one member could become better off
 without making anyone else worse off. In this paper a revealed preference
 non-parametric test, first envisaged by Chiappori (1988), is explained,
 generalized and implemented. This test determines whether data support the
 hypothesis that householders bargain to a Pareto efficient outcome or not. 
Journal: Applied Economics Letters 
Pages: 529-533 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536640 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536640&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Magnus Johannesson 
Author-X-Name-First: Magnus 
Author-X-Name-Last: Johannesson 
Title: Some further experimental results on hypothetical versus real willingness to pay 
Abstract:
  In a previous experiment the null hypothesis of no difference between
 real and hypothetical willingness to pay for a box of chocolate could not
 be rejected. In this study we carry out a second experiment to see if we
 can confirm that finding. The experimental subjects are randomly divided
 into two groups. One group receives an open-ended hypothetical willingness
 to pay question and another group participates in a second-price auction
 with real payments. The mean willingness to pay is SEK 133.33 (STD 78.78)
 in the hypothetical payment group and SEK 81.62 (STD 62.99) in the real
 payment group, and the hypothesis of no difference in the mean willingness
 to pay between the groups can be rejected on the 10% level. In contrast to
 the first experiment the study thus gives some support for the notion that
 hypothetical willingness to pay questions overestimates real willingness
 to pay. 
Journal: Applied Economics Letters 
Pages: 535-536 
Issue: 8 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758536641 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758536641&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Swarna Dutt 
Author-X-Name-First: Swarna 
Author-X-Name-Last: Dutt 
Title: A microstructural analysis of the exchange rate expectation formation process 
Abstract:
  In this letter we examine the consistency property of the exchange rate
 expectation formation process, a precondition to rational expectations and
 efficient markets. Two major survey data sets over multiple forecast
 horizons are examined using the recently available null of cointegration
 test. Experts expectations are consistent (inconsistent) over the short
 (long) forecast horizon. These results are supported by the current
 literature and upholds the theory of bandwagon effects in expectation
 formation. As an aside, this also indirectly supports the concept of long
 run convergence towards fundamentals determined equilibrium exchange
 rates, i.e., it supports Dornbusch's overshooting hypothesis. 
Journal: Applied Economics Letters 
Pages: 537-539 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597354970 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597354970&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Baimbridge 
Author-X-Name-First: Mark 
Author-X-Name-Last: Baimbridge 
Author-Name: Philip Whyman 
Author-X-Name-First: Philip 
Author-X-Name-Last: Whyman 
Author-Name: Claire Simpson 
Author-X-Name-First: Claire 
Author-X-Name-Last: Simpson 
Title: Trade union membership density: the case of the AUT 
Abstract:
  This paper analyses trade union membership with respect to the
 Association of University Teachers representing academic and related staff
 in the 'old' UK higher education sector. It therefore negates the
 difficulties encountered with prior cross-sectional research concerning
 unionized and non-unionized workplaces and their homogeneity. Two models
 are estimated at the local association, or university, level where the
 hypothesized variables encompass age and career related determinants,
 staff gender divisions and a series of university-specific characteristics
 together with locational and political indicators. We find significant
 influences upon union density include career grade, mean staff age, male
 staff numbers together with the institution's classification. 
Journal: Applied Economics Letters 
Pages: 541-545 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597354989 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597354989&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Author-Name: Raymond Sfeir 
Author-X-Name-First: Raymond 
Author-X-Name-Last: Sfeir 
Title: Exchange rate instability: some empirical tests of temporal dynamics 
Abstract:
  Volatility in real exchange rates is empirically estimated here over
 monthly data for the period February 1988 through August 1995. Tests show
 the persistence of an oscillatory behaviour, where random walk prevails.
 Chaotic instability also cannot be ruled out in general. 
Journal: Applied Economics Letters 
Pages: 547-550 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597354998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597354998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kofi Amoateng 
Author-X-Name-First: Kofi 
Author-X-Name-Last: Amoateng 
Title: How stable is relationship between US petroleum imports and economic growth? 
Abstract:
  In this paper, we empirically examine the long-run and short-run dynamics
 of the US gross national product and petroleum imports for the last three
 decades. We find evidence of a long-run relationship between gross
 domestic national product and petroleum imports, but only a fragile one.
 Similarly there is a significant feedback (long-term) effect from
 petroleum imports to gross national product and vice versa. This feedback
 is fairly significant. However, the short-term effect is highly
 significant, but there is a relatively slow response from the values of
 gross national product to petroleum imports. Therefore, the link between
 US gross national product and petroleum imports is fragile in the long
 run. 
Journal: Applied Economics Letters 
Pages: 551-554 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355005 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355005&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Baimbridge 
Author-X-Name-First: Mark 
Author-X-Name-Last: Baimbridge 
Title: Match attendance at Euro 96: was the crowd waving or drowning? 
Abstract:
  This paper examines, for the first time, match attendance for football
 within the context of an international tournament, the European
 Championship staged in England in 1996. It develops the familiar demand
 function of economic, demographic, spatial, uncertainty of outcome
 determinants and exogenous match-specific factors with respect to an
 international championship rather than a domestic league situation.
 Significant determinants include match quality and sequence, distance
 between each participant and the host country, probability of tournament
 success, derby games, indigenous support together with the presence of
 either home team in a match. Given the importance of such international
 competitions for the financial probity and as showcases for the
 professional sport, the analysis of their key constituent features is
 important in maintaining their viability. 
Journal: Applied Economics Letters 
Pages: 555-558 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355014 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355014&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Clare 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Clare 
Author-Name: Richard Priestley 
Author-X-Name-First: Richard 
Author-X-Name-Last: Priestley 
Author-Name: Stephen Thomas 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Thomas 
Title: Is Beta dead? The role of alternative estimation methods 
Abstract:
  In this paper we test the robustness of the CAPM to two alternative
 estimation procedures: the Fama and MacBeth (1973) two-step methodology;
 and the one-step methodology due to Burmeister and McElroy (1988). For the
 UK stock market we find that we can clearly reject the CAPM when the
 two-step procedure is used, but find overwhelming support for the CAPM
 when we use the one-step estimator. Since, in their influential paper,
 Fama and French (1992) reject the CAPM for the US stock market using a
 variant of the two-step estimator, we believe that our results for the UK
 may have important implications for the 'Is Beta dead?' debate 
Journal: Applied Economics Letters 
Pages: 559-562 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355023 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355023&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Author-Name: Robert Faff 
Author-X-Name-First: Robert 
Author-X-Name-Last: Faff 
Author-Name: Thomas Josev 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Josev 
Title: Beta stability and monthly seasonal effects: evidence from the Australian capital market 
Abstract:
  A number of studies exist across a range of equity markets showing that a
 significant proportion of stocks in those markets have betas that vary
 over time. A research challenge posed by this body of evidence is to
 identify the factors that explain this time variation in individual stock
 betas. There is also an extensive literature reporting the existence of
 strong monthly seasonal patterns in equity returns from many markets and
 across extraordinarily lengthy time periods. Accordingly, using monthly
 Australian equity returns data, this paper investigates whether seasonal
 regularities such as the January effect can provide an explanation of beta
 variation. A key finding of this paper is that taking account of the
 January monthly seasonal and other monthly seasonals has no effect on the
 beta stability characteristics of individual stocks. Hence, based on our
 analysis, seasonal effects does not provide an explanation of beta
 instability. A subsiduary finding is that stocks with significant monthly
 seasonal effects tend to have a smaller average market capitalization. 
Journal: Applied Economics Letters 
Pages: 563-566 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Peel 
Author-X-Name-First: David 
Author-X-Name-Last: Peel 
Author-Name: Dennis Thomas 
Author-X-Name-First: Dennis 
Author-X-Name-Last: Thomas 
Title: Handicaps, outcome uncertainty and attendance demand 
Abstract:
  Using data on 'spread' betting odds for rugby league football this study
 shows that handicap odds are unbiased and efficient predictors of match
 results and that, as a proxy for match uncertainty of outcomes, the
 handicap value is a significant determinant of attendance. 
Journal: Applied Economics Letters 
Pages: 567-570 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355041 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355041&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Hondroyiannis 
Author-X-Name-First: George 
Author-X-Name-Last: Hondroyiannis 
Author-Name: Evangelia Papapetrou 
Author-X-Name-First: Evangelia 
Author-X-Name-Last: Papapetrou 
Title: Cigarette consumption in Greece: empirical evidence from cointegration analysis 
Abstract:
  This paper provides an empirical analysis of cigarette consumption in
 Greece using the recent Johansen cointegration procedure for the period
 1960-1990. Income and price elasticities for the long-run and short-run
 period are estimated. In addition the findings suggest that health
 warnings in consumption are more effective in reducing smoking than an
 increase in the price. 
Journal: Applied Economics Letters 
Pages: 571-574 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355050 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355050&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. L. Chou 
Author-X-Name-First: W. L. 
Author-X-Name-Last: Chou 
Author-Name: Y. C. Shih 
Author-X-Name-First: Y. C. 
Author-X-Name-Last: Shih 
Title: Long-run purchasing power parity and long-term memory: evidence from Asian newly industrialized countries 
Abstract:
  Fractional cointegration in a trivariate model is used to test the
 long-run purchasing power parity hypothesis in four Asian newly
 industrialized economies. Critical values for the Geweke-Porter-Hudak
 tests based on Monte Carlo simulations are provided. Evidence of
 fractional cointegration arises when a linear trend is included. Subperiod
 analysis indicates that a shift in the exchange rate regime is likely to
 affect the results of cointegration tests 
Journal: Applied Economics Letters 
Pages: 575-578 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355069 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355069&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. C. Berger 
Author-X-Name-First: M. C. 
Author-X-Name-Last: Berger 
Author-Name: P. Groothuis 
Author-X-Name-First: P. 
Author-X-Name-Last: Groothuis 
Author-Name: P. Jeon 
Author-X-Name-First: P. 
Author-X-Name-Last: Jeon 
Title: The changing gender wage gap in Korea 
Abstract:
  We examine how females have fared relative to males in the rapidly
 growing Korean economy. Similar to the US, the average wage of Korean
 females has increased relative to males. Unlike the US, the increase
 appears to be due mainly to improvements in productive characteristics
 such as schooling and experience and not reductions in wage
 discrimination. 
Journal: Applied Economics Letters 
Pages: 579-582 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355078 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355078&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bishwanath Goldari 
Author-X-Name-First: Bishwanath 
Author-X-Name-Last: Goldari 
Author-Name: Hasheem Saleem 
Author-X-Name-First: Hasheem 
Author-X-Name-Last: Saleem 
Title: Incidence of tariff: the case of India, 1982-93 
Abstract:
  In this paper, the effect of tariff is analysed at a broad sectoral level
 using a simple general equilibrium model. The sectors of the Indian
 economy have been classified on the basis of trade. Commodities have been
 identified as importables or exportables based on whether India is a major
 importer or exporter of a particular product. We have used an indirect
 approach to estimate the shift parameter employing time-series regression
 of changes in the relative price of non-tradeables to exportables and that
 of importables to exportables. The series were tested for stationarity and
 they were found to be stationary in the first differences. We used a
 dynamic specification to allow for lags in the adjustment of relative
 prices of non-tradeables to exportables due to changes in the relative
 price of importables to exportables. The estimate of the long-run shift
 parameter is found to be 0.74% and the estimate of the short-run shift
 parameter is 0.58%. Our results show that a 100% rate of customs duty
 results in 'true' protection of importable only to the extent of 14.9% in
 the long-run and a bias against exports to the extent of 42.5%. 
Journal: Applied Economics Letters 
Pages: 583-586 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355087 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355087&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Oystein Thogersen 
Author-X-Name-First: Oystein 
Author-X-Name-Last: Thogersen 
Title: International diversification and oil price risk 
Abstract:
  The effects of oil price risk on international risk sharing are studied.
 Both petroleum importing and exporting countries within OECD-Europe are
 considered. The empirical analysis indicates that uninsured idiosyncratic
 oil price risk accounts for parts of the observed low consumption
 correlations between these countries. This suggests that both petroleum
 exporters and importers could benefit from innovations in the markets for
 claims to unextracted oil and natural gas. 
Journal: Applied Economics Letters 
Pages: 587-590 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Gabriel 
Author-X-Name-First: Paul 
Author-X-Name-Last: Gabriel 
Title: Occupational differences and the relative wages of married and single young men 
Abstract:
  This study investigates differences in the occupational structures of
 married and single young men to determine if single men face unequal
 prospects for occupational attainment. A second objective is to determine
 if occupational differences by marital status help to explain the
 well-known marriage wage premium. The estimated qualitative response model
 reveals that single and married men face different prospects for
 occupational attainment after controlling for differences in personal
 characteristics. However, the wage premium for married men does not appear
 to result from the segregation of single men into lower-paying
 occupations. 
Journal: Applied Economics Letters 
Pages: 591-594 
Issue: 9 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/135048597355104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048597355104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Juha-Pekka Kallunki 
Author-X-Name-First: Juha-Pekka 
Author-X-Name-Last: Kallunki 
Author-Name: Teppo Martikainen 
Author-X-Name-First: Teppo 
Author-X-Name-Last: Martikainen 
Title: Trading patterns of small and large traders: implications for the weekend effect in Finland 
Abstract:
  This note investigates the behaviour of small and large traders on
 different days of the week in the Finnish stock market. The results
 suggest that small traders increase their sell orders after the weekend.
 This suggests that the selling pressure of small individual investors in
 the beginning of the trading week is at least a partial explanation of the
 weekend effect in Finland. 
Journal: Applied Economics Letters 
Pages: 595-597 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533280 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533280&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ketil Hviding 
Author-X-Name-First: Ketil 
Author-X-Name-Last: Hviding 
Title: Some international evidence on the 'equity premium' 
Abstract:
  This note presents results from tests on the proposition that a
 'surprise' in inflation is positively related to the equity premium using
 data from four financial markets: the United States, Japan, the United
 Kingdom and Germany. The results appear to confirm previous work by
 Blanchard indicating a positive relationship in the United States. This
 result does, however, not seem to be applicable to other markets; there is
 no evidence of such a relationship in Japan, Germany, or in the United
 Kingdom. 
Journal: Applied Economics Letters 
Pages: 599-602 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533281 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533281&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan Speight 
Author-X-Name-First: Alan 
Author-X-Name-Last: Speight 
Title: Testing for business cycle asymmetry: some international evidence 
Abstract:
  This letter applies tests for asymmetric 'deepness' and 'steepness' to
 the monthly industrial production indices of 16 OECD economics and the
 OECD aggregate. We report evidence of statistically significant deepness
 for Germany, and both deepness and steepness for Japan, Sweden and, more
 marginally, the US. For Sweden, these asymmetries are consistent with
 sharp falls in production during recession, and gradual increases to high
 levels during recovery. For Japan and the US, these asymmetries are
 consistent with sharp falls in industrial production to low levels during
 recession and more gradual and moderate increases in production during
 recovery. 
Journal: Applied Economics Letters 
Pages: 603-606 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533282 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533282&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Howard Gensler 
Author-X-Name-First: Howard 
Author-X-Name-Last: Gensler 
Title: Welfare and the family size decision of low-income, two-parent families 
Abstract:
  The effect of welfare on family size is estimated by means of an ordered
 probit analysis on low-income, two-parent families. A multiyear
 cross-sectional pooled data set derived from the US Census Bureau's
 Current Population Survey over the period 1979-1990 is analysed.
 Behavioural impacts from a range of economic variables are consistent in
 sign with theoretical predictions and are reasonable in magnitude. A $1000
 increase in the amount of welfare per child can be expected to increase
 the number of children by 2.2% for such families. 
Journal: Applied Economics Letters 
Pages: 607-610 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533283 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533283&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Pippenger 
Author-X-Name-First: Michael 
Author-X-Name-Last: Pippenger 
Author-Name: John Geppert 
Author-X-Name-First: John 
Author-X-Name-Last: Geppert 
Title: Testing purchasing power parity in the presence of transaction costs 
Abstract:
  This paper examines long-run purchasing power parity (PPP) using a new
 formulation of PPP in the presence of transaction costs. Our results
 strongly support the proposition that PPP holds as a long-run equilibrium
 condition. 
Journal: Applied Economics Letters 
Pages: 611-614 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533284 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533284&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Leighton Vaughan Williams 
Author-X-Name-First: Leighton Vaughan 
Author-X-Name-Last: Williams 
Author-Name: David Paton 
Author-X-Name-First: David 
Author-X-Name-Last: Paton 
Title: Does information efficiency require a perception of information inefficiency? 
Abstract:
  This paper examines the existence of significant differences in the
 expected returns to bets placed about identical outcomes in different
 sectors of a betting market. In an informationally efficient market, such
 differences should be arbitraged away. Evidence is presented here which
 suggests that this process actually occurs only in those situations where
 bettors are provided with a clear signal of some form of information
 efficiency in the market. The signal takes the form of a marked movement
 in bookmakers' odds. Where these signals are not present, unexploited
 opportunities for arbitrage persist. We suggest that actual information
 efficiency (in the sense of an absence of unexploited opportunities for
 arbitrage) requires a clear perception by market players of the existence
 of some form of information inefficiency in the market under
 consideration. 
Journal: Applied Economics Letters 
Pages: 615-617 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533285 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533285&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Qingbin Wang 
Author-X-Name-First: Qingbin 
Author-X-Name-Last: Wang 
Author-Name: Catherine Halbrendt 
Author-X-Name-First: Catherine 
Author-X-Name-Last: Halbrendt 
Author-Name: Jane Kolodinsky 
Author-X-Name-First: Jane 
Author-X-Name-Last: Kolodinsky 
Author-Name: Fred Schmidt 
Author-X-Name-First: Fred 
Author-X-Name-Last: Schmidt 
Title: Willingness to pay for rBST-free milk: a two-limit Tobit model analysis 
Abstract:
  The labelling of dairy products containing milk from rBST-treated cows
 has rapidly emerged as an important issue in the US due to the controversy
 between state and federal legislation and between consumer and industrial
 groups. This paper evaluates consumer willingness to pay (WTP) for
 rBST-free milk using data collected from a consumer survey. Estimation
 results of a two-limit Tobit model suggest that a majority of consumers
 are willing to pay a premium for rBST-free milk and the WTP is affected by
 several sociodemographic factors such as income and attitudes toward the
 use of rBST. 
Journal: Applied Economics Letters 
Pages: 619-621 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533286 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533286&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Albert Okunade 
Author-X-Name-First: Albert 
Author-X-Name-Last: Okunade 
Title: Cost structure in college and university student health centres: comment 
Abstract:
  Brady, Assane and Karstensson in their earlier paper (1994) in this
 journal estimated a translog cost model of college and university health
 centres. They reported economies of scale estimates, as well as mean value
 elasticity estimates for factor demands and substitutions. In this
 comment, we: (1) correct their implied assumption that the pairwise,
 cross-price elasticities of factor substitutions are symmetrical, and (2)
 use their factor cost shares and regression parameter estimates to compute
 asymptotic standard errors for the various elasticities in order to test
 their statistical significance. Extended implications from our findings
 are discussed. 
Journal: Applied Economics Letters 
Pages: 623-625 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533287 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533287&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Dockery 
Author-X-Name-First: E. 
Author-X-Name-Last: Dockery 
Author-Name: F. Vergari 
Author-X-Name-First: F. 
Author-X-Name-Last: Vergari 
Title: Testing the random walk hypothesis: evidence for the Budapest stock exchange 
Abstract:
  Variance ratio tests with both homoscedastic and heteroscedastic error
 variances are used to examine the random walk hypothesis for the Budapest
 stock exchange. Our empirical findings show that the Budapest stock
 exchange is a random walk market, which is quite different from those
 described in the literature on both developed, smaller and emerging
 capital markets. 
Journal: Applied Economics Letters 
Pages: 627-629 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533288 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533288&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Angelos Kanas 
Author-X-Name-First: Angelos 
Author-X-Name-Last: Kanas 
Title: Nonlinear dependence in British pound exchange rates 
Abstract:
  The Brock, Dechert and Scheinkman (1987) method is used to test for
 nonlinear dependence in daily rates of change of the exchange rate of the
 British pound relative to seven most heavily traded currencies against the
 pound during the period 2 January 1993 to 7 October 1996. The currencies
 are the US dollar, the Deutsche mark, the French franc, the Swiss franc,
 the Canadian dollar, the Japanese yen and the Italian lira. The results
 suggest that nonlinear dependence exists in all seven British pound
 exchange rates. Except for the US dollar, nonlinear dependence is due to
 nonlinearity in the variance and is captured by a GARCH(l,l)-t model. For
 the US dollar, nonlinear dependence is due to nonlinearity both in the
 mean and the variance and is captured by a GARCH-in-mean (GARCH-M) model. 
Journal: Applied Economics Letters 
Pages: 631-633 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533289 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533289&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Allen Atkins 
Author-X-Name-First: Allen 
Author-X-Name-Last: Atkins 
Author-Name: James Sundali 
Author-X-Name-First: James 
Author-X-Name-Last: Sundali 
Title: Portfolio managers versus the darts: evidence from the Wall Street Journal's Dartboard Column 
Abstract:
  The possibility that professional stock analysts could be outperformed by
 throwing darts at the stock listing page has intrigued stock market
 enthusiasts for years. In this study, we examine the results from the Wall
 Street Journal's Investment Dartboard Columns and find that the experts
 outperform the darts by a wide margin and outperform five different market
 indices by a positive but statistically insignificant amount. 
Journal: Applied Economics Letters 
Pages: 635-637 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533290 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533290&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:4:y:1997:i:10:p:635-637




Template-Type: ReDIF-Article 1.0
Author-Name: Eric Nauenberg 
Author-X-Name-First: Eric 
Author-X-Name-Last: Nauenberg 
Author-Name: Kisalaya Basu 
Author-X-Name-First: Kisalaya 
Author-X-Name-Last: Basu 
Author-Name: Harish Chand 
Author-X-Name-First: Harish 
Author-X-Name-Last: Chand 
Title: Hirschman-Herfindahl index determination under incomplete information 
Abstract:
  This paper utilizes techniques from combinatorics to derive a closed form
 solution for an estimator of that portion of a Hirschman-Herfindahl index
 which measures concentration for that segment of the market with
 unattributed market share. This index makes more complete use of sample
 information than other more conventional measures of limited-information
 market concentration like the C4 and C8 indices. 
Journal: Applied Economics Letters 
Pages: 639-642 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533291 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533291&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Gibson 
Author-X-Name-First: John 
Author-X-Name-Last: Gibson 
Title: Testing for boy-girl discrimination with household expenditure data: results for Papua New Guinea 
Abstract:
  Discrimination in the allocation of goods between boys and girls is
 tested for, using expenditure data from households in Papua New Guinea.
 Deaton's (1989) method of identifying demographic effects on adult goods
 expenditure is used to indicate gender bias. Valid adult goods are found
 to be adult clothing, alcohol, gambling, meals eaten away from home, and
 tobacco. Adding a young boy to a household reduces expenditure on adult
 goods by as much as would a one-third reduction in total outlay per
 member, but young girls have no effect on adult goods expenditure. The
 difference in these point estimates is estimated imprecisely, and falls
 just outside conventional levels of statistical significance. 
Journal: Applied Economics Letters 
Pages: 643-646 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533292 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533292&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. F. Omran 
Author-X-Name-First: M. F. 
Author-X-Name-Last: Omran 
Title: Nonlinear dependence and conditional heteroscedasticity in stock returns: UK evidence 
Abstract:
  The BDS test is used to investigate whether stock returns for five
 companies and the FTALL index exhibit nonlinear dependence. It is found
 that conditional heteroscedasticity account for most of the nonlinearity
 of stock returns in the UK. 
Journal: Applied Economics Letters 
Pages: 647-650 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533293 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533293&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Antonakis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Antonakis 
Title: Defence spending and growth in Greece: a comment and further empirical evidence 
Abstract:
  This note critically evaluates the theoretical framework and empirical
 results of Chletsos and Kollias (1995) on the relationship between defence
 expenditure and economic growth in Greece, and re-examines the issue on
 the basis of an alternative model. It is argued that the reviewed paper
 does not provide a formal rationalization for the incorporation of
 military spending in a sources of growth equation, and it does not make
 use of the entire set of available data, leading thus to questionable and
 inconclusive empirical results. The specification of an alternative model
 within the neoclassical production-function framework and its estimation
 over the period 1958-91 shows that military expenditure has been
 detrimental to economic growth in Greece, contrary to Chletsos and
 Kollias' findings. 
Journal: Applied Economics Letters 
Pages: 651-655 
Issue: 10 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758533294 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758533294&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lily Choong 
Author-X-Name-First: Lily 
Author-X-Name-Last: Choong 
Title: Capital requirements on over the counter options 
Abstract:
  Over the counter (OTC) options involve both market and counterparty risk.
 Capital requirements are imposed on options to cover these risks and
 prevent systemic failures that may arise as a result of widespread
 defaults. This paper demonstrates that the default risk attached to these
 instruments can be modelled as a contingent claim instrument, that is, as
 a default premium, and, as such, capital requirement imposed on OTC
 options should be based on the objective of covering this premium. The
 capital requirements, as suggested by this paper, can be applied to either
 or both the writer and buyer of the option such that the possibility of
 default is negligible. 
Journal: Applied Economics Letters 
Pages: 657-660 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530643 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530643&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Triantis 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Triantis 
Title: Life cycle theory and the impact of the rate of economic growth on saving 
Abstract:
  The life cycle explanation of the positive impact of a country's rate of
 economic growth on its saving ratio appears questionable: its two
 premises, that the retirees' share of total income declines and that,
 consequently, income shifts from dissavers to savers, are found wanting. 
Journal: Applied Economics Letters 
Pages: 661-663 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530644 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530644&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Author-Name: Bradley Ewing 
Author-X-Name-First: Bradley 
Author-X-Name-Last: Ewing 
Title: Population and economic growth: a cointegration analysis of lesser developed countries 
Abstract:
  This paper examines the temporal relationship between population growth
 and economic growth for a sample of less developed countries. Unlike prior
 research efforts, Granger causality tests are conducted in the context of
 error correction models when cointegration is present. Of the thirteen
 countries examined cointegration was present in only three countries.
 Although ten countries did not exhibit properties of cointegration, it is
 noted that researchers undertaking time series studies of the relationship
 between population growth and economic growth utilizing differenced data
 should evaluate the possible long-run relationship. Capturing both the
 short-run and long-run behaviour of the respective time series may provide
 the researcher with a more robust test of Granger-casuality. 
Journal: Applied Economics Letters 
Pages: 665-669 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530645 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530645&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Cheng 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Cheng 
Title: Energy consumption and economic growth in Brazil, Mexico and Venezuela: a time series analysis 
Abstract:
  Applying recently developed techniques of cointegration and Hsiao's
 version of Granger causality to three Latin countries (Brazil, Mexico, and
 Venezuela), this study finds no causal linkages between energy consumption
 and economic growth for both Mexico and Venezuela using the trivariate
 models. However, capital is found to negatively, though weakly, cause
 economic growth for both Mexico and Venezuela. Additionally, energy is
 found to cause economic growth for Brazil. In sum, we detect no consistent
 causal patterns between energy and economic growth based on the causality
 tests from the three Latin countries. 
Journal: Applied Economics Letters 
Pages: 671-674 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530646 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530646&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: Impact of lawyer advertising on the image of lawyers in the United States 
Abstract:
  The US Supreme Court in 1977 declared that most bans on lawyer
 advertising were unconstitutional. Since that decision, the volume of
 lawyer advertising has grown very rapidly. In addition, since the
 mid-1980s, Gallup polls indicate that the public's image of the law
 profession has declined substantially. Many members of the law profession
 casually conjecture that this decline is due to lawyer advertising. By
 contrast, this study offers a hypothesis that lawyer advertising should
 enhance the image of lawyers. In an effort to test this hypothesis, this
 study empirically investigates the impact of lawyer advertising on the
 image of the law profession. OLS results reveal that lawyer advertising
 may in fact elevate the image of lawyers in the USA. 
Journal: Applied Economics Letters 
Pages: 675-678 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530647 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530647&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Omer Ozcicek 
Author-X-Name-First: Omer 
Author-X-Name-Last: Ozcicek 
Author-Name: David Smyth 
Author-X-Name-First: David 
Author-X-Name-Last: Smyth 
Title: Productivity shocks and business fixed investment 
Abstract:
  Business fixed investment is shown to be related to productivity shocks
 more than profitability and q variable. The multifactor productivity index
 is used as a proxy. 
Journal: Applied Economics Letters 
Pages: 679-681 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530648 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530648&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:4:y:1997:i:11:p:679-681




Template-Type: ReDIF-Article 1.0
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Author-Name: Bradley Ewing 
Author-X-Name-First: Bradley 
Author-X-Name-Last: Ewing 
Title: Evidence from lesser developed countries on the Fisher hypothesis: a cointegration analysis 
Abstract:
  This paper examines the Fisher hypothesis for a sample of less developed
 countries. Recognizing the possibility of spurious regression results,
 tests of the Fisher hypothesis are undertaken utilizing the
 Johansen-Juselius cointegration procedure. Of the nine countries studied,
 only Malaysia, Pakistan, and Sri Lanka provide evidence to support the
 full Fisher effect in which a unit proportional relationship exists
 between nominal interest rates and inflation. 
Journal: Applied Economics Letters 
Pages: 683-687 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530649 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530649&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Fox 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Fox 
Title: White noise and other experiments on augmented Dickey-Fuller tests 
Abstract:
  Various methods for choosing the appropriate degree of 'augmentation' for
 augmented Dickey-Fuller tests are compared using Monte Carlo experiments.
 A commonly used method is found to result in very low power It is
 interesting that Humans try to find Meaningful Patterns in things that are
 essentially random. (Commander Data, Star Trek, 1992) 
Journal: Applied Economics Letters 
Pages: 689-694 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530650 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530650&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:4:y:1997:i:11:p:689-694




Template-Type: ReDIF-Article 1.0
Author-Name: N. Funke 
Author-X-Name-First: N. 
Author-X-Name-Last: Funke 
Title: Yield spreads as predictors of recessions in a core European economic area 
Abstract:
  The estimation of probabilities of recessions/weak economic activity
 based on probit analyses indicates that the development of the German
 yield spread as well as the development of a weighted average of European
 yield spreads have been useful predictors for periods of sluggish economic
 development in core Europe with a lead time of around three quarters.* 
Journal: Applied Economics Letters 
Pages: 695-697 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530651 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530651&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kaddour Hadri 
Author-X-Name-First: Kaddour 
Author-X-Name-Last: Hadri 
Title: A frontier approach to disequilibrium models 
Abstract:
  Due to aggregation (Muellbauer, 1978), market frictions (Benassy, 1982)
 and stochastic manipulable perceived rationing (Weinrich, 1984) it is very
 likely that the quantity transacted is less than the short side of a
 market affected by quantity rationing. This is we might observe in a given
 market simultaneously excess demand and excess supply. In this paper we
 suggest a frontier approach to specify these inefficiencies in
 disequilibrium models. This is done essentially by adding a truncated
 disturbance term to the traditional symmetric error. The new specification
 allows us to test for the presence of any type of inefficiency. 
Journal: Applied Economics Letters 
Pages: 699-701 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530652 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530652&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jakob De Haan 
Author-X-Name-First: Jakob 
Author-X-Name-Last: De Haan 
Author-Name: Clemens Siermann 
Author-X-Name-First: Clemens 
Author-X-Name-Last: Siermann 
Author-Name: Erna Van Lubek 
Author-X-Name-First: Erna 
Author-X-Name-Last: Van Lubek 
Title: Political instability and country risk: new evidence 
Abstract:
  This note presents new estimates of a probit model for the debt
 rescheduling, using a sample of 65 countries over the period 1984-93.
 Apart from economic variables, a whole range of indicators for political
 instability are included in the model as explanatory variables. It turns
 out, that none is significant with the 'correct' sign. Apparently, a
 detoriation of the political situation is already reflected in economic
 aggregates, which suggest that the influence of political factors is
 discounted in macroeconomic variables as included in the model. 
Journal: Applied Economics Letters 
Pages: 703-707 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530653 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530653&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Armando Barrientos 
Author-X-Name-First: Armando 
Author-X-Name-Last: Barrientos 
Author-Name: Luis Firinguetti 
Author-X-Name-First: Luis 
Author-X-Name-Last: Firinguetti 
Title: Predicting wages from transformed wage equations 
Abstract:
  The log-linear specification of wage equations is commonly used in the
 applied economics literature. Predictions of the retransformed wage are
 not straightforward as the standard approach (naive estimator) produces
 biased predictions. Duan (1983) proposes a smearing estimator which
 overcomes this problem, and is easy to implement. In the paper we predict
 wages using these two estimators and highlight the difference in the
 predictions they generate. 
Journal: Applied Economics Letters 
Pages: 709-710 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530654 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530654&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: A Note on the impact of the United States federal budget deficit on the intermediate-term interest rate, 1960-94 
Abstract:
  There is an extensive literature investigating the impact of federal
 budget deficits in the US on interest rate yields. This literature focuses
 almost entirely on short-term rates (under one year to maturity) and
 long-term rates (ten years or more to maturity). However, almost no
 attention has been directed at intermediate-term interest rate yields,
 that is yields on bonds maturing more than one year and less than ten
 years in the future. Also, this literature essentially ignores the second
 half of the 1980s and the 1990s. Accordingly, this note empirically
 investigates the impact of budget deficits in the US on the interest rate
 yield on three-year US Treasury notes for the period 1960 through the end
 of 1994. Based on OLS and IV estimates, two of which include net
 international capital inflows, it is found that budget deficits do raise
 intermediate-term rates, which may strengthen arguments that budget
 deficits lead to crowding out. 
Journal: Applied Economics Letters 
Pages: 711-714 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530655 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530655&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nurhan Davutyan 
Author-X-Name-First: Nurhan 
Author-X-Name-Last: Davutyan 
Title: The bid-ask spread for dollars in Kuwait: a brief note 
Abstract:
  This paper uses the Demsetz-Bagehot theory of dealer services and bid-ask
 spreads to analyse the determinants of the bid and ask spread in the
 Kuwaiti foreign exchange market for dollars. The explanatory variables
 predicted by the theory are found to be significant. Idiosyncrasies
 arising from the country and period under analysis are highlighted. 
Journal: Applied Economics Letters 
Pages: 715-717 
Issue: 11 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758530656 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758530656&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sanjiv Ranjan Das 
Author-X-Name-First: Sanjiv Ranjan 
Author-X-Name-Last: Das 
Title: Macroeconomic implications of search theory for the labour market 
Abstract:
  'While the usual job search problem is a microeconomic one, this paper
 applies labour market data to a standard search model to extract
 macroeconomic implications. A theoretical relationship between the minimum
 wage, subsistence wage and reservation wage is posited and found to be
 violated in the data. The paper raises several issues of public policy. It
 finds that the minimum wage offered is low. It provides a measure of the
 'quality' of the labour market, and discusses how it may be improved, by
 increasing the minimum wage, reducing bargaining between the supply and
 demand sides of the labour market, and curbing wage volatility. 
Journal: Applied Economics Letters 
Pages: 719-723 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528714 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528714&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Rayton 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Rayton 
Title: Rent-sharing or incentives? Estimating the residual claim of average employees 
Abstract:
  The rent-sharing literature and the agency literature both predict a link
 between pay and performance. The rent-sharing literature relies on
 short-term market power to explain this link, while the agency literature
 bases its prediction on the importance of incentives in principal-agent
 relationships. Annual data from an unbalanced panel of US manufacturing
 firms indicate that the performance-elasticity of average employee pay is
 approximately 0.127271 in small firms while it not significantly different
 from zero in large firms. The relative lack of incentive pay in the group
 of large firms demonstrates that the pay-performance link evident in US
 manufacturing firms is inconsistent with the exclusive truth of the
 rent-sharing hypothesis. 
Journal: Applied Economics Letters 
Pages: 725-728 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528715 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528715&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:4:y:1997:i:12:p:725-728




Template-Type: ReDIF-Article 1.0
Author-Name: Shane Bonetti 
Author-X-Name-First: Shane 
Author-X-Name-Last: Bonetti 
Title: A test of the public choice theory of economic sanctions 
Abstract:
  Models of the form of sanctions are constructed to test Kaempfer and
 Lowenbergs' public choice theory of economic sanctions using the Hufbauer,
 et al. dataset. The key explanatory variable is presanction trade linkage
 between sender and target. If sanctions are primarily coercive, trade
 linkage and the propensity to choose trade sanctions should be positively
 related. If public choice considerations are dominant the propensity to
 choose trade sanctions should vary inversely with trade linkage. The
 results presented are consistent with the public choice interpretation. 
Journal: Applied Economics Letters 
Pages: 729-732 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528716 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528716&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mahdy Mohanty 
Author-X-Name-First: Mahdy 
Author-X-Name-Last: Mohanty 
Author-Name: Miles Finney 
Author-X-Name-First: Miles 
Author-X-Name-Last: Finney 
Title: Evidence on the effect of young adults' wages on their college attendance decisions 
Abstract:
  Using data from the National Longitudinal Survey of Youth, this note
 demonstrates that the college attendance decision of employed young adults
 depends partly on their wage. We further find that the wage quadratically
 impacts the decision to attend college. 
Journal: Applied Economics Letters 
Pages: 733-735 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528717 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528717&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. W. Faff 
Author-X-Name-First: R. W. 
Author-X-Name-Last: Faff 
Author-Name: P. F. Howard 
Author-X-Name-First: P. F. 
Author-X-Name-Last: Howard 
Title: Bank exposures to interest-rate risk: the case of the Australian banking industry 
Abstract:
  This paper provides evidence of the changing nature of interest-rate
 sensitivity of a banking and finance portfolio in Australia over the
 period 1978-1992. Specifically, the potential sensitivity to short- and
 long-term interest rate movements is examined in each of three subperiods
 (1978-1982, 1983-1987 and 1988-1992). Consistent with previous US
 evidence, our major finding is that the banking portfolio exhibits
 sensitivity only to long-term interest rates. However, this sensitivity is
 significant only during the middle subperiod - a time when Australian
 financial markets experienced dramatic deregulatory changes including the
 floating of the domestic currency. 
Journal: Applied Economics Letters 
Pages: 737-739 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528718 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528718&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Susan Donohue 
Author-X-Name-First: Susan 
Author-X-Name-Last: Donohue 
Title: The pattern of non-union wage supplements: a switching regression approach 
Abstract:
  This paper estimates whether non-union wage supplements associated with
 unionization are larger for low wage workers. Switching regression
 estimates determine low and high wage samples and demonstrate larger
 supplements for most low wage workers. The pattern varies by occupational
 group. 
Journal: Applied Economics Letters 
Pages: 741-743 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528719 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528719&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ludo Peeters 
Author-X-Name-First: Ludo 
Author-X-Name-Last: Peeters 
Author-Name: Yves Surry 
Author-X-Name-First: Yves 
Author-X-Name-Last: Surry 
Author-Name: Anja Cielen 
Author-X-Name-First: Anja 
Author-X-Name-Last: Cielen 
Title: Testing alternative dynamic specifications: an application to meat demand in Belgium 
Abstract:
  This letter examines alternative specifications of dynamic adjustment in
 the context of a linear approximate AIDS model of the demand for meat in
 Belgium. The model also incorporates demographic variables to account for
 structural changes in consumer preferences. Using a general first-order
 ECM specification as a unifying analytical framework, several tests are
 performed in an attempt to validate the preferred dynamic model
 specification. The results indicate that the widely-used dynamic model
 with one adjustment parameter (diagonal adjustment matrix) as well as the
 autoregressive and static models are strongly rejected by the data. The
 proposed symmetric specification of dynamic adjustment presents a viable
 alternative. 
Journal: Applied Economics Letters 
Pages: 745-749 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528720 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528720&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Alberto Molina 
Author-X-Name-First: Jose Alberto 
Author-X-Name-Last: Molina 
Title: Modelling the Spanish imports of vehicles using a source differentiated demand system 
Abstract:
  This paper models the Spanish imports of vehicles, differentiated both by
 goods and by origins, during the period 1963-1992, using a source
 differentiated Almost Ideal Demand System. We consider three vehicle
 goods, namely trucks, cars and tractors, which are imported from six
 different origins, Germany, the USA, France, the UK, Italy and other
 countries. Having first shown that the estimated model does not exhibit
 autocorrelation problems, the results are presented using the expenditure
 and price estimated elasticities. French trucks and tractors and US cars
 are the most luxurious imported vehicles. The Marshallian own-price
 elasticities reflect that Italian trucks, German cars and US tractors had
 the most insentitive demands to own-price changes. Finally, cross-price
 elasticities show weak effects. 
Journal: Applied Economics Letters 
Pages: 751-755 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528721 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528721&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matiur Rahman 
Author-X-Name-First: Matiur 
Author-X-Name-Last: Rahman 
Author-Name: Muhammad Mustafa 
Author-X-Name-First: Muhammad 
Author-X-Name-Last: Mustafa 
Title: Growths in US housing starts, real consumer debt, real GDP and the long-term real interest rate: a vector cointegration analysis 
Abstract:
  The primary purpose of this paper is to explore the long-run association
 among growths in US housing starts, real consumer debt, real GDP and the
 long-term real interest rate. To carry out this exploratory work, Johansen
 and Juselius (1990) vector cointegration procedure is applied. Monthly
 data from January 1960 through April 1993 are employed. The empirical
 results suggest that each time series in levels is non-stationary. Also, a
 general conclusion emerges which suggests that all these macroeconomic
 variables possess a long-run interactive inter-relationship. 
Journal: Applied Economics Letters 
Pages: 757-759 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528722 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528722&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Teresa Aparicio 
Author-X-Name-First: M. Teresa 
Author-X-Name-Last: Aparicio 
Author-Name: Inmaculada Villanua 
Author-X-Name-First: Inmaculada 
Author-X-Name-Last: Villanua 
Title: Measures of probability changes in binary choice models: a comparative study 
Abstract:
  A measure of probability changes in probit and logit dichotomous models
 is proposed based of the efficient use of sampling information,
 specifically using the average of the derivatives, as opposed to the
 traditional practice of calculating the derivative at the mean value. The
 two strategies are compared using a simulation exercise which reveals
 their respective robustness. 
Journal: Applied Economics Letters 
Pages: 761-763 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528723 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528723&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jung-Hee Lee 
Author-X-Name-First: Jung-Hee 
Author-X-Name-Last: Lee 
Author-Name: B. Wade Brorsen 
Author-X-Name-First: B. Wade 
Author-X-Name-Last: Brorsen 
Title: A non-nested test of GARCH vs. EGARCH models 
Abstract:
  This study uses a Cox-type non-nested test. The test is obtained using
 Monte Carlo hypothesis tests with the log likelihood ratio as the test
 statistic. Monte Carlo methods are used to obtain the probability of a
 larger value of the test statistic under the null hypothesis. The approach
 used does not rely upon asymptotic normality. Using the maximum likelihood
 estimation technique, two competing time series models, generalized
 autoregressive conditional heteroscedasticity (GARCH) and exponential
 GARCH (EGARCH) models of daily spot prices of Deutsche mark are estimated.
 Using Monte Carlo hypothesis tests, then, p-values for GARCH vs. EGARCH
 models are calculated. The EGARCH model cannot be rejected, while the
 GARCH model is rejected. 
Journal: Applied Economics Letters 
Pages: 765-768 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528724 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528724&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nikiforos Laopodis 
Author-X-Name-First: Nikiforos 
Author-X-Name-Last: Laopodis 
Title: Distributional properties and weekly return patterns of the Athens stock exchange 
Abstract:
  The study examines the distributional properties of the Athens stock
 exchange and tests for persistence effects or anomalies found in the
 weekly redistributions of the market. The results indicate significant
 first- and second-order dependencies in the series as well as pronounced
 departures from normality. Further, employing the method of stochastic
 dominance, to determine which week's returns is dominant, it was found
 that the first week of the month offers a good risk-return relationship to
 investors. Finally, no evidence for presence of the January effect was
 found in the Athens stock exchange. 
Journal: Applied Economics Letters 
Pages: 769-774 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528725 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528725&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Title: International evidence on the sustainability of budget deficits 
Abstract:
  The sustainability of budget deficits of the G-7 countries is examined in
 this paper. Following the approach taken by Hakkio and Rush it is found
 that in the case of Germany it appears for each dollar increase in
 expenditures, revenues increase by an equal amount. For France, Japan, and
 Italy (real per GDP measure) the budget deficits of these countries may
 not be sustainable due to the lack of cointegration. In the cases of
 Canada, Italy (real levels and real per capita measures), United Kingdom,
 and the United States (real levels and real per capita) cointegration is
 present between revenues and expenditures. However, the estimated
 coefficients on expenditures for these countries are significantly less
 than one which suggests that government spending is growing faster than
 government revenue. 
Journal: Applied Economics Letters 
Pages: 775-779 
Issue: 12 
Volume: 4 
Year: 1997 
X-DOI: 10.1080/758528726 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758528726&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lawrance Gordon 
Author-X-Name-First: Lawrance 
Author-X-Name-Last: Gordon 
Author-Name: Mary Myers 
Author-X-Name-First: Mary 
Author-X-Name-Last: Myers 
Title: Tobin's q and overinvestment 
Abstract:
  The objective of the research reported in this paper is to examine the
 claim that, for purposes of identifying overinvesting firms, an average q
 of less than unity is a valid proxy for a marginal q of less than unity.
 The empirical evidence provided supports, although does not prove, this
 claim. Hence, studies which utilize an average q of less than unity to
 identify overinvesting firms appear to operating on solid ground. 
Journal: Applied Economics Letters 
Pages: 1-4 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540116 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540116&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan-Egbert Sturm 
Author-X-Name-First: Jan-Egbert 
Author-X-Name-Last: Sturm 
Author-Name: Jakob De Haan 
Author-X-Name-First: Jakob 
Author-X-Name-Last: De Haan 
Title: Public capital spending in The Netherlands: developments and explanations 
Abstract:
  As in many other OECD countries, government investment expressed as share
 of GDP has decreased in The Netherlands. Using the concept of Granger
 causality, we test in a bivariate vector autoregression framework various
 hypothesis that have been put forward to explain this decline. It is
 concluded that private investment and output are related to public
 investment. Demographic variables also influence public investment. The
 number of future civil servants affects investment in buildings. Our
 results do not support the view that higher interest burdens crowded out
 public investment. Finally, no confirmation is found for the idea that
 additional infrastructure triggers growth of the number of vehicles. 
Journal: Applied Economics Letters 
Pages: 5-10 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540117 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540117&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shunfeng Song 
Author-X-Name-First: Shunfeng 
Author-X-Name-Last: Song 
Title: Home buyers' characteristics and selling prices 
Abstract:
  This study examines the relationship between home buyers' characteristics
 and selling prices. Using survey on home buyers and the 1990 Multiple
 Listing Service data on single-family housing transactions in the
 Reno-Sparks area in Nevada, this study finds that home buyers play a
 significant role on housing price determination. For a given type of
 house, higher income home buyers would pay higher prices than lower income
 home buyers and first-time home buyers would pay lower prices than repeat
 home buyers. 
Journal: Applied Economics Letters 
Pages: 11-14 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540118 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540118&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fraser Dorward 
Author-X-Name-First: Fraser 
Author-X-Name-Last: Dorward 
Author-Name: Akintola Akintoye 
Author-X-Name-First: Akintola 
Author-X-Name-Last: Akintoye 
Author-Name: Cliff Hardcastle 
Author-X-Name-First: Cliff 
Author-X-Name-Last: Hardcastle 
Title: The causal relationship between construction workload and construction price 
Abstract:
  Based on the Engle-Granger (1987) methodology for cointegration and error
 correction mechanism models the paper examines causal relationships
 between the UK construction workload and price. The model tests the
 intuitive belief that the construction price (tender price index) is a
 long run determinant of construction workload (new orders) and that the
 relationship is constantly correcting itself back on to this long run
 path. The results suggest that there is a relationship between the
 variables but a very weak one. 
Journal: Applied Economics Letters 
Pages: 15-18 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540119 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540119&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Chappel 
Author-X-Name-First: David 
Author-X-Name-Last: Chappel 
Author-Name: Joanne Padmore 
Author-X-Name-First: Joanne 
Author-X-Name-Last: Padmore 
Author-Name: Julia Pidgeon 
Author-X-Name-First: Julia 
Author-X-Name-Last: Pidgeon 
Title: A note on ERM membership and the efficiency of the London Stock Exchange 
Abstract:
  The behaviour of the FTSE 30 share index is examined over a period from
 November 1988 to May 1994. We examine whether the index exhibits different
 time series behaviour during the time that Sterling belonged to the ERM to
 that observed in the pre- and post-ERM period. We show that the random
 walk behaviour, which would be expected under the Efficient Markets
 Hypothesis (EMH), occurs during the period when Sterling belonged to the
 ERM but for pre- and post-ERM membership period the index does not appear
 to follow a random walk. 
Journal: Applied Economics Letters 
Pages: 19-23 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540120 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540120&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bengt Assarsson 
Author-X-Name-First: Bengt 
Author-X-Name-Last: Assarsson 
Author-Name: Per Jansson 
Author-X-Name-First: Per 
Author-X-Name-Last: Jansson 
Title: Unemployment persistence: the case of Sweden 
Abstract:
  An unobserved components time-series model is used to examine the
 persistence in Swedish unemployment. Three sources of unemployment
 persistence are identified: natural rate shocks; hysteresis; and
 persistent cycles. Hysteresis effects are modelled by allowing cyclical
 unemployment to have a lagged effect on the natural rate. The evidence
 suggests that the course of unemployment in Sweden has mainly been
 determined by natural rate shocks. This is especially the case for the
 large increase during the early 1990s, but also for the smaller changes
 between 1970 and the late 1980s. Hysteresis effects are also present but
 they are less important because of the relatively small cyclical changes. 
Journal: Applied Economics Letters 
Pages: 25-29 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540121 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540121&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Title: Money, exchange rates and international business cycle between Japan and the United States 
Abstract:
  This paper focuses on the international business cycle repercussions
 between Japan and the United States based on the vector error correction
 model. The results of the analysis are as follows: first, the effect of
 economic fluctuations between Japan and the United States is asymmetric;
 whereas fluctuations in the United States economy exert a great influence
 on Japan, the converse is not true. Secondly, it should be noted that
 there is a great difference between the two nations with regard to
 fluctuations in money supply; whereas they exhibit strong exogeneity in
 the United States, they react to exchange rates to a great extent in
 Japan. This may reflect differences in the policy reaction functions of
 the two nations' financial policy authorities. 
Journal: Applied Economics Letters 
Pages: 31-35 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540122 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540122&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Paul Gius 
Author-X-Name-First: Mark Paul 
Author-X-Name-Last: Gius 
Title: Using panel data to estimate the determinants of medical malpractice insurance premiums 
Abstract:
  The purpose of the present study is to incorporate state-level
 heterogeneity into an examination of the effects of tort reforms and other
 factors on medical malpractice insurance premiums; a random effects model
 is used to account for this heterogeneity. The results of the present
 study show that individual, state-level effects are important determinants
 of medical malpractice insurance premiums and that tort reforms had no
 effects on malpractice insurance premium levels. The results of previous
 studies that used ordinary least squares had indicated that some tort
 reforms were significant. 
Journal: Applied Economics Letters 
Pages: 37-39 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540123 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540123&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: Forecasting with structural change: why is the random walk model so damned difficult to beat? 
Abstract:
  This paper demonstrates that a naive forecast of no change can produce
 lower mean square forecast errors than those from true models when
 structural change exists. 
Journal: Applied Economics Letters 
Pages: 41-42 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540124 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540124&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Testing for technical change: a nonparametric application 
Abstract:
  A method of evaluating the impact of technical change on productivity in
 a Farrell-type model is developed here and empirically applied over
 international airlines data. 
Journal: Applied Economics Letters 
Pages: 43-46 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540125 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540125&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: Determinants of the inflation rate of the health care CPI in the US 
Abstract:
  A key issue in health care reform in the United States is the need to
 contain the inflation rate of the consumer price index (CPI) for health
 care services (IRCPIHC). Although previous literature has provided a
 variety of arguments regarding the causes of the rising IRCPIHC,
 relatively little has been done of a formal empirical nature to test these
 various arguments. We estimate a reduced-form equation for the US that
 indicates the IRCPIHC is an increasing function of general inflation, the
 population percentage over age 65, real malpractice insurance premiums,
 the population percentage covered by Medicare, increased usage of
 technological innovations in medicine, and real GDP growth and a
 decreasing function of the number of physicians per 100 000 population. 
Journal: Applied Economics Letters 
Pages: 47-49 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540126 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540126&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erdinc Telatar 
Author-X-Name-First: Erdinc 
Author-X-Name-Last: Telatar 
Author-Name: Hasan Kazdagli 
Author-X-Name-First: Hasan 
Author-X-Name-Last: Kazdagli 
Title: Re-examine the long-run purchasing power parity hypothesis for a high inflation country: the case of Turkey 1980-93 
Abstract:
  This paper examines the hypothesis of long-run purchasing Power Parity
 (PPP) using cointegration techniques for Turkey that experiences high
 inflation and structural changes coupled with high growth rates
 simultaneously. The results do not support any long-run bilateral exchange
 rate-price relationship between Turkey and each of the following countries
 considered to be the major trading partners of Turkey: France, Germany,
 the UK, and the USA. 
Journal: Applied Economics Letters 
Pages: 51-53 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540127 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540127&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Norman Sedgley 
Author-X-Name-First: Norman 
Author-X-Name-Last: Sedgley 
Title: Technology gaps, economic growth and convergence across US states 
Abstract:
  This paper re-examines the empirical regularity of convergence in gross
 state product (GSP) per capita across US states. Patent data for the 48
 continental United States and the District of Columbia, from the US Patent
 and Trademark Office, is used to account for innovation and technology
 differences across states. It is found that patents are an important
 variable in explaining state to state differences in growth. This implies
 technology gaps exist across states. Knowledge and technology appear to
 display some characteristics of private goods. Furthermore, the estimated
 time it takes for convergence to occur is reduced by 25% when differences
 in innovative activity are accounted for. 
Journal: Applied Economics Letters 
Pages: 55-59 
Issue: 1 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758540128 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758540128&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Author-Name: Kamal Upadhayaya 
Author-X-Name-First: Kamal 
Author-X-Name-Last: Upadhayaya 
Title: Does federal electoral redistricting induce congressional quits? An empirical note 
Abstract:
  The present paper used national data to examine the outcome of political
 redistricting (in the United States), from the 1982 amendments to the
 Voting Rights Act of 1965, on congressional quits (retirements) in the
 U.S. House of Representatives. Our results suggest that the redistricting
 efforts created by these 1982 amendments have led to significantly lower
 retirement rates within the U.S. House. In fact, upon performing various
 unit root tests for variable stationarity and developing first-difference
 statistical equations, our results suggest that retirement rates after the
 passage of the 1982 amendments are approximately 10.5 to 15 percent lower.
 Such results contradict much of the previous work in the political science
 field, yet confirm many of the results beiung put forth by public choice
 scholars. 
Journal: Applied Economics Letters 
Pages: 61-63 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523504 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523504&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Coleman 
Author-X-Name-First: James 
Author-X-Name-Last: Coleman 
Title: Do women earn higher returns to tenure than men? Evidence from the new earnings survey 
Abstract:
  This paper examines the effect of tenure on the earnings of men and women
 in the UK labour market. Most comparisons of male and female earnings have
 concentrated on examining spot differentials, which give no information on
 earnings movements over tenure. Simple human capital theory would suggest
 that the effect of tenure would be less pronounced for women, as their
 shorter average attachments to the labour market allow less opportunity
 for human capital accumulation. Contrary to this prediction, the results
 show a higher return to tenure for women. Several explanations are
 provided as to why this is the case. 
Journal: Applied Economics Letters 
Pages: 65-68 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523505 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523505&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. J. Florkowski 
Author-X-Name-First: W. J. 
Author-X-Name-Last: Florkowski 
Author-Name: A. H. Elnagheeb 
Author-X-Name-First: A. H. 
Author-X-Name-Last: Elnagheeb 
Author-Name: C. L. Huang 
Author-X-Name-First: C. L. 
Author-X-Name-Last: Huang 
Title: Risk perception and new food production technologies 
Abstract:
  In this study, survey data were used to develop a model to measure the
 relationship between a set of socio-economic characteristics of consumers
 and their risk perception of feed additives and growth hormones use in
 livestock production. Perceptions were measured indirectly by constructs
 based on responses to multiple questions. Factor analysis was used to
 identify the perception measures. Next, two econometric approaches were
 applied to estimate the relationships between the explanatory variables
 and risk perceptions. Estimation results gave both the direct and total
 effects of each explanatory variable on the three constructs: risk
 perception due to the use of feed additives and antibiotics in livestock
 and poultry, risk perception due to the use of bioengineering in food
 production or its specific example - the porcine somatotropin (pST) - the
 pig growth hormone, and support of pST use in pig production. 
Journal: Applied Economics Letters 
Pages: 69-73 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523506 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523506&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tom Engsted 
Author-X-Name-First: Tom 
Author-X-Name-Last: Engsted 
Title: Do farmland prices reflect rationally expected future rents? 
Abstract:
  In recent years the Present Value (PV) model has been used extensively to
 interpret the behaviour of farmland prices. In this paper the rational
 expectations version of the PV-model used by Tegene and Kuchler (1993) to
 test for bubbles is examined using long time-series data for land prices
 and rents in three US agricultural regions. The tests are based on a VAR
 methodology that takes into account that land prices and rents are
 integrated of order one and cointegrated. The results indicate that the
 underlying equilibrium model used by Tegene and Kuchler to reject bubbles
 is seriously at odds with the data. 
Journal: Applied Economics Letters 
Pages: 75-79 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523507 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523507&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Cameron 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Cameron 
Author-Name: Alan Collins 
Author-X-Name-First: Alan 
Author-X-Name-Last: Collins 
Title: Personal introduction agencies in the United Kingdom: estimates of an average cost function 
Abstract:
  Economists have hitherto neglected the behaviour of the personal
 introduction agency sector. This paper presents estimates of the average
 cost function. It is found to have a U-shaped pattern. Average costs are
 also shown to be higher when the agency guarantees a minimum number of
 dates and turns away potential clients. 
Journal: Applied Economics Letters 
Pages: 81-83 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523508 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523508&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Geraint Johnes 
Author-X-Name-First: Geraint 
Author-X-Name-Last: Johnes 
Title: Human capital versus sorting: new data and a new test 
Abstract:
  A new test is proposed for discriminating between human capital and
 sorting explanations of the wage differential between groups of variously
 educated workers. International data from the ISSP are used to illustrate
 the operation of the test and of other, more conventional methods used to
 discriminate between the competing theories. 
Journal: Applied Economics Letters 
Pages: 85-87 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523509 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523509&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Senee Suwandee 
Author-X-Name-First: Senee 
Author-X-Name-Last: Suwandee 
Author-Name: Subhash Sharma 
Author-X-Name-First: Subhash 
Author-X-Name-Last: Sharma 
Author-Name: Richard Grabowski 
Author-X-Name-First: Richard 
Author-X-Name-Last: Grabowski 
Title: Estimates of net capital stock for agricultural and industrial sectors for Japan, Korea and Taiwan 
Abstract:
  In this paper, we estimate the net capital stock of the agricultural and
 industrial sectors for Japan, Korea and Taiwan in their national
 currencies. Based on the availability of the investment data, the net
 capital stocks for Japan for the two sectors are estimated from 1905 to
 1940 (prewar), and from 1953 to 1979 (postwar). No investment series,
 broken down by sector, are available after 1979. For Korea and Taiwan the
 agricultural and industrial net capital stocks are obtained from 1955 to
 1992. 
Journal: Applied Economics Letters 
Pages: 89-91 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523510 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523510&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alberto Davila 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Davila 
Author-Name: Josee Pagan 
Author-X-Name-First: Josee 
Author-X-Name-Last: Pagan 
Title: On the regional variability of minority/non-minority wage differentials 
Abstract:
  This paper assesses whether regional variability in the
 minority/non-minority wage gap exists and if it depends on state-specific
 factors such as political conservatism, anti-discriminatory policies, and
 the 'visibility' of minorities. We find an extreme variability in the
 minority/non-minority wage differential across states and that this gap
 narrows as minorities achieve a 'threshold' level which allows them to
 exert political and economic pressures on majority employers. 
Journal: Applied Economics Letters 
Pages: 93-95 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523511 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523511&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Geoffrey Pugh 
Author-X-Name-First: Geoffrey 
Author-X-Name-Last: Pugh 
Title: The profit elasticity of investment in West Germany and the investment diversion effects of unification 
Abstract:
  This paper estimates investment equations for pre-unification West
 Germany in which changes in profitability have strong explanatory power
 with respect to changes in real investment. Accordingly, post-unification
 decline in profitability suggests that investment by west German firms in
 eastern Germany entailed investment diversion. In addition, we explain how
 we calculate t-statistics for long-run coefficients arising from Almon lag
 and partial adjustment models. 
Journal: Applied Economics Letters 
Pages: 97-99 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523512 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523512&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tai Yung Kam 
Author-X-Name-First: Tai Yung 
Author-X-Name-Last: Kam 
Author-Name: Jwu-Rong Lin 
Author-X-Name-First: Jwu-Rong 
Author-X-Name-Last: Lin 
Title: Taiwan's trade imbalance against Japan: an econometric analysis 
Abstract:
  The objective of this paper is to investigate the Granger 'causal'
 dynamic relationship between Taiwan-Japan trade balance (T), and four
 macrovariables: output (Y), exchange rate (E), money supply (M), and price
 index (P). The ADF Unit Root Test results show that the variables are all
 integrated of order I(1). The Johansen (Trace, &#x3bb;max) result
 indicates that there is no evidence of cointegration between T and the
 four variables. The Final Prediction Error results indicate that there is
 evidence of a unidirectional causal relationship between T and M, a
 bidirectional relationship between T and Y only. Variance Decomposition
 analysis show that the exogeneity ordering of the variables is (&#x394;M,
 &#x394;T, &#x394;Y, &#x394;P, &#x394;E). The impulse response analysis
 show that the impacts of M and Y to T are higher than the impacts of E
 both in short-term and medium-term. In long-term, impacts front both
 policies are weak and tend to be insignificant. 
Journal: Applied Economics Letters 
Pages: 101-104 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523513 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523513&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Barry Goss 
Author-X-Name-First: Barry 
Author-X-Name-Last: Goss 
Author-Name: S. Gulay Avsar 
Author-X-Name-First: S. Gulay 
Author-X-Name-Last: Avsar 
Title: Increasing returns to liquidity in futures markets 
Abstract:
  A simple model, based on the binomial theorem, is employed to predict
 that the probability of matching buyers and sellers increases with the
 number of transactions. The ask-bid spread, interpreted as a measure of
 liquidity, is assumed to vary negatively with the probability of matching
 buyers and sellers. The hypothesis addressed in this paper is that the
 ask-bid spread varies negatively with volume. This hypothesis is
 investigated for six contracts traded on the Sydney Futures Exchange from
 1980 to 1991. The results support the hypothesis for the majority of
 contracts studied. The implication of these results is that futures
 trading can be expected to become concentrated geographically in a few key
 locations, and within exchanges in a few key contracts. 
Journal: Applied Economics Letters 
Pages: 105-109 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523514 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523514&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sugata Ghosh 
Author-X-Name-First: Sugata 
Author-X-Name-Last: Ghosh 
Title: Can higher debt lead to higher welfare? A theoretical and numerical analysis 
Abstract:
  This paper demonstrates, for a two-good, two-country model with
 finitely-lived agents, the possibility of using national debt as a policy
 instrument to improve welfare via an improvement in the terms of trade.
 The latter is large enough to outweigh the negative effect of crowding out
 of capital that results from higher debt. It is shown that without
 retaliatory behaviour, a welfare-maximizing level of debt is theoretically
 obtainable for values less than half the elasticity of substitution in
 consumption. For a substitution elasticity equal to half zero debt is the
 optimum. 
Journal: Applied Economics Letters 
Pages: 111-116 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523515 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523515&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bhaskar Das 
Author-X-Name-First: Bhaskar 
Author-X-Name-Last: Das 
Title: Price smoothing and inventory adjustments 
Abstract:
  The empirical results in this paper show a negative and statistically
 significant relationship between inventory variability and price
 variability, thereby lending support to the contention that inventory
 adjustments help to smooth price. The implication is that inventories
 assist in coordination of oligopolistic agreements. 
Journal: Applied Economics Letters 
Pages: 117-119 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523516 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523516&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julie Hotchkiss 
Author-X-Name-First: Julie 
Author-X-Name-Last: Hotchkiss 
Title: Cross-sectional evidence for the job-matching model 
Abstract:
  Using the PSID and 2SLS estimation, this paper provides cross-sectional
 empirical evidence for the job-matching model. The empirical model which
 specifies wages as a function of expected tenure (rather than merely
 current tenure) more accurately describes the observed data. 
Journal: Applied Economics Letters 
Pages: 121-125 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523517 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523517&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Karen Bloor 
Author-X-Name-First: Karen 
Author-X-Name-Last: Bloor 
Author-Name: Alan Maynard 
Author-X-Name-First: Alan 
Author-X-Name-Last: Maynard 
Title: Labour markets in the UK National Health Service: incentives, contracts and health care teams 
Abstract:
  The 1991 UK National Health Service reforms introduced explicit market
 mechanisms into the purchasing and provision of health care. The clinical
 labour market has however remained relatively unchanged, despite
 progressive encouragement to shift towards local pay determination. This
 letter explores the possibilities of applying simple concepts derived from
 labour economic theory to the operation of clinical labour markets, and
 generates hypotheses of how incentives in the labour market could perhaps
 be used to affect the efficiency of health care teams. 
Journal: Applied Economics Letters 
Pages: 127-129 
Issue: 2 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758523518 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758523518&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyoungsoo Zang 
Author-X-Name-First: Hyoungsoo 
Author-X-Name-Last: Zang 
Title: The stability of the Kuznets curve: some further evidence 
Abstract:
  This paper examines the stability of the (cross-sectional) Kuznets curve
 with focus on the international comparability of both income distribution
 and income data. If the Kuznets curve changes its slope, or if the
 relationship between income and income inequality is not stable over time,
 then, the validity of using the cross-sectional Kuznets curve to test the
 Kuznets hypothesis is considerably weakened, and consequently the results
 from a cross-section of countries may not be used to predict the secular
 development of a country. For reasonable international comparability,
 household income distribution data and per capita GDP data based on
 purchasing power parity are employed in this paper. We show that, contrary
 to a previous finding, the (cross-sectional) Kuznets curve is stable. 
Journal: Applied Economics Letters 
Pages: 131-133 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521367 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521367&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Barkoulas 
Author-X-Name-First: John 
Author-X-Name-Last: Barkoulas 
Author-Name: Christopher Baum 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Baum 
Author-Name: Gurkan Oguz 
Author-X-Name-First: Gurkan 
Author-X-Name-Last: Oguz 
Title: Stochastic long memory in traded goods prices 
Abstract:
  Using spectral regression and exact maximum likelihood methods, we test
 for long memory dynamics in the traded goods prices for the G7 countries,
 as measured in their import and export price indices. Significant and
 robust evidence of fractional dynamics with long memory features is found
 in both import and export price inflation rates. 
Journal: Applied Economics Letters 
Pages: 135-138 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521368 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521368&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Author-Name: Raymond Sfeir 
Author-X-Name-First: Raymond 
Author-X-Name-Last: Sfeir 
Title: Past trend versus future expectation: test of exchange rate volatility 
Abstract:
  Which of the two forces, past trends or future expectations plays a more
 dominant role in exchange market volatility? This hypothesis is
 econometrically tested here for four advised industrial countries, France,
 UK, Japan and Germany over the period 1985-95. 
Journal: Applied Economics Letters 
Pages: 139-142 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521369 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521369&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gishan Dissanaike 
Author-X-Name-First: Gishan 
Author-X-Name-Last: Dissanaike 
Title: Do stockmarket 'losers' win more than 'winners' lose? 
Abstract:
  One of the controversial issues in the stockmarket overreaction
 literature is the claim that price reversals for losers are more
 pronounced than for winners. We present new results for the UK which
 suggest that the opposite conclusion is true. Our results are particularly
 interesting because some recent studies have chosen to devote more
 attention to losers. 
Journal: Applied Economics Letters 
Pages: 143-146 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521370 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521370&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. L. Ford 
Author-X-Name-First: J. L. 
Author-X-Name-Last: Ford 
Author-Name: Sudip Ghose 
Author-X-Name-First: Sudip 
Author-X-Name-Last: Ghose 
Title: Ellsberg's urns, ambiguity, measures of uncertainty and non-additivity: some experimental evidence 
Abstract:
  The principal objective of the experiment reported on in this paper was
 to ascertain what measures of uncertainty the subjects deemed to be
 relevant in situations of ambiguity regarding outcomes. This permitted an
 assessment of non-additivity of probabilities and subjects' choices were
 then analysed in terms of expected utility theory and the decision
 theories of Shackle and Ford. In addition, a comparison of the findings on
 the choices of gamble that the subjects made could be effected with those
 made in Ellsberg's pioneering inquiry. 
Journal: Applied Economics Letters 
Pages: 147-151 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521371 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521371&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Javier Alonso 
Author-X-Name-First: Javier 
Author-X-Name-Last: Alonso 
Author-Name: Miguel-Angel Galindo 
Author-X-Name-First: Miguel-Angel 
Author-X-Name-Last: Galindo 
Author-Name: Simon Sosvilla-Rivero 
Author-X-Name-First: Simon 
Author-X-Name-Last: Sosvilla-Rivero 
Title: Convergence in social protection benefits across EU countries 
Abstract:
  This paper studies the degree of convergence in per capita social
 protection benefits registered in the European Union during the 1966-92
 period. To that end, we use data supplied by Eurostat and compute the two
 indicators more widely used in convergence analysis: &#x3c3;-convergence
 and &#x3b2;-convergence. 
Journal: Applied Economics Letters 
Pages: 153-155 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521372 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521372&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: The long-run demand for currency and broad money in Italy, 1861-1980 
Abstract:
  This letter presents estimates of a stable long-run money demand function
 in Italy over the period 1861-1980. Results using the Johansen procedure
 of cointegration indicate a unique, long-run demand function for currency
 and the broad money supply. In each case, the real income and interest
 rate elasticities accord reasonably well with expectations from monetary
 theory in terms of size and sign and are in line with results reported in
 several studies for the United States and the United Kingdom. It appears
 that both currency and the money supply broadly defined are suitable
 aggregates with which to consider the long-run economic impacts of changes
 in monetary policy in Italy. 
Journal: Applied Economics Letters 
Pages: 157-159 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521373 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521373&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Baimbridge 
Author-X-Name-First: Mark 
Author-X-Name-Last: Baimbridge 
Title: Outcome uncertainty in sporting competition: the Olympic Games 1896-1996 
Abstract:
  This paper examines uncertainty of outcome within the context of
 international sporting competition through analysing the ratio of medal
 winning to participating nations for the history of the Summer Olympics. A
 deficiency within the economics of professional team sports literature
 concerns the investigation into the determinants of uncertainty per se,
 although it has prominently featured as an explanatory factor in demand
 studies. Additionally, previous research on the Olympics has primarily
 focused upon ';success' in terms of medals won or event placings. An
 analysis of outcome uncertainty is poignant to the Olympics given the
 degree of national prestige frequently placed upon success together with
 the policy debate in relation to their increasing scope. The relationship
 examined between Olympic uncertainty and a series of hypothesized factors
 indicates that significant determinants include the level of participation
 in each Olympiad, Communist-let boycotts and their overall trend. 
Journal: Applied Economics Letters 
Pages: 161-164 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521374 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521374&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tony Caporale 
Author-X-Name-First: Tony 
Author-X-Name-Last: Caporale 
Author-Name: Chulho Jung 
Author-X-Name-First: Chulho 
Author-X-Name-Last: Jung 
Title: Exchange rate regimes and international output co-movement 
Abstract:
  Utlizing Johansen's (1988) multivariate cointegration testing procedure,
 we find a cointegrating vector between the outputs of five major
 industrialized nations for the fixed exchange rate period. However, this
 relationship breaks down for the flexible exchange rate era. We argue that
 the breakdown of monetary policy coordination caused by the abandonment of
 the fixed exchange rates explains the weakening of the international
 character of business cycles. 
Journal: Applied Economics Letters 
Pages: 165-168 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521375 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521375&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Author-Name: Gabrielle Berman 
Author-X-Name-First: Gabrielle 
Author-X-Name-Last: Berman 
Author-Name: Sinclair Davidson 
Author-X-Name-First: Sinclair 
Author-X-Name-Last: Davidson 
Title: The nature and extent of revisions to Australian macroeconomic data 
Abstract:
  This paper explores the nature and extent of revisions to Australian
 macroeconomic data. Specifically, we analyse quarterly GDP and monthly
 balance on current account data. We find some impact of revisions. In
 addition, we also find that indirect measures of data quality, such as,
 statistical discrepancy in the case of GDP and the balancing item in the
 case of the balance on current account are still large after the revisions
 are completed. 
Journal: Applied Economics Letters 
Pages: 169-174 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521376 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521376&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roger Vergin 
Author-X-Name-First: Roger 
Author-X-Name-Last: Vergin 
Title: The NFL pointspread market revisited: anomaly or statistical aberration? 
Abstract:
  An earlier paper by Lacey (1990) examined the National Football League
 betting market, using data from the 1984-1986 seasons. He tested 13
 technical rules for betting and found several that had winning proportions
 significantly greater than 0.5 and were also profitable after transaction
 costs. That represented a violation of the weak form of the Efficient
 Markets Hypothesis. This paper provides an independent test of those same
 rules over the 1987-1995 NFL seasons. None of the strategies were
 profitable or had winning proportions significantly different than 0.5.
 Lacey's results were apparently just a statistical aberration rather than
 an exploitable anomaly. The results herein suggest the Efficient Markets
 Hypothesis was not violated. 
Journal: Applied Economics Letters 
Pages: 175-179 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521377 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521377&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guang Wan 
Author-X-Name-First: Guang 
Author-X-Name-Last: Wan 
Title: Linear estimation of the nonlinear almost ideal demand system: a Monte Carlo study 
Abstract:
  Most applied economists use the almost ideal demand system or AIDS to
 model demand without knowing the consequences of alternative estimation
 procedures. In this paper, Monte Carlo experiments are undertaken to
 evaluate the performance of several estimation methods of AIDS. Based on
 the measures of trace mean squared error and aggregate bias, the iterative
 procedure proposed by Deaton and Muellbauer (1980) is found to dominate. 
Journal: Applied Economics Letters 
Pages: 181-186 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521378 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521378&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Frederick 
Author-X-Name-First: David 
Author-X-Name-Last: Frederick 
Author-Name: William Kaempfer 
Author-X-Name-First: William 
Author-X-Name-Last: Kaempfer 
Author-Name: Martin Ross 
Author-X-Name-First: Martin 
Author-X-Name-Last: Ross 
Author-Name: Richard Wobbekind 
Author-X-Name-First: Richard 
Author-X-Name-Last: Wobbekind 
Title: Arbitration versus negotiation: the risk aversion of players 
Abstract:
  This paper explores the effects that skill and experience have on a
 baseball player's decision about whether to negotiate with his team or to
 enter into arbitration. The action taken by players who are eligible to
 file depends on their perceived trade-off between various types of risk
 such as the possibility of injury and the risks inherent in the
 arbitration process. Experience increases the chance that a player will go
 through arbitration, a high skill level decreases that chance, and a large
 spread between offered and desired salaries makes a negotiated solution
 more likely. 
Journal: Applied Economics Letters 
Pages: 187-190 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521379 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521379&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eskil Heinesen 
Author-X-Name-First: Eskil 
Author-X-Name-Last: Heinesen 
Title: The tax wedge and repair and maintenance of houses 
Abstract:
  We estimate relations for consumers' demand for repair and maintenance of
 houses. Repair and maintenance services have close substitutes in the
 black economy and via do-it-yourself production. The tax wedge is included
 as an explanatory variable, since it is a measure of the price of paid and
 taxed services relative to services produced by black market or
 do-it-yourself activities. On Danish macroeconomic time series data large
 elasticities with respect to prices and the tax wedge are estimated. We
 estimate simple level equations and error correction models and test for
 cointegration. 
Journal: Applied Economics Letters 
Pages: 191-196 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521380 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521380&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Yves Pitarakis 
Author-X-Name-First: Jean-Yves 
Author-X-Name-Last: Pitarakis 
Author-Name: George Tridimas 
Author-X-Name-First: George 
Author-X-Name-Last: Tridimas 
Title: The allocation of public consumption expenditure in the UK 
Abstract:
  Using the Almost Ideal Demand System specification we analyse whether UK
 public consumption expenditure decisions are compatible with traditional
 utility maximization postulates. Our empirical findings tend to support
 the validity of the constraints of homogeneity and symmetry. 
Journal: Applied Economics Letters 
Pages: 197-200 
Issue: 3 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758521381 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758521381&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roger Svensson 
Author-X-Name-First: Roger 
Author-X-Name-Last: Svensson 
Title: Three empirical models for the entry mode choice in foreign direct investment 
Abstract:
  Three empirical models for the choice of entry mode in foreign direct
 investment are compared. In contrast to the models used in earlier studies
 where the entry decision is taken to be predetermined, the alternative to
 refrain from investment altogether is here taken into account.
 Furthermore, the fact that greenfields increase capacity is also
 considered. 
Journal: Applied Economics Letters 
Pages: 201-204 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354816 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354816&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Brockman 
Author-X-Name-First: Paul 
Author-X-Name-Last: Brockman 
Author-Name: David Michayluk 
Author-X-Name-First: David 
Author-X-Name-Last: Michayluk 
Title: The persistent holiday effect: additional evidence 
Abstract:
  The holiday effect is one of the most perplexing of all seasonal
 anomalies. Based on evidence using pre-1987 equity returns, this anomaly
 has been shown to be responsible for somewhere between 30 to 50% of the
 total return on the market while exhibiting below average variances
 (Lakonishok and Smidt, 1988; Ariel, 1990). The purpose of this paper is to
 investigate and document the persistence of the holiday effect (or lack
 thereof) beyond the 1987 period for equities traded on the NYSE, AMEX, and
 NASDAQ exchanges. Has the holiday effect continued into the 1990s, or have
 efficient trading rules exploited the anomaly to the point where it no
 longer exists? The results provide additional evidence into the nature and
 potential causes of seasonal market anomalies. 
Journal: Applied Economics Letters 
Pages: 205-209 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354825 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354825&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Baimbridge 
Author-X-Name-First: Mark 
Author-X-Name-Last: Baimbridge 
Title: Academic and private sector salaries: chalk and cheese? 
Abstract:
  This paper utilizes evidence from the Association of University Teachers
 advanced to support the 1996 claim for increased remuneration for their
 members in the UK higher education sector. The study specifically focuses
 upon the determinants of pay for academic staff and a comparative series
 of private sector professions within a human capital theory framework.
 Following the estimation of an earnings function with respect to education
 and training, examination of the actual and estimated salary levels
 indicates that the degree of incomparability between academics and the
 nominated private sector occupations is not of the magnitude suggested by
 the AUT. These findings have implications for strategies, such as a pay
 review body, which have been proposed to alleviate supposed pay
 discrepancies relating to academic staff in British universities. 
Journal: Applied Economics Letters 
Pages: 211-214 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354834 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354834&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. David Walls 
Author-X-Name-First: W. David 
Author-X-Name-Last: Walls 
Title: Product survival at the cinema: evidence from Hong Kong 
Abstract:
  The lifetime of a motion picture is the margin through which supply
 adjusts to market demand due to demand-invariant admission prices and
 fixed seating capacity. The lifetimes of a sample of 493 motion pictures
 that were exhibited at cinemas in Hong Kong during 1994-1996 are examined.
 It is found that the hazard rate is an increasing function of time, and
 that the type of movie and the initial box office revenue are economically
 and statistically significant determinants of a movie's life length. 
Journal: Applied Economics Letters 
Pages: 215-219 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354843 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354843&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Bernard 
Author-X-Name-First: John 
Author-X-Name-Last: Bernard 
Author-Name: Lois Schertz Willett 
Author-X-Name-First: Lois Schertz 
Author-X-Name-Last: Willett 
Title: Broiler price transmission results and data periodicity 
Abstract:
  This letter examines, by example, variations in results of typical
 empirical tests when data sets of different periodicity are compared. The
 example involves an investigation of the price transmission process in the
 US broiler industry utilizing separate monthly and weekly data sets.
 Differing test conclusions were reached dependent on the data set. The
 bulk of this letter analyses and attempts to reconcile these conflicting
 conclusions. 
Journal: Applied Economics Letters 
Pages: 221-224 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354852 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354852&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francis In 
Author-X-Name-First: Francis 
Author-X-Name-Last: In 
Author-Name: Pasquale Sgro 
Author-X-Name-First: Pasquale 
Author-X-Name-Last: Sgro 
Title: Export growth and its determinants: some evidence for South Korea and Singapore 
Abstract:
  This paper examines the time-series properties of export growth and its
 key determinants for South Korea and Singapore. Using the framework of
 cointegration and error correction modelling, it is found that, in the
 case of Singapore, income effects, competitiveness (relative-price
 effects) and exchange rate effects are the dominant sources of exports
 growth while in Korea' case, these same variables are less significant in
 explaining export growth. 
Journal: Applied Economics Letters 
Pages: 225-230 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354861 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354861&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ashraf Nakibullah 
Author-X-Name-First: Ashraf 
Author-X-Name-Last: Nakibullah 
Title: Population growth and development: the case of Bangladesh 
Abstract:
  This paper raises the question whether population growth is exogenous or
 endogenous with respect to the development process of Bangladesh during
 the last three decades. The results of an unrestricted vector
 autoregression model indicate that population growth does not Granger
 cause real GDP per capita. On the contrary, the results clearly indicate
 that real GDP per capita Granger causes population growth. Based on the
 results one may conclude that population growth is endogenous in the
 development process of Bangladesh. This is reflected both in the Granger
 causality tests and the decompositions of variances of detrended real GDP
 per capita and population growth. 
Journal: Applied Economics Letters 
Pages: 231-234 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354870 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354870&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Title: An investigation into the cyclical behaviour of output, money, stock prices and interest rates 
Abstract:
  This paper examines the cyclical behaviour of output, money, stock prices
 and interest rates using annual US data covering the period 1900-91. The
 cyclical components are extracted from a seemingly unrelated time series
 equations model. The cyclical relationships are subsequently assessed by
 examining the contemporaneous and lagged correlations. The results reveal
 that the cyclical relationships weakened in the post-war period. 
Journal: Applied Economics Letters 
Pages: 235-238 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354889 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354889&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Bleaney 
Author-X-Name-First: Michael 
Author-X-Name-Last: Bleaney 
Title: Purchasing power parity in the 1920s: evidence for the Swiss franc 
Abstract:
  Tests of purchasing power parity (PPP) are applied to bilateral rates
 against the Swiss franc for the period of floating exchange rates in the
 1920s. The results confirm that the exchange rates of high-inflation
 currencies tended to move in line with PPP. For low-inflation currencies,
 however, there tended to be underadjustment of nominal exchange rates to
 relative price movements. 
Journal: Applied Economics Letters 
Pages: 239-241 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354898 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354898&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jos Van Ommeren 
Author-X-Name-First: Jos 
Author-X-Name-Last: Van Ommeren 
Title: A test for randomly sampling using duration observations 
Abstract:
  We introduce a test for randomly sampling of individuals, with as
 alternative that the data is not randomly sampled due to moving behaviour
 of individuals, based on duration observations. Furthermore, we apply this
 test to a particular data set. 
Journal: Applied Economics Letters 
Pages: 243-246 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354906 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354906&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Askar Choudhury 
Author-X-Name-First: Askar 
Author-X-Name-Last: Choudhury 
Author-Name: Simon Power 
Author-X-Name-First: Simon 
Author-X-Name-Last: Power 
Title: A simplified GLS estimator for autoregressive moving-average models 
Abstract:
  Koreisha and Pukkila (1990a) have recently proposed a fast and efficient
 GLS estimator for the univariate ARMA time series model which appears to
 be far more robust than maximum likelihood methods and of comparable
 accuracy. The one drawback to this new estimator is that it requires use
 of the Cholesky decomposition. The purpose of this paper is to suggest an
 alternative simplified GLS estimator, which can be implemented with just
 repeated applications of an OLS subroutine. A limited Monte Carlo study
 establishes that this new estimator is just as efficient as that of
 Koreisha and Pukkila. 
Journal: Applied Economics Letters 
Pages: 247-250 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354915 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354915&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Burdekin 
Author-X-Name-First: Richard 
Author-X-Name-Last: Burdekin 
Author-Name: Paul Burkett 
Author-X-Name-First: Paul 
Author-X-Name-Last: Burkett 
Title: Economic history and econometrics: a cautionary note from the hyperinflation front 
Abstract:
  We seek to add a cautionary note to the growing appetite for quantitative
 economic history. Our lightning rod is the money demand estimation
 undertaken by Michael, Nobay and Peel (MNP) (1994) over the last months of
 Germany's hyperinflation. MNP apply to less than eighteen months of data
 an econometric technique designed for long-run time series and use a
 questionably-defined real wage series as an inappropriate proxy for real
 income. Given the popularity of applying modern time-series methods to
 hyperinflations, MNPs work provides a timely reminder that there is no
 substitute for knowing the historical setting and knowing the data. 
Journal: Applied Economics Letters 
Pages: 251-254 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354924 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354924&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaume Puig-Junoy 
Author-X-Name-First: Jaume 
Author-X-Name-Last: Puig-Junoy 
Title: Measuring health production performance in the OECD 
Abstract:
  This paper contributes to the estimation of the best practice frontier in
 health production in the OECD countries at the aggregate level, in the
 tradition of the concept of health production function originally
 developed by Grossman. Estimates of technical efficiency for the OECD
 countries, decomposed into their components of pure technical efficiency
 and scale efficiency, using a nonparametric method (Data Envelopment
 Analysis) are presented. In a two-stage approach, differences in
 efficiency scores are attributed to environmental factors using a
 stochastic censored regression model. 
Journal: Applied Economics Letters 
Pages: 255-259 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354933 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354933&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saziye Gazioglu 
Author-X-Name-First: Saziye 
Author-X-Name-Last: Gazioglu 
Author-Name: W. David Mccausland 
Author-X-Name-First: W. David 
Author-X-Name-Last: Mccausland 
Title: Multiple economic growth equilibria 
Abstract:
  This paper extends the previous literature on multiple growth equilibria
 by constructing a multisectoral open economy small macro model. We
 consider the dynamics of international debt, physical capital accumulation
 and competitiveness, and show that there exist two distinct stable
 equilibria, one is a high growth equilibrium, corresponding to high
 investment and net international credit, the other is a low growth
 equilibrium corresponding to low investment and net international debt. We
 highlight the important link between economic growth (a flow variable) and
 net international debt/credit (a stock variable). 
Journal: Applied Economics Letters 
Pages: 261-263 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354942 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354942&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Witt 
Author-X-Name-First: Robert 
Author-X-Name-Last: Witt 
Author-Name: Alan Clarke 
Author-X-Name-First: Alan 
Author-X-Name-Last: Clarke 
Author-Name: Nigel Fielding 
Author-X-Name-First: Nigel 
Author-X-Name-Last: Fielding 
Title: Crime, earnings inequality and unemployment in England and Wales 
Abstract:
  Masih and Masih (1996) recently presented an analysis of crime in a
 temporal Granger-causal framework, and explored empirically some of the
 determinants of crime in Australia using annual data over the period
 1963-90. The purpose of this paper is to examine the role exerted by
 earnings inequality and unemployment in the determination of crime. Using
 a panel of annual regional data from 1979 to 1993 for England and Wales,
 we find that the growth in earnings inequality and unemployment impact
 positively on five types of criminal activity examined. 
Journal: Applied Economics Letters 
Pages: 265-267 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354951 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354951&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Haluk Erlat 
Author-X-Name-First: Haluk 
Author-X-Name-Last: Erlat 
Author-Name: Guzin Erlat 
Author-X-Name-First: Guzin 
Author-X-Name-Last: Erlat 
Title: Some methodological comments on 'Sources of fluctuations in exchange rates: a structural VAR analysis' by N. Apergis and C. Karfakis 
Abstract:
  In this comment we note that the methodology used by Apergis and Karfakis
 (1996) (a) leads to restricting the contemporaneous impact matrix not the
 long-run impact matrix in identifying their SVAR model, contrary to to
 their stated objective, and (b) that the Bernanke-Sims procedure of
 identification and the conventional Cholesky-decomposition based analysis
 of a VAR lead exactly to the same results as long as the impact matrix is
 restricted to be lower triangle. 
Journal: Applied Economics Letters 
Pages: 269-270 
Issue: 4 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354960 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354960&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald Freeman 
Author-X-Name-First: Donald 
Author-X-Name-Last: Freeman 
Author-Name: David Yerger 
Author-X-Name-First: David 
Author-X-Name-Last: Yerger 
Title: Inflation and multifactor productivity growth: a response to Smyth 
Abstract:
  Previous research by Smyth on the relationship between inflation and
 productivity growth, reported in this journal, concluded that 'The
 negative effects of inflation on growth are significant and substantial'
 (Smyth, 1995). We find that standard causality tests call into question
 the direction of causality between inflation and productivity growth.
 Furthermore, using vector autoregressions, including output and monetary
 policy variables, we conclude that the correlation between inflation and
 productivity growth is largely an artifact of comovements with cyclical
 variables. 
Journal: Applied Economics Letters 
Pages: 271-274 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524399 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524399&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Bonanni 
Author-X-Name-First: C. 
Author-X-Name-Last: Bonanni 
Author-Name: J. Dermine 
Author-X-Name-First: J. 
Author-X-Name-Last: Dermine 
Author-Name: L. -H. Roller 
Author-X-Name-First: L. -H. 
Author-X-Name-Last: Roller 
Title: Some evidence on customer 'lock-in' in the French mutual funds industry 
Abstract:
  We build on earlier work in the literature on economies of scale and
 scope in the financial services industry by using a unique French data set
 covering 162 financial institutions. In the institutional context of the
 French mutual funds industry, it has been argued that consumers incur
 significant costs in switching from one bank to another bank. Switching
 costs could create 'lock-in' that could be used by an institution to
 extract more rent over time. This paper attempts to differentiate
 empirically between dynamic pricing strategies (such as customer lock-in)
 and cost based explanations such as scale and scope economies in the
 context of the French mutual funds industry. Our results indicate support
 for the customer 'lock-in' hypothesis for the dominant segment of the
 French SICAV industry, namely the money market funds. For other funds,
 however, we find no such systematic evidence. 
Journal: Applied Economics Letters 
Pages: 275-279 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524400 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524400&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gordon Tarzwell 
Author-X-Name-First: Gordon 
Author-X-Name-Last: Tarzwell 
Title: Decentralization and public sector growth 
Abstract:
  This paper uses a pooled Canadian data set to test for the causes of
 government growth. Unlike previous studies, these causes are tested
 simultaneously to avoid misspecification problems. The decentralization of
 government activities is found to lower the relative size of the public
 sector when power moves from the federal to the provincial or local
 governments but raises it when the power shifts from provincial to local
 governments. 
Journal: Applied Economics Letters 
Pages: 281-285 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524401 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524401&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Stochastic data envelopment analysis: a new approach 
Abstract:
  Pre- and post-optimality analysis of input-output data is developed here
 as a practical method of Farrell-type efficiency measurement. Filtering of
 noise and specifying the optimal output distributions provide the basic
 tools which are applied to the time series data for international
 airlines. 
Journal: Applied Economics Letters 
Pages: 287-290 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524402 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524402&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald Richards 
Author-X-Name-First: Donald 
Author-X-Name-Last: Richards 
Author-Name: Robert Guell 
Author-X-Name-First: Robert 
Author-X-Name-Last: Guell 
Title: Baseball success and the structure of salaries 
Abstract:
  The purpose of this research is to examine some competing assumptions
 regarding the hiring behaviour of major league baseball clubs. One
 hypothesis is that owners and general managers of teams enter the free
 agent market with a view to attracting the best talent available in order
 to win games. We might refer to this as the 'win games' strategy. A
 potentially alternative view is that they compete in this market for
 marquee players who will attract paying customers to the ball park. We can
 refer to this as the 'fannies-in-the-seats', or revenue, strategy. While
 these hypotheses are not necessarily inconsistent, we can imagine that for
 some teams, at some times, they are alternative approaches to hiring
 behaviour. A team committed to the 'win games' strategy may attempt to
 spread its resources in order to hire as many good players as possible
 without necessarily hiring elite players. A team committed to the revenue
 strategy may be content to surround a superstar with second rate talent.
 In order to test these hypotheses we intend to specify estimable models
 that relate, alternatively, team attendance, winning percentage and
 division, pennant and world championships to, among other relevant
 explanatory variables, its salary structure. 
Journal: Applied Economics Letters 
Pages: 291-296 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524403 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524403&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Delroy Hunter 
Author-X-Name-First: Delroy 
Author-X-Name-Last: Hunter 
Title: The performance of filter rules on the Jamaican Stock Exchange 
Abstract:
  A filter test of the daily returns over the period 1989 to 1994 is
 employed to determine the efficiency of the market. The main result is
 that the naive 'buy and hold' investment strategy generally outperformed
 the more active trading strategies. This is surprising in light of
 previous test which indicated that the market is inefficient. Generally
 the larger filters generated greater terminal wealth. 
Journal: Applied Economics Letters 
Pages: 297-300 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524404 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524404&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stilianos Fountas 
Author-X-Name-First: Stilianos 
Author-X-Name-Last: Fountas 
Author-Name: Donal Bredin 
Author-X-Name-First: Donal 
Author-X-Name-Last: Bredin 
Title: Exchange rate volatility and exports: the case of Ireland 
Abstract:
  We use the techniques of cointegration and error correction models to
 estimate long-run and short-run export demand functions for Ireland using
 quarterly data for the 1979-93 period. We consider three determinants of
 exports: foreign income, relative prices, and exchange rate volatility.
 Our results indicate that exports depend significantly on foreign income
 and relative prices, in particular in the long run. Exchange rate
 uncertainty proxied by exchange rate volatility appears to depress export
 volume only in the short run according to our estimated error correction
 model. 
Journal: Applied Economics Letters 
Pages: 301-304 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524405 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524405&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joaquin Pi-Anguita 
Author-X-Name-First: Joaquin 
Author-X-Name-Last: Pi-Anguita 
Title: Real exchange rate, interest rate and capital movements: evidence for France 
Abstract:
  This paper measures capital mobility in France by analysing the direction
 of causality between the real exchange rate and the interest rate.
 Cointegration and Granger causality tests show that the direction of
 causality between the two variables reverses in 1987, the date at which
 capital controls started to be lifted in France. 
Journal: Applied Economics Letters 
Pages: 305-307 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524406 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524406&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bob Welch 
Author-X-Name-First: Bob 
Author-X-Name-Last: Welch 
Author-Name: J. R. Hanrahan 
Author-X-Name-First: J. R. 
Author-X-Name-Last: Hanrahan 
Author-Name: Tom Barnes 
Author-X-Name-First: Tom 
Author-X-Name-Last: Barnes 
Title: The cost of capital and its component parts with corporate and personal tax 
Abstract:
  The purpose of this paper is to calculate the cost of capital, the cost
 of equity and the cost of debt in a world with corporate and personal
 taxes. We do this in a manner that is consistent with the calculation when
 there is no tax and when there is corporate tax only. Our results differ
 from most finance textbooks which either ignore the calculation or assume
 that the entire burden of personal tax is borne by the stockholders
 regardless of the level of tax on debt income. Specifically, in these
 texts the market value of debt remains constant and hence the decline in
 the value of the firm due to the imposition of personal tax on debt is
 paid by a matching reduction in shareholders equity. In addition, the
 approach in these texts can lead to a negative value of the firm and a
 decreasing cost of capital even when the personal tax on debt income
 exceeds the personal tax on stock income. 
Journal: Applied Economics Letters 
Pages: 309-312 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524407 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524407&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Hanrahan 
Author-X-Name-First: Robert 
Author-X-Name-Last: Hanrahan 
Author-Name: Joseph Kushner 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Kushner 
Author-Name: Isidore Masse 
Author-X-Name-First: Isidore 
Author-X-Name-Last: Masse 
Title: Are stock market event studies affected by the price range of shares? The Canadian experience 
Abstract:
  This study uses event date methodology to examine whether low priced and
 high priced shares respond differently to market events. Our results
 indicate that in response to takeover announcements, low priced shares are
 more price volatile and unlike higher priced shares decline after the
 event date. Recognition of share prices should therefore be considered in
 event studies and in particular when comparing the results of different
 studies. 
Journal: Applied Economics Letters 
Pages: 313-315 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524408 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524408&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hafiz Akhand 
Author-X-Name-First: Hafiz 
Author-X-Name-Last: Akhand 
Title: On income tax functions: an application of robust, regression-based diagnostics to models of conditional means 
Abstract:
  This paper implements a variety of robust, regression-based diagnostics
 to nonlinear models of effective federal individual income tax. Estimates
 of effective marginal tax rates obtained from these tax models are
 frequently used in the empirical growth and real business cycle literature
 to quantify the macroeconomic effects of distortionary taxation. Based on
 a battery of conditional mean tests, the paper concludes that none of the
 tax models used in the empirical growth and real business cycle literature
 provides a good basis for obtaining reliable estimates of the effective
 marginal tax rates. Therefore, conclusions based on such tax estimates
 must be treated with caution. 
Journal: Applied Economics Letters 
Pages: 317-320 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524409 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524409&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Laura Greene Knapp 
Author-X-Name-First: Laura Greene 
Author-X-Name-Last: Knapp 
Author-Name: Terry Seaks 
Author-X-Name-First: Terry 
Author-X-Name-Last: Seaks 
Title: A Hausman test for a dummy variable in probit 
Abstract:
  A new Hausman test is presented for the exogeneity of a dummy variable in
 a probit model. It is very easy to implement because of the equivalence of
 the log likelihood functions for bivariate probit and recursive probit.
 The procedure is applied to a model of student loan default due to Knapp
 and Seaks (1992). 
Journal: Applied Economics Letters 
Pages: 321-323 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524410 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524410&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ahmed Alyousha 
Author-X-Name-First: Ahmed 
Author-X-Name-Last: Alyousha 
Author-Name: Christopher Tsoukis 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Tsoukis 
Title: Ricardian causal ordering and the relation between house and land prices: evidence from England 
Abstract:
  This letter tests the relevance of the Ricardian interpretation of the
 causal relationship between rent and corn price for the English housing
 market, by testing for strong exogeneity between house and land prices.
 The results are mixed. On the one hand they support the weak exogeneity of
 house prices, while they fail to accept that land prices are
 Granger-caused by house prices. 
Journal: Applied Economics Letters 
Pages: 325-328 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524411 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524411&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Serdar Sayan 
Author-X-Name-First: Serdar 
Author-X-Name-Last: Sayan 
Author-Name: Nazmi Demir 
Author-X-Name-First: Nazmi 
Author-X-Name-Last: Demir 
Title: Measuring the degree of block interdependence between agricultural and non-agricultural sectors in Turkey 
Abstract:
  Based on the similarity of productive activities carried out by sectors,
 national input-output (IO) matrices may be divided into sub-matrices each
 representing a broader group of sectors called blocks. The strength of
 linkages among sectors that belong to different blocks would then show the
 degree of block interdependence. The measurement of this degree is useful
 in many areas including structural change analysis, evaluation of various
 support policy alternatives or for deciding whether a general or a partial
 equilibrium framework should be used to investigate the effects of an
 exogenous shock to a particular sector or a block. This paper introduces a
 technique that can be used to gauge the degree of block interdependence
 based on simulation results from demand and supply-side IO models. The
 application of the technique is illustrated for the case of
 interdependence between agricultural and non-agricultural blocks in Turkey
 which recently signed a Customs Union Agreement with the EU. The results
 indicate that, although Turkey's Agreement covers trade relations in
 non-agricultural sectors alone, the agricultural sectors must face
 indirect effects the magnitude of which depend, to a great extent, on the
 degree of interdependence between blocks considered here. 
Journal: Applied Economics Letters 
Pages: 329-332 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524412 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524412&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Paton 
Author-X-Name-First: David 
Author-X-Name-Last: Paton 
Author-Name: Leighton Vaughan Williams 
Author-X-Name-First: Leighton Vaughan 
Author-X-Name-Last: Williams 
Title: Do betting costs explain betting biases? 
Abstract:
  This paper investigates the reason why expected returns to identical bets
 placed at different odds vary significantly and systematically from one
 another. It is hypothesized that the cause is the existence for bettors of
 positive transactions costs. Two different arenas, fixed odds and spread
 betting markets, distinguished by different levels of transactions costs,
 are identified which offer competing bets about similar outcomes. The bias
 is examined in each arena and compared. Our results lend support to the
 hypothesis that the incidence of transactions costs on the bettor is at
 least a contributory factor in explaining the bias observed against bets
 placed at higher odds. 
Journal: Applied Economics Letters 
Pages: 333-335 
Issue: 5 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758524413 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758524413&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ashok Parikh 
Author-X-Name-First: Ashok 
Author-X-Name-Last: Parikh 
Author-Name: David Lovatt 
Author-X-Name-First: David 
Author-X-Name-Last: Lovatt 
Title: Modelling real capital gains in the UK stock market 
Abstract:
  The purpose of this study is to establish the determinants of stock
 market returns for the UK market and to forecast the real capital gain for
 the Financial Times All-share index using monthly data for the period
 1980-1994. Three models are used: (a) a model based on Fama's approach
 including expectations' variables for the growth of GDP and inflation; (b)
 a model where short-run and long-run impacts are separately treated and
 (c) an ARCH model where volatility in returns is modelled using
 conditional variance. One-period ahead forecasts from the general
 autoregressive-distributed lag model and ARCH model are compared with
 actuals for the post-sample period (December 1992 to November 1993) and we
 find that the latter model has a higher predictive power than the former. 
Journal: Applied Economics Letters 
Pages: 337-342 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354672 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354672&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Minna Martikainen 
Author-X-Name-First: Minna 
Author-X-Name-Last: Martikainen 
Title: The information content of losses around earnings announcements in the Finnish stock market 
Abstract:
  Stock price reaction to the announcements of accounting earnings is
 investigated using event study approach in the Finnish stock market. The
 main finding of this study is that the permanent and temporary losses
 cause different price reactions in Finland. The temporary losses, i.e. the
 loss cases that do not continue to cause any statistically significant
 price reaction when earnings announcements are classified to positive or
 negative surprises. On the other hand, negative surprises in the permanent
 losses (losses which continue in the future) cause significant reductions
 in stock prices, i.e. the permanent losses have a significant information
 content. These results suggest that investors do not value temporary
 components of losses because they believe that the temporary components
 are not reflected in future cash flows. Consistent with earlier evidence,
 news in profits lead to significant price reaction. 
Journal: Applied Economics Letters 
Pages: 343-346 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354681 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354681&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mitch Kunce 
Author-X-Name-First: Mitch 
Author-X-Name-Last: Kunce 
Author-Name: John List 
Author-X-Name-First: John 
Author-X-Name-Last: List 
Title: Industry chasing and the tax effect: a question of approach 
Abstract:
  This paper employs a sample selection model to analyse the effects of a
 location's tax climate on manufacturing activity from 1974-1994. Results
 reveal the 'tax effect' varies substantially across industry and is
 significant in half of the industries analysed-chemical and allieds and
 food and kindreds. These results reinforce the lack of a robust consensus
 regarding this issue and highlight the importance of disaggregating
 industry. 
Journal: Applied Economics Letters 
Pages: 347-350 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354690 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354690&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Cameron 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Cameron 
Author-Name: Alan Collins 
Author-X-Name-First: Alan 
Author-X-Name-Last: Collins 
Title: Cigarette consumption in Turkey: Tansel's spurious regression 
Abstract:
  Estimates of the demand for cigarettes in Turkey uncovered significant
 effects from prices, incomes, education and health scares. The previous
 study did not pre-test for the presence of unit roots. This note reports
 the undertaking of this task, and the results of cointegrating regression
 analysis on previous data, which invalidates the earlier results. 
Journal: Applied Economics Letters 
Pages: 351-353 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354708 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354708&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Talan Iscan 
Author-X-Name-First: Talan 
Author-X-Name-Last: Iscan 
Title: Exports and capital accumulation: some empirical evidence from the Mexican manufacturing industry 
Abstract:
  New growth-trade theories have emphasized the contribution of
 international trade to economic growth through its effect on capital
 accumulation. This paper tests the hypothesis that export oriented sectors
 attain higher rates of investment using panel data techniques and sectoral
 data from the Mexican manufacturing industry between 1970 and 1990.
 Despite the substantial variations in export shares across sectors and
 over time, the study can find no evidence supportive of the hypothesis
 that exports lead to capital accumulation. There is evidence that common
 determinants, such as the real exchange rate, may be behind the
 correlations between exports and investment rates found in cross-country
 studies. 
Journal: Applied Economics Letters 
Pages: 355-360 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354717 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354717&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abbas Valadkhani 
Author-X-Name-First: Abbas 
Author-X-Name-Last: Valadkhani 
Title: Effect of government capital expenditure on GDP in the Iranian economy using superexogeneity testing 
Abstract:
  The purpose of this paper is to investigate the effect of real government
 capital expenditure on GDP in the Iranian economy using annual time series
 data for the period 1959-1992 employing superexogeneity test. It is found
 that government capital expenditure has an important positive effect on
 GDP irrespective of structural and regime shifts in the economy. 
Journal: Applied Economics Letters 
Pages: 361-364 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354726 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354726&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: Empirical note on the impact of federal government budget deficits on bank mortgage rates in the US, 1963-1995 
Abstract:
  This study examines, for the period 1963-1995, the impact of federal
 budget deficits in the US on mortgage interest rates at commercial banks.
 Interest rates at banks have been largely neglected in the
 deficit/interest rate literature for the US. Moreover, the
 deficit/interest rate literature for the US has largely ignored the second
 half of the 1980s and the 1990s. Accordingly, this study investigates the
 impact of federal budget deficits on the mortgage rate charged by
 commercial banks, while providing current/updated information on this
 important policy issue. The estimates find this mortgage rate to be an
 increasing function of the budget deficit. 
Journal: Applied Economics Letters 
Pages: 365-367 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354735 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354735&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Mcwilliams 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Mcwilliams 
Author-Name: Yacov Tsur 
Author-X-Name-First: Yacov 
Author-X-Name-Last: Tsur 
Author-Name: Eithan Hochman 
Author-X-Name-First: Eithan 
Author-X-Name-Last: Hochman 
Author-Name: David Zilberman 
Author-X-Name-First: David 
Author-X-Name-Last: Zilberman 
Title: Count-data regression models of the time to adopt new technologies 
Abstract:
  This paper presents a framework for interpreting and using the count-data
 model for estimating the time of technology adoption. The Bernoulli trials
 of the negative binomial model are interpreted as the stages involved in a
 potential adopter learning and updating information relevant to a new
 technology. Empirically, the paper estimates the Poisson, the generalized
 negative binomial, and the geometric models in order to identify the
 determinants of computer adoption on farms in California. 
Journal: Applied Economics Letters 
Pages: 369-373 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354744 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354744&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Mcmillan 
Author-X-Name-First: David 
Author-X-Name-Last: Mcmillan 
Author-Name: Alan Speight 
Author-X-Name-First: Alan 
Author-X-Name-Last: Speight 
Title: Asymmetric volatility in industrial production: some international evidence 
Abstract:
  This letter reports details of tests for the presence of conditional
 variance asymmetries in the growth rates of monthly international
 industrial production series using exponential-GARCH and threshold-GARCH
 generalizations. We find evidence of asymmetries of EGARCH form for US
 industrial production, TGARCH asymmetries for German, Japanese, and US
 industrial production, and such that the variance of output is always
 greater following negative shocks to production than following positive
 shocks of the same magnitude. However, residual diagnostics for estimated
 models indicate unmodelled structure in several cases. Notable exceptions
 are provided by a TGARCH specification for Japan and an EGARCH model for
 the US, the latter confirming previous results. 
Journal: Applied Economics Letters 
Pages: 375-381 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354753 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354753&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carsten Hefeker 
Author-X-Name-First: Carsten 
Author-X-Name-Last: Hefeker 
Title: Achievement or burden? Labour standards in a monetary union 
Abstract:
  This paper examines the argument that monetary union requires an
 equalization of labour standards in member countries. It is shown that
 labour standards have an influence on national rates of unemployment, but
 that it is independent from monetary union. 
Journal: Applied Economics Letters 
Pages: 383-386 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354762 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354762&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Muzafar Shah Habibullah 
Author-X-Name-First: Muzafar Shah 
Author-X-Name-Last: Habibullah 
Title: Divisia money and income in Indonesia: some results from error-correction models, 1981:1-1994:4 
Abstract:
  The purpose of the present study is to provide alternatives to the
 monetary aggregates currently defined and published by Bank of Indonesia.
 The alternative monetary aggregate proposed is the Divisia aggregate which
 is an appropriate measurement for the monetary services of a country. In
 this paper we investigate the long-run relationship between income and
 Divisia aggregate together with its counterpart-the conventional
 simple-sum aggregate for the period 1981:1 to 1994:4. Using the
 cointegration and error-correction framework, our results indicate that
 there is potential role for the Divisia monetary aggregate as a useful
 intermediate indicator in the conduct of monetary policy in Indonesia. 
Journal: Applied Economics Letters 
Pages: 387-391 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354771 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354771&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Fullerton 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Fullerton 
Title: Empirical models for secondary market debt prices 
Abstract:
  This paper extends earlier research regarding predictability of secondary
 market prices for sovereign debt certificates issued by developing
 countries. Due to the existence of a thinly traded market subject to
 potential outliers, parameter estimation is accomplished by means of a
 least absolute deviations methodology. Simulation results are compared
 with previously published forecasts where model coefficients were
 generated via threestage least squares. Both methodologies appear to be
 useful and combined forecasts may prove helpful in situations where
 neither technique dominates. 
Journal: Applied Economics Letters 
Pages: 393-395 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354780 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354780&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Felipe 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Felipe 
Title: On the interpretation of coefficients in multiplicative-logarithmic functions: a reconsideration 
Abstract:
  This paper shows that previous arguments about the problems in
 interpreting the coefficients in multiplicative-logarithmic functions,
 derived from an arbitrary rebasing of the series, are incorrect. In the
 specific case of the translog production function, the tests for the CES,
 Cobb-Douglas and constant returns to scale restrictions are shown to be
 invariant to any rescaling. 
Journal: Applied Economics Letters 
Pages: 397-400 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354799 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354799&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gustav Kristensen 
Author-X-Name-First: Gustav 
Author-X-Name-Last: Kristensen 
Author-Name: Jie Zhang 
Author-X-Name-First: Jie 
Author-X-Name-Last: Zhang 
Title: The Linder effect in trade blocks 
Abstract:
  Linder's theory, which states that industrialized countries import the
 same kinds of goods as they export, has been tested with different degrees
 of success. In this article its performance is investigated within the
 context of the formation of the EEC trade block. The formation of trade
 blocks involves trade diversion effects. Here these effects are combined
 with the ones implied by Linder's theory. Our results show that the trade
 diversion effects are strongest for the (European) countries with per
 capita incomes close to the European average. Non-EEC countries with per
 capita incomes close to the European average income face the highest
 negative trade diversion effects, while the EEC countries with an average
 income face the highest positive trade diversion. 
Journal: Applied Economics Letters 
Pages: 401-406 
Issue: 6 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354807 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354807&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Angelos Kanas 
Author-X-Name-First: Angelos 
Author-X-Name-Last: Kanas 
Title: Testing for a unit root in ERM exchange rates in the presence of structural breaks: evidence from the bootstrap 
Abstract:
  This paper explores the extent to which accounting for structural breaks
 in ERM exchange rates affects inferences on the presence of a unit root in
 these exchange rates. Four ERM exchange rates, found by previous empirical
 studies to be nonstationary, are examined. In contrast to previous
 empirical studies, multiple structural breaks are allowed for to account
 for multiple realignments in the central parities of these exchange rates.
 Bootstrapped critical values, personalized to the pattern of breaks of
 each exchange rate, are used for statistical inference. Consistent with
 the theoretical conclusion by Froot and Obstfeld (1991), the results
 suggest that all four ERM exchange rates are stationary. Therefore,
 accounting for breaks in ERM exchange rates does affect inferences on the
 presence of a unit root in these exchange rates. 
Journal: Applied Economics Letters 
Pages: 407-410 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354519 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354519&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhen Zhu 
Author-X-Name-First: Zhen 
Author-X-Name-Last: Zhu 
Title: The random walk of stock prices: evidence from a panel of G-7 countries 
Abstract:
  It seems that the random-walk property of stock prices is well
 established. However, some studies argue that the mean reversion of the
 stock prices has its theoretical and empirical support and the
 conventional unit-root tests have weak power against stationary
 alternatives. This paper uses unit-root tests in panel data to re-examine
 the time-series properties of the stock prices as it is claimed that the
 method can increase the power of the tests substantially even with a small
 number of cross sections. The test result suggests that we cannot reject
 the random-walk hypothesis for G-7 country stock-price indices. 
Journal: Applied Economics Letters 
Pages: 411-413 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354528 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354528&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: Empirical note on the impact of US Federal Government budget deficits on bank interest rates 
Abstract:
  This study examines, for the period 1963-1995, the impact of federal
 budget deficits in the US on interest rates at commercial banks. Interest
 rates at banks have been largely neglected in the deficit/interest rate
 literature for the US. Moreover, the deficit/interest rate literature for
 the US has effectively ignored the second half of the 1980s and the 1990s.
 Accordingly, this study empirically investigates the impact of federal
 budget deficits on the cost of deposits to banks and prime rate of
 interest charged by banks, while providing current/updated information on
 this important policy issue of the interest-rate impact of budget
 deficits. The estimates find the cost of deposits at banks to be an
 increasing function of the budget deficit but the prime rate to be
 unaffected by the budget deficit. 
Journal: Applied Economics Letters 
Pages: 415-418 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354537 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354537&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Cheng 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Cheng 
Title: The causality between budget deficit and interest rates in Japan: an application of time series analysis 
Abstract:
  Applying the Engle-Granger two-step procedure, this study finds that
 neither budget deficits, short-term interest rates and prices in one model
 nor budget deficits and longterm interest rates in the other model are
 cointegrated in Japan. Moreover, this study finds no causality between
 budget deficits and long-term interest rates but detects feedback
 causality between budget deficits and short-term interest rates in Japan
 using Hsiao's version of the Granger causality method with the aid of
 cointegration. 
Journal: Applied Economics Letters 
Pages: 419-422 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354546 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354546&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jordan Shan 
Author-X-Name-First: Jordan 
Author-X-Name-Last: Shan 
Author-Name: Fiona Sun 
Author-X-Name-First: Fiona 
Author-X-Name-Last: Sun 
Title: Export-led growth hypothesis for Australia: an empirical re-investigation 
Abstract:
  The export-led growth hypothesis is tested using quarterly time series
 data for Australia by constructing a vector autoregression (VAR) model.
 The Granger no-causality procedure developed by Toda and Yamamoto (Journal
 of Econometrics, 66, 225-50, 1995) was applied to test the causality link
 between real export growth and real manufacturing output growth. Three
 distinct features in this paper stand out compared to earlier studies on
 the case of Australia: first, we have gone beyond the traditional
 two-variable relationship by building a five-variable VAR model in the
 production function context to avoid the possible specification bias;
 second, we follow Riezman, Whiteman and Summers (Empirical Economics, 21,
 77-110, 1996) to test the hypothesis while controlling for the growth of
 imports to avoid producing a spurious causality result; and finally, the
 methodology by Toda and Yamamoto is expected to improve the standard F
 -statistics in the causality test process. Two principle results emerge
 from our research. First, no evidence was found for the export-led growth
 hypothesis in Australia; second, when applying a longer lag structure, we
 found evidence of a one-way Granger causality running from manufacturing
 growth to exports growth. 
Journal: Applied Economics Letters 
Pages: 423-428 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354555 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354555&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eric Levin 
Author-X-Name-First: Eric 
Author-X-Name-Last: Levin 
Author-Name: Robert Wright 
Author-X-Name-First: Robert 
Author-X-Name-Last: Wright 
Title: How large is the tax clientele bias in the term structure of UK interest rates? 
Abstract:
  This paper briefly explains why there may be a 'tax clientele' induced
 bias in the observed yield curve and attempts to estimate the size of this
 tax clientele bias in the term structure of UK interest rates. A method is
 based on the econometric technique developed by Nelson and Siegel (Journal
 of Business, 60, 473-89, 1987) is used to estimate yield curves, which
 permits observation of the magnitude of tax clientele bias. Estimates
 based on this method are presented using bond price information on 100
 market days. The main finding is that the tax clientele effect is
 empirically small and therefore may not bias judgements based on the slope
 of the yield curve. 
Journal: Applied Economics Letters 
Pages: 429-432 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354564 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354564&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guang Wan 
Author-X-Name-First: Guang 
Author-X-Name-Last: Wan 
Title: Nonparametric measurement of preference changes: the case of food demand in rural China 
Abstract:
  Taste changes in the demand for seven food items and 28 regions in rural
 China are identified. The results indicate a strong shift in consumers'
 preference against (towards) rice and tobaccos (wheat and alcohol).
 Considerable efforts are made in this paper to discuss possible causes of
 these shifts and more importantly to explore relevant policy implications. 
Journal: Applied Economics Letters 
Pages: 433-436 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354573 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354573&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eugene Kouassi 
Author-X-Name-First: Eugene 
Author-X-Name-Last: Kouassi 
Author-Name: Bernard Decaluwe 
Author-X-Name-First: Bernard 
Author-X-Name-Last: Decaluwe 
Author-Name: Dale Colyer 
Author-X-Name-First: Dale 
Author-X-Name-Last: Colyer 
Title: Is it real? The long-run relation between terms of trade and current account deficits: the Ivory evidence 
Abstract:
  The long-run relationship between current account deficits, domestic
 income, foreign income and foreign interest rates are estimated based on
 Ivorian time series data. The empirical results suggest that terms of
 trade along with domestic income, French income, and foreign real interest
 rates have significant long-term relationships with the current account
 deficit. The methodology is based on the co-integration technique. In
 addition, using the bootstrap technique for unit roots and regression
 respectively indicates the long-run relationship and the regression
 equation appear robust. 
Journal: Applied Economics Letters 
Pages: 437-440 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354582 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354582&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Title: A test of the P-Star model 
Abstract:
  This paper presents a test of the P-Star model using US quarterly data
 over the period 1951:1-1991:4. The basic formulation of the P-Star model,
 which is derived from the quantity theory of money, is manipulated to
 obtain an equation for the price level in terms of a stochastic trend and
 the actual levels of output and velocity. The maximum likelihood
 estimation results verify the validity of the model and the importance of
 the stochastic trend. The dynamic relationship between the inflation rate
 and the price gap is also estimated, producing a large and significant
 value for the coefficient of adjustment. 
Journal: Applied Economics Letters 
Pages: 441-443 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354591 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354591&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhen Zhu 
Author-X-Name-First: Zhen 
Author-X-Name-Last: Zhu 
Title: Short-term interest rate and inflation in the long run: a study of the US and UK from 1803 to 1990 
Abstract:
  This paper provides empirical evidence concerning the long-run properties
 of expected real interest rate and nominal interest rate as a predictor of
 inflation using US and UK data from 1803 to 1990. It is found that we can
 reject the null hypothesis of constancy of ex ante real interest rate for
 the US, but we cannot reject it for the case of the UK. Evidence also
 suggests that over the long time period, nominal interest rate does not
 seem to be a good predictor of inflation, especially for the case of the
 US. 
Journal: Applied Economics Letters 
Pages: 445-448 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354609 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354609&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Darren Filson 
Author-X-Name-First: Darren 
Author-X-Name-Last: Filson 
Title: Price indexes for personal computers (1976-88) 
Abstract:
  This paper estimates quality-adjusted price indexes for personal
 computers for the years 1976-88 using the method proposed by Berndt,
 Griliches, and Rappaport (1995). Indexes for the 1976-82 period may be
 combined with indexes provided by previous authors to obtain
 quality-adjusted price indexes for the entire history of the personal
 computer industry. In the early years, the number of observations is
 small, and quality and cost improvements, which are often embodied in new
 models, occur rapidly. It is suggested that in this type of environment,
 adjacent-year regressions may be more useful for obtaining
 constant-quality price indexes than alternative methods. 
Journal: Applied Economics Letters 
Pages: 449-452 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354618 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354618&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Javier Nievas 
Author-X-Name-First: Javier 
Author-X-Name-Last: Nievas 
Title: The 'Fisher effect' versus 'German effect' in European countries. An empirical study 
Abstract:
  This paper analyses the impact of the rate of inflation and German
 short-term interest rates over the short-term interest rates of a number
 of European Union Member States. The study has been carried out by
 considering two subperiods, namely from 1980 to 1988 and from 1989 to
 1996, with these representing the periods before and after the initiation
 of European Monetary Union. The results obtained indicate that there is
 one group of countries, comprising France and Italy, which has substituted
 the 'inflation effect' in the first period for the 'German effect' in the
 second. Another group, made up of Spain, Greece, Holland and Portugal,
 does not present evidence of the inflation effect prior to Monetary Union,
 but does present evidence of the 'German effect' after it. Finally, a
 number of other countries, such as the United Kingdom, Belgium and
 Denmark, are not seen to be influenced by changes in the German interest
 rate. 
Journal: Applied Economics Letters 
Pages: 453-458 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shady Kholdy 
Author-X-Name-First: Shady 
Author-X-Name-Last: Kholdy 
Author-Name: Ahmad Sohrabian 
Author-X-Name-First: Ahmad 
Author-X-Name-Last: Sohrabian 
Title: Economic fundamentals and housing market 
Abstract:
  This paper examines the causes of housing cycles during 1986-1994 in
 California using vector autoregressive (VAR) and variance decomposition
 technique. The paper tries to compare the effect of speculative behavour
 of landlords with economic fundamentals in boosting the housing demand.
 The empirical results suggest that economic fundamentals affected the
 housing market slightly during the housing boom of 1986-1990. Speculative
 behaviour and expectation of capital gain played a stronger role in
 stimulating the housing demand than economic fundamentals. The model,
 however, cannot explain the housing bust of 1990-1994. The results suggest
 that the main reason behind sluggish demand in 1990-1994 lies outside the
 economic fundamentals and poor expectation of capital gain. 
Journal: Applied Economics Letters 
Pages: 459-461 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354636 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354636&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Edward Robinson 
Author-X-Name-First: Edward 
Author-X-Name-Last: Robinson 
Title: The term structure of Australian interest rates: tests of the expectation hypothesis 
Abstract:
  This paper studies the expectation hypothesis relating to the term
 structure of Australian interest rates. We use monthly data on 90-day bank
 accepted bills and the 10-year Treasury bond over the period 1969-94. The
 test equation follows the approach in Campbell and Shiller (1987, 1988)
 and we pay careful attention to ARCH effects and problems poised by
 overlapping data. Our results indicate that the restrictions of the
 interest rate expectational hypothesis are not rejected by the dataset. 
Journal: Applied Economics Letters 
Pages: 463-467 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354645 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354645&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Askar Choudhury 
Author-X-Name-First: Askar 
Author-X-Name-Last: Choudhury 
Author-Name: Simon Power 
Author-X-Name-First: Simon 
Author-X-Name-Last: Power 
Title: The consequences of a potential pitfall in approximate GLS estimation of the regression model with ARMA(p, q) disturbances 
Abstract:
  This paper investigates the phenomenon of covariance matrix
 underestimation leading to possibly misleading inference which can arise
 from a potential pitfall in approximate GLS estimation of the regression
 model with ARMA disturbances. 
Journal: Applied Economics Letters 
Pages: 469-472 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354654 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354654&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Roberts 
Author-X-Name-First: Mark 
Author-X-Name-Last: Roberts 
Title: Ruling-out non-stationary stochastic rational expectations bubbles when agents are non-risk-neutral 
Abstract:
  The property of an independent forward-solution in the general solution
 to linear dynamic RE models is lost where a bubble component has non-zero
 higher-order moments and where the implicit agents of the model are not
 risk-neutral. If the conditional higher-order moments are nonstationary,
 the forward solution becomes process-inconsistent. 
Journal: Applied Economics Letters 
Pages: 473-475 
Issue: 7 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354663 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354663&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Cobham 
Author-X-Name-First: David 
Author-X-Name-Last: Cobham 
Author-Name: Steve Williams 
Author-X-Name-First: Steve 
Author-X-Name-Last: Williams 
Title: Hysteresis, the Phillips curve and the costs of monetary union 
Abstract:
  If actual unemployment affects the non-accelerating inflation rate of
 unemployment (NAIRU) through a hysteresis effect, the disinflation
 involved in reducing a country's inflation rate to that of its future
 partners in a monetary union could produce a long term cost to monetary
 union in the form of a lasting rise in the NAIRU. This note sets out a
 framework for analysing the likelihood of such an eventuality. 
Journal: Applied Economics Letters 
Pages: 477-480 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: Impact of US structural budget deficits on thrift institution interest rates, 1964-1995 
Abstract:
  This study examines, for the period 1964-95, the impact of structural
 federal budget deficits in the US on interest rates at savings and loan
 institutions (S&Ls). Interest rates at S&Ls have largely been neglected in
 the deficit/interest rate literature. Moreover, the deficit/interest rate
 literature for the US has largely ignored the second half of the 1980s and
 the 1990s. Accordingly, this study (1) empirically investigates the impact
 of structural budget deficits on the cost of deposits to S&Ls and the
 mortgage interest rate charged by S&Ls and (2) provides current/updated
 information through 1995 on this important issue of the interest-rate
 impact of budget deficits. The empirical estimates find the S&L cost of
 deposits and mortgage rate to be increasing functions of the structural
 deficit. 
Journal: Applied Economics Letters 
Pages: 481-484 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354393 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354393&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Io Segoura 
Author-X-Name-First: Io 
Author-X-Name-Last: Segoura 
Title: Return to scale and external economies: empirical evidence from Greek two-digit manufacturing industries 
Abstract:
  This paper applies the methodology developed by Caballero and Lyons
 (1989), in order to estimate jointly the degree of internal returns to
 scale and the extent of external economies in Greek two-digit
 manufacturing industries during the period 1963-90. Overall, we find that
 only two industries show evidence of internal increasing returns: food
 products, and transport equipment. On the other hand, we cannot reject the
 presence of external economies. According to our estimates if an industry
 increases its inputs in isolation by 10% its output rises by 6%. However,
 if all industries act in concern its output rises by 10%, implying social
 constant returns to scale. 
Journal: Applied Economics Letters 
Pages: 485-490 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354401 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354401&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. J. Erenburg 
Author-X-Name-First: S. J. 
Author-X-Name-Last: Erenburg 
Title: Productivity, private and public capital, and real wage in the US 
Abstract:
  This paper examines the relationship between real wages and productivity
 in the United States from 1948-90, by including in the measure of
 productivity the impact of public capital as well as private capital. The
 results confirm recent studies that have indicated that when the private
 and public capital stock is controlled for, real wage is countercyclical,
 and validate diminishing returns to labour, positive returns to public
 capital and a procyclical effect of capacity utilization on real wage.
 Further, the issue of spurious regression bias that arises when variables
 are nonstationary was addressed, and long run relationships were then
 estimated. Results establish a long-run relationship between productivity,
 real wage, the employment to capital ratio, and public to private capital
 ratio. Using the statistical estimates herein, if the public capital stock
 had remained at the historical 1948-65 ratio, rather than declining,
 productivity would have been between 2.4 and 2.9 percentage points higher
 and real wages would have been between 2 to 2.8 percentage points higher,
 ceteris paribus. 
Journal: Applied Economics Letters 
Pages: 491-495 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354410 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354410&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jurgen Wolters 
Author-X-Name-First: Jurgen 
Author-X-Name-Last: Wolters 
Title: Cointegration and German bond yields 
Abstract:
  The expectations hypothesis of the term structure implies that interest
 rates of different maturities are driven by one common stochastic trend.
 Using the Johansen multivariate cointegration analysis one finds that for
 seven German bond yields at least two common stochastic trends exist.
 These trends may be interpreted as capturing a level and a slope effect.
 The results are equivalent to the fact that six spreads contain five
 independent cointegration vectors. For this situation an error correction
 model is quite well supported by the data. 
Journal: Applied Economics Letters 
Pages: 497-502 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354429 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354429&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kimiyoshi Kamada 
Author-X-Name-First: Kimiyoshi 
Author-X-Name-Last: Kamada 
Author-Name: Nobuhiro Okuno 
Author-X-Name-First: Nobuhiro 
Author-X-Name-Last: Okuno 
Author-Name: Ritsuko Futagami 
Author-X-Name-First: Ritsuko 
Author-X-Name-Last: Futagami 
Title: Decisions on regional allocation of public investment: the case of Japan 
Abstract:
  In this paper, the basic economic factors underlying government decisions
 on regional allocation of public investment will be examined in relation
 to the stages of economic development of Japan. We will show that the
 improvement of dualism in regional income inequality has been the most
 significant factor for decisions made since the 1950s, while the
 growth-oriented economic policy explains the regional allocation of public
 investment for the period from the late 1950s to the mid-1960s. 
Journal: Applied Economics Letters 
Pages: 503-506 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354438 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354438&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dollar Case 
Author-X-Name-First: Dollar 
Author-X-Name-Last: Case 
Title: Testing the long-run validity of the monetary approach to the exchange rate: the won-US 
Abstract:
  This paper examines via cointegration techniques the empirical validity
 of the monetary model of exchange rate determination as a long-run
 equilibrium condition for the Korean won-U.S. dollar rate over the recent
 period of economic liberalization in Korea. Using monthly data from 1980
 to 1995, it is found that the unrestricted version of the monetary model
 provides a valid framework for analysing long-run movements in the
 exchange 
Journal: Applied Economics Letters 
Pages: 507-511 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354447 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354447&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Faff 
Author-X-Name-First: Robert 
Author-X-Name-Last: Faff 
Author-Name: Barry Oliver 
Author-X-Name-First: Barry 
Author-X-Name-Last: Oliver 
Title: Consumption versus market betas of Australian industry portfolios 
Abstract:
  This paper provides an empirical comparison of consumption and market
 betas for to 23 Australian industry portfolios, using quarterly Australian
 data. The results reveal that there is very little sensitivity of returns
 to consumption growth where consumption growth is measured
 contemporaneously. However, when a lagged relationship is examined, the
 consumption sensitivities become much stronger. Nevertheless the
 consumption betas remain considerably less significant than their market
 beta counterparts. 
Journal: Applied Economics Letters 
Pages: 513-517 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354456 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354456&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. H. Schnader 
Author-X-Name-First: M. H. 
Author-X-Name-Last: Schnader 
Author-Name: H. O. Stekler 
Author-X-Name-First: H. O. 
Author-X-Name-Last: Stekler 
Title: Sources of turning point forecast errors 
Abstract:
  Little attention has been devoted to explaining the failure to predict
 the turning points at the beginning of recessions. This note builds on a
 model that showed that a turning point might not be predicted if
 forecasters' prior probabilities of a recession were low. Costs associated
 with various types of errors might also produce this result. A model is
 developed and then applied to a particular US business cycle indicator.
 The results show that costs as well as priors may contribute to this type
 of forecasting error. 
Journal: Applied Economics Letters 
Pages: 519-521 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354465 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354465&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Parker 
Author-X-Name-First: Simon 
Author-X-Name-Last: Parker 
Title: Is the inequality of lifetime wealth a random walk? 
Abstract:
  A simple model is presented which predicts that the inequality of
 lifetime wealth is a bounded random walk process. Empirical support for
 the model is found using UK data for 1970-94. 
Journal: Applied Economics Letters 
Pages: 523-525 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354474 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354474&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Caroline Elliott 
Author-X-Name-First: Caroline 
Author-X-Name-Last: Elliott 
Author-Name: Dan Ellingworth 
Author-X-Name-First: Dan 
Author-X-Name-Last: Ellingworth 
Title: Exploring the relationship between unemployment and property crime 
Abstract:
  Existing economic studies have revealed conflicting evidence regarding
 the relationship between unemployment and crime. In this paper we argue
 that the conflicting evidence that has appeared in previous studies
 reflects inadequate statistical analysis. Specifically, we argue that
 insufficient attention has been devoted to questions of functional form.
 Employing the Box-Cox flexible functional form approach we report evidence
 to suggest that once the correct functional form of the variables is
 utilized, a significant positive relationship between male unemployment
 and property crime is identified, this having fundamental implications for
 government policy in the fight against crime. 
Journal: Applied Economics Letters 
Pages: 527-530 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354483 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354483&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Jacobs 
Author-X-Name-First: Jan 
Author-X-Name-Last: Jacobs 
Author-Name: Lambert Schoonbeek 
Author-X-Name-First: Lambert 
Author-X-Name-Last: Schoonbeek 
Title: Adding up constraints and gross substitution in portfolio models 
Abstract:
  We consider a static portfolio system that satisfies adding-up
 constraints and Tobin's gross substitution theorem. We show the
 relationship of the two conditions to the weak dominant diagonal property
 of the matrix of interest rate elasticities. This enables us to
 investigate effects of arbitrary simultaneous changes in interest rates on
 the asset demands. Finally, we show that all asset demands are invariant
 under a certain nonnegative, but nonzero, change of the interest rates. 
Journal: Applied Economics Letters 
Pages: 531-533 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354492 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354492&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wim Groot 
Author-X-Name-First: Wim 
Author-X-Name-Last: Groot 
Title: Empirical estimates of the rate of depreciation of education 
Abstract:
  In this paper we develop a method to estimate the rate of depreciation of
 human capital. The model is estimated on data for Great Britain and the
 Netherlands. It is found that the rate of depreciation of education is
 11-17% per year. 
Journal: Applied Economics Letters 
Pages: 535-538 
Issue: 8 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354500 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354500&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gerard Antioch 
Author-X-Name-First: Gerard 
Author-X-Name-Last: Antioch 
Title: Fiscal policy dynamics in Australia and New Zealand 
Abstract:
  This paper uses cointegration and error correction modelling to
 investigate how Governments across the Tasman have corrected fiscal
 imbalances. Australian Governments have used revenue and expenditure
 adjustments to correct long term fiscal imbalance. In the short term,
 however, taxes constrain spending in Australia. In New Zealand,
 expenditure adjustments are relied upon to correct long term fiscal
 imbalance. Thus, in neither country it could be said that spending
 priorities predominately drive decisions to raise taxes. 
Journal: Applied Economics Letters 
Pages: 539-541 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529495 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529495&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Felipe 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Felipe 
Title: Does the aggregate production function imply anything about the laws of production? A comment 
Abstract:
  This paper discusses McCombie's (1987) empirical evidence on the
 Simon-Shaikh critique. It is argued that while the theoretical argument is
 correct, the evidence presented depends on the adjustment of the stock of
 capital for capacity utilization. Probably factor shares are not
 sufficiently constant in this data set for the Cobb-Douglas form to
 provide a good approximation to the accounting identity. 
Journal: Applied Economics Letters 
Pages: 543-547 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529496 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529496&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: I. Theodossiou 
Author-X-Name-First: I. 
Author-X-Name-Last: Theodossiou 
Author-Name: A. Yannopoulos 
Author-X-Name-First: A. 
Author-X-Name-Last: Yannopoulos 
Title: Labour market segmentation and unemployment duration 
Abstract:
  This paper analyses the factors affecting the duration of an unemployment
 spell for primary and secondary workers. It evaluates the pattern of
 hazard rates for exit from unemployment after taking into account the
 effects of person-specific heterogeneity and shows that workers employed
 in the lower-tier sector have longer unemployment spells than the
 remainder. 
Journal: Applied Economics Letters 
Pages: 549-553 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529497 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529497&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ramu Govindasamy 
Author-X-Name-First: Ramu 
Author-X-Name-Last: Govindasamy 
Author-Name: Songqing Jin 
Author-X-Name-First: Songqing 
Author-X-Name-Last: Jin 
Title: Fresh sweet corn acreage response in the selected states of the USA 
Abstract:
  Seemingly Unrelated Regression models were used to examine the factors
 that influence the corn acreage in selected states in the US. Planted acre
 was modelled as a function of lagged planted acres, lagged production, and
 lagged price for states California, Florida, New Jersey, New York,
 Pennsylvania, and the US. States such as New Jersey and New York which
 have a short growing season compared to California and Florida. Also there
 is a notion that the small acreage in New Jersey is affected by production
 from other states such as California, Florida, New York, and Pennsylvania.
 The results indicate that lagged planted acreage significantly contributes
 toward current planted acres of sweet corn in all the five states and in
 the US. Production lag significantly contributes toward planted acres only
 in New York. Finally, the price lag significantly contributes toward
 planted acres in New York and Pennsylvania. The sign of the significant
 variable indicates that the current planted acre is positively influenced
 by the lagged planted acres, production lag and the price lag. 
Journal: Applied Economics Letters 
Pages: 555-557 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529498 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529498&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Uma Kambhampati 
Author-X-Name-First: Uma 
Author-X-Name-Last: Kambhampati 
Title: Duration of industry leadership 
Abstract:
  Firms strive to become industry leaders for a number of reasons including
 the market power that such a position endows upon them, the prestige
 relating to it as well as the increase in profits that it often results
 in. In this paper, we concentrate on the duration of survival of leaders
 and on the factors that influence it. To facilitate our investigation, we
 use duration analysis to estimate a survival function, both with and
 without time varying covariates. Our results indicate that, on average, in
 India, a firm maintains its leadership position for approximately five
 years (though this is significantly higher in the 'high concentration
 ratio industries'). Its survival fits a logistic distribution best,
 implying that the hazard of failure is nonlinearly related to time. On the
 one hand, the size of the firm itself, its previous experience in leading
 the industry and economies of scale in the industry all extend the
 duration of leadership. On the other hand, the larger the size of the
 firm's rivals and the larger its profits relative to the industry average,
 the shorter its duration of survival at the top. 
Journal: Applied Economics Letters 
Pages: 559-562 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529499 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529499&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Hasan 
Author-X-Name-First: Mohammad 
Author-X-Name-Last: Hasan 
Title: The choice of appropriate monetary aggregates in the United Kingdom 
Abstract:
  This paper re-examines the relationship between alternative monetary
 aggregates (M0 and M4) and other macroeconomic variables in the United
 Kingdom. The results of a five-variable VAR analysis are indicative of
 bidirectional causality between each of the monetary aggregates and real
 output. Our findings of a feedback relationship between M0-real income,
 and M4-real income makes each of the monetary aggregates a poor
 intermediate target variable. Moreover, contrary to most research work in
 this area, we find a feedback relationship between M0 and prices which
 appears to support the monetary accomodation hypothesis. 
Journal: Applied Economics Letters 
Pages: 563-568 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529500 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529500&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pedro Duarte Neves 
Author-X-Name-First: Pedro Duarte 
Author-X-Name-Last: Neves 
Title: Female labour supply over the life-cycle 
Abstract:
  This note describes two alternative approaches to identify the parameters
 that characterize intertemporal female labour supply, allowing for
 uncertainty, nonparticipation and nonseparability. Econometric results
 indicate that the choice of functional forms is one of the most important
 issues in the empirical analysis of labour supply. 
Journal: Applied Economics Letters 
Pages: 569-572 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529501 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529501&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Swarna Dutt 
Author-X-Name-First: Swarna 
Author-X-Name-Last: Dutt 
Title: Purchasing power parity revisited: null of cointegration approach 
Abstract:
  This paper undertakes a study of the Purchasing Power Parity doctrine as
 a long run equilibrium condition among a highly economically integrated
 set of nations, namely members of the European Monetary System (EMS). Here
 we examine the bivariate cointegration properties of the intra-EMS spot
 exchange rate series and their price ratios, using the modern null of
 cointegration approach. Our results support the parity hypothesis within
 the union. 
Journal: Applied Economics Letters 
Pages: 573-575 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529502 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529502&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald Freeman 
Author-X-Name-First: Donald 
Author-X-Name-Last: Freeman 
Title: Unit roots in the presence of moving average errors: tests of consumer price inflation 
Abstract:
  The issue of stationarity is a critical one in time series modelling.
 Tests designed to detect unit roots are sensitive, however, to model
 specification. While it has previously been shown that the presence of
 moving average errors may adversely affect the size of Dickey-Fuller type
 tests for stationarity in finite samples, this paper demonstrates that the
 order of the moving average process is also important. Critical values of
 unit root tests for MA(2) processes are shown to be larger than comparable
 values for MA(1) processes, which are in turn larger than Dickey-Fuller
 values. Consumer Price Inflation is estimated as an MA(2) process and is
 tested for stationarity using the computed critical values for time series
 with MA(2) errors. 
Journal: Applied Economics Letters 
Pages: 577-581 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529503 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529503&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eddy Waller 
Author-X-Name-First: Eddy 
Author-X-Name-Last: Waller 
Title: A quantitative analysis of the health care resource allocations: the private versus the public route in the United Kingdom 
Abstract:
  With public spending subject to increasing security, the private sector
 has grown in influence in providing welfare. The public and private mix of
 welfare has been theorized in many academic disciplines but has not
 received full quantitative application. This letter attempts an estimation
 of the average costs of in-patient stay in each sector and finds that the
 public sector offers the greater efficiency using this measure. It goes on
 to calculate the number of treatments that would be possible if all health
 resources were allocated to the public sphere. 
Journal: Applied Economics Letters 
Pages: 583-585 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529504 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529504&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Blanca Sanchez-Robles 
Author-X-Name-First: Blanca 
Author-X-Name-Last: Sanchez-Robles 
Title: Macroeconomic stability and economic growth: the case of Spain 
Abstract:
  Recent contributions have pointed out to a beneficial effect of
 macroeconomic stability and market liberalization on economic growth. This
 paper analyses this issue empirically by means of cointegration
 techniques, using annual data from the Spanish economy, 1962-95. Some
 proxies of macroeconomic instability - such as inflation, public deficit
 and various types of public expenditure as a share of GDP - and market
 distortions are included in the equations as regressors. The results show
 a negative correlation of these proxies and economic growth. Therefore,
 the Spanish experience suggests that macroeconomic stability and market
 liberalization are prerequisites for economic growth. 
Journal: Applied Economics Letters 
Pages: 587-591 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529505 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529505&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Mainland 
Author-X-Name-First: David 
Author-X-Name-Last: Mainland 
Title: Econometrics or neural networks? - a study of marketing margins in the UK meat industry 
Abstract:
  In the UK there is a widening gap between the farm-gate and retail prices
 for red meat and pork products. This study attempts to discover the
 reasons behind this increase by analysing the determinants that are
 responsible for the increasing margins. Monthly data from January 1982 to
 March 1996 are used as beyond this period the data are seriously distorted
 by the BSE scare. The predictive ability of econometrics and neural
 network models are compared. Although the results from econometrics were
 overall better it is argued that a combination of the two methods would be
 the ideal. 
Journal: Applied Economics Letters 
Pages: 593-597 
Issue: 9 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/758529506 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/758529506&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ira Saltz 
Author-X-Name-First: Ira 
Author-X-Name-Last: Saltz 
Title: State income tax policy and geographic labour force mobility in the United States 
Abstract:
  This study empirically investigates the impact of state income tax policy
 on US interstate migration for the period 1985-89. It finds that people
 vote with their feet and prefer to move so as to minimize their state
 income tax liabilities. 
Journal: Applied Economics Letters 
Pages: 599-601 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354249 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354249&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. F. Omran 
Author-X-Name-First: M. F. 
Author-X-Name-Last: Omran 
Title: An investigation of the maximal moments of exchange rates 
Abstract:
  We examine the issue of maximal moments of four exchange rates of US,
 Japan, Germany and France measured relative to the British Pound. It is
 found that the second moment of exchange rate returns is finite, and
 therefore, the infinite variance stable distribution is ruled out as a
 candidate for modelling exchange rates. In line with US evidence, there is
 some doubt about the existence of the fourth moment. 
Journal: Applied Economics Letters 
Pages: 603-606 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354258 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354258&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Arnon 
Author-X-Name-First: A. 
Author-X-Name-Last: Arnon 
Author-Name: J. Weinblatt 
Author-X-Name-First: J. 
Author-X-Name-Last: Weinblatt 
Title: Linder's hypothesis revisited: income similarity effects for low income countries 
Abstract:
  In this paper we test whether a Linder effect exists in international
 trade generally, and in trade among, and between, developed and less
 developed countries in particular. We provide empirical evidence that,
 contrary to accepted views, the Linder effect can be found for both
 developed and less developed countries. 
Journal: Applied Economics Letters 
Pages: 607-611 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354267 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354267&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tser-Yieth Chen 
Author-X-Name-First: Tser-Yieth 
Author-X-Name-Last: Chen 
Title: A study of bank efficiency and ownership in Taiwan 
Abstract:
  This paper uses a data envelopment analysis (DEA) approach to create a
 benchmark measure for the relative operating efficiency of the publicly
 operated banks as well as their private counterparts in Taiwan. From the
 estimated results, we find that there are significant differences in
 efficiency between privately-owned banks and publicly-owned banks. It
 shows that the efficiency gains from privatization may be substantial. By
 analysing the sources of inefficiency, we can also indicate the remedy for
 the specific publicly-owned banks, and affirm the validity of the
 privatization policy. 
Journal: Applied Economics Letters 
Pages: 613-616 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354276 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354276&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dwight Steward 
Author-X-Name-First: Dwight 
Author-X-Name-Last: Steward 
Title: A note: Bootstrap standard errors and confidence intervals for weak axiom of cost minimization (WACM) based bank managerial efficiency estimates 
Abstract:
  Although the nonparametric nature of Varian (Microeconomic Theory,
 Norton, New York, 1984) Weak Axiom of Cost Minimization (WACM) methodology
 offers a number of advantages in the estimation of bank managerial
 efficiency, this approach possesses a potentially critical problem:
 measurement error and other stochastic influences are not explicitly
 accounted for in the calculation of managerial efficiency estimates. The
 failure to account for these factors could significantly effect the
 validity of WACM based efficiency estimates. The principal objective of
 this paper is to provide bootstrap based test statistics for the WACM
 managerial efficiency estimates that explicitly account for these
 stochastic factors. The managerial efficiency measurement methodology
 utilized in this paper also provides new estimates of banking industry
 managerial efficiency. 
Journal: Applied Economics Letters 
Pages: 617-621 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354285 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354285&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Caudill 
Author-X-Name-First: Steven 
Author-X-Name-Last: Caudill 
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Title: Do network news agencies play their dominant strategies? Empirical evidence from lead news stories 
Abstract:
  Do network news agencies (ABC, CBS, and NBC) play their dominant
 strategies in selecting the lead news story (cover story) for nightly
 newscasts? The present paper seeks an answer to this question by employing
 elementary game-theory analysis and simple logit/ordered logit regression
 models to examine the choice the network agencies make in selecting a
 nightly lead news story. While economic theory predicts lead stories based
 on company projections of events likely to be judged as 'important' to
 consumer-viewers (the dominant strategy), statistical evidence presented
 here suggests that deciphering the dominant strategies is quite difficult.
 This ultimate result is likely due to demander preferences that often
 drive liberal and sensationalism biases in the media. 
Journal: Applied Economics Letters 
Pages: 623-629 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354294 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354294&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kenneth Clark 
Author-X-Name-First: Kenneth 
Author-X-Name-Last: Clark 
Author-Name: Stephen Drinkwater 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Drinkwater 
Author-Name: Derek Leslie 
Author-X-Name-First: Derek 
Author-X-Name-Last: Leslie 
Title: Ethnicity and self-employment earnings in Britain 1973-95 
Abstract:
  Using data from the General Household Survey 1973-95, it is shown that
 there were substantial differences between the earnings of whites and
 nonwhites in the self-employment sector of the British labour market over
 the period. Fitting a model of earnings determination which takes account
 of sample selectivity allows these differences to be decomposed into
 characteristics and coefficients effects. It turns out that both are
 important. Further decomposition reveals a crucial role for differences in
 the amount of schooling received by whites and nonwhites and in the
 returns to age, gender, marital status and qualifications. 
Journal: Applied Economics Letters 
Pages: 631-634 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354302 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354302&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: Impact of select variables on thrift institution profit rates, 1965-1991 
Abstract:
  Using semi-annual data, this study empirically finds that, over the
 1965-91 period, the rate of return on thrift (S&L) assets is an increasing
 function of the S&L mortgage rate, the tangible capital/asset ratio, and
 energy prices, whereas it is a decreasing function of the cost of deposits
 and Tax Reform Act of 1986 provisions. 
Journal: Applied Economics Letters 
Pages: 635-638 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354311 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354311&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Alberto Molina 
Author-X-Name-First: Jose Alberto 
Author-X-Name-Last: Molina 
Title: Analysing the effects of price changes on the cost of living of consumers using true indices 
Abstract:
  In this paper we analyse the effects of price changes on consumers' cost
 of living, using true indices for Germany, France, the UK, Spain and
 Sweden. We define these indices for a PIGLOG cost function and a dynamic
 specification of the LAIDS allows us to estimate them using aggregated
 time-series from 1964 to 1993. The calculated index numbers show that: (i)
 Spain presents the highest values for all groups, whereas the lowest
 appear in Germany and the UK, (ii) the highest values were in both oil
 crisis years, 1973 and 1979, whereas the lowest were generally in 1966 and
 in 1993, and (iii) the mean values reveal that Spain and France display
 the highest true cost-of-living indices, whereas Germany and the UK show
 the lowest. 
Journal: Applied Economics Letters 
Pages: 639-644 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354320 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354320&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Author-Name: Gabrielle Berman 
Author-X-Name-First: Gabrielle 
Author-X-Name-Last: Berman 
Author-Name: Sinclair Davidson 
Author-X-Name-First: Sinclair 
Author-X-Name-Last: Davidson 
Author-Name: Ting-Yean Tan 
Author-X-Name-First: Ting-Yean 
Author-X-Name-Last: Tan 
Title: Is there a common response in Australian bilateral exchange rates following current account announcements? 
Abstract:
  A growing literature exists analysing the impact of balance on current
 account announcements on bilateral exchange rates. This literature
 typically considers and reports results for a number of bilateral exchange
 rates. This paper investigates whether there are distinct effects across
 the range of bilateral exchange rates, or alternately whether a common
 response carries across all the bilateral exchange rates. Our results
 favour a common response. JEL classification: F30. 
Journal: Applied Economics Letters 
Pages: 645-648 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354339 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354339&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bradley Ewing 
Author-X-Name-First: Bradley 
Author-X-Name-Last: Ewing 
Title: The impact of federal budget deficits on movements in the stock market: evidence from Australia and France 
Abstract:
  This article examines whether or not federal budget deficits impact the
 stock markets of Australia and France. According to the stock market
 efficiency hypothesis, current stock market performance fully incorporates
 all past policy actions and implies that there should be an insignificant
 effect of past deficit on current stock prices. We present evidence that
 fiscal policy actions, as measured by the size of past federal budget
 deficits, exert a significant influence upon movements in stock prices. 
Journal: Applied Economics Letters 
Pages: 649-651 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354348 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354348&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seamus Mcguinness 
Author-X-Name-First: Seamus 
Author-X-Name-Last: Mcguinness 
Author-Name: Maura Sheehan 
Author-X-Name-First: Maura 
Author-X-Name-Last: Sheehan 
Title: Regional convergence in the UK, 1970-1995 
Abstract:
  This paper tests for the existence of long run inter-regional equilibrium
 relationships in income per capita within the UK over the period 1971-95.
 We examine both the cross-sectional and time-series evidence of
 inter-regional convergence. The time series approach allows us to
 investigate whether there are long-run regional equilibrium trends,
 whereas the cross-sectional analysis allows us to investigate whether the
 dispersion in per capita incomes between regions has narrowed. While it
 was found that some of the regions converged over time, there were no
 obvious explanations for why these regions converged and others did not.
 Moreover, with the exception of Northern Ireland and Scotland, regional
 policy appears to have had little impact on the relative positions of
 assisted regions in terms of their share of UK GDP. 
Journal: Applied Economics Letters 
Pages: 653-658 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354357 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Angelos Kanas 
Author-X-Name-First: Angelos 
Author-X-Name-Last: Kanas 
Title: Long-run benefits from international equity diversification: a note on the Canadian evidence 
Abstract:
  This note provides evidence that there exist long-run benefits for a
 Canadian investor from diversifying in the equity markets of the US,
 Japan, and the six largest European markets namely those of the UK,
 Germany, France, Switzerland, Italy and the Netherlands. This evidence is
 based on tests for pairwise cointegration between the Canadian national
 equity index and the equity index for each of the other markets. 
Journal: Applied Economics Letters 
Pages: 659-663 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354366 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354366&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Geraint Johnes 
Author-X-Name-First: Geraint 
Author-X-Name-Last: Johnes 
Title: Human capital versus sorting: new data and a new test 
Abstract:
  A new test is proposed for discriminating between human capital and
 sorting explanations of the wage differential between groups of variously
 educated workers. International data from the ISSP are used to illustrate
 the operation of the test and of other, more conventional methods used to
 discriminate between the competing theories. 
Journal: Applied Economics Letters 
Pages: 665-667 
Issue: 10 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354375 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354375&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Author-Name: A. E. H. Speight 
Author-X-Name-First: A. E. H. 
Author-X-Name-Last: Speight 
Title: The variance of economic activity over the business cycle: some further evidence 
Abstract:
  This letter tests for the presence of non-linearities in UK and US
 industrial and sectoral production growth rates using a joint model of
 bilinearity inconditional mean and generalized-autoregressive-conditional
 heteroscedasticity, the latter augmented by lagged production growth rates
 so as to allow consideration of variance asymmetry with respect to the
 phase of the business cycle. We find bilinearity inconditional mean to be
 present in US industrial production and manufacturing, and significant
 conditional variance asymmetries in the majority of series considered such
 that conditional variance is higher during recessions and stronger in the
 more cyclically sensitive durable consumer goods sectors. 
Journal: Applied Economics Letters 
Pages: 669-673 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Elena Stancanelli 
Author-X-Name-First: Elena 
Author-X-Name-Last: Stancanelli 
Title: Unemployment compensation schemes and unemployment duration 
Abstract:
  This paper compares unemployment durations of persons on different
 unemployment compensation schemes from the start of the unemployment
 spell. It focuses on the probability of leaving unemployment to take up a
 full-time job. Data on actual benefit receipts are used for the analysis.
 The sample considered includes unemployed men on unemployment insurance or
 unemployment assistance from the start of the unemployment spell.
 Estimation of binary probability models indicates that observed
 characteristics explain well the probability of being on a given
 unemployment benefit scheme. The empirical findings signal that the
 unemployed on different benefit schemes cannot be treated as an
 homogeneous group, as has normally been done in previous UK studies. 
Journal: Applied Economics Letters 
Pages: 675-680 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mehdi Monadjemi 
Author-X-Name-First: Mehdi 
Author-X-Name-Last: Monadjemi 
Title: Are real interest rates cointegrated? A study of three OECD countries 
Abstract:
  Real interest rates are influenced by internal economic policies and also
 by movements of real rates in larger economies. The latter has become more
 influential as a result of the integration of global financial markets in
 the 1980s and 1990s. The empirical results of this study show that the US
 real rate of interest is an important factor in explaining variations of
 real rates in Britain and the Netherlands but not vice versa. 
Journal: Applied Economics Letters 
Pages: 681-683 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354113 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354113&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Felmingham 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Felmingham 
Author-Name: W. Norton Grey 
Author-X-Name-First: W. Norton 
Author-X-Name-Last: Grey 
Title: A general equilibrium (GE) model of the term structure applied to Australian securities 
Abstract:
  The Double Square Root (DSR) GE model of the term structure is fitted to
 Australian security yield data over the period 2 January 1984 to 15
 December 1995 - a data set of 3041 yields on four securities: 30 and
 90-day BAB: and 5 and 10-year bonds. Applying both the OLS and GMM
 estimators we find a nonlinear, reduced form relationship between these
 yields and the risk free rate. So we conclude that GE models explain a
 diverse range of Australian yield curve shapes and that Australian bond
 prices are not necessarily inversely related to interest rates. 
Journal: Applied Economics Letters 
Pages: 685-687 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354122 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354122&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Testing allocative efficiency by data envelopment analysis 
Abstract:
  An allocative efficiency model based on data envelopment analysis is
 empirically tested here for evaluating the operational performance of
 international airlines for the period 1988-90. Results show some
 robustness of these efficiency measures in terms of stochastic dominance
 criteria. 
Journal: Applied Economics Letters 
Pages: 689-692 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Laszlo Matyas 
Author-X-Name-First: Laszlo 
Author-X-Name-Last: Matyas 
Author-Name: Laszlo Konya 
Author-X-Name-First: Laszlo 
Author-X-Name-Last: Konya 
Author-Name: Lachlan MaCquarie 
Author-X-Name-First: Lachlan 
Author-X-Name-Last: MaCquarie 
Title: The Kuznets U-curve hypothesis: some panel data evidence 
Abstract:
  In this paper Kuznet's U-curve hypothesis is tested on two unbalanced
 panel data sets of 47 and 62 countries, for the period 1970-93, using
 two-way fixed and random effects models. Several competing model
 specifications are estimated and the one best fitting the data is selected
 by appropriate model selection procedures. It is shown that there is no
 hard empirical evidence to support the usual econometric model
 formulations and the U-curve hypothesis. 
Journal: Applied Economics Letters 
Pages: 693-697 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354140 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354140&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bagala Biswal 
Author-X-Name-First: Bagala 
Author-X-Name-Last: Biswal 
Author-Name: Urvashi Dhawan 
Author-X-Name-First: Urvashi 
Author-X-Name-Last: Dhawan 
Title: Export-led growth hypothesis: cointegration and causality analysis for Taiwan 
Abstract:
  The hypothesis of export-led growth (ELG) hypothesis is tested for Taiwan
 using Engle and Granger's (1987) cointegration and error correction model
 approaches. This study shows that total exports and GDP, as well as
 exports of manufactured goods and GDP are cointegrated during the
 post-reform period, 1960-90. This study also finds evidence of
 bidirectional causality, and thus concludes that, in the case of Taiwan,
 exports and growth mutually reinforce each other. 
Journal: Applied Economics Letters 
Pages: 699-701 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354159 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354159&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Gius 
Author-X-Name-First: Mark 
Author-X-Name-Last: Gius 
Author-Name: Donn Johnson 
Author-X-Name-First: Donn 
Author-X-Name-Last: Johnson 
Title: An empirical investigation of wage discrimination in professional basketball 
Abstract:
  Previous research has shown that wage discrimination may exist in
 National Basketball Association (NBA) player salaries. These studies have
 shown that African-Americans earned from nine to twenty per cent less than
 whites when on-court performance is held constant. The authors could find
 no substantial research that has been done in this area since 1991. The
 present study re-examines this issue. Using salary data from the 1996-97
 season and performance statistics from the 1995-96 season, a log-linear
 wage equation was estimated, and a Chow Test was performed. Holding all
 other factors constant, African-American players do not earn less than
 white players. The most important factors affecting an NBA player's salary
 are on-court performance, free agency, experience, and the draft status of
 the player. These results are important since they indicate that wage
 discrimination based on race appears to have been eliminated from the NBA. 
Journal: Applied Economics Letters 
Pages: 703-705 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354168 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354168&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Coleman 
Author-X-Name-First: James 
Author-X-Name-Last: Coleman 
Title: The effect of tenure on earnings for males: a public/private analysis 
Abstract:
  This paper examines the effect of tenure on the earnings of males in the
 UK public and private sectors. The earnings-tenure effect is important in
 that it provides helpful information for individuals who are about to
 enter the labour market. Given the distinct labour markets associated with
 the public and private sectors, a disaggregation of this type also
 provides information on the different earnings structures in the two
 sectors. The results show that in general, the relationship between tenure
 and earnings is more pronounced in the public than in the private sector. 
Journal: Applied Economics Letters 
Pages: 707-710 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354177 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354177&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Title: A composite leading indicator of Australian inflation 
Abstract:
  This paper investigates the possibility of constructing a composite
 leading indicator of Australian inflation. Five variables are considered
 and found to have both short-run and long-run causal linkages with
 consumer prices. A composite leading indicator is constructed on the basis
 of the coefficients of the cointegrating vector and smoothed by
 calculating a four-quarter moving average. This indicator is shown to have
 led the annual inflation rate in six troughs and five peaks between 1972
 and 1992. 
Journal: Applied Economics Letters 
Pages: 711-713 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. Geoffrey Booth 
Author-X-Name-First: G. Geoffrey 
Author-X-Name-Last: Booth 
Author-Name: Gregory Koutmos 
Author-X-Name-First: Gregory 
Author-X-Name-Last: Koutmos 
Title: Interaction of volatility and autocorrelation in foreign stock returns 
Abstract:
  In this paper we model six major foreign stock index returns as
 conditionally heteroscedastic processes with time dependent
 autocorrelation. The findings point to a significant inverse relationship
 between volatility and autocorrelation. This is in agreement with previous
 findings for the US stock market, suggesting that stock return dynamics
 are similar across markets. 
Journal: Applied Economics Letters 
Pages: 715-717 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354195 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354195&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Brooks 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Brooks 
Author-Name: Melvin Hinich 
Author-X-Name-First: Melvin 
Author-X-Name-Last: Hinich 
Title: Episodic nonstationarity in exchange rates 
Abstract:
  We examine a method recently proposed by Hinich and Patterson (mimeo,
 University of Texas at Austin, 1995) for testing the validity of
 specifying a GARCH error structure for financial time series data in the
 context of a set of ten daily Sterling exchange rates. The results
 demonstrate that there are statistical structures present in the data that
 cannot be captured by a GARCH model, or any of its variants. This result
 has important implications for the interpretation of the recent voluminous
 literature which attempts to model financial asset returns using this
 family of models. 
Journal: Applied Economics Letters 
Pages: 719-722 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354203 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354203&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mercedes Gumbau Albert 
Author-X-Name-First: Mercedes Gumbau 
Author-X-Name-Last: Albert 
Title: Regional technical efficiency: a stochastic frontier approach 
Abstract:
  The aim of this paper is to analyse the (in)efficiency of the Spanish
 regions over the period 1986-91, using a stochastic frontier approach.
 Different distributional assumptions are used to estimate each region's
 (in)efficiency as well as the influence of the inputs on the productivity
 gains: half-normal, truncated-normal and exponential models. The results
 show that, on average, the inefficiency varies between the 15% and 19%. 
Journal: Applied Economics Letters 
Pages: 723-726 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354212 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354212&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Arghyrou 
Author-X-Name-First: Michael 
Author-X-Name-Last: Arghyrou 
Title: Causal relationships between public expenditure, public receipts and gross domestic product: Greece 1965-95 
Abstract:
  This paper applies the well-known Granger causality approach to
 investigate the causal relationships between (a) Greek public expenditure
 and Gross Domestic Product and (b) Greek public expenditure and public
 receipts. The results suggest that an increase in public expenditure does
 not lead to an increase in GDP; and that an increase in public expenditure
 does lead to an increase in public receipts. These results imply that in
 terms of output growth, the fiscal policy applied in the late 1970s and
 the 1980s was rather ineffective; and the correction of the existing
 fiscal imbalances is conditional upon a reduction in public expenditure
 rather than an increase in public receipts. From that point of view, the
 effectiveness of the currently applied fiscal strategy is questionable. 
Journal: Applied Economics Letters 
Pages: 727-731 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354221 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354221&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dikaios Tserkezos 
Author-X-Name-First: Dikaios 
Author-X-Name-Last: Tserkezos 
Title: GNP quarterly disaggregation of selected OECD countries using a related time series approach 
Abstract:
  In this article we propose a model-based approach to disaggregate data
 not available in the appropriate time span and apply it to obtain
 quarterly observations of the annual basis available real gross national
 product of four countries. These countries are USA, Canada, Germany and
 Italy. The model adopted is the gamma distributed lag model. The related
 variables are the industrial production index, the retail sales index and
 total employment. 
Journal: Applied Economics Letters 
Pages: 733-736 
Issue: 11 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354230 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354230&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Ashton 
Author-X-Name-First: John 
Author-X-Name-Last: Ashton 
Title: Technical change in the UK retail banking sector: 1984-1995 
Abstract:
  The paper empirically quantifies technical change for the UK retail
 banking sector between 1984 and 1995. A time trend model is used to
 measure average technical change. Bank production is represented with
 'intermediation' and 'production' models. Translog cost models are
 estimated using a SUR estimator on pooled time series and cross sectional
 data. Distinct results for differing model specifications are evident.
 This change appears to vary in magnitude within the sample period. 
Journal: Applied Economics Letters 
Pages: 737-740 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598353907 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598353907&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. A. MacDonald 
Author-X-Name-First: G. A. 
Author-X-Name-Last: MacDonald 
Title: Critical values for unit root and cointegration test statistics - the use of response surface equations 
Abstract:
  This note considers the value of surface response equations which can be
 used to calculate critical values for a range of unit root and
 cointegration tests popular in applied economic research. 
Journal: Applied Economics Letters 
Pages: 741-744 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598353916 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598353916&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sunil Sapra 
Author-X-Name-First: Sunil 
Author-X-Name-Last: Sapra 
Title: Bias and inefficiency of an ordinary least squares estimator for logit regressions with continuous dependent variables measured with error 
Abstract:
  In a recent paper in this journal, Manning showed that the ordinary least
 squares (OLS) estimator of regression coefficients in a logit model with
 continuous and bounded dependent variable measured with error is unbiased
 but inefficient. This note shows that, contrary to the author's claim, the
 OLS estimator is biased in general. Manning's form of heteroscedasticity
 is also shown to be incorrect. It is shown that Manning's assumptions on
 the distribution of measurement error are inadequate for determining the
 form of heteroscedasticity. 
Journal: Applied Economics Letters 
Pages: 745-746 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598353925 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598353925&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Azmat Gani 
Author-X-Name-First: Azmat 
Author-X-Name-Last: Gani 
Title: Macroeconomic determinants of growth in the South Pacific island economies 
Abstract:
  The macroeconomic determinants of growth in island countries of the South
 Pacific region is examined using cross-country data for the 1980-92
 period. Capital, labour, inflation, money and exports are found to be
 significant positive contributors to economic growth while budget deficit
 is found to exert a significant negative effect on economic growth. 
Journal: Applied Economics Letters 
Pages: 747-749 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598353934 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598353934&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Byung-Joo Lee 
Author-X-Name-First: Byung-Joo 
Author-X-Name-Last: Lee 
Author-Name: Lawrence Marsh 
Author-X-Name-First: Lawrence 
Author-X-Name-Last: Marsh 
Title: Nested logit analysis of missing response observations 
Abstract:
  A new estimation technique is proposed to deal with missing response
 variables in the context of a nested multinomial logit model. Survey data
 often have a significant number of incomplete or missing responses. If
 such data are systematically missing (i.e. not missing at random) and if
 such observations are deleted from the analysis, biased sample selection
 results. The new method is applied to the empirical analysis of
 determining job loss status. 
Journal: Applied Economics Letters 
Pages: 751-755 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598353943 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598353943&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: Effect of property taxes on the cost of living in the USA: case study of Florida counties 
Abstract:
  The impact of property taxes on the cost of livings are examined. Using
 county data for the state of Florida, the instrumental variable (IV)
 heteroscedasticity-corrected results indicate that the per capita property
 tax exercises a positive and significant impact on the cost of living. 
Journal: Applied Economics Letters 
Pages: 757-758 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598353952 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598353952&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jurgen Ehlgen 
Author-X-Name-First: Jurgen 
Author-X-Name-Last: Ehlgen 
Title: Computing the moments of the filtered variables in a state-space system 
Abstract:
  The business cycle implications of 'real business cycle' models are
 typically summarized by reporting the moments of the filtered model
 variables. In this letter a procedure to compute the exact moments of the
 filtered variables is described. 
Journal: Applied Economics Letters 
Pages: 759-760 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598353961 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598353961&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pingo Wang 
Author-X-Name-First: Pingo 
Author-X-Name-Last: Wang 
Author-Name: Alok Bohara 
Author-X-Name-First: Alok 
Author-X-Name-Last: Bohara 
Author-Name: Robert Berrens 
Author-X-Name-First: Robert 
Author-X-Name-Last: Berrens 
Author-Name: Kishore Gawande 
Author-X-Name-First: Kishore 
Author-X-Name-Last: Gawande 
Title: A risk-based environmental Kuznets curve for US hazardous waste sites 
Abstract:
  The Environmental Kuznets Curve (EKC) hypothesis is investigated for US
 hazardous waste sites. Where past studies have typically focused on
 cross-country analyses of conventional air and water pollutants, here, US
 county level data and assessed risk is used as the measure of
 environmental degradation. 
Journal: Applied Economics Letters 
Pages: 761-763 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598353970 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598353970&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jai Mah 
Author-X-Name-First: Jai 
Author-X-Name-Last: Mah 
Title: Exchange market pressure in Korea: dynamic specifications 
Abstract:
  The paper re-examines the performance of the monetary model of the
 exchange market pressure for Korea. Regression results allowing for
 dynamics show that all the hypothesized effects on the exchange market
 pressure are confirmed unlike previous research which adopted non-dynamic
 specification. Tests also suggest that the dynamic specification of the
 Korean exchange market pressure equation is well specified and the
 residuals pass the typical diagnostic checking. 
Journal: Applied Economics Letters 
Pages: 765-768 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598353989 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598353989&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Oscar Bajo-Rubio 
Author-X-Name-First: Oscar 
Author-X-Name-Last: Bajo-Rubio 
Title: The saving-investment correlation revisited: the case of Spain, 1964-1994 
Abstract:
  In this note the saving-investment correlation is examined in terms of an
 error correction model, in order to gain some insight into the degree of
 capital mobility, using Spanish data for the period 1964-1994. 
Journal: Applied Economics Letters 
Pages: 769-772 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598353998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598353998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Mak Arvin 
Author-X-Name-First: B. Mak 
Author-X-Name-Last: Arvin 
Author-Name: Torben Drewes 
Author-X-Name-First: Torben 
Author-X-Name-Last: Drewes 
Title: Biases in the allocation of Canadian official development assistance 
Abstract:
  A strong inverse relationship between per capita assistance and
 population of aid-receiving countries is found in an examination of
 Canadian bilateral foreign aid to 33 countries over the period 1982-92.
 However, the middle-income bias present in aid allocation of some other
 countries is not found in the case of Canada. Instead, there is a bias
 associated with the recipient's membership to the Commonwealth. 
Journal: Applied Economics Letters 
Pages: 773-775 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354005 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354005&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. C. A. Curtis 
Author-X-Name-First: D. C. A. 
Author-X-Name-Last: Curtis 
Author-Name: K. S. R. Murthy 
Author-X-Name-First: K. S. R. 
Author-X-Name-Last: Murthy 
Title: Economic growth and restructuring: a test of unbalanced growth models - 1977-1992 
Abstract:
  A model adapted from Baumol (American Economic Review, 57, 1967, 415-426)
 is used to establish the determinants of growth in per capita commercial
 service sector output and this service sector's share of employment, based
 on the experience of Canada, the US, France and Germany. Parameter
 estimates obtained from the OECD data, for the period 1977-92, are used
 within the model framework to predict the output and employment dimensions
 of economic restructuring and growth. A comparison of model predictions
 with observations suggests the model can explain most of the observed
 service sector output growth, but it has less success explaining growth in
 employment shares. These results illustrate the difficulties of
 confronting the performance of simple models with empirical evidence and
 the challenge that remains in discovering additional explanations of
 economic restructuring. 
Journal: Applied Economics Letters 
Pages: 777-780 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354014 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354014&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mikael Linden 
Author-X-Name-First: Mikael 
Author-X-Name-Last: Linden 
Title: Firm's pricing policy and efficiency wages 
Abstract:
  The basic efficiency wage model is analysed with real wages and cost
 pricing firm. The Solow condition implies that the effort wage output
 price elasticity is zero. Some empirical evidence from the US crude
 petroleum and natural gas industry and a sample of Finnish manufacturing
 industries does not reject this result. 
Journal: Applied Economics Letters 
Pages: 781-784 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354023 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354023&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan Collins 
Author-X-Name-First: Alan 
Author-X-Name-Last: Collins 
Author-Name: Shujie Yao 
Author-X-Name-First: Shujie 
Author-X-Name-Last: Yao 
Title: On innovative activity over the business cycle: a note 
Abstract:
  In a recent article, Geroski and Walters (Economic Journal, 105, 1995,
 916-928) suggest that changes in demand Granger cause changes in
 innovative activity but not vice versa. This note shows that inappropriate
 modelling methods can lead to such conclusions which exclude the
 possibility of two-way causality between production and innovation. It
 suggests that applied economists must test data validity before any
 meaningful econometric analyses are conducted. 
Journal: Applied Economics Letters 
Pages: 785-788 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jac Heckelman 
Author-X-Name-First: Jac 
Author-X-Name-Last: Heckelman 
Title: Financing divided and unified partisan governments 
Abstract:
  By modifying Berument's divided government-optimum financing model to
 include partisan interests, it is found that when the Democratic party
 controls both the Congress and Presidency, real monetary base grows at a
 higher rate than when the Republican party controls both branches. In
 addition, it is found that monetary base grows at the slowest rate when
 neither party controls both branches, supporting a gridlock version of
 divided government. 
Journal: Applied Economics Letters 
Pages: 789-791 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354041 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354041&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ramu Govindasamy 
Author-X-Name-First: Ramu 
Author-X-Name-Last: Govindasamy 
Author-Name: John Italia 
Author-X-Name-First: John 
Author-X-Name-Last: Italia 
Title: Predicting consumer risk perceptions towards pesticide residue: a logistic analysis 
Abstract:
  The growing anxiety over residues in fresh produce could result in
 increased demand for low input agriculture with reduced pesticide residues
 or decreased demand for conventional fresh produce. The objective of this
 study was to empirically evaluate consumer concern about pesticide
 residues and analyse the effect of sociodemographic factors on pesticide
 residue concern. The results indicate that females, households with more
 children, and individuals over 35 years old are more likely to have high
 levels of risk aversion. The result also indicated that households with
 higher levels of income and education exhibited lower risk aversions
 towards pesticide residues. 
Journal: Applied Economics Letters 
Pages: 793-796 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354050 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354050&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hafiz Akhand 
Author-X-Name-First: Hafiz 
Author-X-Name-Last: Akhand 
Title: Marginal tax rate and the optimal collection of seigniorage 
Abstract:
  Since Threhan and Walsh (Journal of Monetary Economics, 25, 1990, 97-112)
 and Evans and Amey (Journal of Macroeconomics, 18, 1996, 111-125), the
 mixed evidence on the revenue-smoothing hypothesis is now well understood;
 and there is now a consistent body of empirical evidence, at least for the
 industrialized countries, confirming that the principles of optimal
 seigniorage and taxation are not being used to raise revenue. Previous
 empirical tests of the revenue-smoothing hypothesis have used a crude tax
 rate, measured as a ratio of the central government revenue to GNP. The
 distortionary costs associated with raising revenue, however, depend on
 the marginal tax rate. This paper tests the robustness of the empirical
 evidence on the revenue-smoothing hypothesis to using marginal tax rates
 in place of the crude tax rates employed in the existing literature. Both
 annual Canadian data for the period 1948 to 1991 and annual United States
 data for the period 1948 to 1983 reject the revenue-smoothing hypothesis.
 Revenue-smoothing considerations were therefore not central in determining
 the behaviour of seigniorage in Canada and the United States. 
Journal: Applied Economics Letters 
Pages: 797-800 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354069 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354069&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alfredo Esposto 
Author-X-Name-First: Alfredo 
Author-X-Name-Last: Esposto 
Title: Price, quality, and smoke signals 
Abstract:
  Using data of the market for cigars in the US, this study investigates
 whether relative prices provide signals of qualitative differences even
 under circumstances of dramatic market changes. The results indicate that,
 though the link may be weakened, it remains intact under such pressure. 
Journal: Applied Economics Letters 
Pages: 801-803 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354078 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354078&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Westley 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Westley 
Title: Government regulation and income inequality in the United States, 1970-1990 
Abstract:
  While many studies of income inequality in the United States focus of the
 significance of declining marginal tax rates in the 1980s, very little
 research to date has considered the effect of government regulations which
 have increased dramatically during the time of marked increases in the
 Gini coefficient. This paper presents a simple Ordinary Least Squares
 regression suggesting a relationship between government regulation and
 income inequality. It is suggested that increases in the regulatory burden
 in the US labour market increases the cost of low skilled labour relative
 to high skilled labour, contributing to increases in income inequality. 
Journal: Applied Economics Letters 
Pages: 805-808 
Issue: 12 
Volume: 5 
Year: 1998 
X-DOI: 10.1080/135048598354087 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048598354087&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Pollard 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Pollard 
Title: Foreign exchange market pressure and transmission of international disturbances: the case of Barbados, Guyana, Jamaica, and Trinidad & Tobago 
Abstract:
  The Girton-Roper model of foreign exchange market pressure is applied to
 Barbados (1968-1993), Guyana (1964-1985), Jamaica (1964-1993), and
 Trinidad & Tobago (1967-1993) (years actually used in analysis in
 parentheses). Several versions of this model are estimated, tested and
 analysed so that either the monetarist or Keynesian model as well as the
 types of transmission of international disturbances can be identified.
 Contrary to some previous studies of these countries, strong support is
 found for a monetarist model of foreign exchange reserves and exchange
 rate movements in each country. In particular, the growth of US money
 supply effects exchange market pressure in Barbados and Guyana, while
 changes in US interest rates and the US inflation rate strongly influence
 exchange market pressure in Jamaica and Trinidad & Tobago. 
Journal: Applied Economics Letters 
Pages: 1-4 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353771 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353771&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Arphaphan Chavaltanpipat 
Author-X-Name-First: Arphaphan 
Author-X-Name-Last: Chavaltanpipat 
Author-Name: Shady Kholdy 
Author-X-Name-First: Shady 
Author-X-Name-Last: Kholdy 
Author-Name: Ahmad Sohrabian 
Author-X-Name-First: Ahmad 
Author-X-Name-Last: Sohrabian 
Title: The wealth effects of bank acquisitions 
Abstract:
  The purpose of the study is to investigate whether trends in banking
 mergers between January 1994 and October 1995 are different from previous
 periods. Specifically, the study focused on greatly increased acquisition
 prices and interstate consolidations. Abnormal returns and cumulative
 abnormal returns for a sample of 30 mergers were determined for each
 situation. The results of the study showed negative effects for
 shareholders of acquiring banks around the announcement period.
 Medium-to-small acquisitions, under $1 billion, caused insignificant
 negative abnormal returns, but large acquisitions, over $1 billion, caused
 significant negative abnormal returns. At the same time, shareholders in
 acquired banks of both sizes earned significant positive abnormal returns.
 The most dramatic discovery was that the larger acquisition price, the
 higher the target returns. The analysis of interstate mergers showed
 similar results. The analysis documented significant positive abnormal
 returns for target banks and insignificant negative abnormal returns for
 acquiring banks during the announcement. 
Journal: Applied Economics Letters 
Pages: 5-11 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353780 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353780&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bahram Adrangi 
Author-X-Name-First: Bahram 
Author-X-Name-Last: Adrangi 
Author-Name: Kambiz Raffiee 
Author-X-Name-First: Kambiz 
Author-X-Name-Last: Raffiee 
Title: Functional form bias in goodness-of-fit optimizing models 
Abstract:
  Following the weak axiom of revealed preference (WARP), developed by
 Varian, a money-metric expenditure function is derived for a CES utility
 function in this paper. Using the US aggregate data on consumption used by
 Varian, the money-metric expenditure function is estimated to calculate an
 efficiency index measuring the magnitude of departure from the optimum
 expenditures. The results are then compared to those reported by Varian
 for a Cobb-Douglas utility function. The findings point to a sizeable bias
 in the calculated efficiency index in the near-optimization analysis as
 determined by the choice of the functional form. 
Journal: Applied Economics Letters 
Pages: 13-15 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353799 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353799&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kul Luintel 
Author-X-Name-First: Kul 
Author-X-Name-Last: Luintel 
Title: Non-causality due to irrelevant lag polynomials 
Abstract:
  This letter illustrates that Granger causality tests tend to be sensitive
 to irrelevant lag polynomials and could lead to wrong inference of
 non-causality. In view of the little insight one gets from economic theory
 about short-run dynamics, it suggests exclusion restrictions prior to
 causality testing. 
Journal: Applied Economics Letters 
Pages: 17-20 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353807 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353807&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erik Canton 
Author-X-Name-First: Erik 
Author-X-Name-Last: Canton 
Title: Learning during recessions 
Abstract:
  A simple two-sector model of endogenous growth is constructed and it is
 shown that contrary to opportunity cost theory, less human capital is
 created during economic downturns for plausible values of the
 intertemporal elasticity of substitution. 
Journal: Applied Economics Letters 
Pages: 21-23 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353816 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353816&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Holmes 
Author-X-Name-First: Mark 
Author-X-Name-Last: Holmes 
Author-Name: Kul Luintel 
Author-X-Name-First: Kul 
Author-X-Name-Last: Luintel 
Title: The ERM and fiscal integration in the EU 
Abstract:
  The extent to which EU fiscal policies have converged during the ERM
 period is investigated. Using tests for cointegration and weak exogeneity,
 it is found that the degree of commitment towards ERM membership
 influences the degree of fiscal integration in the EU. It is also found
 that the German fiscal stance does not dominate that of the rest of the
 EU. 
Journal: Applied Economics Letters 
Pages: 25-27 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353825 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353825&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. I. D. Harris 
Author-X-Name-First: R. I. D. 
Author-X-Name-Last: Harris 
Author-Name: A. Liu 
Author-X-Name-First: A. 
Author-X-Name-Last: Liu 
Title: Verdoorn's law and increasing returns to scale: country estimates based on the cointegration approach 
Abstract:
  The Johansen approach to estimating long-run cointegration vectors is
 used with the Penn World Tables data to estimate returns to scale. Thus,
 this approach has the advantages of including a measure of capital, it
 overcomes the simultaneity problems associated with the single-equation
 Verdoorn law, and it involves estimating a correctly specified dynamic
 model in which is embedded the long-run solution(s). The results indicate
 that there is substantial evidence that increasing returns are the norm
 for the majority of countries. 
Journal: Applied Economics Letters 
Pages: 29-33 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353834 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353834&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Andrew Coutts 
Author-X-Name-First: J. Andrew 
Author-X-Name-Last: Coutts 
Title: Friday the thirteenth and the Financial Times Industrial Ordinary Shares Index 1935-94 
Abstract:
  In recent years much evidence has been documented of the existence of
 regularities in security price returns. However, one of the least
 investigated anomalies concerns the socalled 'Friday the 13th' effect,
 where returns on Fridays which fall on the 13th of the month display
 significantly lower returns than other Fridays. Employing daily
 logarithmic returns from the Financial Times Industrial Ordinary Shares
 Index (FT 30) for the period July 1935 through December 1994, we find no
 evidence of a Friday the 13th effect. Indeed, if anything, we find returns
 are higher on Friday the 13th than on other Fridays. We then partition the
 sample into six subsamples each of ten years, again concluding that there
 is no evidence of a Friday the 13th effect, and that once again returns on
 Friday the 13th tend to be higher than on other Fridays. Finally, we
 conclude that our results support the extremely limited evidence
 documented for the UK market concerning the Friday the 13th effect. 
Journal: Applied Economics Letters 
Pages: 35-37 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353843 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353843&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. A. Asseery 
Author-X-Name-First: A. A. 
Author-X-Name-Last: Asseery 
Author-Name: D. Law 
Author-X-Name-First: D. 
Author-X-Name-Last: Law 
Author-Name: N. Perdikis 
Author-X-Name-First: N. 
Author-X-Name-Last: Perdikis 
Title: Wagner's Law and public expenditure in Iraq: a test using disaggregated data 
Abstract:
  Recent developments in time series analysis have encouraged economists to
 re-examine the validity of Wagner's Law. Recent econometric tests have
 shown mixed results with some upholding the hypothesis while others
 contradict it. Carrying out econometric work with aggregated data could
 account for this. This study using disaggregated data measured in both
 real and nominal terms also leads to contradictory results. 
Journal: Applied Economics Letters 
Pages: 39-44 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353852 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353852&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: New evidence on determinants of bank failures in the US 
Abstract:
  This study examines determinants of bank failures in the US over the
 1963-91 period. The results indicate that the bank failure rate is an
 increasing function of the degree of federal deposit insurance coverage,
 increased competition in financial services, and the real cost of
 deposits, and a decreasing function of the capital/asset ratio, the real
 interest rate yield on three-year Treasury notes, and real GDP growth. 
Journal: Applied Economics Letters 
Pages: 45-47 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353861 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353861&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Angelos Kanas 
Author-X-Name-First: Angelos 
Author-X-Name-Last: Kanas 
Title: A note on the long-run benefits from international equity diversification for a UK investor diversifying in the US equity market 
Abstract:
  This note provides evidence that there were long long-run benefits for a
 UK investor from diversifying in the equity markets of the US during the
 pre-October 1987 crash period. For the post-crash period, these benefits
 are reduced. These results are based on two distinct cointegration tests,
 and national indices from Morgan Stanley Capital International, which have
 several advantages over standard indices. 
Journal: Applied Economics Letters 
Pages: 49-53 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353870 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353870&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Woodward 
Author-X-Name-First: George 
Author-X-Name-Last: Woodward 
Author-Name: J. Ram Pillarisetti 
Author-X-Name-First: J. Ram 
Author-X-Name-Last: Pillarisetti 
Title: Empirical evidence on alternative theories of inflation and unemployment: a re-evaluation for the Scandinavian countries 
Abstract:
  The paper re-evaluates some inflation and unemployment models for the
 Scandinavian countries, utilizing a general to specific methodology. Two
 nested models are considered to represent a spectrum of unemployment and
 inflation models in order to examine the monetarist versus new classical
 unemployment debate, and the Keynesian versus monetarist inflation debate.
 Using an improved methodology and larger data set different results from
 those of Akkina and Varamini are obtained. In particular, for unemployment
 unequivocal support is found for the new classical model, but for
 inflation, the empirical results support the Keynesian model for Sweden,
 and reflect mixed results for Denmark, Finland and Norway. 
Journal: Applied Economics Letters 
Pages: 55-58 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353889 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353889&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kelvin Balcombe 
Author-X-Name-First: Kelvin 
Author-X-Name-Last: Balcombe 
Title: More evidence concerning the relationship between high and variable inflation: a more general approach 
Abstract:
  This study, employs an extended EGARCH-M model and finds further support
 for the hypothesis that both inflation and deflation increase uncertainty
 about price movements. 
Journal: Applied Economics Letters 
Pages: 59-61 
Issue: 1 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353898 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353898&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Turner 
Author-X-Name-First: Paul 
Author-X-Name-Last: Turner 
Title: Estimates of a bargaining model of wages for the UK economy 1870-1995 
Abstract:
  This paper presents estimates of an error correction model for the real
 wage rate using annual data over the period 1870-1995. We find strong
 evidence for the existence of a cointegrating relationship between real
 wages, unemployment and the ratio of unemployment benefits to wages. 
Journal: Applied Economics Letters 
Pages: 63-66 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353645 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353645&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jorge Saba Arbache 
Author-X-Name-First: Jorge Saba 
Author-X-Name-Last: Arbache 
Title: A comparison of different estimates of interindustry wage differentials: the case of Brazil 
Abstract:
  This paper compares the results from two procedures for estimating wage
 differentials. Using Brazilian data, the standard procedure of Krueger and
 Summers (Econometrica, 56, 259-193, 1988) is shown to provide an
 overestimation of standard errors and a biased estimation of the measure
 of wage dispersion, in comparison to the methodology proposed by
 Haisken-DeNew and Schmidt (Review of Economics and Statistics,
 forthcoming, 1997). 
Journal: Applied Economics Letters 
Pages: 67-71 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353654 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353654&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Yen 
Author-X-Name-First: Steven 
Author-X-Name-Last: Yen 
Title: Gaussian versus count-data hurdle models: cigarette consumption by women in the US 
Abstract:
  Cigarette consumption by US women is investigated. The dependent variable
 is discrete and censored at zero. The Gaussian hurdle model and negative
 binomial hurdle model are used to accommodate zero observations in the
 sample. Elasticities derived from the two models are extremely close. 
Journal: Applied Economics Letters 
Pages: 73-76 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353663 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353663&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amalia Di Iorio 
Author-X-Name-First: Amalia Di 
Author-X-Name-Last: Iorio 
Author-Name: Robert Faff 
Author-X-Name-First: Robert 
Author-X-Name-Last: Faff 
Title: An international market model and exchange rate risk: Australian evidence 
Abstract:
  The purpose of this paper is to investigate the sensitivity of Australian
 stock returns to US market returns, via an international market model. Our
 study investigates the relative sensitivity to (1) the US return
 denominated in Australian dollars and (2) the US market return decomposed
 into its two component factors (the US market return expressed in US
 dollars and the AUDUSD exchange rate return). Our results suggest that
 Australian industries are differentially sensitive to changes in the US
 market and to exchange rate movements. 
Journal: Applied Economics Letters 
Pages: 77-80 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353672 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353672&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jari Vainiomaki 
Author-X-Name-First: Jari 
Author-X-Name-Last: Vainiomaki 
Author-Name: Seppo Laaksonen 
Author-X-Name-First: Seppo 
Author-X-Name-Last: Laaksonen 
Title: Technology, job creation and job destruction in Finnish manufacturing 
Abstract:
  Job creation, destruction and reallocation rates is examined using data
 on Finnish manufacturing establishments for the period 1987-93, focusing
 on differences in these rates across the technology levels, and on the
 effects of the 1990s recession on the rates. The results indicate that the
 high technology sector has higher job creation and destruction rates, and
 it has responded to the recession somewhat differently than other sectors.
 It is also found that the high and low technology sectors are contributing
 differently to job reallocation: high technology is more important
 (compared to its employment share) in job creation, entry, and gross
 reallocation, while low technology is more important in job destruction,
 exit, and net job decrease. 
Journal: Applied Economics Letters 
Pages: 81-88 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353681 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353681&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Swarna Dutt 
Author-X-Name-First: Swarna 
Author-X-Name-Last: Dutt 
Author-Name: Dipak Ghosh 
Author-X-Name-First: Dipak 
Author-X-Name-Last: Ghosh 
Title: An empirical examination of exchange market efficiency 
Abstract:
  The foreign exchange market efficiency hypothesis is empirically examined
 for three major currencies, over the volatile 1980s. The recently
 available null of cointegration procedure is applied to test for the
 stationarity of the series under consideration and also for the
 cointegration status between series, the market efficiency determinant.
 The strength of this methodology is its ability to distinguish between
 unit and near unit roots. These results are then compared with our
 previous study where we applied the PhillipsHansen Fully Modified Ordinary
 Least Squares (FMOLS) procedure, which can separate between strong and
 weak form efficiency. In both cases, the market efficiency hypothesis is
 rejected for one out of three currencies, possibly due to the presence of
 the risk premium and/or market imperfections. 
Journal: Applied Economics Letters 
Pages: 89-91 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353690 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353690&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ahmed Asseery 
Author-X-Name-First: Ahmed 
Author-X-Name-Last: Asseery 
Title: The statistical skeleton of the demand for real money balances during the German hyperinflation episode January 1921-November 1923 
Abstract:
  The aim of this study is to re-examine the common belief that the
 existence of the demand for real money balances during the German
 hyperinflation episode 1921:01-1923:11 is conditioned on truncating the
 data on June/July 1923 or on the omission of the first 18 months. It is
 demonstrated in this study that a stable relation can be found for the
 period 1921:03-1923:11 through taking into account the nonlinear
 functional relationship amongst the variables of the cointegrating
 regression. Using a variant of Phillips-Loretan ECM it is shown that,
 while the equilibrium error is forecastable on the basis of lagged change
 of real wage and the variability of inflation alone, the adjustment of
 actual to desired real money balances is, indeed, instantaneous as
 predicted by Cagan. 
Journal: Applied Economics Letters 
Pages: 93-96 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353708 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353708&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Donggyu Sul 
Author-X-Name-First: Donggyu 
Author-X-Name-Last: Sul 
Title: Does Ex post uncovered interest differential reflect the degrees of capital mobility? 
Abstract:
  This paper examines whether ex post uncovered interest differential
 between the US and the UK reflects the degrees of capital mobility over
 the time period 1973-92 by using GMM, GARCH and Kalman filter methods. The
 empirical results, however, do not support the hypothesis that the
 magnitude of the absolute deviation from UIP or the conditional variance
 of the deviation becomes smaller as the degrees of capital mobility
 increases. 
Journal: Applied Economics Letters 
Pages: 97-102 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353717 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353717&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marco Bianchi 
Author-X-Name-First: Marco 
Author-X-Name-Last: Bianchi 
Author-Name: Martin Boyle 
Author-X-Name-First: Martin 
Author-X-Name-Last: Boyle 
Author-Name: Deirdre Hollingsworth 
Author-X-Name-First: Deirdre 
Author-X-Name-Last: Hollingsworth 
Title: A comparison of methods for trend estimation 
Abstract:
  This paper analyses a number of methods for trend estimation focusing on
 their ability to pick up turning points quickly at the end of a series. An
 application to the Bank of England flows M4 series is provided which shows
 that some of the proposed methods may be more reliable than others for
 this task. 
Journal: Applied Economics Letters 
Pages: 103-109 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353726 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353726&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Igbekele Ajibefun 
Author-X-Name-First: Igbekele 
Author-X-Name-Last: Ajibefun 
Author-Name: Abdullahi Abdulkadri 
Author-X-Name-First: Abdullahi 
Author-X-Name-Last: Abdulkadri 
Title: An investigation of technical inefficiency of production of farmers under the National Directorate of Employment in Ondo State, Nigeria 
Abstract:
  This study was carried out to investigate technical inefficiency of
 production among the food crop farmers of the National Directorate of
 Employment in Ondo state of Nigeria. The study considers translog
 stochastic frontier production functions in which the technical
 inefficiency effects are defined by three different sub models. Given the
 specifications of the stochastic frontier production function, the null
 hypothesis, that the frontier is adequately represented by the
 Cobb-Douglas function, is accepted, but the null hypothesis that the
 farmers are fully technically efficient, which implies that inefficiency
 effects are absent from the model, is rejected. Further, the null
 hypothesis of half-normal distribution for the inefficiency effects is
 rejected. Predicted technical efficiencies vary widely across farms,
 ranging between 21.7% anal 87.8% and a mean technical efficiency of 67%. 
Journal: Applied Economics Letters 
Pages: 111-114 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353735 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353735&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Theodor Kohers 
Author-X-Name-First: Theodor 
Author-X-Name-Last: Kohers 
Author-Name: Jayen Patel 
Author-X-Name-First: Jayen 
Author-X-Name-Last: Patel 
Title: A new time-of-the-month anomaly in stock index returns 
Abstract:
  This paper documents a new 'time-of-the-month' pattern in the daily
 returns of the Standard & Poor's and the NASDAQ indices. Splitting a month
 into three time segments, the results show that the returns are highest
 during the 'first third', experience a drop during the 'second third', and
 are lowest, and in most cases negative, during the 'last third' of a
 month. This pattern remained remarkably consistent for the two indices
 examined. It also held up well over business cycles and many different
 subperiods tested. Thus, the results of this study provide convincing
 evidence of a new monthly anomaly which displays a remarkable degree of
 robustness. 
Journal: Applied Economics Letters 
Pages: 115-120 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353744 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353744&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kwong Cheung 
Author-X-Name-First: Kwong 
Author-X-Name-Last: Cheung 
Author-Name: J. Andrew Coutts 
Author-X-Name-First: J. Andrew 
Author-X-Name-Last: Coutts 
Title: The January effect and monthly seasonality in the Hang Seng index: 1985-97 
Abstract:
  In this paper we employ a data set of logarithmic nondividend adjusted
 daily returns from the Hong Kong Stock Exchange Hang Seng Index, over a
 thirteen and a half year period to investigate the presence of the January
 effect, or other monthly seasonalities. Further, we partition our data set
 into two subsamples, which allows us to test for persistence of any
 monthly seasonality we uncover. However, our results are somewhat
 surprising, we can find no evidence of a January effect or any other
 monthly seasonality. Indeed, we note that for two of our data sets, the
 mean return for December is less than that for January. We conclude that
 these results are peculiar to the Hang Seng Index, as the overwhelming
 majority of previous studies of other Stock Indices, generally detect some
 form of monthly seasonality. 
Journal: Applied Economics Letters 
Pages: 121-123 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353753 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353753&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christophe Muller 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Muller 
Title: The impact of the production composition on the nutrition status of agricultural households in Rwanda 
Abstract:
  In a context of perfect markets, the impact of production decisions of
 peasants on their nutritional status is conveyed through an income effect
 and the structure of the output does not matter. Because of the imperfect
 and missing markets in LDCs, the levels of their agricultural outputs may
 directly affect the nutritional status of agricultural households. We
 estimate a production function for the nutritional status of agricultural
 households in Rwanda, that depends on sociodemographic characteristics and
 on past levels of agricultural outputs. The most beneficial outputs are
 tubers and an aggregate good composed of food products of high quality,
 while the traditional beers output and the nonfood products have a
 negative impact on the nutrition indicators. The sociodemographic
 characteristics of the household are influential, but they do not
 seriously modify the effects of the agricultural outputs. The results
 suggest that the nutrition policy in Rwanda could use incentives so as to
 modify the composition of the agricultural output of peasants. 
Journal: Applied Economics Letters 
Pages: 125-131 
Issue: 2 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353762 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353762&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hilde Christiane Bj&#xf8;rnland 
Author-X-Name-First: Hilde Christiane 
Author-X-Name-Last: Bj&#xf8;rnland 
Title: Structural breaks and stochastic trends in macroeconomic variables in Norway 
Abstract:
  This paper analyses the dynamic properties of several macroeconomic
 variables in Norway, using different unit root tests and measures of
 persistence. For none of the variables can we reject the hypothesis of a
 unit root in favour of a deterministic linear trend alternative. However,
 when allowing for a structural break in the trend alternative, we can
 reject the hypothesis of a unit root for unemployment, government
 consumption, investment and real wage. Most of the Norwegian time series
 display little persistence. However, for those series that show a high
 degree of persistence, adjusting for the break in the trend, persistence
 falls considerably. 
Journal: Applied Economics Letters 
Pages: 133-138 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353483 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353483&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mike Rosser 
Author-X-Name-First: Mike 
Author-X-Name-Last: Rosser 
Title: Determinants of graduates' demand for housing 
Abstract:
  During the early 1990s the number of UK graduates increased substantially
 while the number of young first time home buyers was diminishing and
 student loans began to replace maintenance grants. In the light of these
 changes, this paper examines the influences on home ownership based on a
 sample of 1991-95 Coventry University graduates. Significant explanatory
 variables are years of work since leaving university, household income,
 living with a partner, children and a lump sum inheritance or gift.
 Student loans, age, gender, house prices and relative buy/rent costs do
 not significantly affect the probability of home ownership. 
Journal: Applied Economics Letters 
Pages: 139-142 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353492 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353492&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chongwoo Choe 
Author-X-Name-First: Chongwoo 
Author-X-Name-Last: Choe 
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Title: Modelling addictive consumption: some theoretical and econometric issues 
Abstract:
  This note addresses some theoretical and econometric aspects of modelling
 addictive consumption. We show that the solution to the optimization
 problem leads to a specification of the reduced form equation which is
 different from what has been estimated in the literature. We also
 demonstrate that it is valid to apply OLS to estimate this reduced form
 equation and those used in the literature although the underlying
 variables are integrated. 
Journal: Applied Economics Letters 
Pages: 143-146 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353500 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353500&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Murat Doganlar 
Author-X-Name-First: Murat 
Author-X-Name-Last: Doganlar 
Title: Testing long-run validity of purchasing power parity for Asian countries 
Abstract:
  This study presents an empirical analysis of purchasing power parity for
 five developing Asian countries, namely India, Indonesia, Pakistan,
 Philippines and Turkey. This is done by using cointegration technique.
 Time series properties of nominal exchange rate and price series show that
 they are nonstationary. The exchange rate and relative price series do not
 appear to be cointegrated for most of the countries. We reject the
 validity of purchasing power parity for India, Indonesia, Pakistan,
 Philippines, but we can accept it for Turkey. 
Journal: Applied Economics Letters 
Pages: 147-151 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353519 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353519&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nigel Driffield 
Author-X-Name-First: Nigel 
Author-X-Name-Last: Driffield 
Title: Determinants of entry and exit in the foreign owned sector of UK manufacturing 
Abstract:
  This paper examines the extent to which foreign entry and exit in the UK
 is related to domestic industry characteristics. The units of analysis are
 firm numbers, and thus entry and exit at the industry level are treated as
 being generated by Poisson processes. This therefore uses quasimaximum
 likelihood estimation, to estimate entry and exit functions
 simultaneously. The results demonstrate that foreign entry is attracted by
 industry level profitability and performance, but that firm specific
 'ownership' advantages are also impor2 tant. The results also demonstrate
 that inward investors that are motivated by the desire to exploit
 firm-specific assets, are unlikely to be more transient than domestic
 firms. This however, cannot be said of those foreign entrants who are
 attracted to the UK by location advantage or investment incentives. 
Journal: Applied Economics Letters 
Pages: 153-156 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353528 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353528&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Les Oxley 
Author-X-Name-First: Les 
Author-X-Name-Last: Oxley 
Author-Name: David Greasley 
Author-X-Name-First: David 
Author-X-Name-Last: Greasley 
Title: A Nordic convergence club? 
Abstract:
  Tests of the Convergence Hypothesis, or the tendency for per capita
 income levels to narrow over time, have generally utilized cross-sectional
 data from a wide range of disparate coun7 tries and resulted in
 conflicting evidence. Using modern time series tests we find evidence of a
 Nordic Convergence Club comprising Sweden, Denmark and Finland. It
 excludes Norway which overtakes Sweden in the 1970s showing no tendency to
 reversion. 
Journal: Applied Economics Letters 
Pages: 157-160 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353537 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353537&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Don Clark 
Author-X-Name-First: Don 
Author-X-Name-Last: Clark 
Author-Name: W. Charles Sawyer 
Author-X-Name-First: W. Charles 
Author-X-Name-Last: Sawyer 
Author-Name: Richard Sprinkle 
Author-X-Name-First: Richard 
Author-X-Name-Last: Sprinkle 
Title: Openness and industrialization in developing countries 
Abstract:
  This paper investigates the relationship between trade policy orientation
 and industrialization. Growth rates of manufacturing value added, rather
 than output growth rates, are related to index of real exchange rate
 distortion to establish the superiority of outward-oriented strategies in
 fostering industrial development. Results suggest developing countries
 will industrialize faster by adopting outward-oriented trade strategies
 than by using import substitution industrialization policies. 
Journal: Applied Economics Letters 
Pages: 161-164 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353546 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353546&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Jenkins 
Author-X-Name-First: Michael 
Author-X-Name-Last: Jenkins 
Title: Real exchange rates and hysteresis: does nominal exchange rate volatility matter? 
Abstract:
  Many of the empirical studies on purchasing power parity (PPP) have
 relied on unit root tests of the real exchange rate. With stationarity of
 the real exchange rate as a necessary condition for PPP, failure to reject
 the unit root null is taken as evidence against the PPP hypothesis.
 Finding a unit root in real exchange rates is consistent with a class of
 theoretical models with nominal price rigidities such as menu costs. These
 models suggest that a hysteresis effect should be found in real exchange
 rates. The failure to reject the unit root null is often interpreted as
 evidence of hysteresis. This study asks whether nominal exchange rate
 volatility is a contributing factor for the observed hysteresis effect.
 Using data from EU countries we do not find nominal exchange rate
 volatility as a significant determinant of hysteresis in real exchange
 rates. 
Journal: Applied Economics Letters 
Pages: 165-167 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353555 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353555&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jordan Shan 
Author-X-Name-First: Jordan 
Author-X-Name-Last: Shan 
Author-Name: Fiona Sun 
Author-X-Name-First: Fiona 
Author-X-Name-Last: Sun 
Title: Export-led growth and the US economy: some further testing 
Abstract:
  The export-led growth hypothesis is tested using quarterly time series
 data for the US economy using the Granger no-causality procedure,
 developed by Toda and Yamamoto (Journal of Economics, 66, 1995), in a
 six-variable vector autoregression (VAR) model. Moreover, we follow
 Riezman, Whiteman and Summers (Empirical Economics, 21, 1996) to test the
 export-led growth hypothesis while controlling for the growth of imports
 to avoid producing a spurious causality result; and finally, the empirical
 results are tested for the robustness using different lag structures. The
 findings in the paper indicate a two-way Granger causality between output
 and exports, a result from earlier export-growth studies on the US
 economy. 
Journal: Applied Economics Letters 
Pages: 169-172 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353564 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353564&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Sanchez-Fung 
Author-X-Name-First: Jose 
Author-X-Name-Last: Sanchez-Fung 
Title: Efficiency of the black market for foreign exchange and PPP: the case of the Dominican Republic 
Abstract:
  Efficiency of the black market for foreign exchange in a developing
 country can be assessed by testing whether that market complies with the
 'relative' version of the purchasing power parity hypothesis. This paper
 applies nonstationarity and cointegration to investigate this hypothesis
 for the Dominican Republic. Both the Engle-Granger and Johansen techniques
 support cointegration, so the black market for foreign exchange in the
 Dominican Republic is efficient. 
Journal: Applied Economics Letters 
Pages: 173-176 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353573 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353573&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Raphael Markellos 
Author-X-Name-First: Raphael 
Author-X-Name-Last: Markellos 
Title: Investment strategy evaluation with cointegration 
Abstract:
  This paper discusses a simple testing procedure based on cointegration
 that can be used to assess and compare the historical performance of
 trading systems and investment strategies. The proposed procedure, coined
 the 'cointegration cumulative profit' test, is applied in evaluating
 technical analysis-based trading systems on the daily Dow Jones Industrial
 Average and FT30 indexes, respectively. 
Journal: Applied Economics Letters 
Pages: 177-179 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353582 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353582&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthias Lutz 
Author-X-Name-First: Matthias 
Author-X-Name-Last: Lutz 
Title: Unit roots versus segmented trends in developing country output series 
Abstract:
  This paper examines the null hypothesis that output series contain a unit
 root against the alternative of a segmented trend in a representative
 sample of 31 developing countries. Nearly two-thirds of the countries
 reject the unit root hypothesis at least once in favour of a segmented
 trend representation. A large majority of endogenously determined
 structural breaks occur around the time of the first or the second oil
 price shock, and are of negative sign. 
Journal: Applied Economics Letters 
Pages: 181-184 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353591 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353591&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Giles 
Author-X-Name-First: David 
Author-X-Name-Last: Giles 
Title: The rise and fall of the New Zealand underground economy: are the responses symmetric? 
Abstract:
  Earlier research by the author indicates a causal relationship from
 measured real output in New Zealand, to output in the real underground
 economy. We investigate the possibility of asymmetries in this
 relationship, and test to see if the response of the underground economy
 to downturns in real GDP differs from the response to such upturns. No
 such evidence is found. 
Journal: Applied Economics Letters 
Pages: 185-189 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353609 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353609&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Cain 
Author-X-Name-First: Michael 
Author-X-Name-Last: Cain 
Author-Name: David Law 
Author-X-Name-First: David 
Author-X-Name-Last: Law 
Author-Name: David Peel 
Author-X-Name-First: David 
Author-X-Name-Last: Peel 
Title: Estimates of the degree of insider trading in two disparate betting markets 
Abstract:
  Conditional on the Shin (Economic Journal, 103, 1993) model, the
 incidence of insider trading is estimated in two different British betting
 markets: those for horse-racing and the 1997 general election. Formal
 testing confirms that insider trading is significantly lower in handicap
 than non-handicap races. 
Journal: Applied Economics Letters 
Pages: 191-193 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353618 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353618&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Arnade 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Arnade 
Author-Name: Daniel Pick 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Pick 
Title: Alternative approach to measuring oligopoly power: a wheat market example 
Abstract:
  A new approach for estimating oligopoly power coefficients is proposed.
 The methodology used sidesteps the difficulties of obtaining cost data and
 obtaining coefficients which do not satisfy the theoretical properties of
 the cost function. 
Journal: Applied Economics Letters 
Pages: 195-197 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bradley Ewing 
Author-X-Name-First: Bradley 
Author-X-Name-Last: Ewing 
Author-Name: Mark Yanochik 
Author-X-Name-First: Mark 
Author-X-Name-Last: Yanochik 
Title: Budget deficits and the term structure of interest rates in Italy 
Abstract:
  This paper tests the hypothesis that changes in the federal budget
 deficit impact the term structure of interest rates in Italy. The results
 suggest that budget deficits increase the yield spread between long term
 government bonds and the three month Treasury bill. The implication is
 that budget deficits may hinder long-term economic growth in Italy, via a
 crowding out effect, by increasing long-term interest rates relative to
 short-term interest rates. 
Journal: Applied Economics Letters 
Pages: 199-201 
Issue: 3 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353636 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353636&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Morelli 
Author-X-Name-First: David 
Author-X-Name-Last: Morelli 
Title: Tests of structural change using factor analysis in equity returns 
Abstract:
  Ever since the Arbitrage Pricing Theory (APT) was developed by Ross, it
 has been empirically tested in many countries in studying the behaviour of
 Stock Market returns. The statistical technique of factor analysis is used
 in the testing of the APT. The objective of this paper is to determine how
 the hypothesis of structural change in Stock Market returns can be
 investigated within the context of factor analysis. A total of 257 monthly
 security returns listed on the London Stock Exchange covering the period
 January 1976 to December 1993 are used. The data period incorporates the
 Stock Market Crash of October 1987. 
Journal: Applied Economics Letters 
Pages: 203-207 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353348 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353348&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David McMillan 
Author-X-Name-First: David 
Author-X-Name-Last: McMillan 
Author-Name: Alan Speight 
Author-X-Name-First: Alan 
Author-X-Name-Last: Speight 
Title: Modelling the risk premium in the black-market zloty-dollar exchange rate 
Abstract:
  This paper tests for the presence of nonlinear dependence in the
 black-market Polish zloty-dollar exchange rate. Using the GARCH-M model,
 we illustrate use of the Marquardt (Journal of the Society of Industrial
 and Applied Mathematics, 2, 1963) alternative to the Berndt (Annals of
 Economical Social Measurement, 4, 1974) iterative nonlinear algorithm for
 the estimation of such models, and discrimination between estimated models
 on the basis of the Brock and Potter (Handbook of Statistics, 11, 1993)
 test for so conditional variance misspecification. We find evidence of a
 time-varying risk premium such that foreign speculators are compensated
 for increased exchange rate risk by appreciation which increases the
 dollar value of zloty holdings, and which is able to account for all of
 the apparent nonlinearity in the zloty. 
Journal: Applied Economics Letters 
Pages: 209-214 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353357 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ian Smith 
Author-X-Name-First: Ian 
Author-X-Name-Last: Smith 
Title: Road fatalities, modal split and Smeed's Law 
Abstract:
  The international variation in road death rates is investigated using
 cross-sectional data for 19 countries. It is proposed that road fatality
 rates are influenced by modal substitution between relatively vulnerable
 trips by foot and bicycle, and motorized journeys which have a smaller
 exposure to risk of fatal injury. Although available data do not permit a
 direct test of this hypothesis, regression results suggest that motor
 vehicle use is inversely associated with death on the roads across OECD
 countries all else equal. 
Journal: Applied Economics Letters 
Pages: 215-217 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353366 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353366&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lorenzo Serrano 
Author-X-Name-First: Lorenzo 
Author-X-Name-Last: Serrano 
Title: On convergence accounting 
Abstract:
  This paper analyses a simple and direct way to break down the convergence
 for labour productivity into contributions from different sources by
 running separate convergence regressions of the contribution to growth of
 each factor on the initial labour productivity level. This is because the
 total convergence parameter is simply the sum of parameters of convergence
 in such separate regressions. An application for OECD countries over the
 period 1965-90 shows that TFP growth is the main factor in explaining OECD
 labour productivity convergence. Physical investment was an important
 source of convergence, but only until 1980. Finally human capital
 accumulation had little effect throughout the period, with a minor
 positive effect in the last years. 
Journal: Applied Economics Letters 
Pages: 219-221 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353375 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353375&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Heil 
Author-X-Name-First: Mark 
Author-X-Name-Last: Heil 
Author-Name: Thomas Selden 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Selden 
Title: Panel stationarity with structural breaks: carbon emissions and GDP 
Abstract:
  This paper uses panel data methods to test for unit roots in data series
 for carbon dioxide emissions and gross domestic product. By allowing for a
 structural break in 1973, we reject the unit root hypothesis for both
 series. 
Journal: Applied Economics Letters 
Pages: 223-225 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhenhui Xu 
Author-X-Name-First: Zhenhui 
Author-X-Name-Last: Xu 
Title: The exchange rate and long-run price movements in the US and Japan 
Abstract:
  The close economic relationship between the US and Japan raises an
 interesting question about the effect of price movements in the US and
 Japan on the bilateral exchange rate. This paper investigates the long-run
 purchasing power parity between the US dollar and the Japanese yen. While
 earlier empirical studies often rejected the PPP hypothesis for the US and
 Japan, our results show that allowing measurement errors in price indices,
 the long-run PPP between the two countries is supported based on both the
 Engle-Granger and the Johansen cointegration tests. 
Journal: Applied Economics Letters 
Pages: 227-230 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353393 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353393&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Aying Liu 
Author-X-Name-First: Aying 
Author-X-Name-Last: Liu 
Author-Name: Shujie Yao 
Author-X-Name-First: Shujie 
Author-X-Name-Last: Yao 
Title: On the measurement of spatial differentials in economic growth: an application of a shift-share method for China in 1985-94 
Abstract:
  Spatial differentials in economic growth has become an important
 economic, social and political issue in China in her rapid
 industrialization drive over the last two decades. Measuring such
 differentials and quantifying their relevant components are important for
 policy making on regional development. This paper shows how a traditional
 shift-share method can be used for these purposes by use of provincial
 level panel data on GDP growth in China for the period 1985-94. The
 results provide some essential information on the diversity and complexity
 of the Chinese economy under transition. 
Journal: Applied Economics Letters 
Pages: 231-234 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353401 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353401&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wim Groot 
Author-X-Name-First: Wim 
Author-X-Name-Last: Groot 
Author-Name: Henriette Maassen Van Den Brink 
Author-X-Name-First: Henriette Maassen Van Den 
Author-X-Name-Last: Brink 
Title: Overpayment and earnings satisfaction: an application of an ordered response Tobit Model 
Abstract:
  In this paper an ordered response Tobit model is specified to determine
 the effects of absolute wages and relative overpayment on satisfaction
 with earnings. The joint estimations of wages and satisfaction with
 earnings allows us to disentangle the effects of relative and absolute
 wages on satisfaction with earnings. The model is estimated on two
 different data sets. All estimations show that satisfaction with earnings
 is determined by relative wages rather than by absolute wage levels. The
 results may have implications for pay policies of firms 
Journal: Applied Economics Letters 
Pages: 235-238 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353410 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353410&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Eisenhauer 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Eisenhauer 
Author-Name: Martin Halek 
Author-X-Name-First: Martin 
Author-X-Name-Last: Halek 
Title: Prudence, risk aversion, and the demand for life insurance 
Abstract:
  We estimate the effect of household wealth on the demand for life
 insurance using survey data from a broad cross-section of the USA. This
 procedure allows us to test the Pratt-Arrow hypothesis of decreasing
 absolute risk aversion (DARA). Additionally, we estimate the relative
 magnitude of prudence, the propensity to take precautions when faced with
 risk. We find that life insurance purchases increase with wealth, and that
 on average American households exhibit about 94 per cent as much prudence
 as risk aversion. On the basis of this evidence, we reject the DARA
 hypothesis. 
Journal: Applied Economics Letters 
Pages: 239-242 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353429 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353429&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. C. Mamatzakis 
Author-X-Name-First: E. C. 
Author-X-Name-Last: Mamatzakis 
Title: Testing for long run relationship between infrastructure and private capital productivity: a time series analysis for the Greek industry 
Abstract:
  This paper addresses the question of whether there is a long run
 relationship between infrastructure and private capital productivity of
 Greek industry. Causality issues are also discussed. The results provide
 evidence in favour of productivity enhanced by public capital stock, and
 of no feedback from the former to the later. 
Journal: Applied Economics Letters 
Pages: 243-246 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353438 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353438&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sinclair Davidson 
Author-X-Name-First: Sinclair 
Author-X-Name-Last: Davidson 
Author-Name: Robert Faff 
Author-X-Name-First: Robert 
Author-X-Name-Last: Faff 
Title: Some additional Australian evidence on the day-of-the-week effect 
Abstract:
  This paper re-investigates the day-of-the-week effect in Australia. This
 issue has been previously investigated using an Australian dataset over
 the period 1974-95 by Easton and Faff (Applied Financial Economics, 4,
 1994). They find that the robust techniques suggested by Connolly (Journal
 of Financial and Quantitative Analysis, 24, 1989) do not alter results of
 standard OLS techniques. This paper shows that the day of the week effect
 has disappeared in recent years and that given an adjustment, for large
 sample size may not have been evident in the data over the period 1983-96. 
Journal: Applied Economics Letters 
Pages: 247-249 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353447 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353447&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marc Cowling 
Author-X-Name-First: Marc 
Author-X-Name-Last: Cowling 
Title: The determination of bank-small business loan premia in the UK 
Abstract:
  The results indicate that the closeness of the small firm-bank
 relationship tends to result in lower bank premia, notwithstanding the
 predicted firm-size effect. 
Journal: Applied Economics Letters 
Pages: 251-253 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353456 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353456&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Knut Roed 
Author-X-Name-First: Knut 
Author-X-Name-Last: Roed 
Title: A note on the macroeconomic modelling of unemployment hysteresis 
Abstract:
  In macroeconomics, unemployment hysteresis typically arises as a special
 case of an otherwise stationary model. Imposing hysteresis is often
 equivalent to imposing a random walk, i.e. a situation in which the
 permanent fraction of a shock is equal to unity. This paper develops a
 more general linear model of unemployment hysteresis in which permanency
 is viewed as a continuous, rather than a discrete, phenomenon.
 Stationarity arises as a special case. 
Journal: Applied Economics Letters 
Pages: 255-258 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353465 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353465&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Muzafar Shah Habibullah 
Author-X-Name-First: Muzafar Shah 
Author-X-Name-Last: Habibullah 
Author-Name: Peter Smith 
Author-X-Name-First: Peter 
Author-X-Name-Last: Smith 
Title: Liquidity constraints and financial liberalization: the case for Asian developing countries 
Abstract:
  The Euler equation model is used to determine the fraction of consumers
 who are liquidity constrained in ten Asian developing countries. Our
 estimates of the fraction of liquidity constrained consumers range between
 0.5 and 0.9. We further investigate whether financial liberalization has
 resulted in the reduction of liquidity constraints in these countries.
 However the results find support for this only in the case of South Korea. 
Journal: Applied Economics Letters 
Pages: 259-262 
Issue: 4 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353474 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353474&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaakko Pehkonen 
Author-X-Name-First: Jaakko 
Author-X-Name-Last: Pehkonen 
Title: Unemployment and home-ownership 
Abstract:
  Oswald (mimeo, University of Warwick, 1996) theorizes that a secular rise
 in homeownership constitutes a possible explanation for the observed rise
 in unemployment in Europe. Our results provide support for this notion. In
 particular, the results based on the regional data on Finnish labour
 districts imply that a 10% difference in the owneroccupation rate is
 associated with a 1 percentage point difference in the unemployment rate.
 The results are tentative, since the regressions are based on a small
 number of observations. 
Journal: Applied Economics Letters 
Pages: 263-265 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Helen Neill 
Author-X-Name-First: Helen 
Author-X-Name-Last: Neill 
Title: Hypothetical versus real willingness to pay: comment 
Abstract:
  The purpose of this comment is to examine the experimental design and
 empirical results presented by Johannesson, M., Liljas, B. and Peterson,
 G. (Applied Economics Letters, 4, 1997). Their paper attempts to confirm
 the Neill, H. R., Cummings, R. G., Ganderton, P., Harrison, G. W. and
 McGuckin, T. (Land Economics, 70, 1994) results. Their results are
 noteworthy since they find no statistical difference between real and
 hypothetical willingness-to-pay responses between groups. Their results
 also differ from earlier studies where hypothetical willingness to pay
 exceeds actual willingness to pay. This comment will examine important
 differences between the two studies. These differences make any
 substantive comparison of results difficult, if not impossible. 
Journal: Applied Economics Letters 
Pages: 267-269 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353195 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353195&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohammed Zakir 
Author-X-Name-First: Mohammed 
Author-X-Name-Last: Zakir 
Author-Name: Phanindra Wunnava 
Author-X-Name-First: Phanindra 
Author-X-Name-Last: Wunnava 
Title: Factors affecting infant mortality rates: evidence from cross-sectional data 
Abstract:
  This paper empirically tests for factors affecting infant mortality
 rates. Based on a crosssectional model (covering 117 countries for the
 year 1993) that corrects for heteroscedasticity, the results show that
 fertility rates, female participation in the labour force, per capita GNP,
 and female literacy rates significantly affect infant mortality rates.
 Surprisingly, government expenditure on health-care, as a percentage of
 GNP, does not play a major role in determining infant mortality rates. 
Journal: Applied Economics Letters 
Pages: 271-273 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353203 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353203&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. J. Dawson 
Author-X-Name-First: P. J. 
Author-X-Name-Last: Dawson 
Author-Name: Richard Tiffin 
Author-X-Name-First: Richard 
Author-X-Name-Last: Tiffin 
Title: Is there a long-run relationship between ODA and GDP? The case of India 
Abstract:
  The existence of a long-run relationship between ODA and per capita GDP
 in India is examined, using annual data for 1961-92. A necessary condition
 for such a relationship is that the two series are integrated of the same
 order. Unit root tests indicate that ODA is I (0) while GDP is I (1),
 hence no long-run relationship exists. Thus, at the macroeconomic level,
 aid neither stimulates economic development nor detracts from it. A
 corollary is that aid is not responsive to changes in India's income. 
Journal: Applied Economics Letters 
Pages: 275-277 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353212 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353212&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Riese 
Author-X-Name-First: Martin 
Author-X-Name-Last: Riese 
Title: An illfare approach to the measurement of unemployment: comment on Paul (1992) 
Abstract:
  It is shown, that the unemployment index proposed by Paul (Applied
 Economics, 24, 1992) implies unwarranted results as to the disparity of
 unemployment duration. This is due to the usage of the concept of
 'interrupted spell length of the stock' as the duration measure. Replacing
 this concept by the 'complete spell length in a cohort' allows to
 construct a consistent and superior index. 
Journal: Applied Economics Letters 
Pages: 279-281 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353221 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353221&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkin Bairam 
Author-X-Name-First: Erkin 
Author-X-Name-Last: Bairam 
Title: Linear versus nonlinear technical progress: theory and some evidence 
Abstract:
  In this paper the theory of technical progress functions is briefly
 examined and its appropriate shape is tested. The main conclusion reached
 is that linearity is not supported by the data. 
Journal: Applied Economics Letters 
Pages: 283-286 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353230 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353230&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jurgen Vandenbroucke 
Author-X-Name-First: Jurgen 
Author-X-Name-Last: Vandenbroucke 
Title: General trigger values of optimal investment 
Abstract:
  We consider a general real option model which allows finite values for
 all parameters influencing the value of waiting in case of uncertain and
 irreversible investment. We show that the traditional net present value
 rule and the commonly known Dixit-Pindyck approach are nested in the same
 general real option model and hence produce optimal investment decisions
 only in their specific scenario. 
Journal: Applied Economics Letters 
Pages: 287-290 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353249 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353249&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marc Cowling 
Author-X-Name-First: Marc 
Author-X-Name-Last: Cowling 
Title: The incidence of loan collateralization in small business lending contracts: evidence from the UK 
Abstract:
  The results indicate that age of firm and closeness of the small
 firm-bank relationship tend to reduce the incidence of loan
 collateralization, which implies that relationship banking can yield
 tangible benefits to small businesses. 
Journal: Applied Economics Letters 
Pages: 291-293 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353258 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353258&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Renuka 
Author-X-Name-First: M. 
Author-X-Name-Last: Renuka 
Author-Name: K. P. Kalirajan 
Author-X-Name-First: K. P. 
Author-X-Name-Last: Kalirajan 
Title: On measuring total factor productivity growth in Singapore's manufacturing industries 
Abstract:
  This paper concerns the recently published article on Singapore's
 manufacturing industries' total factor productivity growth (TFPG) by Leung
 (Applied Economics Letters, 4, 1997). While agreeing with his overall
 results, the issues discussed in this paper are about the limitations in
 the method of his analysis and explanation. The stochastic production
 frontier approach is also suggested as an alternative method to study
 TFPG. 
Journal: Applied Economics Letters 
Pages: 295-298 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353267 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353267&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Norbert Funke 
Author-X-Name-First: Norbert 
Author-X-Name-Last: Funke 
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: The demand for money in Italy, 1861-1988 
Abstract:
  We report estimates of long-run and short-run money demand functions in
 Italy over the period 1861-1980 which are robust in terms of passing a
 range of diagnostic tests and exhibit a fairly high degree of parameter
 stability. The results are comparable to those of previous analysis of
 long-run data for the United States and the United Kingdom. 
Journal: Applied Economics Letters 
Pages: 299-301 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353276 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353276&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jae-Whak Roh 
Author-X-Name-First: Jae-Whak 
Author-X-Name-Last: Roh 
Author-Name: David Bessler 
Author-X-Name-First: David 
Author-X-Name-Last: Bessler 
Title: Occupant death: a study with directed graphs 
Abstract:
  We apply directed graphs to an empirical analysis of traffic occupant
 fatalities based on a model by Crandall. In this paper, we use Crandall's
 data on US traffic fatalities for the period 1947-81 and extend the sample
 to include 1982-93. Based on the 1947-81 annual data, directed graph
 algorithms reveal that occupant traffic deaths are directly caused by
 income, vehicle miles, and safety devices. Vehicle mileage is caused by
 income and rural driving. Estimation is conducted using three stage least
 squares regression. Results show a difference between the traditional
 regression methodology and causal graphical analysis. We also find that
 forecasts from the directed graph model outperform forecasts from the
 regression-based models, in terms of mean squared forecasts error. 
Journal: Applied Economics Letters 
Pages: 303-306 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353285 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353285&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Depken 
Author-X-Name-First: Craig 
Author-X-Name-Last: Depken 
Title: The effects of advertising restrictions on cigarette prices: evidence from OECD countries 
Abstract:
  This paper investigates the effects of cigarette advertising restrictions
 on the price of cigarettes in OECD countries. Using data from 1964 through
 1990, we find that outright proscription of advertising does not influence
 the price of cigarettes. On the other hand, restrictions placed on
 advertising actually reduce the price of cigarettes. The results reinforce
 those of Stewart (International Journal of Advertising, 12, 1993) and
 suggest that public policy directed at cigarette advertising may not be a
 good vehicle to dissuade cigarette consumption. 
Journal: Applied Economics Letters 
Pages: 307-309 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353294 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353294&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. H. Blackaby 
Author-X-Name-First: D. H. 
Author-X-Name-Last: Blackaby 
Author-Name: P. D. Murphy 
Author-X-Name-First: P. D. 
Author-X-Name-Last: Murphy 
Author-Name: N. C. O'Leary 
Author-X-Name-First: N. C. 
Author-X-Name-Last: O'Leary 
Title: Graduate earnings in Great Britain: a matter of degree? 
Abstract:
  In this paper we show that whilst there appear to be substantial private
 earnings gains to be had from a university education, these are greater
 for women than they are for men. Due to substantial asymmetries in
 post-graduation earnings performance, choice of subject is more important
 for men. 
Journal: Applied Economics Letters 
Pages: 311-315 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353302 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353302&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stilianos Fountas 
Author-X-Name-First: Stilianos 
Author-X-Name-Last: Fountas 
Author-Name: Breda Lally 
Author-X-Name-First: Breda 
Author-X-Name-Last: Lally 
Author-Name: Jyh-Lin Wu 
Author-X-Name-First: Jyh-Lin 
Author-X-Name-Last: Wu 
Title: The relationship between inflation and wage growth in the Irish economy 
Abstract:
  This paper tests for the long-run and short-run relationship between
 prices and wages in the Irish economy over the 1975-92 period. Using
 recent econometric techniques in the analysis of time series, we conclude
 that there is a long-run equilibrium relationship between prices, wages
 and an excess demand variable in agreement with the expectations augmented
 Phillips curve theory of inflation. Making use of error-correction
 equations in order to study the short-run dynamics, we find that the
 long-run relationship between prices and wages is due to Granger causality
 running from wage inflation to price inflation. In addition, the
 predictive ability of excess demand is weak with respect to wage inflation
 but very strong with respect to price inflation. These results imply (a)
 relatively strong evidence in favour of a mark-up price equation
 consistent with the expectations augmented Phillips curve theory of
 inflation, and (b), very weak evidence for the predictive power of past
 inflation and the output gap for wages, i.e., a wage-type Phillips curve
 effect. In other words, the results provide strong support for the claim
 that inflation in Ireland has cost-push elements and very weak support for
 the existence of demand-pull elements. 
Journal: Applied Economics Letters 
Pages: 317-321 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353311 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353311&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pilar Olave Robio 
Author-X-Name-First: Pilar Olave 
Author-X-Name-Last: Robio 
Title: Forecast intervals in ARCH models: bootstrap versus parametric methods 
Abstract:
  This paper proposes an alternative bootstrap method for constructing
 prediction intervals for an ARMA process, when its innovations are
 represented by a linear GARCH model. The potential of this bootstrap
 method is assessed through a study which compares the proposed technique
 with a standard one. 
Journal: Applied Economics Letters 
Pages: 323-327 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353320 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353320&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Naoko Hamori 
Author-X-Name-First: Naoko 
Author-X-Name-Last: Hamori 
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Title: Stability of the money demand function in Germany 
Abstract:
  This paper empirically analyses the stability of the money demand
 function in Germany. Important results may be summarized as follows. There
 was a stable relationship between money supply and real economic activity,
 and the money demand function was stable prior to German re-unification.
 The stability of money demand tends to be rejected, however, when the
 sample period is extended to cover German re-unification. When the
 stability of parameters was checked to confirm the occurrence of a
 structural change, it is evident that such a change did occur around 1990. 
Journal: Applied Economics Letters 
Pages: 329-332 
Issue: 5 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353339 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353339&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Muhammad Mustafa 
Author-X-Name-First: Muhammad 
Author-X-Name-Last: Mustafa 
Author-Name: Matiur Rahman 
Author-X-Name-First: Matiur 
Author-X-Name-Last: Rahman 
Title: Excess US bank reserves and the short-term interest rate differentials: evidence from bivariate cointegration analysis 
Abstract:
  This paper seeks to explore the possible long-run causal connection
 between the excess US bank reserves and the short-term interest rate
 differentials (differences between the federal funds rates and discount
 rates) within the well-known bivariate cointegration framework. It uses
 monthly data from February 1984 through March 1992. Each time series is
 nonstationary and reveals I (1) behaviour. There is evidence of a long-run
 equilibrium relation between the two variables. The estimates of the
 error-correction models reveal a unidirectional long-run causality flowing
 from the short-term interest rate differentials to the excess US bank
 reserves. 
Journal: Applied Economics Letters 
Pages: 333-336 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353023 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353023&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rainer Winkelmann 
Author-X-Name-First: Rainer 
Author-X-Name-Last: Winkelmann 
Title: Wages, firm size and absenteeism 
Abstract:
  This paper examines two competing explanations for workers' absenteeism,
 the shirking hypothesis and the adjustment-to-equilibrium hypothesis. Data
 on German workers for 1985-88 from the German SocioEconomic Panel are used
 in order to estimate the determinants of workers' absenteeism. The results
 indicate that firm size matters after wage effects are controlled for.
 This evidence supports the shirking hypothesis. 
Journal: Applied Economics Letters 
Pages: 337-341 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. E. Boyle 
Author-X-Name-First: G. E. 
Author-X-Name-Last: Boyle 
Author-Name: T. G. McCARTHY 
Author-X-Name-First: T. G. 
Author-X-Name-Last: McCARTHY 
Title: Simple measures of convergence in per capita GDP: a note on some further international evidence 
Abstract:
  We apply simple measures of convergence in per capita GDP, namely, the
 trends in the coefficient of variation (&#x3c3;-convergence) and rank
 concordance (&#x3b3;-convergence), for the period 1960-92 to a wide group
 of countries which are classified using the World Bank typology. The
 findings indicate sigma-convergence, albeit at a slow rate, for 'High
 Income' and 'Upper Middle Income' countries, very slow to negligible
 convergence for 'Lower Middle Income' countries and divergence for 'Low
 Income' countries. Our results also suggest several periods for all
 country categories when &#x3c3;-convergence is constant. However, since we
 do not find &#x3b3;-convergence during these episodes, we conclude that
 &#x3b2;-convergence is not demonstrated. The rank concordance measure
 emerges as significant only from about the late 1980s, save in the case of
 'Low Income' countries where 'leap frogging' is observed from about 1981.
 The implications of these results for the neoclassical growth model are
 discussed. 
Journal: Applied Economics Letters 
Pages: 343-347 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353041 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353041&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Montanes 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Montanes 
Author-Name: Jesus Clemente 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Clemente 
Title: Real exchange rates and structural breaks: evidence for the Spanish peseta 
Abstract:
  This paper analyses the fulfilment of the long-run PPP hypothesis between
 the Spanish Peseta and the currencies of the most important trade partners
 of the Spanish Economy. We show that the bilateral real exchange rate of
 the Spanish Peseta can be characterized as being stationary around a mean
 which exhibits some changes in its evolution. 
Journal: Applied Economics Letters 
Pages: 349-352 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353050 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353050&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Cornelius 
Author-X-Name-First: Peter 
Author-X-Name-Last: Cornelius 
Author-Name: Andreas Gottschling 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Gottschling 
Title: The monetary impulse measure as an explanation for Fed policy 
Abstract:
  In response to the perceived instability of the relations between
 traditional monetary aggregates and nominal aggregate demand a number of
 nonstandard indicator variables have been developed to enable monetary
 policy to respond to, and counteract, incipient inflationary pressures
 before much inflation has developed. While the Federal Reserve Board is
 believed to pay increasing attention to such indicator variables, it is
 unclear which ones are perceived as particularly important. In this note,
 we present a variation of the monetary impulse measure (MIM), which was
 recently developed by McCallum and Hargraves (Staff studies for the World
 Economic Outlook, 1995). Modifying the original specification of the
 measure, we show that the new MIM's performance in explaining actual Fed
 decisions is clearly superior to other indicator variables, which are
 widely believed to guide US monetary policy. 
Journal: Applied Economics Letters 
Pages: 353-358 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353069 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353069&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Liam Lenten 
Author-X-Name-First: Liam 
Author-X-Name-Last: Lenten 
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Title: Some evidence on the countercyclicality of the trade balance 
Abstract:
  The cyclical behaviour of the trade balance is examined using quarterly
 data for eight countries covering the period 1960:1-1995:3. Two methods
 are employed: the calculation of the correlation coefficient between the
 HP-filtered series and the estimation of a structural time series model.
 Both methods produce results which are supportive of the hypothesis of
 countercyclicality of the trade balance. 
Journal: Applied Economics Letters 
Pages: 359-360 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353078 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353078&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gary Madden 
Author-X-Name-First: Gary 
Author-X-Name-Last: Madden 
Author-Name: Scott Savage 
Author-X-Name-First: Scott 
Author-X-Name-Last: Savage 
Author-Name: Su Yin Thong 
Author-X-Name-First: Su Yin 
Author-X-Name-Last: Thong 
Title: Technology, investment and trade: empirical evidence for five Asia-Pacific countries 
Abstract:
  Traditional models of international trade flows find that prices explain
 significant growth in export market shares. In the new international trade
 theory nonprice factors are seen to be of great importance for the
 explanation of trade. Following Magnier and Toujas-Bernate
 (Weltwirtschaftliches Archiv., 130, 1994), this study introduces nonprice
 factors, namely gross fixed investment and technology (number of patents
 accepted), into the export market share equation. Empirical estimation is
 carried out on five Asia-Pacific countries for the period 1978 to 1993.
 Results are similar to those of Magnier and Toujas-Bernate (1994) for the
 OECD, which show that nonprice factors have played an important role in
 determining export market share during the last decade. 
Journal: Applied Economics Letters 
Pages: 361-363 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353087 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353087&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kausik Chaudhuri 
Author-X-Name-First: Kausik 
Author-X-Name-Last: Chaudhuri 
Author-Name: D. K. Srivastava 
Author-X-Name-First: D. K. 
Author-X-Name-Last: Srivastava 
Title: Dearth of private capital flows in Sub-Saharan Africa 
Abstract:
  This paper offers an empirical investigation of dearth of private capital
 flows to Sub-Saharan Africa in a context where there is a surge in private
 capital flows to the rest of the developing countries. Using panel data on
 thirty Sub-Saharan African countries over the time period from 1986 to
 1993, we find that the domestic fundamentals play a crucial role in
 explaining this phenomenon. Our findings also imply that these countries
 may begin to receive private inflows if they implement structural policy
 reforms which will strengthen domestic fundamentals. 
Journal: Applied Economics Letters 
Pages: 365-368 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wim Groot 
Author-X-Name-First: Wim 
Author-X-Name-Last: Groot 
Title: Productivity effects of enterprise-related training 
Abstract:
  In this paper we use data on individual productivity ratings to analyse
 the productivity and wage effects of enterprise-related training. The
 average productivity growth of training is 16%, while the average
 productivity difference between trained and nontrained workers is 8%. The
 average wage growth is less than a quarter of the average productivity
 growth. Further, a sizeable fraction of the workers contributes to the
 costs of training but receives none of its benefits, while another
 fraction of the trained workers shares in the benefits of training without
 having contributed to it. 
Journal: Applied Economics Letters 
Pages: 369-371 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Miguel Leon-Ledesma 
Author-X-Name-First: Miguel 
Author-X-Name-Last: Leon-Ledesma 
Title: Verdoorn's Law and increasing returns: an empirical analysis of the Spanish regions 
Abstract:
  The aim of this paper is to test for the presence of increasing returns
 in the Spanish regions through the estimation of the Verdoorn Law.
 Alternative specifications of the Law will be tested using panel data
 techniques. The results strongly support the hypotheses of increasing
 returns. 
Journal: Applied Economics Letters 
Pages: 373-376 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353113 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353113&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Gallet 
Author-X-Name-First: Craig 
Author-X-Name-Last: Gallet 
Title: Gradual switching regression estimates of alcohol demand elasticities 
Abstract:
  Given that alcohol remains a heavily taxed good, studies of the demand
 for alcohol are numerous in the literature. This paper uses annual data
 from 1964-92 to estimate key elasticities of the US demand for distilled
 spirits. Unlike previous studies, which typically assume elasticities are
 constant over time, we allow elasticities to vary over time by estimating
 a gradual switching regression model. The results indicate that the demand
 for distilled spirits today differs substantially from the 1960s,
 suggesting that the efficacy of proposed policies is dependent on
 knowledge of this change in demand. 
Journal: Applied Economics Letters 
Pages: 377-379 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353122 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353122&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Cameron 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Cameron 
Author-Name: Alan Collins 
Author-X-Name-First: Alan 
Author-X-Name-Last: Collins 
Title: Looks unimportant? A demand function for male attractiveness by female personal advertisers 
Abstract:
  Data from 119 placements of 'personal' advertisments in a national
 English newspaper were analysed, using logit estimation, to estimate a
 demand equation for male looks. The results indicate that the women's
 declaration of wealth offered and divorced status had positive effects on
 the demand for male looks. The age of the woman had a negative effect on
 the demand for male looks. 
Journal: Applied Economics Letters 
Pages: 381-384 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. J. Prior 
Author-X-Name-First: M. J. 
Author-X-Name-Last: Prior 
Title: A profitable trading rule using mean reverting investment trusts discounts 
Abstract:
  This paper makes use of the finding that discounts of individual
 investment trust shares are mean reverting to their sector mean. This
 suggests limits to the degree to which individual shares in a sector can
 vary in price behaviour before competitive pressures bring individual
 shares back into line. Hence a buy low-sell high strategy can be
 constructed and its performance compared to an market index based on an
 equal weight portfolio of all shares in a sector. Such a stratagy
 outperforms the market index for the two main, conventional investment
 trust sectors for the sample period 1976-1995. 
Journal: Applied Economics Letters 
Pages: 385-388 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353140 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353140&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joaquin Maudos 
Author-X-Name-First: Joaquin 
Author-X-Name-Last: Maudos 
Author-Name: Jose Pastor 
Author-X-Name-First: Jose 
Author-X-Name-Last: Pastor 
Author-Name: Lorenzo Seranno 
Author-X-Name-First: Lorenzo 
Author-X-Name-Last: Seranno 
Title: Economic integration, efficiency and economic growth: the European Union experience 
Abstract:
  The aim of this paper is to analyse the effect of the process of
 progressive economic integration among the countries of Europe on their
 economic evolution, paying special attention to gains in efficiency and
 productivity. We use a nonparametric frontier technique together with the
 construction of Malmquist indices to permit analysis of the contribution
 of efficiency to gains in productivity. For this purpose we study the
 evolution of the countries of the European Union and the impact on
 efficiency and productivity of the successive expansions during the period
 1965-90. 
Journal: Applied Economics Letters 
Pages: 389-392 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353159 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353159&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence Marsh 
Author-X-Name-First: Lawrence 
Author-X-Name-Last: Marsh 
Author-Name: Kajal Mukhopadhyay 
Author-X-Name-First: Kajal 
Author-X-Name-Last: Mukhopadhyay 
Title: Discrete Poisson kernel density estimation-with an application to wildcat coal strikes 
Abstract:
  This paper proposes a nonparametric Poisson kernel density estimation
 technique for discrete distributions. Economists have been using
 continuous kernels to approximate discrete distributions. This work
 introduces a discrete kernel as more appropriate for approximating
 discrete distributions. Simulation results are presented to compare with
 standard parametric approaches. We apply our discrete Poisson kernel
 estimator to approximate the distribution of coal mine wildcat strikes in
 the United States. 
Journal: Applied Economics Letters 
Pages: 393-396 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353168 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353168&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Author-Name: Toshifumi Tokunaga 
Author-X-Name-First: Toshifumi 
Author-X-Name-Last: Tokunaga 
Title: Habit formation and durability and consumption: some evidence from income quintile groups in Japan 
Abstract:
  The present study analysed Japan's stock market by modelling habit
 formation and durable effects in consumption, based on data from income
 quintile groups. The sample period for the empirical research was January
 1971 through December 1993. Results of this analysis revealed that durable
 effects were more influential than habit formation effects for all income
 quintile groups. This fact leads to wider fluctuations in consumption in
 Japan, and results in good performance with this type of modelling. 
Journal: Applied Economics Letters 
Pages: 397-402 
Issue: 6 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353177 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353177&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shang-Wu Yu 
Author-X-Name-First: Shang-Wu 
Author-X-Name-Last: Yu 
Title: Approximating the term structure of interest rates in Japan 
Abstract:
  This paper uses B-spline functions to approximate the term structure of
 interest rates implied in Japanese government bonds. The results indicate
 that the estimated short rate curve exhibits a slight dip in the long end
 of the curve. This may be attributed to an excess demand for long-term
 bonds in general and specifically on the run bonds in the Japanese market. 
Journal: Applied Economics Letters 
Pages: 403-407 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352899 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352899&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shang-Wu Yu 
Author-X-Name-First: Shang-Wu 
Author-X-Name-Last: Yu 
Author-Name: Shang-Wu Yu 
Author-X-Name-First: Shang-Wu 
Author-X-Name-Last: Yu 
Title: Estimation of the probit model with autocorrelated errors via the MCECM algorithm 
Abstract:
  Estimation of the probit model with autocorrelated errors often involves
 the calculation of a multiple integral which is usually intractable. A
 stochastic version of the EM algorithm is proposed to solve the problem.
 The approach implements the E-step by retrieving the latent values via a
 Monte Carlo method (MCE-step) and replaces the M-step by a sequence of
 conditional maximizations (CM-step). The practicality of this MCECM
 algorithm is illustrated by estimating the reaction function of the
 monetary policy in Taiwan by a probit model with first-order serial
 correlation. 
Journal: Applied Economics Letters 
Pages: 409-412 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352907 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352907&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: Cointegration, causality and Wagner's Law in 19th century Europe 
Abstract:
  The long-run tendency for government expenditure to grow relative to GNP,
 Wagner's law, is tested for six European countries using data from around
 the mid-19th century to 1913. With few exceptions the results suggest
 that: nominal and real GNP, nominal and real government expenditure, and
 population were nonstationary in their levels but stationary in first
 differences; either nominal GNP and nominal government expenditure and/or
 real GNP and real government expenditure were cointegrated in five of the
 six countries, and that these variables were cointegrated with population
 in the remaining country; and Granger-causality was mainly unidirectional
 from income to government expenditure. Thus, there is considerable support
 for Wagner's law in 19th century Europe. 
Journal: Applied Economics Letters 
Pages: 413-416 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352916 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352916&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joanne Copp 
Author-X-Name-First: Joanne 
Author-X-Name-Last: Copp 
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Title: Variance ratio testing of the Australian forward foreign exchange market 
Abstract:
  This paper explores variance ratio testing of the Australian forward
 foreign exchange market. Our results support autocorrelation in our first
 sample period (July 1985 to January 1990) but an absence of
 autocorrelation in our second sample period (February 1990 to September
 1995). This is consistent with greater efficiency in the forward foreign
 exchange market post 1990. This is consistent with the 'peso' problem
 associated with Australia's foreign debt disappearing with the acceptance
 of the arguments of Pitchford (Economic Papers, 8, 1989) and Corden
 (Economic Papers, 10, 1991) that the foreign debt does not matter. 
Journal: Applied Economics Letters 
Pages: 417-419 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352925 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352925&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Shields 
Author-X-Name-First: Michael 
Author-X-Name-Last: Shields 
Author-Name: Stephen Wheatley Price 
Author-X-Name-First: Stephen Wheatley 
Author-X-Name-Last: Price 
Title: Ethnic differences in British employer-funded on and off-the-job training 
Abstract:
  This paper highlights the lower incidence of employer-funded on and
 off-the-job training received by full-time ethnic minority employees in
 Britain. Estimates of the determinants of on and off-the-job training,
 obtained using trinomial logistic models, are remarkably consistent across
 white and ethnic minority male and female workers. At least 67% of the
 male ethnic training disadvantage, and over 94% of that experienced by
 females, cannot be explained by differences in average group
 characteristics. These findings raise serious questions about the
 effectiveness of existing equal opportunities provisions in the area of
 work-related training and may have adverse implications for the future
 occupational attainment and wages of ethnic minority employees in Britain. 
Journal: Applied Economics Letters 
Pages: 421-429 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352934 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352934&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eugenia Kazamaki Ottersten 
Author-X-Name-First: Eugenia Kazamaki 
Author-X-Name-Last: Ottersten 
Author-Name: Thomas Lindh Mellander 
Author-X-Name-First: Thomas Lindh 
Author-X-Name-Last: Mellander 
Title: Evaluating firm training, effects on performance and labour demand 
Abstract:
  A quality-adjusted measure of labour is developed, where labour
 efficiency depends on firm training. This specification is integrated into
 a flexible neoclassical cost function, representing the firm's production
 technology. Unlike traditional production functions, the cost function
 does not constrain all inputs to be substitutes and it allows capital to
 be fixed in the short run. These features are found to be important in the
 evaluation of the indirect effects of training. Short-run indirect effects
 arise through the relative price mechanism; an increase in labour
 efficiency decreases the quality-adjusted price of labour. Long-run
 indirect effects stem from the equilibrium adjustment of the quasi-fixed
 capital stock. The methodology is illustrated by means of a small firm
 panel data set. The results show that previous analyses have been overly
 restrictive in assuming all inputs to be substitutes. E.g., labour and
 capital are found to be long-run complements, implying that training
 increases long run labour demand, although the short-run effect is
 negative. The training outcomes are imprecisely estimated, but indicate
 that cost savings and productivity gains can be substantial. 
Journal: Applied Economics Letters 
Pages: 431-437 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352943 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352943&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Title: A dynamic and stochastic analysis of decision making in arranged marriages 
Abstract:
  In a recent paper, Batabyal (Theory and Decision, 1997) has analysed the
 decision making process in arranged marriages. In particular, Batabyal
 shows that a marrying agent's optimal policy depends only on the nature of
 the current marriage proposal, independent of whether there is recall of
 previous marriage proposals. In this paper, this line of enquiry is
 continued by focusing on the decision problem faced by a marrying agent
 who wishes to maximize the probability of getting married to the best
 possible person. Inter alia, it is shown that this agent's optimal policy
 calls for waiting a while, and saying yes to the first candidate
 thereafter. 
Journal: Applied Economics Letters 
Pages: 439-442 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352952 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352952&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Yen 
Author-X-Name-First: Steven 
Author-X-Name-Last: Yen 
Title: Nonparticipation and corner solution: extramarital affairs reconsidered 
Abstract:
  A nonparticipation-censored model is estimated to re-examine the
 determinants of extramarital affairs considered by Fair (Journal of
 Political Economy, 86, 1978) and Wang (Applied Economics Letters, 4,
 1997). Derived from a mixed utility maximization framework, the proposed
 model features a probit mechanism to accommodate nonparticipation and a
 Tobit mechanism for additional censoring among potential adulterers. The
 model allows interaction between the two latent equations, includes the
 Tobit and Tobit with natural nonresponse (Wang, Applied Economics Letters,
 4, 1997) as special cases, and offers a more interesting behavioural
 explanation. Results from the same sample suggest the proposed model
 outperforms the two restricted specifications and produces different
 effects of explanatory variables from those reported in the earlier
 studies. 
Journal: Applied Economics Letters 
Pages: 443-445 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352961 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352961&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Murchison 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Murchison 
Author-Name: Pierre Siklos 
Author-X-Name-First: Pierre 
Author-X-Name-Last: Siklos 
Title: A suggestion for a simple cross-country empirical proxy for trend unemployment 
Abstract:
  We propose a proxy for trend unemployment derived from the cointegration
 property between unemployment rates and world oil prices. Evidence from a
 sample of OECD countries is presented in support of the hypothesis. We
 argue that our empirical proxy is superior from an economic perspective to
 at least one popular empirical alternative and may be especially useful in
 cross-country type studies. 
Journal: Applied Economics Letters 
Pages: 447-451 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352970 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352970&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Lekakis 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Lekakis 
Author-Name: Christos Pantzios 
Author-X-Name-First: Christos 
Author-X-Name-Last: Pantzios 
Title: Agricultural liberalization and the environment in Southern Europe: the role of the supply side 
Abstract:
  The argument advanced by free market optimists that liberalized
 agricultural policies will lead to conservation, through reductions in
 outputs and environmentally damaging inputs, leaves many more things to be
 decided. Critics have pointed out that lower prices may induce farmers
 either to abandon land with loss of biodiversity and rural landscape
 ecology as a result, to increase production and pollution in order to
 sustain current revenues, or to switch to more environmentally damaging
 crops. This article follows a different route. It proposes that overall
 reductions in the total volume of agricultural output or the total amount
 of agro-chemicals used does not guarantee environmental enhancement.
 Environmental problems are usually location specific and crop specific.
 The cultivation of industrial crops is responsible for serious ecosystem
 offences in areas around the World. Thus, to actually have some measure of
 which way a lower price regime would be going in terms of conservation, we
 need to study the effects of either technology shifts or production
 shifts. Looking at cotton, maize and sugar beet supply response in two
 Southern EU countries, under given production technologies, it concludes
 that price reductions will lead to minimal if any reductions in the supply
 of these crops. Thus, conservation efforts will need to assume explicit
 forms. 
Journal: Applied Economics Letters 
Pages: 453-458 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352989 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352989&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Burton 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Burton 
Author-Name: A. Alasdair Lonie 
Author-X-Name-First: A. Alasdair 
Author-X-Name-Last: Lonie 
Author-Name: David Power 
Author-X-Name-First: David 
Author-X-Name-Last: Power 
Title: Does the issue method influence the market reaction to seasoned equity offer announcements? 
Abstract:
  The evidence in this note indicates that the average stock market
 reaction to news of ordinary equity issues by quoted companies may depend
 on the share issue method employed. Using a sample of announcements made
 in the UK between 1989 and 1991 we find that the market response is
 significantly negative when the disclosure relates to a rights issue, but
 that there are no significant share price changes when announcements about
 equity placings and open offers take place. This result appears to be
 inconsistent with the theoretical analysis contained in Myers and Majluf
 (Journal of Financial Economics, 13, 1984). 
Journal: Applied Economics Letters 
Pages: 459-462 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Blackaby 
Author-X-Name-First: David 
Author-X-Name-Last: Blackaby 
Author-Name: Stephen Drinkwater 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Drinkwater 
Author-Name: Derek Leslie 
Author-X-Name-First: Derek 
Author-X-Name-Last: Leslie 
Author-Name: Philip Murphy 
Author-X-Name-First: Philip 
Author-X-Name-Last: Murphy 
Title: Ethnic differences in labour market transitions: an exploration using the British household panel survey 
Abstract:
  The paper uses the first five waves of the British Household Panel Survey
 to explore the dynamics of the labour market experience of Britain's
 ethnic minorities relative to the white majority. The issue to be explored
 is labour market transitions. Ethnic minorities are shown to exhibit
 greater volatility. Only panel data can reveal this important labour
 market effect. Overall, the British Household Panel Survey should be seen
 as a useful addition to increasing our knowledge of Britain's ethnic
 minorities. 
Journal: Applied Economics Letters 
Pages: 463-466 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353005 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353005&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Nonsymmetric error correction revisited 
Abstract:
  Granger and Lee (Journal of Applied Econometrics, 4, 1989) contains
 seminal research on nonsymmetric error correction, where the familiar
 error correction term is partitioned into positive and negative elements.
 Cook et al. (Applied Economics, 1998) have recently argued that for this
 no symmetric representation to be valid, the coefficients on these
 partitioned terms must be both significant and significantly different
 from each other. As Cook et al. note, these conditions have rarely been
 satisfied in subsequent applications of the Granger-Lee method. As these
 issues were not considered by Granger and Lee they are formally tested
 here using their data. The results derived show this problem to be
 apparent, but unconsidered, in the seminal study. 
Journal: Applied Economics Letters 
Pages: 467-470 
Issue: 7 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599353014 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599353014&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Gripaios 
Author-X-Name-First: Peter 
Author-X-Name-Last: Gripaios 
Author-Name: Ben Gripaios 
Author-X-Name-First: Ben 
Author-X-Name-Last: Gripaios 
Author-Name: Sarah Keast 
Author-X-Name-First: Sarah 
Author-X-Name-Last: Keast 
Author-Name: Nick Wiseman 
Author-X-Name-First: Nick 
Author-X-Name-Last: Wiseman 
Title: Differences in household income per head over the UK trade cycle; a comment 
Abstract:
  In a recent short paper Dewhurst (1998) demonstrated that, from 1984-93,
 there was convergence in GB regional and household incomes per head during
 slumps and divergence during booms. This paper suggests that these
 findings are the result of two main influences. The first is the fact that
 the cycle is damped in more peripheral and lower mean household income per
 head areas and the second that there is a time in the cycle lag between an
 upturn or downturn in Greater London / the rest of the South East and the
 same effect in more distant locations. Various suggestions are put forward
 for these results. There is also discussion of the usefulness of these
 results for forecasting purposes. 
Journal: Applied Economics Letters 
Pages: 471-476 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352754 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352754&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Keun-Yeob Oh 
Author-X-Name-First: Keun-Yeob 
Author-X-Name-Last: Oh 
Author-Name: Bong-Han Kim 
Author-X-Name-First: Bong-Han 
Author-X-Name-Last: Kim 
Author-Name: Hong-Kee Kim 
Author-X-Name-First: Hong-Kee 
Author-X-Name-Last: Kim 
Author-Name: Byung-Chul Ahn 
Author-X-Name-First: Byung-Chul 
Author-X-Name-Last: Ahn 
Title: Savings-investment cointegration in panel data 
Abstract:
  Existing cointegration tests for the savings-investment model are limited
 because of low testing power. In this paper the savings-investment
 correlation is re-examined using a panel cointegration test by which the
 power seems to be improved greatly. A cointegration relationship is
 obtained between the two variables with panel data, and the savings
 retention coefficient is far from zero. This seems to be consistent with
 results based on traditional regression methods. Thus, it is concluded
 that cointegration techniques do not provide the solution to the
 savings-investment puzzle. 
Journal: Applied Economics Letters 
Pages: 477-480 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352763 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352763&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Marc Berk 
Author-X-Name-First: Jan Marc 
Author-X-Name-Last: Berk 
Title: Did markets expect Italy to join EMU? Evidence from options markets 
Abstract:
  This note quantifies the movements in the distribution of future
 short-term market interest rates in reaction to the selection of countries
 that were to participate in stage three of Economic and Monetary Union as
 of 1 January 1999. We conclude that, before the various national central
 banks and the European Monetary Institute published their convergence
 reports, financial markets were already convinced that Italy would
 participate. They furthermore interpreted these reports, when published,
 as an indication that Italy would indeed participate. The official
 decision in May 1998 therefore came as no surprise. 
Journal: Applied Economics Letters 
Pages: 481-484 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352772 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352772&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wei Weixian 
Author-X-Name-First: Wei 
Author-X-Name-Last: Weixian 
Title: An empirical study of the foreign trade balance in China 
Abstract:
  The objective of this letter is to investigate the dynamic relationship
 between China's trade balance (T) and macroeconomic variables: domestic
 and foreign output (Y and Y*), real exchange rate (E), domestic and
 foreign money supply (M and M*). The ADF unit root results show that the
 variables are all integrated of order I(1). The trade balance in China is
 not cointegrated with a number of variables, including the exchange rate.
 Absorption, elasticity, and monetary models are compared, and the elastic
 model performs better. There has been J-curve in China, and the
 devaluations have had significant effect on the trade balance. 
Journal: Applied Economics Letters 
Pages: 485-490 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352781 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352781&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ferdaus Hossain 
Author-X-Name-First: Ferdaus 
Author-X-Name-Last: Hossain 
Author-Name: Helen Jensen 
Author-X-Name-First: Helen 
Author-X-Name-Last: Jensen 
Title: Economic reform and inequality: evidence from Lithuania 
Abstract:
  Economic reforms in former socialist societies caused massive
 reallocation of resources, rapid increases in prices and severe erosion in
 real income and wages with potentially important distributional
 consequences. Using the Lithuanian Household Budget Survey, this study
 estimates an expenditure-based inequality index to evaluate the effects of
 price liberalization policy on inequality. Empirical results suggest that
 during the early years of reforms, inequality within society showed very
 little sign of increase. However, since 1994 inequality has increased
 rapidly: further, inequality has increased at a faster rate among
 households without children than those with children. 
Journal: Applied Economics Letters 
Pages: 491-495 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352790 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352790&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kazuhiro Ohtani 
Author-X-Name-First: Kazuhiro 
Author-X-Name-Last: Ohtani 
Title: Exact critical values of unit root tests when there is a constant term and a time trend 
Abstract:
  Using a method proposed by Imhof in 1961 the exact distribution of the
 test statistics for the unit root when the AR(1) process has a constant
 term and a time trend is evaluated numerically. Detailed tables of the
 exact critical values are presented. 
Journal: Applied Economics Letters 
Pages: 497-500 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352808 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352808&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. D. Rossiter 
Author-X-Name-First: R. D. 
Author-X-Name-Last: Rossiter 
Author-Name: Chulho Jung 
Author-X-Name-First: Chulho 
Author-X-Name-Last: Jung 
Title: Sufficient cointegration and Wald tests of the monetary transmission mechanism 
Abstract:
  This letter re-examines the role of commercial loans versus demand
 deposits in the monetary transmission mechanism using short-run and
 long-run sequential causality testing procedures designed by Toda and
 Phillips. Empirical results support the credit view that bank loans are as
 good a predictor of income as demand deposits. 
Journal: Applied Economics Letters 
Pages: 501-503 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352817 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352817&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Farrell-type efficiency under demand and price fluctuations 
Abstract:
  Nonparametric measurement of productive efficiency is generalized with
 respect to the impact of market demand and price fluctuations. 
Journal: Applied Economics Letters 
Pages: 505-507 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352826 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352826&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xing-Qiu Zhao 
Author-X-Name-First: Xing-Qiu 
Author-X-Name-Last: Zhao 
Title: Stock prices, inflation and output: evidence from China 
Abstract:
  This study documents some unique statistical properties in the
 relationships among inflation, output and stock prices in the Chinese
 economy. The relationship between stock returns and unexpected output
 growth is significantly positive, but that between stock returns and
 expected output growth is significantly negative. The relationship between
 stock prices and inflation is significantly negative, and the inverse
 relationship disappears after controlling for the effects of output
 growth. This result is consistent with Fama's conjecture. 
Journal: Applied Economics Letters 
Pages: 509-511 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352835 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352835&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michele Campolieti 
Author-X-Name-First: Michele 
Author-X-Name-Last: Campolieti 
Title: Workers' compensation benefits and claim duration: some Canadian evidence 
Abstract:
  This paper explores the effect of workers' compensation benefits on the
 duration of workers' compensation claims from Ontario, Canada. The models
 estimated in this paper also investigate the robustness of the results to
 a nonparametric specification of the unobserved heterogeneity
 distribution. The results indicate that, with Canadian data, changes in
 the expected duration of workers' compensation claims, in response to a
 change in workers' compensation benefits, is at the lower range of the
 existing evidence for the United States. 
Journal: Applied Economics Letters 
Pages: 513-517 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352844 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352844&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Univariate analysis of asymmetry in the DHSY model 
Abstract:
  Cook and co-workers recently uncovered evidence of asymmetric adjustment
 in the data used by Davidson et al. An economic interpretation was
 provided in terms of more rapid adjustment of consumers' expenditure
 during recessionary periods. In the present letter this hypothesis,
 derived indirectly at a structural level by Cook et al., is tested
 directly via univariate analysis. The results presented support the
 hypothesis. 
Journal: Applied Economics Letters 
Pages: 519-522 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352853 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352853&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pak-Wai Liu 
Author-X-Name-First: Pak-Wai 
Author-X-Name-Last: Liu 
Author-Name: Junsen Zhang 
Author-X-Name-First: Junsen 
Author-X-Name-Last: Zhang 
Title: Assortative mating versus the cross-productivity effect 
Abstract:
  This paper shows how the allowance for unobserved ability and assortative
 mating will change the interpretation of the coefficient on own education
 in a log wage equation. Using data from Taiwan it is found that the
 coefficient on own education is almost zero but that on spouse's education
 is around 10%. The cross-productivity hypothesis cannot plausibly explain
 this puzzling result, but the model presented in this paper can. 
Journal: Applied Economics Letters 
Pages: 523-525 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352862 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352862&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Atsushi Fuj 
Author-X-Name-First: Atsushi 
Author-X-Name-Last: Fuj 
Author-Name: Makoto Ohta 
Author-X-Name-First: Makoto 
Author-X-Name-Last: Ohta 
Title: Stochastic cost frontier and cost inefficiency of Japanese hospitals: a panel data analysis 
Abstract:
  This letter considers the following two questions: How much are the
 estimates of the parameters of stochastic cost frontier and cost
 inefficiency of Japanese hospitals affected (1) by the utilization of the
 panel structure of data in estimation; and (2) by considering a
 hospital-specific intercept in the cost frontier? Three models are
 estimated: a stochastic cost frontier model with a hospital-specific
 intercept treated as a random variable for panel data; a stochastic cost
 frontier model without a hospital-specific intercept for panel data; and
 the conventional stochastic frontier model that treats the data as if they
 were cross-sectional. The main findings are: (1) the introduction of panel
 structure into the frontier estimation changes the cost inefficiency
 estimate significantly compared with the estimate based on
 cross-sectionally treated data; (2) the intercept of the cost frontier is
 significantly different among hospitals. 
Journal: Applied Economics Letters 
Pages: 527-532 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352871 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352871&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Massimo Filippini 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Filippini 
Title: Swiss residential demand for electricity 
Abstract:
  A residential demand for electricity is estimated using aggregate data at
 a city level for 40 Swiss cities over the period 1987 to 1990. For this
 purpose, a log linear stochastic equation for electricity consumption was
 estimated. The empirical analysis has highlighted some of the
 characteristics of the Swiss residential electricity market. The price
 elasticity was estimated to be -0.30, which shows a moderate
 responsiveness of electricity consumption to changes in prices. This
 result indicates a price-inelastic demand for electricity with a lower
 price elasticity than those reported in previous studies. From an energy
 policy point of view this result implies that there is little room for
 discouraging residential electricity consumption using price increases. 
Journal: Applied Economics Letters 
Pages: 533-538 
Issue: 8 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352880 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352880&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Manabu Asai 
Author-X-Name-First: Manabu 
Author-X-Name-Last: Asai 
Title: Time series evidence on a new Keynesian theory of the output-inflation trade-off 
Abstract:
  This letter reconsiders the empirical tests of the new Keynesian and new
 classical models performed by Ball, Mankiw, and Romer (Brookings Papers on
 Economic Activity, 1, 1988) and Akerlof, Rose and Yellen (Brookings Papers
 on Economic Activity, 1, 1988). The original tests confirm basically to
 cross-section analysis. We propose time-series testing procedure of these
 issues. Our tests find supports for the new Keynesian hypothesis. 
Journal: Applied Economics Letters 
Pages: 539-541 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352556 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352556&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Regional variation in the cyclical asymmetry of UK unemployment 
Abstract:
  In this letter regional variation in the asymmetric behaviour of the
 cyclical element of UK unemployment is examined. Strong evidence of
 asymmetry in the level of the cyclical element of unemployment is found
 for both the UK as a whole and all of the regions considered. Strong
 evidence of asymmetry in the rate of growth of this cyclical element is
 also found for the aggregate series. However a similar consensus for this
 form of asymmetry is not found in the individual regions, with some
 disagreeing over its extent while others fail to detect its presence at
 all. The results for the aggregate series therefore mask some interesting
 variation at a regional level. 
Journal: Applied Economics Letters 
Pages: 543-546 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352565 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352565&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Reinaldo Arellano-Valle 
Author-X-Name-First: Reinaldo 
Author-X-Name-Last: Arellano-Valle 
Author-Name: Silvia Ferrari 
Author-X-Name-First: Silvia 
Author-X-Name-Last: Ferrari 
Author-Name: Francisco Cribari-Neto 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Cribari-Neto 
Title: Bartlett and Bartlett-type corrections for testing linear restrictions 
Abstract:
  This letter shows how to extend a number of published results on Bartlett
 and Bartlett-type corrections to likelihood ratio and score test for the
 test of linear restrictions in regression models. A few applications and
 simulation results are also presented. 
Journal: Applied Economics Letters 
Pages: 547-549 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352574 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352574&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Author-Name: Kazumi Asako 
Author-X-Name-First: Kazumi 
Author-X-Name-Last: Asako 
Title: Government consumption and fiscal policy: some evidence from Japan 
Abstract:
  Japanese data from 1971 and 1995 are used to estimate the marginal rate
 of substitution between private consumption and government consumption,
 and to empirically analyse the validity of the Ricardian equivalence
 theorem. The marginal rate of substitution between government expenditure
 and private consumption is found to be higher in Japan than in studies
 using US data. In other words, these two types of consumption are closer
 substitutes in Japan than in the US. The data negate the Ricardian
 equivalence theorem. However, it should be noted that the perceived wealth
 effect is small and has a value between 0.0087 and 0.019. 
Journal: Applied Economics Letters 
Pages: 551-555 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352583 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352583&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Farhang Niroomand 
Author-X-Name-First: Farhang 
Author-X-Name-Last: Niroomand 
Title: Openness and economic growth: an empirical investigation 
Abstract:
  Unlike previous research that investigated the relation between exports
 and output, in this paper we assess the long-run relation between the
 degree of openness and economic growth. For the many countries considered
 here, we find a positive long-run relation between openness and economic
 growth. 
Journal: Applied Economics Letters 
Pages: 557-561 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352592 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352592&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eric Levin 
Author-X-Name-First: Eric 
Author-X-Name-Last: Levin 
Author-Name: Robert Wright 
Author-X-Name-First: Robert 
Author-X-Name-Last: Wright 
Title: Why does the bid-ask spread vary over the day? 
Abstract:
  This paper shows that the findings of Chan, Christie and Schultz (Journal
 of Business, 68, 1995) of no intraday variation in the average bid-ask
 spread is not general to all competitive markets, and in particular does
 not apply to the London Stock Exchange during the mandatory quote period.
 This is important because it revives the possibility of explanations of
 intraday variation in the bid-ask spread which involve individual
 market-makers widening their individual spreads for example in response to
 informed trading, inelastic demand or the need to discover prices at the
 start of the day. However there is no evidence of individual market makers
 widening their bid-ask quote spreads during the warm up and cool down
 periods at the start and the end of the trading day outwith the mandatory
 quote period. The only single explanation which might explain the whole
 day variation observed in the inside and the average bid-ask spreads both
 inside and outside of the mandatory quote is inventory control. 
Journal: Applied Economics Letters 
Pages: 563-567 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352600 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352600&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Laura Piscitelli 
Author-X-Name-First: Laura 
Author-X-Name-Last: Piscitelli 
Author-Name: Michael Grinfeld 
Author-X-Name-First: Michael 
Author-X-Name-Last: Grinfeld 
Author-Name: Harbir Lamba 
Author-X-Name-First: Harbir 
Author-X-Name-Last: Lamba 
Author-Name: Rod Cross 
Author-X-Name-First: Rod 
Author-X-Name-Last: Cross 
Title: On entry and exit in response to aggregate shocks 
Abstract:
  This note extends the Dixit-Pindyck analysis of investment, in the form
 of market entry and exit under sunk costs, to the case of heterogeneous
 sunk costs. The implication is that the market displays full hysteresis,
 in the form of remanence and dependence on the nondominated extremum
 values of the aggregate shocks experienced. These implications are
 illustrated by numerical simulations. 
Journal: Applied Economics Letters 
Pages: 569-572 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352619 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352619&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Title: Are the adjustment of actual to desired international reserves in nominal or real terms? 
Abstract:
  In this note we employ two procedures to determine whether the adjustment
 of international reserves is in real or nominal terms. Using panel data
 from 17 DCs and 16 LDCs, we show that adjustment of actual reserves to
 their desired level is indeed in nominal terms. 
Journal: Applied Economics Letters 
Pages: 573-575 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352628 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352628&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Adam Klug 
Author-X-Name-First: Adam 
Author-X-Name-Last: Klug 
Author-Name: Carmel Nadav 
Author-X-Name-First: Carmel 
Author-X-Name-Last: Nadav 
Title: On the predictive power of the term structure during the 1930s 
Abstract:
  This paper investigates the predictive power of the interest rates during
 the period 1929-1940 in the United States. Our empirical evidence finds no
 support for the one-to-one relationship between the term structure of
 short-term interest rates and inflation for forecasting horizons of six
 months less or greater than one year. The hypothesis is not rejected for a
 3 to 12 month horizon or for the 12 to 24 month horizon with a structural
 break. 
Journal: Applied Economics Letters 
Pages: 577-580 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352637 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352637&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alpana Trivedi 
Author-X-Name-First: Alpana 
Author-X-Name-Last: Trivedi 
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Title: Autocorrelations, returns and Australian stock indices 
Abstract:
  This paper explores whether predictable autocorrelation structures exist
 in returns data on Australian stock indices. We explore the data using the
 power transformations of Ding, Granger and Engle (1993) and Hentschel
 (1995). We find that for a large number of different market indices there
 exists an autocorrelation structure in power transformations of returns
 that could be exploited in forecasting. To illustrate the forecasting
 potential we conduct a limited forecasting comparison using the All
 Ordinaries Accumulation Index. Our results show some gain in forecasting
 performance. 
Journal: Applied Economics Letters 
Pages: 581-584 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352646 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352646&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: David Bernstein 
Author-X-Name-First: David 
Author-X-Name-Last: Bernstein 
Title: Exchange market pressure during the current managed float 
Abstract:
  Due to intervention in the foreign exchange market, any pressure on the
 external account of a country could be absorbed either by a change in
 reserves or by a change in the exchange rate. In this paper we employ
 Girton and Roper's EMPM model to investigate the experience of G7
 countries. The results show that most of the pressure in G7 countries is
 absorbed by a change in reserves. 
Journal: Applied Economics Letters 
Pages: 585-588 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352655 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352655&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dirk Willenbockel 
Author-X-Name-First: Dirk 
Author-X-Name-Last: Willenbockel 
Title: On apparent problems with the use of the Armington aggregator in computable general equilibrium models 
Abstract:
  This letter points out that the problems Senhadji (Applied Economics
 Letters, 4, 23-5, 1997) attributes to the use of the Armington aggregator
 in CGE models do not arise, provided that applied modellers employ the
 calibration procedure for CES function parameters frequently described in
 the literature. 
Journal: Applied Economics Letters 
Pages: 589-591 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352664 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352664&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Lambert 
Author-X-Name-First: David 
Author-X-Name-Last: Lambert 
Title: Scale and the Malmquist productivity index 
Abstract:
  The Malmquist index has gained acceptability in empirical analyses of
 productivity in recent years. Some question has been raised concerning the
 index's ability to accurately portray productivity change in the presence
 of nonconstant returns to scale. This letter demonstrates that the index
 does accurately measure productivity change under an appropriate
 characterization of technology. 
Journal: Applied Economics Letters 
Pages: 593-596 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352673 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352673&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guano Hua Wan 
Author-X-Name-First: Guano Hua 
Author-X-Name-Last: Wan 
Title: An empirical assessment on alternative functional forms of the Lorenz curve 
Abstract:
  Different parametric Lorenz curves are estimated and evaluated using
 household survey data from rural China. None of them, however, is found to
 yield an adequate description of income distributions. Thus, new and
 better functional forms are called for, despite the fact that many already
 exist in the literature. 
Journal: Applied Economics Letters 
Pages: 597-599 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352682 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352682&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sandeep Gupta 
Author-X-Name-First: Sandeep 
Author-X-Name-Last: Gupta 
Author-Name: Paul Sommers 
Author-X-Name-First: Paul 
Author-X-Name-Last: Sommers 
Title: A simple cross-section model of economic growth stands the test of time 
Abstract:
  The simple three-equation Sommers-Suits model of economic growth
 published in 1971 was one of the first that used a cross-section approach
 to study the effects of endogenous population growth rates on economic
 development. Re-estimation (following the same functional form as in the
 Sommers-Suits model) suggests that the model has stood the test of time
 reasonably well. There is evidence of convergence over time (as before),
 but the re-estimated model indicates the presence of a 'poverty trap'- a
 threshold GNP per capita below which countries fail to grow. 
Journal: Applied Economics Letters 
Pages: 601-603 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352691 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352691&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Geraint Johnes 
Author-X-Name-First: Geraint 
Author-X-Name-Last: Johnes 
Title: Forecasting unemployment 
Abstract:
  Results are reported of a forecasting competition between linear
 autoregressive, GARCH, threshold autoregressive and neural network models
 of the UK monthly unemployment rate series. Evidence is uncovered
 suggesting the existence of nonlinearities in the series. 
Journal: Applied Economics Letters 
Pages: 605-607 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352709 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352709&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank Atkins 
Author-X-Name-First: Frank 
Author-X-Name-Last: Atkins 
Title: Macroeconomic time series and the monetary aggregates approach to estimating the underground economy 
Abstract:
  This paper examines the monetary aggregates approach to estimating the
 size of the underground economy. It is shown that estimates of the size of
 the underground economy using Canadian data may not be robust, as the time
 series properties of these aggregates are often inconsistent with simple
 ordinary least squares regression. Correcting for the problem, usually by
 first differencing the data, may yield overstated or inappropriate
 estimates of the size of the underground economy. 
Journal: Applied Economics Letters 
Pages: 609-611 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352718 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352718&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Khosrow Doroodian 
Author-X-Name-First: Khosrow 
Author-X-Name-Last: Doroodian 
Author-Name: Chulho Jung 
Author-X-Name-First: Chulho 
Author-X-Name-Last: Jung 
Author-Name: Roy Boyd 
Author-X-Name-First: Roy 
Author-X-Name-Last: Boyd 
Title: Testing the law of one price under the fixed and flexible exchange rate systems 
Abstract:
  This paper examines if the law of one price holds under different
 exchange rate regimes and if a simultaneous relationship exists among
 prices of different countries. The findings show that prices in industrial
 countries are related, as suggested by the monetary approach. Confirming
 the law of one price, our results show relative price movements play a
 negligible role in removing a disequilibrium in the balance of payments.
 These findings provide supportive evidence for the purchasing power parity
 (PPP) doctrine under the floating exchange rate system but not under the
 fixed exchange rate system. 
Journal: Applied Economics Letters 
Pages: 613-616 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352727 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352727&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Cameron 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Cameron 
Title: Rational addiction and the demand for cinema 
Abstract:
  This paper estimates Becker's rational addiction model using a demand for
 cinema equation. The results do not seem to be strongly supportive of the
 rational addiction model. As in Becker, Murphy, Grossman we find a
 significant coefficient on the lead consumption term and a quite plausible
 discount rate in OLS estimation with significant price effects. However
 the IV estimates preferred by Becker et al. fails to give support for any
 elements of the model. 
Journal: Applied Economics Letters 
Pages: 617-620 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352736 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352736&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkin Bairam 
Author-X-Name-First: Erkin 
Author-X-Name-Last: Bairam 
Title: Domestic versus foreign capital and returns to scale in China's provincial industries 
Abstract:
  This paper is mainly concerned with estimating an appropriate production
 function for the Chinese industry using provincial data. The estimated
 equations suggest that the appropriate production function is a
 Cobb-Douglas which reveals statistically significant economies of scale.
 The results reported also reveal that the marginal product of foreign
 capital is significantly higher than that of domestic capital used in the
 production process in all but one province. 
Journal: Applied Economics Letters 
Pages: 621-624 
Issue: 9 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352745 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352745&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Author-Name: Edward Wei-Te Hsieh 
Author-X-Name-First: Edward Wei-Te 
Author-X-Name-Last: Hsieh 
Title: Welfare implications of Pigovian taxation of a durable goods monopolist 
Abstract:
  This paper examines the effectiveness of Pigovian taxation in checking
 the behaviour of a durable goods monopolist who generates some externality
 in the production process. The durable good lasts two periods. It is found
 that while the effect of an increase in the tax is to lower the first
 period output, the second period output decreases only under certain
 conditions. The overall welfare effect of a Pigovian tax can either be
 positive or negative depending on the relative magnitudes of the
 price-cost margins, the extent of the negative externality, the extent of
 longevity (durability) of the first period output and the underproduction
 relative to social optima. Public policy implications are discussed. 
Journal: Applied Economics Letters 
Pages: 625-627 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352376 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352376&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Efficiency measurements with R&D inputs and learning by doing 
Abstract:
  Two characteristics of R&D inputs, learning by doing and knowledge
 diffusion, are explored here for generalizing the nonparametric methods of
 efficiency measurement known as data envelopment analysis 
Journal: Applied Economics Letters 
Pages: 629-632 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352385 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352385&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: William Brown 
Author-X-Name-First: William 
Author-X-Name-Last: Brown 
Title: Inside information and public news: R 2 and beyond 
Abstract:
  This paper finds that the majority of stock price movements remain
 unexplained after controlling for both public and private information.
 This suggests that economists' inability to explain asset price movements
 is the result of either noise or naive asset pricing models. 
Journal: Applied Economics Letters 
Pages: 633-636 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352394 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352394&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frederick Wallace 
Author-X-Name-First: Frederick 
Author-X-Name-Last: Wallace 
Title: Long-run neutrality of money in the Mexican economy 
Abstract:
  The long-run neutrality of money on real output is tested for Mexico
 using a model developed by Fisher and Seater. The empirical evidence
 supports the neutrality hypothesis. The results are robust for both M1 and
 M2 and an alternative model specification. 
Journal: Applied Economics Letters 
Pages: 637-639 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352402 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352402&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdulnasser Hatemi-J 
Author-X-Name-First: Abdulnasser 
Author-X-Name-Last: Hatemi-J 
Author-Name: Ghazi Shukur 
Author-X-Name-First: Ghazi 
Author-X-Name-Last: Shukur 
Title: The causal nexus of government spending and revenue in Finland: a bootstrap approach 
Abstract:
  Applying VAR(5), a bootstrap simulation approach and a multivariate Rao's
 F-test indicate that government revenue Granger-causes spending in
 Finland. This does not agree with Barr's tax smoothing hypothesis. This
 explanation of this is due to the institutional factors that are specific
 for Finland. 
Journal: Applied Economics Letters 
Pages: 641-644 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352411 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352411&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tilak Abeysinghe 
Author-X-Name-First: Tilak 
Author-X-Name-Last: Abeysinghe 
Author-Name: Tan Khay Boon 
Author-X-Name-First: Tan Khay 
Author-X-Name-Last: Boon 
Title: Small sample estimation of a cointegrating vector: an empirical evaluation of six estimation techniques 
Abstract:
  A large number of techniques are now available for estimating a
 cointegrating regression. Although many of these techniques provide
 asymptotically equivalent estimators, their small-sample properties are
 known only with respect to a limited number of Monte Carlo studies. In
 light of the growing controversy over the nature of non-stationarity of
 economic time series, a comprehensive evaluation of these techniques
 within an applied framework can shed more light on the relative merits of
 these techniques. An estimation of long-run demand elasticities by six
 such techniques based on annual data from Canada, China and Singapore show
 rather disconcerting results. In small samples OLS may still be the best
 choice. 
Journal: Applied Economics Letters 
Pages: 645-648 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352420 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352420&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marjon Vanr De Pol 
Author-X-Name-First: Marjon Vanr 
Author-X-Name-Last: De Pol 
Author-Name: John Cairns 
Author-X-Name-First: John 
Author-X-Name-Last: Cairns 
Title: Individual time preferences for own health: an application of a dichotomous choice question with follow-up 
Abstract:
  This paper explores the use of the dichotomous choice question with
 follow-up to examine intertemporal preferences for non-fatal changes in
 own health. Maximum likelihood estimation by censored logistic regression
 is used to analyse the data collected from the general public. The results
 show that the average estimated implied discount rate is equal to 0.073
 for the full sample and 0.106 for respondents who have positive implied
 discount rates in the open-ended questions which were also contained in
 the questionnaire. The implied discount rates vary from 0.024 to 0.166
 depending onthe age of the respondent andthe periodof delay offered(5 or
 13 years). 
Journal: Applied Economics Letters 
Pages: 649-654 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352439 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352439&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eunnyeong Heo 
Author-X-Name-First: Eunnyeong 
Author-X-Name-Last: Heo 
Author-Name: Seong-Yun Shin 
Author-X-Name-First: Seong-Yun 
Author-X-Name-Last: Shin 
Title: Estimating learning effects on nuclear power plants: A count data model with a varying time interval as a duration variable 
Abstract:
  This paper analyses learning effects in nuclear power plant operation,
 which are reflected on the reliability growth and operating cycle
 decision. To consider two aspects of learning, a count data model with a
 varying time interval as a duration variable is suggested. A possibly
 complicated model canbe estimatedrelatively easily by a Gibbs sampling
 technique. The estimates are then used to investigate the effects of three
 types of operating experiences on the plant operation. 
Journal: Applied Economics Letters 
Pages: 655-658 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352448 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352448&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Title: Uncertainty in the Central Bank's weight on output: some new results 
Abstract:
  The purpose in this letter is to demonstrate the implications of
 uncertainty in the weight the Central Bank attaches to output for expected
 inflation, linear inflation contracts and inflation targets. 
Journal: Applied Economics Letters 
Pages: 659-662 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352457 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352457&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jenny Diggle 
Author-X-Name-First: Jenny 
Author-X-Name-Last: Diggle 
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Author-Name: John Shannon 
Author-X-Name-First: John 
Author-X-Name-Last: Shannon 
Title: International diversification of the funds management industry 
Abstract:
  One of the main benefits that has flowed from increasing capital markets
 liberalization has been the opportunities that this has provided to
 facilitate international diversification. This paper aims to determine the
 benefits of the asset allocation process undertaken by fund managers in 15
 countries. The benefits analysed are whether the fund managers have added
 value to their portfolios by generating higher risk adjusted returns. In
 addition, the minimum risk portfolios are determined for the international
 markets represented by the 15 countries and a minimum risk benchmark is
 constructed. The analysis was conducted using data from 1983 to 1993 and
 the data were provided by the Union Bank of Switzerland Asset Management
 Group (UBSAM). 
Journal: Applied Economics Letters 
Pages: 663-667 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352466 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352466&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hasan Bakhshi 
Author-X-Name-First: Hasan 
Author-X-Name-Last: Bakhshi 
Title: Is the demand for retirement consumption linear? 
Abstract:
  When estimating the welfare gains from moving from 2% inflation to price
 stability, Feldstein assumes that the compensated demand curve for
 retirement consumption is linear. Lucas has argued, in the shoe leather
 costs literature, that money demand functions are best specified as
 log-linear rather than linear. And the implications for the welfare costs
 of inflation are consequently very large. This note argues that linearity
 of the demand curve for retirement consumption is a good approximation for
 plausible parameter values and for the changes in inflation that Feldstein
 is considering. 
Journal: Applied Economics Letters 
Pages: 669-671 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352475 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352475&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yutaka Kurihara 
Author-X-Name-First: Yutaka 
Author-X-Name-Last: Kurihara 
Title: Speculative attacks or fundamentals? Empirical evidence from some European currencies 
Abstract:
  The European Monetary System experienced pressure on exchange rates,
 which led toa devaluation or a subsequent widening of bands of EMS
 currencies. In this paper the source(s) of pressure on the exchange rate
 are identified. Currency crises were caused by fundamentals in 1992;
 however, they were caused by speculation in 1993. 
Journal: Applied Economics Letters 
Pages: 673-675 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352484 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352484&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hwei-Lin Chuang 
Author-X-Name-First: Hwei-Lin 
Author-X-Name-Last: Chuang 
Title: Estimating the determinants of the unemployment duration for college graduates in Taiwan 
Abstract:
  This paper incorporates unmeasured heterogeneity into the econometric
 specification to estimate the determinants of the unemployment duration
 for college graduates in Taiwan. Empirical results indicate that personal
 characteristics and job search variables are significant determinants
 while family background variables show little effect. The insignificance
 of the financial constraint variable suggests that the scheduled
 unemployment compensation programme may not have any impact on the search
 unemployment duration for college graduates in Taiwan. 
Journal: Applied Economics Letters 
Pages: 677-681 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352493 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352493&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Norman Thurston 
Author-X-Name-First: Norman 
Author-X-Name-Last: Thurston 
Title: On the decline of employment-based health insurance in the US 
Abstract:
  Many recent papers have documented that there has been a steady decline
 in the fraction of workers in the US who receive health insurance through
 their employer. This paper presents an economic model of the labour market
 that is consistent with observed trends. The primary finding is that the
 trend is explained by a change in optimal compensation structures for
 workers due to the increase in the relative price of health care. The
 paper concludes with an application to the analysis of the increased
 prevalence of capitated contracts among employers. 
Journal: Applied Economics Letters 
Pages: 683-686 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352501 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352501&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Clemente 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Clemente 
Author-Name: Antonio Montanes 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Montanes 
Author-Name: Montserrat Ponz 
Author-X-Name-First: Montserrat 
Author-X-Name-Last: Ponz 
Title: Are the consumption/output and investment/output ratios stationary? An international analysis 
Abstract:
  This paper analyses the integration order of the consumption/output and
 investment/output ratios for a group of the most important OECD countries.
 Results show that these ratios can exhibit some structural breaks. Thus,
 the use of those statistics which do not take into account the presence of
 breaks leads to the acceptance of the unit root null hypothesis. A clear
 increase in the number of rejections of the unit root null hypothesis is
 found when these structural breaks are included in the model
 specification. 
Journal: Applied Economics Letters 
Pages: 687-691 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352510 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352510&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christine Amsler 
Author-X-Name-First: Christine 
Author-X-Name-Last: Amsler 
Title: Size and power: lower tail KPSS tests and anti-persistent alternatives 
Abstract:
  Evidence is presented on the size and power of the lower tail
 Kwiatkowski-Phillips-Schmidt-Shin stationarity test for testing the null
 hypothesis of short memory against the alternative hypothesis of
 anti-persistence. 
Journal: Applied Economics Letters 
Pages: 693-695 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352529 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352529&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Harry Bloch 
Author-X-Name-First: Harry 
Author-X-Name-Last: Bloch 
Author-Name: Sam Hak Kan Tang 
Author-X-Name-First: Sam Hak Kan 
Author-X-Name-Last: Tang 
Title: Technical change and total factor productivity growth: a study of Singapore's manufacturing industries 
Abstract:
  The paper focuses onthe difference between the dual rate of technical
 change and the total factor productivity growth (TFPG). It estimates
 directly the dual rate of technical change from an integrated model that
 describes the cost structure and equilibrium condition of Singapore's
 manufacturing industries. It then calculates TFPG using the conventional
 productivity accounting approach. By showing the difference between the
 two measures, it is demonstrated that the non-parametric calculated TFPG
 cannot be interpreted wholly as a cost saving technical change since the
 preconditions required in the calculation of TFPG are not met. It is found
 that the majority of Singapore's manufacturing industries exhibit, on the
 one hand, substantial increasing returns to scale and, on the other hand,
 no significant technical change. However, the largest and fastest growing
 industries such as Electronic Products and Components show both
 significant cost-saving technical progress and decreasing returns to
 scale. 
Journal: Applied Economics Letters 
Pages: 697-701 
Issue: 10 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352538 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352538&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nobuyoshi Yamori 
Author-X-Name-First: Nobuyoshi 
Author-X-Name-Last: Yamori 
Title: Contagion effects of bank liquidation in Japan 
Abstract:
  The letter discusses the contagion effect of the first bank liquidation
 in Japan. Performing the traditional t-test and Corrado's non-parametric
 rank test, it is found that the effects of the liquidation were
 concentrated only on banks that resembled the failing bank. 
Journal: Applied Economics Letters 
Pages: 703-705 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352259 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352259&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mickael Lothgren 
Author-X-Name-First: Mickael 
Author-X-Name-Last: Lothgren 
Title: Bootstrapping the Malmquist productivity index - a simulation study 
Abstract:
  This paper presents a Monte Carlo simulation study of the bootstrap
 algorithm proposed by Lothgren and Tambour for calculation of bootstrap
 confidence intervals for the firm-specific Data Envelopment Analysis (DEA)
 Malmquist productivity index. The simulation results indicate that the
 coverage accuracy of bootstrap confidence intervals are near the nominal
 confidence level for small to moderate sized samples. For larger sample
 sizes, a clear convergence of empirical to nominal level is found. 
Journal: Applied Economics Letters 
Pages: 707-710 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352268 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352268&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Felix Fitzroy 
Author-X-Name-First: Felix 
Author-X-Name-Last: Fitzroy 
Author-Name: Melanie Ward 
Author-X-Name-First: Melanie 
Author-X-Name-Last: Ward 
Title: Discrimination, segregation and firm effects: some UK microevidence 
Abstract:
  In samples of employees from two firms, women are segregated in low-pay
 occupations and therefore receive lower returns on their (similar)
 educational qualifications than men. In the primary-sector,
 capital-intensive, unionized firm, all wages are much higher. In the
 secondary-sector firm, rewarding qualifications and experience at the
 rates found in the primary firm would increase earnings (including fringe
 benefits) by about 80%, much more than the usual firm-size or industry
 differential. 
Journal: Applied Economics Letters 
Pages: 711-715 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352277 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352277&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Sosvilla-Rivero 
Author-X-Name-First: Simon 
Author-X-Name-Last: Sosvilla-Rivero 
Author-Name: Fernando Fernandez-Rodriguez 
Author-X-Name-First: Fernando 
Author-X-Name-Last: Fernandez-Rodriguez 
Author-Name: Oscar Bajo-Rubio 
Author-X-Name-First: Oscar 
Author-X-Name-Last: Bajo-Rubio 
Title: Exchange rate volatility in the EMS before and after the fall 
Abstract:
  The paper presents the results of applying an indicator of local (daily)
 volatility, based on the literature on forecasting in nonlinear systems to
 six EMS currencies, using data for the period January 1974-April 1995. 
Journal: Applied Economics Letters 
Pages: 717-722 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352286 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352286&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Perraton 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Perraton 
Author-Name: Paul Turner 
Author-X-Name-First: Paul 
Author-X-Name-Last: Turner 
Title: Estimates of industrial country export and import demand functions: implications for 'Thirlwall's Law' 
Abstract:
  The paper presents estimates of export and import demand functions for
 fifteen industrial countries. To allow for common shocks use is made of
 the Seemingly Unrelated Regression Estimator (SURE). These estimates are
 then used to construct predictions of the growth rate consistent with
 balance of payments equilibrium along the lines of the Thirlwall
 hypothesis. Regressions of actual growth rates on the predicted values
 indicate that the hypothesis performs better when the observations are
 weighted by relative GDP. It is concluded that 'Thirlwall's Law' is more
 useful for understanding the overall growth rate of the aggregate of
 industrial countries than cross-country growth performance. 
Journal: Applied Economics Letters 
Pages: 723-727 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352295 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352295&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guiseppe Cavaliere 
Author-X-Name-First: Guiseppe 
Author-X-Name-Last: Cavaliere 
Author-Name: Michele Costa 
Author-X-Name-First: Michele 
Author-X-Name-Last: Costa 
Title: Firm size and the Italian Stock Exchange 
Abstract:
  The presence of a relation between firm size and asset returns is
 investigated by referring to the Italian Stock Exchange. In order to
 explain asset return variability, the excess return on a market portfolio
 as well as the difference between the return on a portfolio of small
 stocks and the return on a portfolio of large stocks are considered. The
 resultant two-factor model seems to improve the explanation of the returns
 of the portfolios formed on size. 
Journal: Applied Economics Letters 
Pages: 729-734 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352303 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352303&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Ashworth 
Author-X-Name-First: John 
Author-X-Name-Last: Ashworth 
Author-Name: Barry Thomas 
Author-X-Name-First: Barry 
Author-X-Name-Last: Thomas 
Title: Patterns of seasonality in employment in tourism in the UK 
Abstract:
  Tourism employment has grown rapidly (a fact which has been of interest
 to policymakers concerned with job generation) but it has a marked
 seasonal character. Several attempts have been made by the industry to
 lessen seasonality in tourism demand (and hence in tourism employment) by
 fillng troughs. This paper uses recent advances in econometric work to
 investigate whether seasonality has lessened as a result of these
 policies, and if so, the nature of the changes in seasonality. A quarterly
 UK data series from 1982:1 to 1996:4 is examined. The distinction between
 stochastic and deterministic trend is made, and it is found that
 seasonality has in fact lessened and is best modelled as a break in
 deterministic seasonality. There has been approximately a 30% fall in the
 summer (second quarter) effect and approximately a 24% fall in the winter
 (fourth quarter) effect: thus the seasonal smoothing comes from lower
 hiring at the start of the peak season and lower firing at the end of the
 season. 
Journal: Applied Economics Letters 
Pages: 735-739 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352312 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352312&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Howard Tuckman 
Author-X-Name-First: Howard 
Author-X-Name-Last: Tuckman 
Author-Name: Cyril Chang 
Author-X-Name-First: Cyril 
Author-X-Name-Last: Chang 
Author-Name: Albert Okunade 
Author-X-Name-First: Albert 
Author-X-Name-Last: Okunade 
Title: A transform-both-sides modulus power model: an application in health care 
Abstract:
  The Box-Cox transformation is suitable for stabilizing variance of the
 response variable and for inducing functional form flexibility in
 single-equation regression models. However, it becomes incapacitated if
 the data contain zero or negative values. This paper, using profitability
 data for US psychiatric hospitals, illustrates the capability of modulus
 power transformations to symmetrize the response variable distribution.
 Compared with the untransformed data model, the ML estimates of the
 modulus power model are found to be superior. 
Journal: Applied Economics Letters 
Pages: 741-745 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352321 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352321&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Cater 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Cater 
Author-Name: J. Barry Smith 
Author-X-Name-First: J. Barry 
Author-X-Name-Last: Smith 
Title: Inferring disability from post-injury employment duration 
Abstract:
  The paper examines the extent to which occupational-injury-induced
 permanent impairment translates into work-related disability. While most
 permanently impaired workers return to their time-of-accident employer,
 job and wage, these workers then experience high initial rates of
 turnover. This turnover can be seen as a manifestation of the dynamics of
 information, as the time-of-accident employer re-employs the impaired
 worker, then 'tests' his/her post-injury productivity in order to resolve
 initial uncertainty regarding the impairment's impact. These turnover
 patterns can, accordingly, be utilized as a source of disability
 inference. A statistical model based on the notion of sequential testing
 is derived and confronted with data reflecting the post-injury labour
 market experiences of permanently impaired workers. 
Journal: Applied Economics Letters 
Pages: 747-751 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352330 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352330&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Todd Cherry 
Author-X-Name-First: Todd 
Author-X-Name-Last: Cherry 
Title: Unobserved heterogeneity bias when estimating the economic model of crime 
Abstract:
  Using unique and unpublished panel data from selected US cities, the
 paper investigates the consequences of ignoring unobserved heterogeneity
 in the unit of observation when estimating the economic model of crime.
 Results confirm that neglecting to control for unobserved heterogeneity
 overstates the ability of sanctions to deter criminal activity. Further,
 this upward bias is found to vary significantly across crime types.
 Interestingly, heterogeneity is insignificant in the tightly reported
 crimes of murder and auto-theft while being significant in assault,
 robbery, burglary and larceny where individuals and police have greater
 discretion in reporting. 
Journal: Applied Economics Letters 
Pages: 753-757 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352349 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352349&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Patrick McEwan 
Author-X-Name-First: Patrick 
Author-X-Name-Last: McEwan 
Title: Private costs and the rate of return to primary education 
Abstract:
  The paper suggests that typical estimates of returns to primary education
 are over-estimated, because import costs to individuals are excluded. In
 calculations with Honduran data, private returns are found to drop
 significantly when private costs are included. It is suggested that lower
 private rates of return are consistent with low educational attainment in
 many developing countries. 
Journal: Applied Economics Letters 
Pages: 759-760 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352358 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352358&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Berta Rivera 
Author-X-Name-First: Berta 
Author-X-Name-Last: Rivera 
Author-Name: Luis Currais 
Author-X-Name-First: Luis 
Author-X-Name-Last: Currais 
Title: Economic growth and health: direct impact or reverse causation? 
Abstract:
  The purpose of this paper is to identify the role of health status in
 productivity. In order to check the existence of reverse causation
 suggested by previous studies the Hausman test was carried out and
 different sets of instruments were used as exogenous determinants of
 health expenditure. Variables related to health expenditure were used to
 estimate the elasticity and these produced accepted results. Evidence was
 obtained to support the positive effect of health on economic growth. 
Journal: Applied Economics Letters 
Pages: 761-764 
Issue: 11 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352367 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352367&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luca Matteo Stanca 
Author-X-Name-First: Luca Matteo 
Author-X-Name-Last: Stanca 
Title: Are business cycles all alike? Evidence from long-run international data 
Abstract:
  Most recent empirical analyses of aggregate economic fluctuations rely on
 the implicit assumption that business cycles are all alike. This paper
 investigates this assumption for the long-run international data set of
 Backus and Kehoe and presents the results of statistical tests of the
 'representative cycle' hypothesis. Findings show that there is substantial
 heterogeneity across individual cycles and phases in terms of duration,
 amplitude, and co-movements between variables, and that such heterogeneity
 is generally statistically significant. These results underline, at an
 empirical level, the limitations of measuring business cycles in terms of
 sample second moments, and, at a theoretical level, the difficulties of
 developing theories providing a unified explanation of the business cycle. 
Journal: Applied Economics Letters 
Pages: 765-769 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352123 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352123&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. Geoffrey Booth 
Author-X-Name-First: G. Geoffrey 
Author-X-Name-Last: Booth 
Author-Name: Juha-Pekka Kallunki 
Author-X-Name-First: Juha-Pekka 
Author-X-Name-Last: Kallunki 
Author-Name: Teppo Martikainen 
Author-X-Name-First: Teppo 
Author-X-Name-Last: Martikainen 
Title: Earnings news and the behaviour of large and small traders in the Finnish stock market 
Abstract:
  This paper investigates the impact of earnings news on the trading
 behaviour of different types of traders in Finland. The results indicate
 that small and large traders behave differently around the earnings
 announcements, small traders increasing their sell orders after negative
 earnings surprises. 
Journal: Applied Economics Letters 
Pages: 771-774 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352132 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352132&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hiroshi Yamada 
Author-X-Name-First: Hiroshi 
Author-X-Name-Last: Yamada 
Title: Empirical evidence for export promotion strategies 
Abstract:
  The paper examines the validity of export promotion strategies using a
 structural vector autoregressive model. Empirical results based on Korean
 monthly data indicate that: (i) export specific shocks have permanent
 effects on output; and (ii) the effects are not small. These results
 provide some support for export promotion strategies. 
Journal: Applied Economics Letters 
Pages: 775-778 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352141 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352141&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Rhoads 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Rhoads 
Author-Name: Jason Shogren 
Author-X-Name-First: Jason 
Author-X-Name-Last: Shogren 
Title: On Coasean bargaining with transaction costs 
Abstract:
  The letter explores how transaction costs affect the efficiency and
 rationality of Coasian bargaining. Efficiency remained relatively robust
 with low transaction costs, but was significantly reduced with high
 transaction costs. A cheap talk protocol increased efficiency. Rationality
 was dominated by constrained self-interest. 
Journal: Applied Economics Letters 
Pages: 779-783 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352150 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352150&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Laband 
Author-X-Name-First: David 
Author-X-Name-Last: Laband 
Author-Name: Bernard Lentz 
Author-X-Name-First: Bernard 
Author-X-Name-Last: Lentz 
Title: The impact of having a mentor on earnings and promotion: evidence from a panel study of lawyers 
Abstract:
  Based on our analysis of longitudinal data from the American Bar
 Association's National Survey of Career Satisfaction/Dissatisfaction, we
 report on the economic consequences of having a mentor. Specifically, we
 find that individuals who reported having a mentor in 1984 were more
 likely (in 1990) to have achieved partner status. However, we find no
 evidence of any statistically significant link between protegeship in 1984
 and earnings in 1990. 
Journal: Applied Economics Letters 
Pages: 785-787 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352169 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352169&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. Law 
Author-X-Name-First: D. 
Author-X-Name-Last: Law 
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Author-Name: M. Cain 
Author-X-Name-First: M. 
Author-X-Name-Last: Cain 
Title: Place returns between the tote and bookmakers: empirical evidence of a market anomaly 
Abstract:
  This letter examines the relationship between returns to win and place
 betting between the tote and bookmakers when explicit allowance is made
 for the degree of insider trading employing the Shin measure. The results
 are not readily reconcilable with market efficiency. 
Journal: Applied Economics Letters 
Pages: 789-792 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352178 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352178&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Apergis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Apergis 
Title: Monetary policy design and the buffer-stock hypothesis: further evidence from European Union countries 
Abstract:
  The buffer-stock hypothesis is examined through a structural vector
 autoregression (SVAR) model across European Union (EU) countries. Variance
 decompositions do not provide uniform evidence in favour of the
 buffer-stock hypothesis in all case studies. The results are very
 important for the design of monetary policy within EU. 
Journal: Applied Economics Letters 
Pages: 793-796 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352187 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352187&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fiona Carmichael 
Author-X-Name-First: Fiona 
Author-X-Name-Last: Carmichael 
Author-Name: Janet Millington 
Author-X-Name-First: Janet 
Author-X-Name-Last: Millington 
Author-Name: Roberts Simmons 
Author-X-Name-First: Roberts 
Author-X-Name-Last: Simmons 
Title: Elasticity of demand for Rugby League attendance and the impact of BskyB 
Abstract:
  This note adds to the literature on price elasticity of demand for
 attendance at sports league fixtures using a cross-section study of
 English Rugby League for 1994/95. A price elasticity of demand of -0.57 we
 found. Impacts on attendance of live televising of matches by BSkyB are
 identified and uncertainty of outcome effects is shown. 
Journal: Applied Economics Letters 
Pages: 797-800 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352196 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352196&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Author-Name: D. Law 
Author-X-Name-First: D. 
Author-X-Name-Last: Law 
Author-Name: M. Cain 
Author-X-Name-First: M. 
Author-X-Name-Last: Cain 
Title: Market movers and tote and bookmakers returns: further empirical evidence on a market anomaly 
Abstract:
  This letter provides empiricial evidence on the impact of market
 movements in odds between opening and closing prices on relative tote and
 bookmaker returns when explicit allowence is made for insider trading. The
 results support an asymetric impact and are not readily reconcilable with
 market effciency. 
Journal: Applied Economics Letters 
Pages: 801-804 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352204 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352204&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Justin Isaacs 
Author-X-Name-First: Justin 
Author-X-Name-Last: Isaacs 
Author-Name: David Laband 
Author-X-Name-First: David 
Author-X-Name-Last: Laband 
Title: Within-group homogeneity and exit in religious clubs 
Abstract:
  We investigate empirically the influence of homogeneity of populations in
 fixed geographic jurisdictions on the structure of religious clubs in
 these same jurisdictions. Using county-level data, we find that variation
 in the number of religous clubs is influenced strongly by measured
 heterogeneity in each county's population. Our findings support Tiebout's
 voting-with-the-feet model of competition in the supply of public goods,
 in a club context. 
Journal: Applied Economics Letters 
Pages: 805-808 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352213 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352213&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Quentin Wodon 
Author-X-Name-First: Quentin 
Author-X-Name-Last: Wodon 
Title: Regional poverty lines, poverty profiles, and targeting 
Abstract:
  The most labour-intensive task in building a poverty profile consists in
 the estimation of the poverty lines. Does it matter whether poverty lines
 are estimated for the urban and rural sectors as a whole or by
 geographical area within each sector? Using a decomposition of the Gini
 index of inequality in poverty measures, it is shown that it does, but not
 too much in Bangladesh. 
Journal: Applied Economics Letters 
Pages: 809-812 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352222 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352222&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dragan Miljkovic 
Author-X-Name-First: Dragan 
Author-X-Name-Last: Miljkovic 
Title: A note on generality of the Cagan model for money demand 
Abstract:
  The generality of the Cagan model for money demand is questioned. Some
 high inflationary economies are hit by external shocks that may have a
 non-transitory effect on macroeconomic variables including consumer
 prices, high-powered money, or narrow money which are usually used in
 these studies. When a structural break exists, standard unit-root tests
 such as the augmented Dickey-Fuller test or Phillips-Perron test are
 biased in favour of accepting the hypothesis of non-stationarity. An
 alternative Perron's testing procedure, which includes dummy variables
 that recognize the possibility of exogenous changes in level or trend, was
 applied on high inflation plagued Yugoslavia and Mexico. Consumer price
 and money variables are in both cases stationary around a deterministic
 breaking trend function. Therefore, no cointegration between the variables
 exists and the Cagan model cannot explain the nature of inflationary
 processes in these countries. Alternative specifications are necessary. 
Journal: Applied Economics Letters 
Pages: 813-815 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352231 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352231&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gregory Koutmos 
Author-X-Name-First: Gregory 
Author-X-Name-Last: Koutmos 
Title: Asymmetric index stock returns: evidence from the G-7 
Abstract:
  There is able empirical evidence that the conditional volatility of stock
 returns is asymmetric in the sense that negative innovations increase
 volatility more than positive innovations of an equal magnitude. Less
 attention, however, has been paid to possible asymmetries in the
 conditional mean. This paper uses time-varying asymmetric distributions to
 model index stock returns of the Group of Seven (G-7) industrialized
 nations. In agreement with the extant literature, all index stock returns
 exhibit asymmetric volatility. More importantly however, the conditional
 mean is also an asymmetric function of past innovations, in most cases.
 Interestingly, the asymmetry in the conditional mean case is the reverse
 of that observed in the conditional variance, that is, positive
 innovations have a greater impact than negative innovations of an equal
 sign. Equivalently, positive innovations (up markets) are more persistent
 than negative innovations (down markets). Overall, the evidence suggests
 that taking into account both size as well as the sign of past innovations
 can improve forecasts of the conditional first and second moments of stock
 returns. 
Journal: Applied Economics Letters 
Pages: 817-820 
Issue: 12 
Volume: 6 
Year: 1999 
X-DOI: 10.1080/135048599352240 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048599352240&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Raghbendra Jha 
Author-X-Name-First: Raghbendra 
Author-X-Name-Last: Jha 
Author-Name: Puneet Chitkara 
Author-X-Name-First: Puneet 
Author-X-Name-Last: Chitkara 
Author-Name: Santanu Gupta 
Author-X-Name-First: Santanu 
Author-X-Name-Last: Gupta 
Title: Productivity, technical and allocative efficiency and farm size in wheat farming in India: a DEA approach 
Abstract:
  Data Envelopment Analysis (DEA) is used to estimate allocative and
 technical inefficiency in the cultivation of wheat on 300 farms in the
 Indian Punjab for the periods 1981-82 and 1982-83. These measures of
 efficiency as well as farm yield are related to farm size. The paper
 appears to be the first to measure technical and allocative efficiency in
 agriculture jointly. It is discovered that, on the whole, large farms are
 technically and allocatively more efficient than small farms for both
 years. At the disaggregated level a broadly similar result obtains. Policy
 implications, particularly for land reforms, are discussed. 
Journal: Applied Economics Letters 
Pages: 1-5 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351997 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351997&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Morley 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Morley 
Author-Name: Eric Pentecost 
Author-X-Name-First: Eric 
Author-X-Name-Last: Pentecost 
Title: Common trends and cycles in G-7 countries exchange rates and stock prices 
Abstract:
  In this paper we investigate the nature of the relationship between stock
 prices and spot exchange rates using recent developments in time series
 modelling. We are able to explain why traditional econometric techniques
 show little correlation between bilateral exchange rates and stock prices.
 The reason is that stock prices and exchange rates do not exhibit common
 trends, but do exhibit common cycles. Common cycle tests are used in this
 paper to show this result for the G-7 countries exchange rates and
 relative stock market prices indices using monthly data over the period
 from 1982 to 1994. 
Journal: Applied Economics Letters 
Pages: 7-10 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352004 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352004&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David King 
Author-X-Name-First: David 
Author-X-Name-Last: King 
Author-Name: Yue Ma 
Author-X-Name-First: Yue 
Author-X-Name-Last: Ma 
Title: Decentralization and macroeconomic performance 
Abstract:
  The paper examines the relationship between some key measures of
 macroeconomic performance and fiscal decentralization in OECD countries,
 and the impact on this relationship of increased policy co-ordination
 among countries since 1985. It is shown that prior to 1985 there was a
 significant relationship between decentralization and macroeconomic
 performance on all of these measures, with decentralized performing
 better. By 1996, however, the relationships had all ceased to be
 significant. This suggests that, as a result of harmonization, the
 tendency for decentralized economies to have more effective economic
 policies has weakened. 
Journal: Applied Economics Letters 
Pages: 11-14 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352013 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352013&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Bernstein 
Author-X-Name-First: David 
Author-X-Name-Last: Bernstein 
Title: To what degree do central banks sterilize the effects of capital flows on domestic money supply? 
Abstract:
  Under the current system of managed float exchange rates, large countries
 are able to absorb changes in their balance-of-payments by either
 manipulating international reserves to sterilize capital flows or by
 accepting changes in their exchange rates. In this system, the monetary
 authorities of the G7 countries have found it beneficial to sterilize
 capital flows thereby stabilizing their exchange rates and gaining greater
 control of their domestic money supply. Previous empirical work on the
 effects of sterilization were conducted using shortrun models on fixed
 exchange rates. Using the monetary approach to the balance-of-payments
 which emphasizes the money market from which balance-of-payments
 imbalances are derived, this article combines the current managed float
 system of exchange rates with cointegration techniques in considering the
 long-run relationship that has developed between the monetary base and
 money demand of the G7 countries from sterilized capital flows. 
Journal: Applied Economics Letters 
Pages: 15-19 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352022 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352022&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ursicino Carrascal 
Author-X-Name-First: Ursicino 
Author-X-Name-Last: Carrascal 
Title: AIDS extended by means of family composition 
Abstract:
  The aim of this paper is to put forward an alternative to the model
 previously presented in this journal, an alternative that implies no
 additional restrictions, satisfying the requisites of Economic Theory.
 Furthermore, this model is seen to behave well in practice, especially
 when working with very large samples, and its integrability has been
 proven. 
Journal: Applied Economics Letters 
Pages: 21-23 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352031 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352031&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Helmut Hofer 
Author-X-Name-First: Helmut 
Author-X-Name-Last: Hofer 
Author-Name: Gerhard Runstler 
Author-X-Name-First: Gerhard 
Author-X-Name-Last: Runstler 
Author-Name: Thomas Url 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Url 
Title: The dynamic effects of aggregate supply and demand disturbances: further evidence 
Abstract:
  For the decomposition of GDP into its trend and cyclical components,
 Blanchard and Quah (1989) proposed to extract the cycle by imposing a
 long-run restriction on the moving average polynomial of a bivariate
 autoregressive process for GDP and a cyclical indicator. We investigate
 the robustness of this decomposition with respect to the specification of
 the process and the choice of the cyclical indicator. We find that low
 order VARMA processes are sufficient for capturing the joint dynamics of
 the bivariate process. The decomposition seems rather stable, however,
 there are differences in the impulse response functions associated with
 permanent shocks. Moreover, the inflation rate, though used in several
 studies, seems not suitable for the usage as a cyclical indicator. 
Journal: Applied Economics Letters 
Pages: 25-28 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352040 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352040&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matti Viren 
Author-X-Name-First: Matti 
Author-X-Name-Last: Viren 
Title: Measuring effectiveness of fiscal policy in OECD countries 
Abstract:
  The paper discusses the measurement of fiscal policy effects in the
 OECD/EU countries. The analysis is based on a simple VAR model for output
 growth, inflation and a fiscal indicator. Empirical analyses with data
 from 21 OECD countries for 1960-1996 show that fiscal policy effects
 differ considerably between EU countries. The core EMU countries do not
 seem to include France and Spain. 
Journal: Applied Economics Letters 
Pages: 29-34 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352059 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352059&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeff Anstine 
Author-X-Name-First: Jeff 
Author-X-Name-Last: Anstine 
Title: Consumers' willingness to pay for recycled content in plastic kitchen garbage bags: a hedonic price approach 
Abstract:
  Consumers' willingness to pay for recycled content in their purchase of
 13 gallon kitchen garbage bags is examined. Products made from recycled
 material are perceived to be less detrimental to the environment by some
 consumers than products made from virgin material only. It is possible
 that some consumers might be willing to pay more for goods made with
 recycled material in an attempt to improve environmental quality. Overall,
 environmental quality would improve slightly, but the improvements would
 not necessarily be perceived by the individual purchasing the product.
 Perhaps due to this public good aspect of others receiving the benefits of
 the individual's decision, it is found that consumers are not willing to
 pay more for kitchen garbage bags made from recycled plastic. 
Journal: Applied Economics Letters 
Pages: 35-39 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352068 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352068&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joao Ricardo Faria 
Author-X-Name-First: Joao Ricardo 
Author-X-Name-Last: Faria 
Title: The demand for currency in the presence of indexed money: the case of Brazil 
Abstract:
  The presence of indexed money modifies the demand for currency equation.
 An optimal demand for currency is derived from a transaction cost model,
 which includes indexed money. This money demand considers inflation an
 argument along with output and nominal interest rate. The estimation for
 the Brazilian case shows that inflation and nominal interest rates are
 found negatively and output positively related to the demand for narrow
 money. The parameter stability tests show that the disequilibrium error
 should not reflect the impact of inflation. 
Journal: Applied Economics Letters 
Pages: 41-43 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352077 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352077&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wolter Hassink 
Author-X-Name-First: Wolter 
Author-X-Name-Last: Hassink 
Title: Job destruction through quits or layoffs? 
Abstract:
  It is demonstrated that for existing firms quits are important in the
 destruction of jobs. Although layoffs are relatively more used than quits,
 it is found that in absolute terms a substantial part of the destruction
 is accomplished through quits. 
Journal: Applied Economics Letters 
Pages: 45-47 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352086 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352086&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dipak Ghosh 
Author-X-Name-First: Dipak 
Author-X-Name-Last: Ghosh 
Author-Name: Swarna Dutt 
Author-X-Name-First: Swarna 
Author-X-Name-Last: Dutt 
Title: Macroeconomic forecasts: an empirical test of rationality and parameter stability 
Abstract:
  The consistency property of a select group of macroeconomic variables,
 representing both the real and the financial sector of the economy, is
 re-examined. Consistency is a precondition to rationality in the
 expectation formation process. The theoretical foundations are similar to
 those used to study exchange rate expectations. A very reliable and
 continuous data set, the ASA-NBER survey, is used, which has forecasts
 over multiple horizons. The Hansen test, which has the dual advantage of
 being a test of parameter stability over time and also examines the
 cointegration properties of the actual and forecast series using the
 modern null of cointegration approach, was applied. This is able to
 distinguish between unit root and near unit root processes, which is of
 vital interest in cases of near stationarity. Results show that experts'
 predictions are inconsistent over all time horizons in the data set. 
Journal: Applied Economics Letters 
Pages: 49-52 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352095 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352095&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mickael Lothgren 
Author-X-Name-First: Mickael 
Author-X-Name-Last: Lothgren 
Title: On the consistency of the DEA-based average efficiency bootstrap 
Abstract:
  It is shown that the bootstrap method should be applied with care for the
 Data Envelopment Analysis (DEA) estimator of average technical efficiency
 if the production frontier is stochastic. A stochastic production frontier
 leads to an inconsistency of the DEA estimator, which in turn leads to
 inconsistent and potentially highly misleading bootstrap confidence
 intervals. A Monte Carlo simulation study reveals that the empirical
 coverage accuracy of the bootstrap confidence intervals approaches zero as
 the sample size increases, even for small contributions of frontier
 variance to total frontier and efficiency variance. 
Journal: Applied Economics Letters 
Pages: 53-57 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352103 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352103&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Fox 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Fox 
Title: Information-rich expressions for model selection criteria 
Abstract:
  While many model selection criteria have been suggested over the last
 thirty years, applied researchers still rely on R2 and R -2 to a
 surprising degree. It is suggested that this is mainly due to the extra
 informational content of these criteria compared to other alternatives.
 Expressions for other (superior) criteria are derived which allow the same
 dimensions of information to be conveyed. 
Journal: Applied Economics Letters 
Pages: 59-62 
Issue: 1 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500352112 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500352112&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Kakes 
Author-X-Name-First: Jan 
Author-X-Name-Last: Kakes 
Title: Identifying the mechanism: is there a bank lending channel of monetary transmission in the Netherlands? 
Abstract:
  The paper investigates the role of bank lending in the monetary
 transmission process in the Netherlands. The Johansen approach is used to
 identify supply and demand relationships in the credit market, and it is
 concluded from the short-run dynamics that this market is
 demand-determined. In this way, an important identification problem of
 studies based on aggregate data is explicitly addressed. Results are
 consistent with earlier fundings that banks hold a buffer stock of
 securities which they use to offset monetary shocks. The main implication
 of the study is that a bank lending channel is not an important monetary
 transmission mechanism. 
Journal: Applied Economics Letters 
Pages: 63-67 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351825 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351825&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kyle Kauffman 
Author-X-Name-First: Kyle 
Author-X-Name-Last: Kauffman 
Title: Economic factors in the choice of an early form of capital: draught animals in early twentieth century South Africa 
Abstract:
  The most important capital choice decision in a pre-mechanized
 agricultural economy was that of which type of draught animal to use. This
 paper provides an economic explanation for the varied use of draught
 animals in early twentieth century South Africa. It is argued that the
 abuse-resistant mule was used primarily on large white-owned farms by the
 hired workers to mitigate the inherent principalagent problem. This
 suggests that at least the allocation of draught animals in South African
 agriculture was efficient similar to what has been found for the US and
 Italy. 
Journal: Applied Economics Letters 
Pages: 69-71 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351834 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351834&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Gius 
Author-X-Name-First: Mark 
Author-X-Name-Last: Gius 
Author-Name: Donn Johnson 
Author-X-Name-First: Donn 
Author-X-Name-Last: Johnson 
Title: Race and compensation in professional football 
Abstract:
  Although there have been numerous studies on the effect of race on the
 compensation of National Basketball Association and Major League Baseball
 players, there have been only three prior studies that investigated the
 effect of race on the compensation of National Football League (NFL)
 players. Two found no evidence of racial discrimination in NFL player
 compensation, while one found that, at most, whites earn on average 4%
 more than African-Americans. Using salary data for 938 NFL players from
 the 1996 season and player and market characteristic data from the 1995
 season, a log-linear wage equation was estimated, and a Chow Test was
 performed. The results indicate that white players earned 10% less than
 African-American players. Other important factors affecting an NFL
 player's salary were experience, position, percentage of games started,
 and the draft status of the player. These results indicate that reverse
 wage discrimination based on race may exist in the NFL. 
Journal: Applied Economics Letters 
Pages: 73-75 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351843 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351843&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Patricia Fraser 
Author-X-Name-First: Patricia 
Author-X-Name-Last: Fraser 
Author-Name: Nicolaas Groenewold 
Author-X-Name-First: Nicolaas 
Author-X-Name-Last: Groenewold 
Title: The effect of exchange rate shocks on the volatility of Australian sector excess returns: a note 
Abstract:
  The study uses GARCH-M methodology to examine the effect of exchange rate
 shocks on the volatility of excess returns for the nineteen sectors of the
 Australian stock market. The data covers the period December 1979 through
 April 1994. The evidence suggests that news on exchange rates can improve
 the volatility forecasts of certain Australian stock market sector excess
 returns. The findings have implications for the professional investor
 looking to diversify risk and, in addition, give some support to asset
 pricing models that place information on the state of the economy as
 central to the process determining equity returns. 
Journal: Applied Economics Letters 
Pages: 77-81 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351852 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351852&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Costas Karfakis 
Author-X-Name-First: Costas 
Author-X-Name-Last: Karfakis 
Author-Name: Moise Sidir Opoulos 
Author-X-Name-First: Moise Sidir 
Author-X-Name-Last: Opoulos 
Title: On the stability of the long-run money demand in Greece 
Abstract:
  The paper examines the existence and the stability of the long-run demand
 for narrow money balances (M1) in Greece over the deregulated period
 1986:Q1-1995:Q4 using time series techniques. Cointegration tests have
 revealed the existence of a systematic long-run relationship between real
 money balances, real income, and the interest rate. An interesting aspect
 of the stability analysis is the evidence that the long-run money demand
 equation is stable over the sample period, implying that the narrow money
 aggregate could have been used as an intermediate target of monetary
 policy in Greece. 
Journal: Applied Economics Letters 
Pages: 83-86 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351861 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351861&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samih Antoine Azar 
Author-X-Name-First: Samih Antoine 
Author-X-Name-Last: Azar 
Title: Another look at the rationality of the stock market 
Abstract:
  A model due to Lucas is estimated between the real stock market returns
 and real dividends on the market index. The sample spans the period from
 1872 to 1987 on an annual basis. The results are close to theoretical
 expectations: the coefficient of relative risk aversion, which minimizes
 the sum of square residual, is estimated to be around 0.89, and the
 discount rate around 8%. This means that a relatively simple valuation
 model is capable of describing the stock market, lending support to the
 rationality of this market. 
Journal: Applied Economics Letters 
Pages: 87-89 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351870 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351870&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cuddalore Sundar 
Author-X-Name-First: Cuddalore 
Author-X-Name-Last: Sundar 
Author-Name: John Hill 
Author-X-Name-First: John 
Author-X-Name-Last: Hill 
Author-Name: John Lajaunie 
Author-X-Name-First: John 
Author-X-Name-Last: Lajaunie 
Title: Tax incentives and individual investor behaviour 
Abstract:
Journal: Applied Economics Letters 
Pages: 91-94 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351889 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351889&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gan Wee 
Author-X-Name-First: Gan 
Author-X-Name-Last: Wee 
Author-Name: Soone Le Ying 
Author-X-Name-First: Soone Le 
Author-X-Name-Last: Ying 
Title: Exchange rate and interest rate differential: the case of the Malaysian Ringgit/US Dollar 
Abstract:
  The paper tests for the systematic empirical relationship between the
 Malaysian Ringgit/US Dollar real exchange rate and the real interest rate
 differential between Malaysia and the US using the Johansen maximum
 likelihood cointegration procedure. The results indicate the existence of
 a fairly robust long-run relationship between the real exchange rate and
 the real interest rate differential. The estimated error correction models
 also indicate the existence of stable adjustment dynamics when either the
 real exchange rate or the real exchange rate differential deviates from
 their long-run equilibrium position. 
Journal: Applied Economics Letters 
Pages: 95-97 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351898 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351898&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Lettau 
Author-X-Name-First: Martin 
Author-X-Name-Last: Lettau 
Title: Cross-variable restrictions in Euler equations and risk premia 
Abstract:
  The paper argues that all restrictions beween variables in Euler
 equations should be taken into account when estimating them. If this is
 not done, the volatility of the marginal rate of substitution is
 overstated. This is shown in context of two models in which it is crucial
 to use restriction between consumption and wealth. 
Journal: Applied Economics Letters 
Pages: 99-101 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351906 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351906&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Swarna Dutt 
Author-X-Name-First: Swarna 
Author-X-Name-Last: Dutt 
Author-Name: Dipak Ghosh 
Author-X-Name-First: Dipak 
Author-X-Name-Last: Ghosh 
Title: Inflation expectations: are they rational? An empirical examination 
Abstract:
  The rationality of the inflation expectation formation process is
 examined using the NBER-ASA survey's annual inflation forecasts. The
 non-stationarity of the relevant series, i.e. the actual (future spot) and
 the corresponding forecast inflation series allows for the application of
 cointegration techniques. The rationality hypothesis is separated into
 weak form (error stationarity) and strong form (parameter restriction)
 models, and sequentially tested. The powerful and robust null of
 cointegration technique is implemented, which also examines model
 stability over time. Inflation forecasts are weak (not strong) form
 rational. 
Journal: Applied Economics Letters 
Pages: 103-106 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351915 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351915&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Agesa 
Author-X-Name-First: Richard 
Author-X-Name-Last: Agesa 
Title: The incentive for rural to urban migration: a re-examination of the Harris-Todaro model 
Abstract:
  An attempt is made to provide a more accurate measure of the incentive
 for rural to urban migration in developing countries. The study uses data
 from Kenya to estimate the urban to rural wage gap and then decomposes the
 gap into the portion due to differences in explained characteristics of
 rural non-migrant workers and migrant urban workers, and the portion due
 to returns to observed attributes. The results suggest that the returns to
 observable attributes constitute the largest portion of the wage gap, and
 may offer a more accurate measure of the incentive for rural to urban
 migration. 
Journal: Applied Economics Letters 
Pages: 107-110 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351924 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351924&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kent Matthews 
Author-X-Name-First: Kent 
Author-X-Name-Last: Matthews 
Author-Name: Jean Lloyd-Williams 
Author-X-Name-First: Jean 
Author-X-Name-Last: Lloyd-Williams 
Title: Have VAT rates reached their limit?: an empirical note 
Abstract:
  Value-added taxes (VAT) have increased in a number of developed economies
 in recent years. The shift towards consumption taxes in general and VAT in
 particular has made it a politically sensitive tax. While it is generally
 accepted that an expenditure tax such as VAT is less distortionary and
 more efficient to collect than an income tax, there is increasing concern
 that VAT rates have reached or are close to their revenue maximizing
 limit. Empirical evidence is produced to support this view. 
Journal: Applied Economics Letters 
Pages: 111-115 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351933 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351933&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vicente Esteve 
Author-X-Name-First: Vicente 
Author-X-Name-Last: Esteve 
Author-Name: Simon Sosvilla-Rivero 
Author-X-Name-First: Simon 
Author-X-Name-Last: Sosvilla-Rivero 
Author-Name: Cecilio Tamarit 
Author-X-Name-First: Cecilio 
Author-X-Name-Last: Tamarit 
Title: Convergence in fiscal pressure across EU countries 
Abstract:
  The degree of convergence in fiscal pressure registered in the European
 Union during the 1967-94 period is studied. To that end, OECD data is used
 and both the traditional cross-sectional convergence indicators and the
 time series analysis of the longrun properties of the data set are
 examined. 
Journal: Applied Economics Letters 
Pages: 117-123 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351942 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351942&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ahmad Seyf 
Author-X-Name-First: Ahmad 
Author-X-Name-Last: Seyf 
Title: Can more FDI solve the problem of unemployment in the EU? A short note 
Abstract:
  This letter, using regression analysis, attempts to quantify the
 relationship between foreign direct invetment (FDI) and jobs in the
 European Union. A sample of 401 Japanese firms in four EU member states
 has been chosen. It is shown that despite the clear enthusiasm of
 governments in these countries to attract FDI, its impact on job creation
 is not substantial, and hence, as a policy to reduce unemployment in the
 EU, this option may have to be seriously re-examined. 
Journal: Applied Economics Letters 
Pages: 125-128 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351951 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351951&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Grace 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Grace 
Title: Black-Scholes option pricing via genetic algorithms 
Abstract:
  Investors use the Black-Scholes option pricing model to find
 theoretically correct option prices. These prices are then compared to
 market prices to discover mispriced options. However, a difficulty arises
 in the use of the model, because one variable in the model must be
 estimated: the instantaneous variance of the underlying security's
 returns. This is usually proxied by the implied volatility of the
 security's returns. The more accurately investors are able to estimate
 this value, the more accurate their estimates of theoretical option values
 will be. It is argued that investors can find more precise theoretical
 values of options by using genetic algorithms than by using traditional
 calculus-based search techniques to find estimates of the implied
 volatility. 
Journal: Applied Economics Letters 
Pages: 129-132 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351960 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351960&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitris Kirikos 
Author-X-Name-First: Dimitris 
Author-X-Name-Last: Kirikos 
Title: Forecasting exchange rates out of sample: random walk vs Markov switching regimes 
Abstract:
  A random walk is compared with a Markov switching regimes process in
 forecasting exchange rates out of sample, using quarterly data on three
 currencies relative to the US dollar over the period 1973:3-1997:3. The
 results show that the relative performance of the models varies with the
 length of the post-sample period suggesting that the availability of more
 past information may be useful in forecasting future exchange rates. 
Journal: Applied Economics Letters 
Pages: 133-136 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351979 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351979&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lonnie Hamm 
Author-X-Name-First: Lonnie 
Author-X-Name-Last: Hamm 
Author-Name: B. Wade Brorsen 
Author-X-Name-First: B. Wade 
Author-X-Name-Last: Brorsen 
Title: Trading futures markets based on signals from a neural network 
Abstract:
  A neural network trading model is developed for hard red winter wheat and
 Deutsche Mark futures markets. The inputs to the neural network are lagged
 prices. The results are generally unfavourable. The neural network does
 not produce statistically significant profits. 
Journal: Applied Economics Letters 
Pages: 137-140 
Issue: 2 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351988 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351988&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sung Kim 
Author-X-Name-First: Sung 
Author-X-Name-Last: Kim 
Author-Name: Thomas Willett 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Willett 
Title: Is the negative correlation between inflation and growth real? An analysis of the effects of the oil supply shocks 
Abstract:
  This paper investigates the view that the often-documented negative
 relationship between inflation and economic growth is largely spurious,
 resulting primarily from supply shocks which raise inflation and hurt
 growth. Evidence from tests of structural breaks is consistent with this
 hypothesis, but more detailed examination finds that while incorporation
 of supply-shock considerations does lower some of the estimates of the
 effects of inflation on growth for the industrial countries, these remain
 quite substantial. Little influence is found on the much lower estimates
 for developing countries. 
Journal: Applied Economics Letters 
Pages: 141-147 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351681 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351681&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Harris 
Author-X-Name-First: Mark 
Author-X-Name-Last: Harris 
Author-Name: Laszlo Matyas 
Author-X-Name-First: Laszlo 
Author-X-Name-Last: Matyas 
Title: Performance of the operational Wansbeek-Bekker estimator for dynamic panel data models 
Abstract:
  Wansbeek and Bekker considered a new estimator for simple dynamic panel
 data models (where there are no exogenous variables) which involved a
 complex weighting matrix. An operational variant of this estimator is
 proposed which is applicable to the more realistic case where there are
 exogenous variables. Also proposed is an easy-to-compute approximation to
 the weighting matrix. The performance of this (these) new estimator(s) is
 examined, revealing very desirable small sample properties in a wide range
 of situations that the applied researcher is likely to encounter,
 especially in moderate time series length panels. 
Journal: Applied Economics Letters 
Pages: 149-153 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351690 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351690&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ina Levitzky 
Author-X-Name-First: Ina 
Author-X-Name-Last: Levitzky 
Author-Name: Djeto Assane 
Author-X-Name-First: Djeto 
Author-X-Name-Last: Assane 
Author-Name: William Robinson 
Author-X-Name-First: William 
Author-X-Name-Last: Robinson 
Title: Determinants of gaming revenue: extent of changing attitudes in the gaming industry 
Abstract:
  Analysis of monthly gaming activities in Clark County, Nevada from 1988:1
 to 1995:6 reveals that the County's gaming revenue is positively
 associated with the amount of playable slot machines and visitors, and
 negatively to the nation's travel price index. The analysis also reveals
 the negative effect of playable table games on gaming revenue, hence
 signalling changing attitudes toward gaming in general. 
Journal: Applied Economics Letters 
Pages: 155-158 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351708 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351708&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Holmes 
Author-X-Name-First: Mark 
Author-X-Name-Last: Holmes 
Title: Monetary shocks, inflation and the asymmetric adjustment of UK industrial output 
Abstract:
  There is evidence that real output responds asymmetrically to monetary
 shocks. Models advanced by Tsiddon and Ball and Mankiw argue that the
 degree of asymmetry to demand shocks is sensitive to inflation. Using data
 on manufacturing, services, construction, energy and agricultural output,
 this study tests whether this is the case for UK industry. Maximum
 likelihood estimation offers confirmation for manufacturing and
 construction output but evidence is much weaker in the cases of service,
 energy and agricultural sector output. 
Journal: Applied Economics Letters 
Pages: 159-163 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351717 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351717&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Subhash Sharma 
Author-X-Name-First: Subhash 
Author-X-Name-Last: Sharma 
Author-Name: Soo Chua 
Author-X-Name-First: Soo 
Author-X-Name-Last: Chua 
Title: ASEAN: economic integration and intra-regional trade 
Abstract:
  The study shed some light on the economic integration and intra-regional
 trade in the ASEAN countries, namely Indonesia, Malaysia, Philippines,
 Singapore and Thailand. Towards this goal, a gravity model is estimated
 for each of the five ASEAN countries based on the data from 1980 to 1995.
 Analysis reveals that the trade in ASEAN countries increases with the size
 of the economy. The ASEAN integration scheme did not increase intra-ASEAN
 trade, but an increase in trade occurred with members of a wider APEC
 group. 
Journal: Applied Economics Letters 
Pages: 165-169 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351726 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351726&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Patricia Chelley-Steeley 
Author-X-Name-First: Patricia 
Author-X-Name-Last: Chelley-Steeley 
Author-Name: James Steeley 
Author-X-Name-First: James 
Author-X-Name-Last: Steeley 
Title: Portfolio diversification and filter rule profits 
Abstract:
  Previously, it has been shown that the profits from a simple market
 timing trading rule applied to a portfolio of shares can be affected by
 the inter-relationships between the returns of the component securities.
 In this short letter, the results from applying a more sophisticated
 'filter' rule to the same data are reported. Unlike the simple trading
 rule, the filter rule does produce some evidence of economic profits. 
Journal: Applied Economics Letters 
Pages: 171-175 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351735 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351735&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: Impact of budget deficits on ex post real long-term interest rates 
Abstract:
  The study investigates the impact of budget deficits on ex post real
 long-term interest rates over the 1973-1995 period, thereby addressing an
 interest rate measure and time period, i.e. beyond the mid-to late-1980s,
 that have received only limited attention in the literature. The
 instrumented variables (IV) estimate provides strong evidence that budget
 deficits do raise the long-term real ex post rate of interest. 
Journal: Applied Economics Letters 
Pages: 177-179 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351744 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351744&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Author-Name: Seung-Jun Kwak 
Author-X-Name-First: Seung-Jun 
Author-X-Name-Last: Kwak 
Author-Name: Tai-Yoo Kim 
Author-X-Name-First: Tai-Yoo 
Author-X-Name-Last: Kim 
Title: Dealing with zero response data from contingent valuation surveys: application of least absolute deviations estimator 
Abstract:
  Data on willingness-to-pay (WTP) collected from contingent valuation
 surveys are usuallycensoredat zero. Insuch cases, ordinary least squares
 estimationof the WTP equation produces inconsistent parameter estimates.
 The maximum likelihood estimation of the Tobit model, which is widely used
 in this case, is not robust to heteroscedasticity and non-normal error
 structure. A least absolute deviations estimator allows for the censored
 data structure and is robust to these problems. In addition, the technique
 is useful in the case of small amounts of data. It is applied to household
 survey data in which the contingent valuation question involved the
 benefit of greenhouse gases reduction policy in Korea. 
Journal: Applied Economics Letters 
Pages: 181-184 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351753 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351753&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jinglou Zhao 
Author-X-Name-First: Jinglou 
Author-X-Name-Last: Zhao 
Title: An optimal quality cost model 
Abstract:
  A model is developed for the quality cost of a product as the product
 perfection rate varies and the minimum quality cost model is discussed.
 The sample data from STMT Inc. for the years 1994 and 1995 is used to show
 how to establish the model using the linear regression model method. 
Journal: Applied Economics Letters 
Pages: 185-188 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351762 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351762&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christoph Weiss 
Author-X-Name-First: Christoph 
Author-X-Name-Last: Weiss 
Title: Mark-ups, industry structure and the business cycle 
Abstract:
  Information on the primal and dual productivity measure is used to
 estimate industry mark-ups for 4-digit US manufacturing industries.
 Investigating the relationship between these estimates and various
 industry characteristics as well as their cyclical movements, it is found
 that mark-ups are significantly higher in concentrated and
 capital-intensive industries with high growth rates and
 advertising-to-sales ratios. In contrast to previous research, significant
 differences inmark-ups over the business cycle are not found. It is argued
 that the procyclicality of margins reported in earlier studies might be
 caused by the (false) assumption of identical average and marginal costs. 
Journal: Applied Economics Letters 
Pages: 189-191 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351771 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351771&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yue Fang 
Author-X-Name-First: Yue 
Author-X-Name-Last: Fang 
Title: Decades of daily data versus one week data with ultra-high frequency: a note on estimating expected rate of return and volatility 
Abstract:
  Are twodecades of daily observations more plausible thana set of hourly
 data of the same size? Is it true that the more data there is the better
 the estimate? To answer those questions, an understanding of two types of
 consistency associated with estimates of return andvolatility is
 fundamental. The first consistency depends critically upon the total
 length of observation period and reciprocates with estimation of return;
 while the second emphasizes the role of sampling frequency and is more
 relevant when dealing with estimation of volatility. This letter addresses
 certain important issues from estimating return and volatility with
 focuses on the nature and the distinction of these two consistencies as
 well as their respective empirical implications. 
Journal: Applied Economics Letters 
Pages: 193-197 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351780 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351780&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alistair Bruce 
Author-X-Name-First: Alistair 
Author-X-Name-Last: Bruce 
Author-Name: Johnnie Johnson 
Author-X-Name-First: Johnnie 
Author-X-Name-Last: Johnson 
Title: Market efficiency analysis requires a sensitivity to market characteristics: some observations on a recent study of betting market efficiency 
Abstract:
  This short paper offers a critical appraisal of a recent contribution to
 the debate on efficiency in the particular context of horserace betting
 markets. A number of specific criticisms are detailed. These include the
 failure of the authors to capture inefficiency signals which relate to
 non-winning horses and the weakness of the rule developed to identify
 inefficiency signals, in terms especially of its arbitrary nature and the
 fact that it captures a wide range of non-equivalent changes in underlying
 subjective probability. The nature of the inefficiency signals identified
 by the rule also arouses suspicions of sample bias. Further concerns
 relate to the operational limitations of a rule for identifying
 inefficiency which is only observable at the close of the trading period
 and the lack of acknowledgement of the highly limited arbitrage
 opportunities which exist between the parallel bookmaker and parimutuel
 betting markets which operate in the UK. In general, it is argued that the
 main limitation of the earlier paper lies in the fact that its
 methodology, analysis and interpretation of results fail to address the
 idiosyncrasies of structure and process which characterize betting
 markets. 
Journal: Applied Economics Letters 
Pages: 199-202 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351799 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351799&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Youn Kim 
Author-X-Name-First: H. Youn 
Author-X-Name-Last: Kim 
Title: Alternative specifications of consumer intertemporal budget constraint and measures of wealth and saving 
Abstract:
  This note examines several alternative specifications of the consumer's
 intertemporal budget constraint and shows that while different
 specifications give the same first-order conditions, they produce
 different results with respect to measures of wealth and saving and hence
 consumption when interest is paid on money balances. 
Journal: Applied Economics Letters 
Pages: 203-205 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351807 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351807&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Pagan 
Author-X-Name-First: Jose 
Author-X-Name-Last: Pagan 
Author-Name: Gokce Soydemir 
Author-X-Name-First: Gokce 
Author-X-Name-Last: Soydemir 
Title: On the linkages between equity markets in Latin America 
Abstract:
  This paper utilizes a VAR model to analyse the extent of interdependency
 of equity markets in Latin America. The results from estimating impulse
 response functions suggest that there are strong linkages between the
 equity markets of Mexico and the US, and weaker but significant linkages
 between the stock markets of Argentina, Brazil and Chile. These
 cross-country differences in transmission patterns may result from
 country-specific differences in both the financial market structure as
 well as economic fundamentals. 
Journal: Applied Economics Letters 
Pages: 207-210 
Issue: 3 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351816 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351816&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stilianos Fountas 
Author-X-Name-First: Stilianos 
Author-X-Name-Last: Fountas 
Title: Some evidence on the export-led growth hypothesis for Ireland 
Abstract:
  The paper tests the export-led growth hypothesis in Ireland over the last
 40 years using the modern econometric analysis of nonstationary time
 series. It is found that over the 1950-1990 period there is no long-run
 relationship between real GDP and export volume and no evidence for the
 export-led growth hypothesis either. The analysis of the more recent
 1981-1994 period provides strong evidence in favour of a long-run
 relationship between industrial production and export volume and
 Granger-causality from exports to output. These results support the
 export-led growth hypothesis over the last fifteen years and highlight the
 importance of export-promoting policies. 
Journal: Applied Economics Letters 
Pages: 211-214 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351528 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351528&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. Choudhry 
Author-X-Name-First: S. 
Author-X-Name-Last: Choudhry 
Author-Name: A. Abu-Bakar 
Author-X-Name-First: A. 
Author-X-Name-Last: Abu-Bakar 
Author-Name: P. Wylie 
Author-X-Name-First: P. 
Author-X-Name-Last: Wylie 
Title: A yen bloc in Pacific Asia: natural economic symbiosis or overblown rhetorics? 
Abstract:
  Unlike earlier studies, this paper argues that the relevant determinants
 of East Asian integration ought to be gravity (proximity and size of the
 regional economics). Using a gravity model of 1975-95 merchandise trade
 flows, strong evidence was found by East Asian economies integrating and
 interacting like never before. Interestingly, the most recent evidence
 also suggests that Japan is in danger of losing its place at the centre of
 this potentially self-sustaining economic system. In other words, the East
 Asian situation is still unfolding as the regional economies experience a
 dynamic process of changing comparative advantage which is enhancing their
 competitiveness against one another, as well as against other developed
 economies, including Japan. 
Journal: Applied Economics Letters 
Pages: 215-218 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351537 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351537&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saziy Gazioglu 
Author-X-Name-First: Saziy 
Author-X-Name-Last: Gazioglu 
Author-Name: W. David McCausland 
Author-X-Name-First: W. David 
Author-X-Name-Last: McCausland 
Title: The dynamics of bond versus treasury bill deficit financing 
Abstract:
  Many governments have a long-run target of lowering budget deficits in
 the future through current deficit spending, relying on economic growth to
 deliver their policy objective. This paper shows that this is unattainable
 under bond finance, since there exists no stable equilibrium. However, it
 is shown that a sustainable growth equilibrium is possible, but only if
 the deficit is treasury bill financed. 
Journal: Applied Economics Letters 
Pages: 219-223 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351546 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351546&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: On the substitution effect of the minimum wage increase: new evidence 
Abstract:
  The impact of the minimum wage increase on the part-time/full-time
 employment ratio (PTFT) is re-examined. Contrary to some previous
 findings, strong evidence is found of the substitution effect that if the
 relative wage (the ratio of the minimum wage to the average hourly earning
 in the private sector) rises, PTFT decreases. The linear and logarithmic
 forms can be rejected. The partial adjustment process describes the lag
 response better. Real GDP growth is found to be insignificant and may be
 proxied by the unemployment rate for experienced workers. 
Journal: Applied Economics Letters 
Pages: 225-228 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351555 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351555&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Yamada 
Author-X-Name-First: H. 
Author-X-Name-Last: Yamada 
Title: M2 demand relation and effective exchange rate in Japan: a cointegration analysis 
Abstract:
  The paper examines whether M2 demand in Japan does not form a
 cointegrated system unless the effective exchange rate is included. We
 focus on testing statistical significance of the coefficient for the
 effective exchange rate in the long-run equilibrium M2 demand relation.
 Empirical results indicate that it is significant, which suggests that the
 effective exchange rate is necessary for Japanese M2 demand cointegration. 
Journal: Applied Economics Letters 
Pages: 229-232 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351564 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351564&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sangyong Joo 
Author-X-Name-First: Sangyong 
Author-X-Name-Last: Joo 
Title: Stock returns and inflation: a covariance decomposition 
Abstract:
  The paper introduces the concept of covariance decomposition in a vector
 autoregression system. It is applied to the negative relationship between
 real stock returns and inflation in the postwar United States, and examine
 whether monetary policy accounts for the negative covariance. When the
 Federal funds rate is used to identify changes in monetary policy, for the
 1959-1990 sample, about 30% of the observed negative covariance is
 attributable to monetary shocks. 
Journal: Applied Economics Letters 
Pages: 233-237 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351573 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351573&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Margarita Katsimi 
Author-X-Name-First: Margarita 
Author-X-Name-Last: Katsimi 
Title: Stochastic shifts in the natural rate of unemployment: evidence from Greece 
Abstract:
  The paper aims at estimating the natural rate of unemployment in Greece.
 The methodology adopted follows that of Hamilton. It is assumed that the
 rate of unemployment follows a stochastic process with periodic shifts in
 the mean and variance. The natural rate is then estimated using a Markov
 switching process. Empirical evidence is found that the Greek economy
 switches over time between two regimes: a regime in which the natural rate
 and the variance of the rate of unemployment are low (the 1970s); and a
 regime in which both the natural rate and the variance of the rate of
 unemployment are high (the 1960s, 1980s and 1990s). 
Journal: Applied Economics Letters 
Pages: 239-242 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351582 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351582&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nancy Cromwell 
Author-X-Name-First: Nancy 
Author-X-Name-Last: Cromwell 
Author-Name: Walton Taylor 
Author-X-Name-First: Walton 
Author-X-Name-Last: Taylor 
Author-Name: James Yoder 
Author-X-Name-First: James 
Author-X-Name-Last: Yoder 
Title: Diversification across mutual funds in a three-moment world 
Abstract:
  The standard deviation and skewness of returns of mutual fund portfolios
 is examined as the number of funds in the portfolio increases.
 Diversifying across mutual funds substantially reduces portfolio
 dispersion but also causes an undesirable increase in negative return
 skewness. 
Journal: Applied Economics Letters 
Pages: 243-245 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351591 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351591&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Nonparametric measurement of cost competitiveness and productivity 
Abstract:
  A nonparametric method of measuring cost competitiveness is empirically
 applied over international airlines data and a comparison made of the two
 subsets: competitively efficient and the nonefficient. 
Journal: Applied Economics Letters 
Pages: 247-250 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351609 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351609&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Satish Chand 
Author-X-Name-First: Satish 
Author-X-Name-Last: Chand 
Author-Name: Kunal Sen 
Author-X-Name-First: Kunal 
Author-X-Name-Last: Sen 
Title: The business cycle, market structure and mark-ups: an Indian case study 
Abstract:
  The new industrial organization theories as applied to macroeconomics
 predict that the relationship between the business cycle and profit
 mark-up is mediated by market structure. This prediction is tested using
 panel data on Indian manufacturing and evidence is found to support the
 above proposition. In particular, it is found that mark-ups are more
 counter-cyclical in concentrated industries. 
Journal: Applied Economics Letters 
Pages: 251-254 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351618 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351618&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Herce 
Author-X-Name-First: Jose 
Author-X-Name-Last: Herce 
Author-Name: Simon Sosvilla-Rivero 
Author-X-Name-First: Simon 
Author-X-Name-Last: Sosvilla-Rivero 
Author-Name: Juan Jose de Lucio 
Author-X-Name-First: Juan Jose 
Author-X-Name-Last: de Lucio 
Title: Social protection benefits and growth: evidence from the European Union 
Abstract:
  Using a harmonized data set for the European Union and panel data
 techniques, and following a production function approach, we find a
 positive growth effect of total social protection expenditure on growth.
 When evaluating the effects of different programmes, the results are
 mixed. 
Journal: Applied Economics Letters 
Pages: 255-258 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Cointegration and disaggregation: evidence from UK consumers' expenditure 
Abstract:
  Recent work has shown the components of consumers' expenditure to exhibit
 differing temporal properties. Evidence from univariate tests of
 asymmetric behaviour and time deformation models have found durable
 consumption to possess excessive cyclicality and display a greater degree
 of asymmetric behaviour than other components of aggregate consumption. In
 light of this, and the work of Gonzalo (mimeo, University of California,
 San Diego, 1988) and Granger (Long Run Economic Relationships (Eds) R. F.
 Engle and C. W. J. Granger, OUP, Oxford, 1991) on the relationship between
 aggregation and cointegration, the extent of cointegration between income
 and the components of consumers' expenditure is examined. The findings of
 the above studies suggest that durable goods are more likely to be
 cointegrated with income than other components of consumption. The results
 of this letter support this hypothesis. 
Journal: Applied Economics Letters 
Pages: 259-262 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351636 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351636&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Berrens 
Author-X-Name-First: Robert 
Author-X-Name-Last: Berrens 
Title: Reluctant respondents and contingent valuation surveys 
Abstract:
  Using an innovative telephone survey design, this study investigates the
 possibility that 'reluctant' respondents may give significantly different
 willingness to pay (WTP) responses in contingent valuation surveys. Two
 different measures of respondent reluctance are evaluated (interviewer
 assessed and respondent assessed). Evidence of a reluctant respondent
 effect is present in an open-ended elicitation format but not in a
 dichotomous choice elicitation format. Implications for survey design and
 WTP modelling are discussed. 
Journal: Applied Economics Letters 
Pages: 263-266 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351645 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351645&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guido Luchters 
Author-X-Name-First: Guido 
Author-X-Name-Last: Luchters 
Author-Name: Lukas Menkhoff 
Author-X-Name-First: Lukas 
Author-X-Name-Last: Menkhoff 
Title: Chaotic signals from HDI measurement 
Abstract:
  The Human Development Index (HDI) is designed to provide a development
 measure competing with GDP, and it has been reformed several times to this
 end. The 1996 and 1997 reports, however, reveal a severe new flaw in the
 HDI: the transformation of GDP changes into the index of human development
 is completely misleading, as higher real per capita GDP often causes lower
 HDI values, and vice-versa. This transformation is generally highly
 sensitive to the initial GDP, resulting in chaotic transformation
 patterns. Relatively marginal modifications to the measurement of HDI
 could solve this problem. 
Journal: Applied Economics Letters 
Pages: 267-270 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351654 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351654&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Hertel 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Hertel 
Author-Name: Kyle Stiegert 
Author-X-Name-First: Kyle 
Author-X-Name-Last: Stiegert 
Title: Managerial heterogeneity and the compositional effect 
Abstract:
  Standard microeconomic theory has long recognized firm-level substitution
 and output effects in explaining aggregate responses to taxation of an
 input such as nitrogen fertilizer. However, in the presence of managerial
 heterogeneity, a nitrogen tax will also affect the composition of the
 industry, with profligate users of nitrogen shrinking in relative
 importance, and low-nitrogen users expanding. In this paper, we assert
 that a substantial share of the reduction in nitrogen normally attributed
 to firm-level substitution may in fact owe its origin to this type of
 industry-wide compositional effect. We also demonstrate that, while such a
 tax will have only a minor effect on industry average net returns, its
 impact on individual corn producers will be quite significant in some
 cases, with nitrogen-intensive producers losing while those farmers with
 low rates of commercial nitrogen usage stand to gain from the tax. 
Journal: Applied Economics Letters 
Pages: 271-274 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351663 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351663&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alejandro Gaviria 
Author-X-Name-First: Alejandro 
Author-X-Name-Last: Gaviria 
Title: Is soccer dying? A time series approach 
Abstract:
  A Markov switching regime model is used to investigate structural breaks
 in the average goals per game in the premier soccer leagues of England,
 Italy and Spain. The analysis reveals a structural break around 1965 in
 the three countries. 
Journal: Applied Economics Letters 
Pages: 275-278 
Issue: 4 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351672 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351672&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jennifer Roberts 
Author-X-Name-First: Jennifer 
Author-X-Name-Last: Roberts 
Title: Spurious regression problems in the determinants of health care expenditure: a comment on Hitiris (1997) 
Abstract:
  In a recent article in this journal Hitiris used panel data for ten EC
 countries to analyse the determinants of aggregate health care
 expenditure. This comment shows that the model was plagued by a spurious
 regression problem. The data are reexamined using standard unit root and
 cointegration testing procedures, as well as new tests for unit roots in
 panels and for long-run relationships when the orders of integration of
 the underlying regressors are not known. There is overwhelming evidence
 for non-stationarity of the variables, and no conclusive evidence
 regarding the existence of equilibrium relationships. The apparent
 significance of the dependency rate and the rate of inflation in the
 Hitiris model were simply due to the influence of common stochastic
 trends. New results confirm the overriding importance of income in
 determining aggregate health care spending, but suggest a shortrun income
 elasticity significantly less than one. The results also uncover a number
 of problems in modelling the determinants of health care expenditure and
 warn against drawing firm conclusions from aggregate level models in an
 area where theory provides little guidance. 
Journal: Applied Economics Letters 
Pages: 279-283 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351393 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351393&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lucio Sarno 
Author-X-Name-First: Lucio 
Author-X-Name-Last: Sarno 
Title: Real exchange rate behaviour in high inflation countries: empirical evidence from Turkey, 1980-1997 
Abstract:
  The long-run purchasing power parity (PPP) hypothesis is re-examined
 using data for Turkey and its major trading partners during the period
 1980-97, extending recent work by Telatar and Kazdagli. The empirical
 analysis suggests that, while conventional unit root tests do not enable
 the detection of mean reversion in real exchange rates and hence imply
 rejection of long-run PPP over the sample, using recently developed
 nonlinear modelling techniques, strong support is provided for the
 validity of long-run PPP as well as for theoretical models which predict
 nonlinear adjustment in real exchange rates. Results are in accord with
 previous evidence that PPP holds more closely on data for countries which
 have experienced unusually high inflation. 
Journal: Applied Economics Letters 
Pages: 285-291 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351401 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351401&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samy Ben Naceur 
Author-X-Name-First: Samy Ben 
Author-X-Name-Last: Naceur 
Title: An examination of the Tunisian IPO pricing in the short and long run: 1992-1997 
Abstract:
  The new issue process in Tunisia is examined and evidence for
 underpricing and aftermarket performance of Initial Public Offerings are
 presented. Substantial positive abnormal returns are obtained in the short
 run and this finding is similar to that reported in other nations. A
 positive aftermarket return of 11.04% is found confirming underpricing but
 contrasting with all previous studies except that of Dawson. Solutions are
 proposed to reduce underpricing dealing with mechanisms by which companies
 initially offer shares of common stock to institutional and individual
 investors and the allocation procedures of new issues. 
Journal: Applied Economics Letters 
Pages: 293-296 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351410 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351410&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Ryan 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Ryan 
Title: Cyclical behaviour of productivity growth and price-cost margins: asymmetry and market power effects 
Abstract:
  A cross-sectional analysis was performed on the NBER Manufacturing
 Productivity database (450 four-digit industries) to investigate the
 behaviour of total factor productivity growth rates (PROD) and
 price-marginal cost ratios (PMC) in US manufacturing industries. This
 analysis allows for asymmetric behaviour and determines the effects of
 imperfect competition on cyclicality. Results indicate that PROD is
 procyclical, more so in contractions, and that market power is associated
 with an even greater increase in PROD during expansions; this suggests
 that variable input utilization (e.g. labour hoarding) is responsible for
 productivity growth fluctuations, and that firms in less competitive
 industries have more slack and can thus use inputs more intensively during
 booms. PMC decreases in both expansions and contractions, and the
 contractionary decrease is smaller in monopolistic industries; this can be
 attributed to capacity constraints in expansions and price cutting in
 contractions, with monopolistic industries less likely to engage in price
 competition. 
Journal: Applied Economics Letters 
Pages: 297-300 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351429 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351429&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ali El-Agraa 
Author-X-Name-First: Ali 
Author-X-Name-Last: El-Agraa 
Author-Name: Anthony Jones 
Author-X-Name-First: Anthony 
Author-X-Name-Last: Jones 
Title: On 'CU can dominate UTR' 
Abstract:
  For a decade and a half, Cooper and Massell's (1965) conclusion that a
 policy of unilateral tariff reduction (UTR) is superior to the formation
 of a customs union (CU) remained unchallenged. However Wonnacott and
 Wonnacott (1981) using a more realistic model, claimed to show that UTR
 need not dominate a CU. Here, we point out that the Wonnacott and
 Wonnacott model is incomplete since their CU does not have a common
 external tariff, and demonstrate that the incorporation of such a tariff
 in their analysis restores the validity of the Cooper and Massell
 proposition. 
Journal: Applied Economics Letters 
Pages: 301-304 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351438 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351438&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chris Brooks 
Author-X-Name-First: Chris 
Author-X-Name-Last: Brooks 
Author-Name: Sotiris Tsola Cos 
Author-X-Name-First: Sotiris Tsola 
Author-X-Name-Last: Cos 
Title: Does orthogonalization really purge equitybased property valuations of their general stock market influences? 
Abstract:
  This paper uses a recently developed nonlinear Granger causality test to
 determine whether linear orthogonalization really does remove general
 stock market influences on real estate returns to leave pure industry
 effects in the latter. The results suggest that there is no nonlinear
 relationship between the US equity-based property index returns and
 returns on a general stock market index, although there is evidence of
 nonlinear causality for the corresponding UK series. 
Journal: Applied Economics Letters 
Pages: 305-309 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351447 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351447&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. Feve 
Author-X-Name-First: P. 
Author-X-Name-Last: Feve 
Author-Name: Y. Le Pen 
Author-X-Name-First: Y. Le 
Author-X-Name-Last: Pen 
Title: On modelling convergence clubs 
Abstract:
  A switching regression approach with imperfect sample separation
 information is used to determine convergence clubs. Regime classification
 allows one to determine which countries belong to the related convergence
 clubs. Initial per capita GDP does not provide a perfect sample separation
 information, but the regimes classification obtained from an endogenous
 switching model provides unusual results. 
Journal: Applied Economics Letters 
Pages: 311-314 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351456 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351456&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mak Arvin 
Author-X-Name-First: Mak 
Author-X-Name-Last: Arvin 
Author-Name: Bruce Cater 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Cater 
Author-Name: Saud Choudhry 
Author-X-Name-First: Saud 
Author-X-Name-Last: Choudhry 
Title: A causality analysis of untied foreign assistance and export performance: the case of Germany 
Abstract:
  Three questions regarding the relationship between untied assistance and
 donor country exports are investigated. First, do untied aid flows cause
 donor country exports to increase, reflecting the goodwill of the
 recipient towards the donor? Second, does strong export performance
 financially enable or politically encourage the donor country to increase
 its level of untied aid to the recipient? Third, does causality proceed in
 both directions simultaneously? Using German data for the period
 1973-1995, results vary across subsamples defined according to the
 recipient countries' region, income and ties to Germany. 
Journal: Applied Economics Letters 
Pages: 315-319 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351465 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351465&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Broome 
Author-X-Name-First: Simon 
Author-X-Name-Last: Broome 
Author-Name: Bruce Morley 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Morley 
Title: Long-run and short-run linkages between stock prices and interest rates in the G-7 
Abstract:
  The paper investigates the nature of the relationship between stock
 prices and interest rates, using the cointegration and co-dependence
 techniques. Using data for the G-7 economies, the evidence suggests that
 in general stock prices and interest rates do not exhibit a long-run
 common trend, but rather follow a short-run cyclical pattern. 
Journal: Applied Economics Letters 
Pages: 321-323 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351474 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351474&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Papahristodoulou 
Author-X-Name-First: C. 
Author-X-Name-Last: Papahristodoulou 
Title: The Dayton division of Bosnia and other core allocations 
Abstract:
  The paper evaluates the Dayton Peace Agreement division of Bosnia. Based
 on Census data from 1991 and under plausible assumptions on all
 territories (pure ethnic and mixed as well), cooperative core allocations
 are applied to divide the country into its three parts. The highest share,
 which is received by the Serbs (the nucleolus solution), is 459 square km
 less than the respective Dayton share. Serbs, however, benefit from the
 goal programming implementation of that solution, since less of them are
 forced to leave their homes, compared to the Dayton division In general,
 the redrawn nucleolus map of Bosnia, is approximately 93% identical to the
 Dayton Peace Agreement map. 
Journal: Applied Economics Letters 
Pages: 325-336 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351483 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351483&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Kidd 
Author-X-Name-First: Michael 
Author-X-Name-Last: Kidd 
Author-Name: Todd Goninon 
Author-X-Name-First: Todd 
Author-X-Name-Last: Goninon 
Title: Female concentration and the gender wage differential in the United Kingdom 
Abstract:
  The paper utilizes the methodology proposed by Johnson and Solon
 (American Economic Review, 76 (5), 1117-1125, 1986) to examine the impact
 of job segregation on the gender wage gap in the UK in 1991. The results
 suggest that despite implementation of the UK 1983 Equal Pay Amendment
 there remains clear evidence that male/female workers in female dominated
 jobs continue to earn less for work of 'similar worth' than their
 counterparts in male dominated jobs within the same firm. This conclusion
 is insensitive to whether one adopts an occupation or firm based measure
 of gender concentration. 
Journal: Applied Economics Letters 
Pages: 337-340 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351492 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351492&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Patricia Chelley-Steeley 
Author-X-Name-First: Patricia 
Author-X-Name-Last: Chelley-Steeley 
Title: Interdependence of international equity market volatility 
Abstract:
  This paper investigates whether equity market volatility in one major
 market is related to volatility elsewhere. This paper models the daily
 conditional volatility of equity market wide returns as a GARCH-(1,1)
 process. Such a model will capture the changing nature of the conditional
 variance through time. It is found that the correlation between the
 conditional variances of major equity markets has increased substantially
 over the last two decades. This supports work which has been undertaken on
 conditional mean returns which indicates there has been an increase in
 equity market integration. 
Journal: Applied Economics Letters 
Pages: 341-345 
Issue: 5 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351500 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351500&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: The alternative asymmetric behaviour of Australian consumers' expenditure 
Abstract:
  In this letter tests for asymmetric dynamic behaviour are applied to
 Australian consumers expenditure. In contrast to recent findings for the
 UK provided by the seminal work of Holly and Stannett (1995), where
 asymmetric behaviour is found in the form of heightened levels during
 booms, Australian consumers expenditure exhibits asymmetry in the form of
 rapid falls in recessionary periods. These results are indicative of
 differing expectations and/or attitudes towards risk between the two sets
 of consumers. 
Journal: Applied Economics Letters 
Pages: 349-352 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351258 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351258&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Toshiaki Watana 
Author-X-Name-First: Toshiaki 
Author-X-Name-Last: Watana 
Title: Excess kurtosis of conditional distribution for daily stock returns: the case of Japan 
Abstract:
  Not only the unconditional distribution but also the conditional
 distribution of daily asset returns are known to be leptokurtic. Thus,
 some authors have suggested using ARCH-type models with leptokurtic
 distributions such as the t-distribution and the generalized error
 distribution (GED) for the conditional distribution. The purpose of this
 paper examines what distribution is fit for the conditional distribution
 of daily Japanese stock returns. In particular, we estimate an exponential
 GARCH (EGARCH) model developed by Nelson (1991) jointly with the
 generalized t-distribution, which nests both the Student's t-distribution
 and the generalized error distribution (GED) employed by other
 researchers. It is shown that the Student's t-distribution is suited for
 capturing the excess kurtosis of conditional distribution for daily
 Japanese stock returns, which does not depend on sample period and is
 consistent with what Bollerslev et al. (1994) have found by fitting a
 similar model to daily US stock returns. 
Journal: Applied Economics Letters 
Pages: 353-355 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351267 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351267&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abu Wahid 
Author-X-Name-First: Abu 
Author-X-Name-Last: Wahid 
Title: Stagflation and stability of the Keynesian consumption function: an empricial analysis 
Abstract:
  In macroeconomics, consumption functions supposedly demonstrate stable
 relationships between consumption and disposable income. This letter
 constructs a simple consumption function of Keynesian type. It also
 estimates the function and tests if any structural change had taken place
 in this function in 1974 following the beginning of the stagflationary era
 caused by the great oil-crunch of the early 1970s. The estimation and
 testing follow standard statistical procedures and use annual time series
 data for Canada (1947-78). The findings suggest that the Keynesian
 function for Canada had not undergone any significant structural change in
 1974. The function was found quite stable in terms of intercept as well as
 slope parameters. 
Journal: Applied Economics Letters 
Pages: 357-359 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351276 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351276&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Peters 
Author-X-Name-First: Simon 
Author-X-Name-Last: Peters 
Title: On the use of the RESET test in microeconometric models 
Abstract:
  The letter notes that a generalized RESET test can be employed as a test
 for misspecification in a variety of parametric and semi-parametric
 micro-econometric models. The test's performance is illustrated using
 three models commonly used in labour supply studies: the linear, censored
 (Tobit), and duration (Weibull) regression models. All are estimated by
 fully parametric (maximum likelihood) and semiparametric methods. Comments
 are provided on the finite sample performance of the test. 
Journal: Applied Economics Letters 
Pages: 361-365 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351285 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351285&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Crompton 
Author-X-Name-First: Paul 
Author-X-Name-Last: Crompton 
Title: Extending the stochastic approach to index numbers 
Abstract:
  The variance of the inflation rate estimator in the stochastic approach
 of Clements and Izan will be biased in most applications due to stringent
 restrictions on the variance of the OLS error term. To overcome this
 weakness, the stochastic methodology is reformulated and extended by
 deriving a variance estimator which is robust to unknown forms of
 heteroscedasticity. Under this new approach the exact nature of the error
 variance is of no concern, and can remain unidentified. A major innovation
 of this work is the derivation of a scalar representation for the variance
 estimator which has considerable intuitive appeal since it uses consumer
 expenditure shares to weight the relative price movements used in the
 calculation of the inflation rate variances. 
Journal: Applied Economics Letters 
Pages: 367-371 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351294 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351294&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Weiren Wang 
Author-X-Name-First: Weiren 
Author-X-Name-Last: Wang 
Title: The effects of state regulations on boating accidents and fatalities 
Abstract:
  Various federal and state regulations on recreational boating were
 enacted with the intention of reducing recreational boating accidents and
 fatalities. Based on multivariate analysis of state regulations on
 recreational boating and boating statistics from 1990 to 1994, this study
 indicates that laws and educational programmes focusing on youths are
 effective in reducing boating accidents and fatalities. The empirical
 results suggest that the minimum age requirement for boat operators is a
 significant factor in reducing boating accidents and fatalities.
 Furthermore, states which offer boating safety classes as part of their
 public school curriculum have significantly less boating accidents than
 states which do not. On the other hand implied consent laws and mandatory
 education for boat operators are not statistically significant factors in
 reducing boating accidents and fatalities. Mandatory wearing of personal
 floating devices may have offsetting effects on boating by inducing more
 'driving' intensity. 
Journal: Applied Economics Letters 
Pages: 373-378 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351302 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351302&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Efficiency analysis by stochastic data envelopment analysis 
Abstract:
  The nonparametric approach of efficiency analysis is generalized here in
 the stochastic case, when the input prices and capital adjustment costs
 vary. An empirical application illustrates the economic implications. 
Journal: Applied Economics Letters 
Pages: 379-383 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351311 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351311&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Apergis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Apergis 
Author-Name: Erotokritos Varelas 
Author-X-Name-First: Erotokritos 
Author-X-Name-Last: Varelas 
Author-Name: Kostas Velentzas 
Author-X-Name-First: Kostas 
Author-X-Name-Last: Velentzas 
Title: Money supply, consumption and deregulation: the case of Greece 
Abstract:
  This paper investigates empirically the impact of monetary deregulation
 that occurred in 1988 on the relationship betwen consumption and money
 supply in Greece. The results provide evidence that the deregulation has
 significantly affected the behaviour of consumption. 
Journal: Applied Economics Letters 
Pages: 385-390 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351320 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351320&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fiona Carmichael 
Author-X-Name-First: Fiona 
Author-X-Name-Last: Carmichael 
Title: Intergenerational mobility and occupational status in Britain 
Abstract:
  This paper examines the link between parents occupational attainment and
 that of their children. The existence of such a link implies dependence on
 inherited conditions and the stronger the link the less the potential for
 intergenerational mobility. The degree to which occupational mobility is
 influenced by parental achievements is investigated using data from the
 British Household Panel Survey. The evidence obtained suggests that
 individual attainment is strongly influenced by parental status. In
 particular, the occupational attainment of sons is found to depend
 significantly on the socioeconomic status of their fathers. The
 implication is that occupational mobility in 1990s Britain was still to
 some extent constrained by the achievements of the previous generation. 
Journal: Applied Economics Letters 
Pages: 391-396 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351339 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351339&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Herce 
Author-X-Name-First: Jose 
Author-X-Name-Last: Herce 
Author-Name: Simon Sosvilla-Rivero 
Author-X-Name-First: Simon 
Author-X-Name-Last: Sosvilla-Rivero 
Author-Name: Juan Jose De Lucio 
Author-X-Name-First: Juan Jose 
Author-X-Name-Last: De Lucio 
Title: Social protection benefits and growth: evidence from the European Union 
Abstract:
  Using a harmonized data set for the European Union and panel data
 techniques, and following a production function approach, we find a
 positive growth effect of total social protection expenditure on growth.
 When evaluating the effects of different programmes, the results are
 mixed. 
Journal: Applied Economics Letters 
Pages: 397-400 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351348 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351348&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Garey Durden 
Author-X-Name-First: Garey 
Author-X-Name-Last: Durden 
Author-Name: Patricia Gaynor 
Author-X-Name-First: Patricia 
Author-X-Name-Last: Gaynor 
Title: Relative changes in gender and race-based earnings costs, 1970-1995 
Abstract:
  The major purpose of this paper is to determine absolute and relative
 changes in gender and race based, inflation-adjusted earnings costs over
 the period 1970-1995. Yearly estimated earnings comparisons of white males
 with white females, African-American males and females suggest that total
 earnings gaps have narrowed considerably. For African-American males,
 remaining costs are mostly associated with labour market and other
 measurable differences. For white and African-American females, however,
 the unexplained, possibly discriminatory portion of the earnings gap has
 increased in absolute (as compared to white males) and relative terms (as
 compared to African-American males). 
Journal: Applied Economics Letters 
Pages: 401-404 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351357 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Helena Skyt Nielsen 
Author-X-Name-First: Helena Skyt 
Author-X-Name-Last: Nielsen 
Title: Wage discrimination in Zambia: an extension of the Oaxaca-Blinder decomposition 
Abstract:
  Recently, there has been growing interest in reducing gender and race
 discrimination. Hence, interest in exploring what causes the
 discriminatory wage gap has also grown. An often applied tool for this
 type of analysis is the Oaxaca-Blinder decomposition technique. However,
 it turns out that this technique is inadequate when it comes to
 calculation of separate contributions to discrimination for indicator
 variables. This is because the contributions are not robust against a
 change of reference group. In this paper the Oaxaca-Blinder decomposition
 is extended to handle this problem. 
Journal: Applied Economics Letters 
Pages: 405-408 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351366 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351366&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ting-Wong Cheng 
Author-X-Name-First: Ting-Wong 
Author-X-Name-Last: Cheng 
Author-Name: Kuo-Liang Wang 
Author-X-Name-First: Kuo-Liang 
Author-X-Name-Last: Wang 
Author-Name: Chih-Chiang Weng 
Author-X-Name-First: Chih-Chiang 
Author-X-Name-Last: Weng 
Title: Economies of scale and scope in Taiwan's CPA service industry 
Abstract:
  Based on the 1994 survey data of certified public accountant (CPA) firms
 in Taiwan, and by applying the iterative seemingly unrelated regression
 (SUR) technique to a simultaneous system of a translog multi-product cost
 function and its corresponding factor share equations, an attempt is made
 to investigate the extents of economies of scale and scope in Taiwan's CPA
 service industry. The empirical results show that product-specific scale
 economies exist for auditing, tax and management advisory services. Ray
 scale economies are significantly present. Significant economies of scope
 exist in providing tax and management advisory services. 
Journal: Applied Economics Letters 
Pages: 409-414 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351375 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351375&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. Ben Nowman 
Author-X-Name-First: K. Ben 
Author-X-Name-Last: Nowman 
Title: Implied continuous time lag distributions: further evidence for the UK 
Abstract:
  This paper presents implied continuous time lag distributions of the main
 UK economic variables obtained from recent estimates by Nowman of the
 Bergstrom, Nowman and Wymer continuous time dynamic macroeconometric model
 of the UK economy. The lag distributions provide further evidence of the
 richer dynamic specification allowed for in second-order continuous time
 macroeconomic models. 
Journal: Applied Economics Letters 
Pages: 415-418 
Issue: 6 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alexandros Milionis 
Author-X-Name-First: Alexandros 
Author-X-Name-Last: Milionis 
Author-Name: Demetrios Moschos 
Author-X-Name-First: Demetrios 
Author-X-Name-Last: Moschos 
Title: On the validity of the weak-form efficient markets hypothesis applied to the London stock exchange: comment 
Abstract:
  The empirical work and interpretation of the results of Al-Loughani and
 Chappell (1997) is commented upon. On the basis of the reported results,
 and contrary to the authors' conclusion, it is argued that although the
 random walk hypothesis is rejected, the weak-form market efficiency
 hypothesis (WFME), for the London stock exchange cannot be rejected. Some
 further comments on WFME in the presence of conditional heteroscedasticity
 are made. 
Journal: Applied Economics Letters 
Pages: 419-421 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351087 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351087&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Gilbert 
Author-X-Name-First: Paul 
Author-X-Name-Last: Gilbert 
Title: A note on the computation of time series model roots 
Abstract:
  The roots of time series models are important for analysing model
 dynamics and have a special importance in the unit root and co-integration
 literature. In this paper known results about the equivalence of state
 space and auto-regressive moving-average (ARMA) models are exploited to
 give better calculations of VAR and ARMA model roots. The improved
 computational accuracy is illustrated with an especially difficult
 example. 
Journal: Applied Economics Letters 
Pages: 423-424 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hakan Berument 
Author-X-Name-First: Hakan 
Author-X-Name-Last: Berument 
Author-Name: Kamuran Malatyali 
Author-X-Name-First: Kamuran 
Author-X-Name-Last: Malatyali 
Title: The implicit reaction function of the Central Bank of the Republic of Turkey 
Abstract:
  Reviewing the implicit reaction function estimation under different
 specifications, it appears that the Central Bank of the Republic of Turkey
 (CBRT) responds to the lagged inflation rate rather than the forward one,
 M2Y growth is targeted on an annual basis and a serious output targeting
 policy was implemented while neither real nor nominal depreciation of the
 foreign currency basket was taken into consideration during the period
 1989:07-1997:03. Also, we conclude that the CBRT does not target currency
 issued, M2, net domestic assets or net foreign assets nor does it take any
 of the budget deficit measures into account while determining its monetary
 policy. 
Journal: Applied Economics Letters 
Pages: 425-430 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Panos Fousekis 
Author-X-Name-First: Panos 
Author-X-Name-Last: Fousekis 
Author-Name: Christos Pantzios 
Author-X-Name-First: Christos 
Author-X-Name-Last: Pantzios 
Title: Meat demand in Greece with quality decomposition 
Abstract:
  This paper investigates the demand for major types of meat in Greece for
 the 1976-1995. The findings indicate that beef and veal has the highest
 income and price elasticities compared to the rest of meats (mutton,
 poultry and pork). A quality decomposition reveals the importance of
 different factors for the quality change in meat consumption in Greece
 over the same period. 
Journal: Applied Economics Letters 
Pages: 431-434 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351113 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351113&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Loomis 
Author-X-Name-First: John 
Author-X-Name-Last: Loomis 
Author-Name: Cynthia Pierce 
Author-X-Name-First: Cynthia 
Author-X-Name-Last: Pierce 
Author-Name: Mike Manfredo 
Author-X-Name-First: Mike 
Author-X-Name-Last: Manfredo 
Title: Using the demand for hunting licences to evaluate contingent valuation estimates of willingness to pay 
Abstract:
  Taking advantage of differences in inflation adjusted licence prices over
 time, the demand for hunting licences is estimated. This introduces a
 different type of validity test which compares willingness to pay derived
 from actual licence demand to estimates of hunting benefits derived by the
 contingent valuation method. Willingness to pay estimates for deer and elk
 hunting derived from contingent valuation are statistically less than
 corresponding estimates from the actual licence sale demand analysis. 
Journal: Applied Economics Letters 
Pages: 435-438 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351122 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351122&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Darren Butterworth 
Author-X-Name-First: Darren 
Author-X-Name-Last: Butterworth 
Title: The impact of futures trading on underlying stock index volatility: the case of the FTSE Mid 250 contract 
Abstract:
  This paper investigates the effect of futures trading in the FTSE Mid 250
 index on the underlying spot market using symmetric and asymmetric GARCH
 methods. Tests for the presence of asymmetries suggest a symmetric model
 adequately captures the response of volatility to news. Results indicate
 that following the onset of futures trading the quantity of information
 flowing into the market increased. However, the rate at which news is
 impounded into prices fell, with an associated rise in the persistence of
 information. These findings are consistent with the institutional
 characteristics and trading history of the FTSE Mid 250 market in the
 period following the onset of futures trading. 
Journal: Applied Economics Letters 
Pages: 439-442 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tomson Ogwang 
Author-X-Name-First: Tomson 
Author-X-Name-Last: Ogwang 
Title: Inter-country inequality in human development indicators 
Abstract:
  This paper compares the degree of inter-country inequality in three
 measures of human development (the Human Development Index (HDI), the
 Gender-Related Development Index (GDI) and the Gender Empowerment Measure
 (GEM)) to those in real income as measured by real GDP per capita in PPP$
 (RY) and adjusted real GDP per capita in PPP$ (ARY). To this end, three
 inequality measures with convenient decomposition properties are used. The
 results show that inter-country inequalities in RY and ARY are greater
 than those in all the three human development indicators, irrespective of
 the inequality measure used. Furthermore, GDI and GEM both exhibit higher
 degrees of inter-country inequality than does HDI. In addition, GEM
 exhibits the highest level of inter-country inequality among the three
 human development indicators, irrespective of the inequality measure used. 
Journal: Applied Economics Letters 
Pages: 443-446 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351140 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351140&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Lon Carlson 
Author-X-Name-First: J. Lon 
Author-X-Name-Last: Carlson 
Title: Hypothetical surveys versus real commitments: further evidence 
Abstract:
  The contingent valuation method is frequently used to estimate
 willingness to pay for environmental services. However, numerous studies
 have raised serious questions about the validity and reliability of such
 estimates. The study reported here extends the analysis of hypothetical
 versus real commitments by considering the effects of alternative
 indicators of WTP in the hypothetical setting. While part of the results
 confirm the findings of previous studies-CV methods can result in an
 overestimate of actual mean WTP-evidence is also produced that a carefully
 designed CV instrument can produce an estimate of mean WTP that is much
 closer to actual mean WTP than previous studies would suggest. 
Journal: Applied Economics Letters 
Pages: 447-450 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351159 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351159&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Bratsiotis 
Author-X-Name-First: George 
Author-X-Name-Last: Bratsiotis 
Title: Political parties and inflation in Greece: the metamorphosis of the Socialist Party on the way to EMU 
Abstract:
  This paper examines the inflationary consequences of elected political
 parties in Greece before and after its commitment to the Single European
 Act (SEA). It is shown that prior to the SEA there is evidence of an
 inflation bias following elected Socialist governments in Greece, whereas
 after the SEA this bias is shown to move the opposite direction. Political
 wins to conservative governments are shown to have insignificant effects
 on inflation. With no change in the inflationary effects following
 conservative wins, the change of Socialists from inflationary to
 anti-inflationary is shown to have overturned the political partisan cycle
 in Greece since the SEA. 
Journal: Applied Economics Letters 
Pages: 451-454 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351168 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351168&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Ashton 
Author-X-Name-First: John 
Author-X-Name-Last: Ashton 
Title: Cost efficiency in the UK water and sewerage industry 
Abstract:
  The paper quantifies the relative efficiency of the ten privatized water
 and sewerage companies between 1987 and 1997. A one-component
 fixed-effects panel data model is used to estimate a cost function from
 which distribution-free firm-specific estimates of operational cost
 efficiency are derived. The study differs from previous studies through
 the use of differing econometric techniques and by considering the water
 and sewerage companies as integrated firms. Overall, a moderate level of
 dispersion in operational cost efficiency is recorded. 
Journal: Applied Economics Letters 
Pages: 455-458 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351177 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351177&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Asymmetry and non-linearity in UK output 
Abstract:
  The diagnostic tests of time deformation presented by Stock are applied
 to UK output. In contrast to previous findings, significant evidence of
 time deformation is detected. It is shown that the success of this
 analysis is due to closely following the approach outlined in the seminal
 work of Stock for stochastically trending variables. 
Journal: Applied Economics Letters 
Pages: 459-461 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kazuhiro Ohtani 
Author-X-Name-First: Kazuhiro 
Author-X-Name-Last: Ohtani 
Title: Exact and bootstrap distributions of a unit root test 
Abstract:
  Using Imhof's method, the exact distribution of a unit root test is
 evaluated and detailed critical values are given of the unit root test
 when the sample size is small and moderate. Then, the bootstrap critical
 values are generated by Monte Carlo experiments, and compared with the
 exact ones. The Monte Carlo results show that the bootstrap critical
 values are reasonably precise. It is also shown that the parametric
 bootstrap tends to yield more precise estimates of the percentiles than
 the nonparametric bootstrap. 
Journal: Applied Economics Letters 
Pages: 463-466 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351195 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351195&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Author-Name: James Wilkinson 
Author-X-Name-First: James 
Author-X-Name-Last: Wilkinson 
Title: Is rent-seeking immoral? Examining the behaviour of religion-based political action committees and coalitions 
Abstract:
  Tullock recently offered six possible explanations for the observed size
 disparity between the rent-seeking industry in the major democracies and
 the value of the actual rent to be derived. One of these is the
 possibility that rent-seeking is considered immoral by large segments of
 society, who therefore are unwilling to engage in the activity. The
 purpose of this study is to provide an empirical response to this possible
 explanation provided by Tullock. The statistical evidence presented here
 suggests the lack of an ethical or moral basis against rent-seeking.
 Therefore, attempts to explain the disparity noted by Tullock should,
 perhaps, proceed down other avenues. 
Journal: Applied Economics Letters 
Pages: 467-473 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351203 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351203&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nobuhiro Hosoe 
Author-X-Name-First: Nobuhiro 
Author-X-Name-Last: Hosoe 
Title: Dependency of simulation results on the choice of numeraire 
Abstract:
  There have recently been a growing number of computable general
 equilibrium (CGE) analyses for developing economies. These analyses often
 employ so-called structuralist CGE models equipped with fixed wage rates
 and unemployment (or an unlimited supply of labour). However, the
 assumption of fixed prices can cause a problem: simulation results can be
 dependent on the choice of numeraire. This problem is numerically examined
 with a simple structuralist CGE model. By analysing numerical examples, it
 was found that simulation results with structuralist CGE models can
 crucially depend on the choice of numeraire. The simulation results are
 different qualitatively as well as quantitatively by cases. The results
 suggest that the numeraire must be chosen carefully and simulation results
 should be evaluated in light of the chosen numeraire when we assume fixed
 prices in CGE models. 
Journal: Applied Economics Letters 
Pages: 475-477 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351212 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351212&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria-Isabel Ayuda 
Author-X-Name-First: Maria-Isabel 
Author-X-Name-Last: Ayuda 
Author-Name: Antonio Aznar 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Aznar 
Title: Power in non-nested models: a comparative study 
Abstract:
  The main objective of this letter is to compare two concepts of the power
 of a test developed in the literature on non-nested hypotheses. Using
 Monte Carlo techniques it is shown that both definitions of power are
 asymptotically equivalent, but for small samples they differ in some cases
 very dramatically. 
Journal: Applied Economics Letters 
Pages: 483-486 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351230 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351230&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Title: Socially optimal cost-reducing R&D with product durability 
Abstract:
  Socially optimal cost-reducing R&D with product durability is studied.
 Results show that the first period optimal R&D and output with durability
 exceed the respective levels without durability. The second period R&D and
 output are identical to the no durability case. 
Journal: Applied Economics Letters 
Pages: 487-488 
Issue: 7 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500351249 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351249&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Andrew Coutts 
Author-X-Name-First: J. Andrew 
Author-X-Name-Last: Coutts 
Author-Name: Mohamed Sheikh 
Author-X-Name-First: Mohamed 
Author-X-Name-Last: Sheikh 
Title: The January effect and monthly seasonality in the All Gold Index on the Johannesburg Stock Exchange 1987-1997 
Abstract:
  This paper investigates the existence of the January effect and monthly
 seasonality in the All Gold Index on the Johannesburg Stock Exchange over
 an 11 year period, 5 January 1987 through 15 May 1997, and for three
 subsamples of equal length. The results are in severe contrast to the
 international evidence documented for the stock markets of many other
 countries, be they developed or emerging markets; there appears to be no
 January effect or monthly seasonality present in the All Gold Index over
 the sample period. Although this is perfectly consistent with the notion
 of market efficiency, it is suggested that the lack of any detectable
 monthly seasonality, may, in part, be due to the particular market
 microstructure or operational procedures of the Johannesburg Stock
 Exchange, consequently it is suggested that further research is required
 in this area. 
Journal: Applied Economics Letters 
Pages: 489-492 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033229 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033229&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Omer Gokcekus 
Author-X-Name-First: Omer 
Author-X-Name-Last: Gokcekus 
Title: How do university students value economics courses? A hedonic approach 
Abstract:
  This paper adopts a hedonic approach and uses a multinomial logit model
 to assess students' valuation of courses based on their characteristics,
 e.g. presentation, organization, knowledge, accessibility, responsiveness,
 enthusiasm of the instructor (i.e. instructor), student's amount and type
 of thinking (i.e. intellectual stimulation), and how demanding a course is
 (i.e. demand level). Students applied the same quality standards
 consistently across courses regardless of the class size and the title,
 degree and position of the instructor. However, elective courses valued
 more favourably. The most important course attribute is the instructor,
 intellectual stimulation is the close second, and demand level has a
 negative impact on the value of a course. Yet, having found that
 intellectual stimulation's positive contribution is much bigger than the
 negative impact of demand level, the following emerges as an important
 yard stick for increasing the value of a course: as long as intellectual
 stimulation level gets higher, students are willing to put more time into
 a course. 
Journal: Applied Economics Letters 
Pages: 493-496 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033238 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033238&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Vicente 
Author-X-Name-First: Juan 
Author-X-Name-Last: Vicente 
Author-Name: Luis Borge 
Author-X-Name-First: Luis 
Author-X-Name-Last: Borge 
Title: Inequality and growth: inverted and uninverted U-shapes 
Abstract:
  Inequality follows different patterns along a high-income sector
 enlargement growth. Even under Kuznets' basic assumptions inequality may
 show a convex shape at the end of the process. Moreover, when some of the
 basic assumptions are removed, the inequality path may be convex along the
 whole process or display a reversal from inverted to uninverted U-shapes
 along the same process. That is why empirical studies should specify which
 process and which phase within it they are dealing with on testing
 Kuznets' hypothesis. 
Journal: Applied Economics Letters 
Pages: 497-500 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033247 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033247&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Jones 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Jones 
Author-Name: Joses Kirigia 
Author-X-Name-First: Joses 
Author-X-Name-Last: Kirigia 
Title: The determinants of the use of alternative methods of contraception among South African women 
Abstract:
  The objectives of this study are: (a) to estimate the impact of women's
 socioeconomic and access characteristics on the choice of specific
 contraceptive methods; and (b) to identify the wider determinants of
 family planning behaviour that warrant attention in the policy-making
 process. A multinominal logit model is estimated using crosssectional data
 from the South African National Household Survey of Health Inequalities in
 1994. 
Journal: Applied Economics Letters 
Pages: 501-504 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033256 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033256&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Turner 
Author-X-Name-First: Paul 
Author-X-Name-Last: Turner 
Title: Aggregate advertising, sales volume and relative prices in the long run 
Abstract:
  This paper examines the relationship between advertising expenditures,
 sales and the cost of advertising using annual UK data over the period
 1967-1997. Strong evidence is found for the existence of a cointegrating
 relationship between real advertising expenditures, sales volumes, goods
 prices and the cost of advertising messages. Error correction models fit
 the data well although the estimated price elasticities are not consistent
 with the equilibrium relationship derived from the Dorfman-Steiner
 equilibrium condition with a Cobb-Douglas demand function. 
Journal: Applied Economics Letters 
Pages: 505-508 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033265 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033265&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dodo Thampapillai 
Author-X-Name-First: Dodo 
Author-X-Name-Last: Thampapillai 
Title: Willingness to pay and willingness to accept: a simple conceptual exposition 
Abstract:
  A simple explanation within the theory of indifference curves is offered
 for the experimental observations concerning the disparity between
 willingness to pay (WTP) and willingness to accept (WTA). Following
 Morrison's evidence, this explanation rests largely on the endowment
 effect. Two demand curves which are distinguished in terms of WTP and WTA
 are derived. 
Journal: Applied Economics Letters 
Pages: 509-511 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033274 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033274&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Title: Socially optimal cost-reducing R&D with product durability 
Abstract:
  Socially optimal cost-reducing R&D with product durability is studied.
 Results show that the first period optimal R&D and output with durability
 exceed the respective levels without durability. The second period R&D and
 output are identical to the no durability case. 
Journal: Applied Economics Letters 
Pages: 513-515 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033283 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033283&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Flavia Terr Ibile 
Author-X-Name-First: Flavia Terr 
Author-X-Name-Last: Ibile 
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: The endogeneity of tariffs in Italy, 1890-1969 
Abstract:
  The theory of tariff endogeneity suggests that tariffs are influenced by
 macroeconomic disturbances. The paper tests a simple endogenous tariff
 model for Italy applying cointegration techniques to time-series data for
 the period 1890-1969. It is found that the average tariff level is
 cointegrated with industrial production, consumer prices, the terms of
 trade and the foreign trade balance (as a percentage of GNP) and that
 tariff setting has responded to disturbances in these variables. In
 particular, tariffs appear to have been raised in response to low output
 growth, increases in the terms of trade and a deteriorating foreign trade
 balance, and reduced in response to higher inflation. 
Journal: Applied Economics Letters 
Pages: 517-520 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033292 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033292&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Comparing dynamic efficiency using a two-stage model 
Abstract:
  Dynamic efficiency of firms involves both optimal investments over time
 and optimal operating costs in the short run. These two stages are
 separately but sequentially analysed to compare different firms in an
 industry using a Pareto optimality criterion. 
Journal: Applied Economics Letters 
Pages: 521-523 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033300 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033300&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Teresa Garin-Munoz 
Author-X-Name-First: Teresa 
Author-X-Name-Last: Garin-Munoz 
Author-Name: Teodosio Perez Amaral 
Author-X-Name-First: Teodosio Perez 
Author-X-Name-Last: Amaral 
Title: An econometric model for international tourism flows to Spain 
Abstract:
  The reported study measures the impact of the economic determinants of
 the international demand for tourist services in Spain. A panel data set
 of seventeen countries over the period 1985-1995 is used. By using
 appropriate panel data techniques the effects of real per capita income,
 exchange rates and real prices on the demand for Spanish tourist services.
 The estimated elasticities are +1.40, +0.50, and -0.30, respectively. The
 negative effect of the Gulf War is also detected, with a coefficient of
 -0.15. These results are comparable to previous empirical studies for
 other countries. 
Journal: Applied Economics Letters 
Pages: 525-529 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033319 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033319&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Iris Yeung 
Author-X-Name-First: Iris 
Author-X-Name-Last: Yeung 
Author-Name: Nelson Chiu 
Author-X-Name-First: Nelson 
Author-X-Name-Last: Chiu 
Title: An outlier analysis of the Hong Kong stock market index 
Abstract:
  The joint estimation procedure of Chen and Liu was applied to the 1997
 daily Hong Kong stock market index data for outlier detection and model
 estimation. The results indicate that the handover of Hong Kong's
 sovereignty to China on 30 June 1997 seems to have had no effect on the
 index. The 14 outliers found during the period 2 January to 5 December
 1997 are all related to economic events. 
Journal: Applied Economics Letters 
Pages: 531-534 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033328 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033328&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Owyong 
Author-X-Name-First: David 
Author-X-Name-Last: Owyong 
Title: Measuring the trickle-down effect: a case study on Singapore 
Abstract:
  The present paper examines the 'trickle-down' effect, which is the
 diffusion of economic gains from the rich to the poor when the economy
 expands. While many studies in the literature attempt to measure the
 extent of trickling-down in different countries, the speed of this
 trickle-down effect has largely been ignored. This paper proposes a method
 to measure both the extent and the speed of the trickle-down process in a
 dynamic framework. This methodology is then applied to data on Singapore,
 which serves as a good candidate to examine trickle-down effects because
 it has experienced steady economic growth during the last three decades. 
Journal: Applied Economics Letters 
Pages: 535-539 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033337 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033337&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Gibson 
Author-X-Name-First: John 
Author-X-Name-Last: Gibson 
Title: The impact of growth and distribution on poverty in Papua New Guinea 
Abstract:
  Changes in poverty in Papua New Guinea during the 1990s adjustment
 programme are analysed. Data from urban household surveys in 1986 and 1996
 are used to calculate the change in the incidence, depth and severity of
 poverty. The change in poverty rates is decomposed into distribution and
 growth components, using a methodology proposed by Datt and Ravallion.
 There was a rise in both the depth and severity of poverty in the 1990s,
 with the major contributor being the growth in inequality. 
Journal: Applied Economics Letters 
Pages: 541-544 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033346 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033346&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ping Wang 
Author-X-Name-First: Ping 
Author-X-Name-Last: Wang 
Title: Testing PPP for Asian economies during the recent floating period 
Abstract:
  The validity of purchasing power parity (PPP) is examined between seven
 Asian countries and the US during the flexible exchange rate period, in
 the framework of the Johansen cointegration approach with and without
 restrictions of the PPP parameters. It is found that a long-run comovement
 exists between the nominal exchange rate and the prices, but the PPP
 vector does not exist in the cointegration space and the nominal exchange
 rate and domestic and foreign prices do not move one by one as implied by
 the theoretical PPP. 
Journal: Applied Economics Letters 
Pages: 545-548 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033355 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033355&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Seasonal adjustment and cointegrating relationships: consumption and income 
Abstract:
  The cointegrated nature of UK consumption and income is examined using
 'official' seasonally adjusted data and data which have been seasonally
 adjusted using an alternative well-established method. It is found that
 the presence of cointegrating relationship is dependent upon the method of
 adjustment used, a result reflecting the warnings of Wallis (Journal of
 the American Statistical Association, 63, 18-31, 1974). This result has
 major implications given the plethora of cointegration studies conducted
 using seasonally adjusted data. 
Journal: Applied Economics Letters 
Pages: 549-551 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033364 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033364&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bradley Ewing 
Author-X-Name-First: Bradley 
Author-X-Name-Last: Ewing 
Author-Name: Cynthia Lay Harter 
Author-X-Name-First: Cynthia Lay 
Author-X-Name-Last: Harter 
Title: Co-movements of Alaska North Slope and UK Brent crude oil prices 
Abstract:
  In order to study the inter-relationships of international crude oil
 markets, empirical analyses are used to investigate univariate and
 multivariate relationships between Alaska North Slope and UK Brent oil
 prices. Using monthly data from the period 1974-1996, the results show
 that both price series follow a random walk and that these oil markets
 share a long-run common trend. The empirical results suggest that the two
 markets are 'unified'. That is, they are competitive, and there is price
 convergence in the markets. 
Journal: Applied Economics Letters 
Pages: 553-558 
Issue: 8 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050033373 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050033373&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fahim Al-Marhubi 
Author-X-Name-First: Fahim 
Author-X-Name-Last: Al-Marhubi 
Title: Export diversification and growth: an empirical investigation 
Abstract:
  Using recent theories of growth, this paper presents empirical evidence
 that export diversification promotes economic growth. This result is
 robust to different specifications of the growth equations and different
 measures of export diversification. In developing countries, export
 diversification is associated also with higher investment rates. 
Journal: Applied Economics Letters 
Pages: 559-562 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059005 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059005&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. F. Darrat 
Author-X-Name-First: A. F. 
Author-X-Name-Last: Darrat 
Author-Name: M. K. Hsu 
Author-X-Name-First: M. K. 
Author-X-Name-Last: Hsu 
Author-Name: M. Zhong 
Author-X-Name-First: M. 
Author-X-Name-Last: Zhong 
Title: Testing export exogeneity in Taiwan: further evidence 
Abstract:
Journal: Applied Economics Letters 
Pages: 563-567 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059014 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059014&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Uma Kambhampati 
Author-X-Name-First: Uma 
Author-X-Name-Last: Kambhampati 
Title: Industry competitiveness: leadership identity and market shares 
Abstract:
  Industry competitiveness is analysed by considering the stability of
 leadership positions across industries over time. Unlike earlier studies
 of competition which have concentrated solely on market shares the paper
 begins by establishing the significance of both the changes in market
 shares and the identity of market leaders in reflecting industry
 competitiveness. To do this, the identity, and market shares, of industry
 leaders is mapped out, across 11 years and 32 industries in India. It was
 found that market leaders are very stable in 12 industries but are
 relatively less stable in 20 industries. When they are stable, market
 shares are an adequate reflection of competitiveness but when they are
 not, leadership identity also becomes significant. A dummy variable of
 proxy for leadership stability is then constructed. Modelling leadership
 stability using this proxy, it was found that industry profitability,
 economies of scale and industry growth are all significant determinants. 
Journal: Applied Economics Letters 
Pages: 569-573 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059023 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059023&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuji Honjo 
Author-X-Name-First: Yuji 
Author-X-Name-Last: Honjo 
Title: Business failure of new software firms 
Abstract:
  This paper investigates business failure of newly-established software
 firms. Using a proportional hazards model, we estimate the determinants of
 business failure among software firms in Japan founded during 1986-1995.
 The main findings of this paper are as follows. First, software firms with
 sufficient size or paid-up capital are less likely to fail. Secondly,
 vertical integration increases the probability of failure. Thirdly,
 manager's attributes, such as age, affect the probability of failure.
 Finally, local agglomeration increases the probability of failure, while
 macroeconomic growth decreases the probability. 
Journal: Applied Economics Letters 
Pages: 575-579 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mudit Kulshreshtha 
Author-X-Name-First: Mudit 
Author-X-Name-Last: Kulshreshtha 
Author-Name: Barnali Nag 
Author-X-Name-First: Barnali 
Author-X-Name-Last: Nag 
Title: Some methodological comments on 'Public investment and private capital formation in a vector error-correction model of growth' by K. H. Ghali 
Abstract:
  The note comments on the application of Granger non-causality tests of
 short-run vector error correction models as attempted by Ghali. It is
 noted that when the dimension of VAR is greater than two, block Granger
 causality needs to be performed, and that checking variable to variable
 causality has little meaning in multivariate context as the covariance
 matrix is positive definite. It is also noted that identification of
 cointegrating relationships does not provide information on short-run
 structural relationships, which requires modelling of contemporaneous
 innovations. 
Journal: Applied Economics Letters 
Pages: 581-583 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059041 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059041&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sam Cameron 
Author-X-Name-First: Sam 
Author-X-Name-Last: Cameron 
Author-Name: Andy Thorpe 
Author-X-Name-First: Andy 
Author-X-Name-Last: Thorpe 
Title: Human capital investment in agricultural communities: lessons from Honduras 
Abstract:
  A recent paper by Bedi and Gaston, in estimating the returns to
 endogenous education in Honduras, examined the determinants of educational
 attainment through the use of official government statistics. This letter
 seeks to corroborate their findings using independently collected data and
 a wider selection of explanatory variables. A binary logit function is
 estimated using a sample of 424 rural-based individuals who have completed
 secondary schooling. Results, which indicate the predominance of economic
 factors (income and wealth) over social factors (gender, household
 structure, relationship with, or membership of, rural-based organizations)
 in the educational investment decision, offer some qualified support to
 the findings of Bedi and Gaston. 
Journal: Applied Economics Letters 
Pages: 585-589 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059050 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059050&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Author-Name: Akira Tokihisa 
Author-X-Name-First: Akira 
Author-X-Name-Last: Tokihisa 
Title: Seasonal integration and Japanese aggregate data 
Abstract:
  The presence of seasonal integration in Japanese macro data is tested.
 The targeted variables are real values and deflators for GDP, consumption,
 investment, government expenditure, exports, and imports. First, with
 respect to seasonality, an entirely different conclusion is obtained for
 the real values and the deflators of the data series examined. Second, it
 is clear that there is a difference between the analytical results
 obtained when a structural break is considered and those obtained when a
 structural break is not considered. 
Journal: Applied Economics Letters 
Pages: 591-594 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059069 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059069&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James MacGee 
Author-X-Name-First: James 
Author-X-Name-Last: MacGee 
Author-Name: Weiqiu Yu 
Author-X-Name-First: Weiqiu 
Author-X-Name-Last: Yu 
Title: The behaviour of productivity growth rates and composition bias in the labour input 
Abstract:
  The conventionally calculated Solow residual has been used as a measure
 of exogenous productivity shocks that contribute to the business cycle.
 However, recently this residual has been shown to be endogenous and has
 led to the conclusion that the aggregate economy is characterized by
 increasing returns to scale and imperfect competition. Another hypothesis
 is that the Solow residual may fail to be exogenous due to measurement
 errors in labour and capital. Using an efficiency hours series corrected
 for the composition bias in the labour force and a capital series adjusted
 for capacity utilization for Canada, it was found that adjusting the Solow
 residual for cyclical variations in labour and capital inputs over the
 business cycle re-establishes exogeneity of productivity shocks. 
Journal: Applied Economics Letters 
Pages: 595-598 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059078 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059078&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Apergis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Apergis 
Author-Name: Konstantinos Katrakilidis 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Katrakilidis 
Author-Name: Nicholas Tabakis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Tabakis 
Title: Current account deficit sustainability: The case of Greece 
Abstract:
  The objective of this paper is to investigate the sustainability of the
 current account deficit in Greece over the 1960-1994 period. The empirical
 analysis makes use of various unit root and cointegration tests which
 allow for structural breaks. The results provide evidence in favour of the
 sustainability of the current account deficit and against a required (and
 unnecessary) devaluation of the drachma. 
Journal: Applied Economics Letters 
Pages: 599-603 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059087 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059087&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Gibson 
Author-X-Name-First: John 
Author-X-Name-Last: Gibson 
Title: The impact of growth and distribution on poverty in Papua New Guinea 
Abstract:
  Changes in poverty in Papua New Guinea during the 1990s adjustment
 programme are analysed. Data from urban household surveys in 1986 and 1996
 are used to calculate the change in the incidence, depth and severity of
 poverty. The change in poverty rates is decomposed into distribution and
 growth components, using a methodology proposed by Datt and Ravallion.
 There was a rise in both the depth and severity of poverty in the 1990s,
 with the major contributor being the growth in inequality. 
Journal: Applied Economics Letters 
Pages: 605-607 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Author-Name: Hamid Beladi 
Author-X-Name-First: Hamid 
Author-X-Name-Last: Beladi 
Title: On the extinction of species in jointly determined stochastic systems 
Abstract:
  The sizeable literature on extinction in economics has paid scant
 attention to the problem of constructing measures of species extinction.
 Moreover, this literature has not studied the question of species
 extinction in stochastic systems that are jointly determined.
 Consequently, the objective of this paper is to use probability theory to
 construct a measure of species extinction in jointly determined
 ecological-economic systems. 
Journal: Applied Economics Letters 
Pages: 609-612 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Author-Name: Yuriko Imamura 
Author-X-Name-First: Yuriko 
Author-X-Name-Last: Imamura 
Title: International transmission of stock prices among G7 countries: LA-VAR approach 
Abstract:
  The reported study analysed interdependence among stock prices in G7
 countries using the LA-VAR method. Monthly data for the period from
 December 1969 to May 1995 were used and stock prices were analysed not
 only in local currencies but also in US dollars. The study revealed that
 the causal relationship between US stock prices and those in the rest of
 the world is significant. This may be due to the dominant influence of the
 US economy on the world market. 
Journal: Applied Economics Letters 
Pages: 613-618 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059113 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059113&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsung Wu Ho 
Author-X-Name-First: Tsung Wu 
Author-X-Name-Last: Ho 
Title: Regime-switching investment-saving correlation and international capital mobility 
Abstract:
  International capital mobility in Taiwan is tested by estimating the
 regime-switching investment-saving correlation. A Markov-switching model
 is applied which allows the samples to be drawn from two different
 regimes; high mobility and low mobility. Empirical results are
 investigated and specifications tests are performed. 
Journal: Applied Economics Letters 
Pages: 619-622 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059122 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059122&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Piyash Tiwari 
Author-X-Name-First: Piyash 
Author-X-Name-Last: Tiwari 
Title: Mortgage termination due to prepayments in India 
Abstract:
  Mortgage termination due to prepayment is an important issue in the
 pricing of mortgage and mortgage-backed securities (MBS) due to its
 stochastic nature. In developing countries where MBS is not yet fully
 developed, mortgage termination affects the flow of funds to the lenders.
 Recent literature has used option price models (OPM) to analyse
 prepayments. Prepayment is a 'call option' whose price is dependent on
 fluctuation in market interest rates. However, the termination of mortgage
 in housing is not as 'ruthless' as OPM theory would suggest, primarily
 because households are not financiers in a 'strict sense'. Recent
 literature has used the Cox proportional hazard model to model mortgage
 termination. The idea is that other household-related variables besides
 option price of the instrument jointly determine the mortgage termination.
 The Cox proportional hazard model is used to analyse prepayment of
 mortgage behaviour in India. The results indicate that financial concerns
 (like option price, loan to value ratio and monthly principal and interest
 to income ratio) are important determinants besides household
 characteristics. Self- employed or low educated or single borrowers have
 less probability of prepaying the loan. An important variable inducing
 prepayment is irregular repayment behaviour of borrower. If loan repayment
 is in arrears for some months, borrowers often terminate their liability
 by prepaying. 
Journal: Applied Economics Letters 
Pages: 623-628 
Issue: 9 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/13504850050059131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850050059131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: V. V. Bhanoji Rao 
Author-X-Name-First: V. V. Bhanoji 
Author-X-Name-Last: Rao 
Author-Name: Shandre Mugan Thangavelu 
Author-X-Name-First: Shandre Mugan 
Author-X-Name-Last: Thangavelu 
Title: Do poor countries tend to grow faster than rich countries? 
Abstract:
  The observation by Barro that cross-country evidence is inconsistent with
 the hypothesis that poor countries tend to grow faster than rich countries
 is examined. The overall sample of countries employed in the Barro studies
 is adjusted by excluding those with small sample sizes (less than 15
 observations) and/or those with not statistically significant trend growth
 rates. It is found that, in general, poor countries tend to grow faster
 than rich countries. However, this observation holds especially strongly
 for 17 countries with real per capita product above $1000. 
Journal: Applied Economics Letters 
Pages: 629-632 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500415905 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500415905&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ali Darrat 
Author-X-Name-First: Ali 
Author-X-Name-Last: Darrat 
Title: Are budget deficits inflationary? A reconsideration of the evidence 
Abstract:
  This paper returns to the issue of whether high budget deficits have had
 any inflationary consequences in Greece. In a recent paper, Hondroyiannis
 and Papapetrou (1997) report results denying any direct impact of the
 deficit on inflation. It is shown here that their evidence lacks weight
 owing to several modelling and estimation problems. Upon rectifying these
 problems, the results consistently suggest that, besides money growth,
 budget deficits have also played a significant and direct role in the
 Greek inflationary process. Thus, efforts to curtail budget deficits in
 Greece as required by the EMU should also prove useful in mitigating
 inflationary pressures. 
Journal: Applied Economics Letters 
Pages: 633-636 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500415914 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500415914&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Brian Lucey 
Author-X-Name-First: Brian 
Author-X-Name-Last: Lucey 
Title: Anomalous daily seasonality in Ireland? 
Abstract:
  Substantial evidence exists to indicate that a negative Monday, or in
 some case Tuesday, mean return is achieved by stock market indices. In
 contrast to these and to previous Irish studies, this paper finds that
 there is no negative Monday or Tuesday return, there being a persistent
 and positive Wednesday return. This is seen across two indices and over a
 number of sub-periods. It is also seen, using a GARCH-M specification,
 that this 'Wednesday effect' cannot be attributed to systemic daily
 variation in risk. 
Journal: Applied Economics Letters 
Pages: 637-640 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500415923 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500415923&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Pippenger 
Author-X-Name-First: Michael 
Author-X-Name-Last: Pippenger 
Author-Name: Gregory Goering 
Author-X-Name-First: Gregory 
Author-X-Name-Last: Goering 
Title: Additional results on the power of unit root and cointegration tests under threshold processes 
Abstract:
  Recently researchers have begun to develop methods to detect stationarity
 or cointegration when the underlying error correction process follows a
 threshold model. In the context of one type of threshold model, Pippenger
 and Goering found that the power of unit root or cointegration tests decay
 substantially under many economically relevant parameterization. However,
 in a recent article Balke and Fomby conclude that linear tests work
 'reasonably well when threshold cointegration is present' and based on
 these findings propose a modelling methodology under threshold
 cointegration. This study examines the threshold processes they analysed
 under a wide range of parameterizations and finds that linear unit root
 and cointegration tests display relatively low power even under large
 sample sizes. Hence, contrary to Balke and Fomby linear cointegration
 tests appear to be an inappropriate test under threshold cointegration. 
Journal: Applied Economics Letters 
Pages: 641-644 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500415932 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500415932&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsung Wu Ho 
Author-X-Name-First: Tsung Wu 
Author-X-Name-Last: Ho 
Title: Testing the hypothesis of Phillips curve trade-off: a regime switching approach 
Abstract:
  The hypothesis of Phillips curve trade-off is tested by applying a
 two-state first-order Markov switching model to estimate a simple
 expectation-augmented Phillips curve, which allows for the possibility
 that samples are drawn from two normal distributions. Evidence from the UK
 shows that, two Phillips-curve regimes are identified, and the regime with
 ineffective trade-off dominates the other over time, which verifies the
 hypothesis. 
Journal: Applied Economics Letters 
Pages: 645-647 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500415941 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500415941&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Seasonal adjustment and the univariate testing of asymmetry 
Abstract:
  Following Holly and Stannett, a standard approach has emerged in the
 implementation of Sichel's tests of business cycle asymmetry, whereby
 seasonally adjusted data is detrended via Hodrick-Prescott filtering.
 While Speight and MacMillan have considered the impact of alternative
 methods of detrending upon these tests, the role of seasonal adjustment
 has yet to be examined. In this letter the impact of seasonal adjustment
 is examined by means of an application to durable, non-durable and
 aggregate UK consumers' expenditure. Whereas alternative means of
 detrending most noticeably effect the deepness test and its significance,
 alternative methods of seasonal adjustment are shown to primarily effect
 the steepness statistic and its size. 
Journal: Applied Economics Letters 
Pages: 649-652 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500415950 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500415950&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marc Cowling 
Author-X-Name-First: Marc 
Author-X-Name-Last: Cowling 
Title: Performance related pay in Belgium and The Netherlands 
Abstract:
  Individual worker data is used to identify which types of workers and
 firms choose PRP in Belgium and The Netherlands. The results show that
 there are significant differences across these neighbouring countries in
 terms of the workers who choose PRP systems and the firms who adopt them.
 Results support the previously identified and positive relationship
 between firm size and use of PRP. In addition, interesting differences are
 found concerning the natue of industrial relations and the use of PRP. 
Journal: Applied Economics Letters 
Pages: 653-657 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500415969 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500415969&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ziggy MacDonald 
Author-X-Name-First: Ziggy 
Author-X-Name-Last: MacDonald 
Title: The impact of under-reporting on the relationship between unemployment and property crime 
Abstract:
  There is considerable debate in the literature about the relationship
 between the economic cycle and property crime. Much of the debate centres
 on the statistical methods used to explore the importance of various
 economics factors in determining crime. This study argues that more
 attention should be paid to the process that generates the data used in
 this work. Findings indicate that the reporting rate for property crime is
 sensitive to economic conditions, but in the opposite direction to the
 sensitivity of crime itself. This suggests a disparity between the true
 rate of crime and the measured crime rate, which increases during periods
 of economic downturn. 
Journal: Applied Economics Letters 
Pages: 659-663 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500415978 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500415978&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Frykblom 
Author-X-Name-First: Peter 
Author-X-Name-Last: Frykblom 
Title: Willingness to pay and the choice of question format: experimental results 
Abstract:
  This study revisits the issue of hypothetical and actual willingness to
 pay. In two recent letters the validity of the contingent valuation method
 has been questioned. The studies include comparisons of hypothetical and
 actual economic commitments that were elicited through two different
 question formats. However, in order to attribute a difference in responses
 to a hypothetical bias, it must first be shown that the question formats
 generate equal responses under the same conditions. This letter not only
 contains the same comparison as the two recent letters, subsequent
 comparisons to investigate the question formats are also conducted. The
 rejection of equality between the two question formats raises questions
 concerning previous results. 
Journal: Applied Economics Letters 
Pages: 665-667 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500415987 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500415987&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Swarna Dutt 
Author-X-Name-First: Swarna 
Author-X-Name-Last: Dutt 
Author-Name: Dipak Ghosh 
Author-X-Name-First: Dipak 
Author-X-Name-Last: Ghosh 
Title: An empirical note on the monetary exchange rate model 
Abstract:
  The validity of the monetary approach as a model of long-run exchange
 rate determination is examined under both fixed and flexible rate regimes.
 The powerful KPSS and JJ multivariate cointegration procedures are
 sequentially applied to test the order of integration and common trends in
 the monetary model under consideration. 
Journal: Applied Economics Letters 
Pages: 669-671 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500415996 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500415996&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nabeel Al-Loughani 
Author-X-Name-First: Nabeel 
Author-X-Name-Last: Al-Loughani 
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Title: Covered interest parity and the relative effectiveness of forward and money market hedging 
Abstract:
  In this paper it is shown that obtaining equally effective forward
 hedging and money market hedging implies and is implied by the validity of
 covered interest parity. This proposition is demonstrated by constructing
 combined positions consisting of long exposures on five currencies and
 short exposures on the hedging instruments. An indirect test of CIP would
 then boil down to testing the difference between the variances of the
 rates of return on the combined positions. 
Journal: Applied Economics Letters 
Pages: 673-675 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500416003 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500416003&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles Moss 
Author-X-Name-First: Charles 
Author-X-Name-Last: Moss 
Title: Estimation of the Cobb-Douglas with zero input levels: bootstrapping and substitution 
Abstract:
  New informational technologies have led to a rebirth of interest in
 primal production functions. This study revisits the vexing question of
 the estimation of the Cobb-Douglas production function given zero input
 levels for some observations. A resampling technique is proposed that
 produces a sample with nonzero input levels. The results of the resampling
 technique are then compared with the substitution results using
 informational measures of the implied cost shares. 
Journal: Applied Economics Letters 
Pages: 677-679 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500416012 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500416012&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Lukacs 
Author-X-Name-First: Peter 
Author-X-Name-Last: Lukacs 
Title: A decomposition of price-cost margins in UK manufacturing 
Abstract:
  The paper follows a methodology developed by Schmalensee to decompose the
 time varying behaviour of price-cost margins into an intra-industry and an
 inter-industry component. By doing so light can be shed on whether
 cyclical movements in industry price-cost margins reflect industry effects
 such as concentration or collusion or firm effects such as the performance
 of large versus small firms. Findings for the UK confirm Schmalensee's for
 the US in attributing most of the variance over time to size effects
 rather than industry effects but contrary to Schmalensee the size effect
 is positive in the sample not negative. 
Journal: Applied Economics Letters 
Pages: 681-686 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500416021 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500416021&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bertrand Candelon 
Author-X-Name-First: Bertrand 
Author-X-Name-Last: Candelon 
Author-Name: Alain Hecq 
Author-X-Name-First: Alain 
Author-X-Name-Last: Hecq 
Title: Stability of activity-unemployment relationship in a codependent system 
Abstract:
  A recursive codependence analysis is proposed for investigating the
 stability of the activity-unemployment relationship. Besides some
 noticeable statistical advantages, this new method provides a more
 accurate evaluation of conjunctural employment policies. It appears that
 for most countries, the delay necessary to absorb a shock is low,
 indicating that conjunctural stabilization mechanisms and/or employment
 policies serve their purpose. 
Journal: Applied Economics Letters 
Pages: 687-693 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500416030 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500416030&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Apergis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Apergis 
Title: Employment news and exchange rates: policy implications for the European Union 
Abstract:
  The relationship between employment news and exchange rates in five
 European Union (EU) countries is investigated over the period 1980 to
 1996. The empirical evidence reveals that employment news has a negative
 impact on bilateral exchange rates with respect to the Deutschmark (DM) in
 all cases as a result of larger actual than expected employment figures. 
Journal: Applied Economics Letters 
Pages: 695-698 
Issue: 10 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500416049 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500416049&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. P. Caselli 
Author-X-Name-First: G. P. 
Author-X-Name-Last: Caselli 
Author-Name: M. Battini 
Author-X-Name-First: M. 
Author-X-Name-Last: Battini 
Title: The changing distribution of earnings in Poland from 1989 to 1996 
Abstract:
  In this paper the changing earnings distribution in Poland from 1989 to
 1996 is investigated using Gini coefficients, other economic inequality
 indicators and Generalized Lorenz Curves 
Journal: Applied Economics Letters 
Pages: 699-702 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421296 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421296&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nan-Ting Chou 
Author-X-Name-First: Nan-Ting 
Author-X-Name-Last: Chou 
Author-Name: Ramon Degennaro 
Author-X-Name-First: Ramon 
Author-X-Name-Last: Degennaro 
Author-Name: Raymond Sauer 
Author-X-Name-First: Raymond 
Author-X-Name-Last: Sauer 
Title: The efficiency of the price system: evidence from an alternative market 
Abstract:
  Most economists take it for granted that a price mechanism is usually the
 most effective means of resource allocation. This paper compares two
 methods of allocating resources in the thoroughbred racing market: a price
 mechanism and bureaucratic restrictions. It is shown that a simple price
 mechanism does a superior job of allocating racing ability than a myriad
 of conditions and restrictions set by even a highly informed expert. 
Journal: Applied Economics Letters 
Pages: 703-706 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421304 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421304&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuhin Das 
Author-X-Name-First: Tuhin 
Author-X-Name-Last: Das 
Author-Name: Rajyasri Neogy 
Author-X-Name-First: Rajyasri 
Author-X-Name-Last: Neogy 
Author-Name: Debesh Chakraborty 
Author-X-Name-First: Debesh 
Author-X-Name-Last: Chakraborty 
Title: Sustainability of marine fishing: a case study of West Bengal 
Abstract:
  The marine fishery sector in India is important not only for domestic
 demand for protein food requirements but also from the imperatives of
 exports. An increased investment in this sector has taken place during the
 last few years and the fishing fleet has expanded at a very rapid rate.
 Presently, however, marine fishers are facing difficulties in fish capture
 in spite of exerting the same and sometimes more effort. Thus the question
 of the sustainability of marine fishing arises. The sustainability of
 marine fishing in the Digha-Shankarpur coastal region has been studied
 through estimation of the maximum sustainable yield based on a simple
 bioeconomic model. WLS estimation has been done to remove heteroscedastic
 disturbances. Estimated results show that actual yields of all varieties
 are still below maximum sustainable yield (MSY) except prawn, which has
 reached near optimal levels. 
Journal: Applied Economics Letters 
Pages: 707-710 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421313 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421313&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Dowd 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Dowd 
Author-Name: Barry Harrison 
Author-X-Name-First: Barry 
Author-X-Name-Last: Harrison 
Title: The Gibson paradox and the Gold Standard: evidence from the United Kingdom, 1821-1913 
Abstract:
  The paper uses cointegration techniques and a variety of different
 price-level and interest-rate proxies to investigate the presence of the
 Gibson paradox in UK data for the period 1821-1913. Qualified evidence is
 found in favour of the paradox. 
Journal: Applied Economics Letters 
Pages: 711-713 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421322 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421322&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Robst 
Author-X-Name-First: John 
Author-X-Name-Last: Robst 
Title: Do state appropriations influence cost efficiency in public higher education? 
Abstract:
  The note has two primary purposes. The first is to extend the literature
 examining costs in higher education to a frontier cost function framework.
 The second goal is to determine whether the source of funds in public
 higher education influences the degree of efficiency Results show that
 larger university systems are more efficient than smaller university
 systems. Also, the source of funds is important as states with the lowest
 and highest share of total expenditures provided by state appropriations
 are less efficient than states in the middle of the expenditure
 distribution. 
Journal: Applied Economics Letters 
Pages: 715-719 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421331 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421331&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Further results on the detection of asymmetric adjustment in macroeconomic time series 
Abstract:
  Cook recently revisited the seminal study of Granger and Lee on
 asymmetric error correction. Formal criteria found asymmetry to be
 detected less frequently than was initially suggested by informal
 inspection. Further results on the detection of asymmetry using the
 original author's data are provided here via the application of Sichel's
 univariate techniques. The increased detection of asymmetry using these
 alternative methods emphasizes previous results on the poor performance of
 the asymmetric error correction model. 
Journal: Applied Economics Letters 
Pages: 721-724 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421340 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421340&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: Learning-by-doing through knowledge capital: the case of South Korea (1971-1994) 
Abstract:
  Diffusion of knowledge capital and its impact on economic growth are
 discussed empirically for the case of South Korea (1971-1994). 
Journal: Applied Economics Letters 
Pages: 725-728 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421359 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421359&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marius Brulhart 
Author-X-Name-First: Marius 
Author-X-Name-Last: Brulhart 
Author-Name: Michael Thorpe 
Author-X-Name-First: Michael 
Author-X-Name-Last: Thorpe 
Title: Intra-industry trade and adjustment in Malaysia: puzzling evidence 
Abstract:
  The structure of Malysia's trade expansion over the high-growth period
 1970-1994 and its implications for labour-market adjustment is examined.
 An econometric analysis of trade and employment data suggests that
 intra-industry trade is related with relatively large inter-industry
 payroll changes. Results therefore cast doubt over the widely held
 smooth-adjustment hypothesis of intra-industry trade. 
Journal: Applied Economics Letters 
Pages: 729-733 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421368 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421368&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Elena Condon 
Author-X-Name-First: Maria Elena 
Author-X-Name-Last: Condon 
Author-Name: Carmen Marcuello 
Author-X-Name-First: Carmen 
Author-X-Name-Last: Marcuello 
Author-Name: Antonio Montanes 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Montanes 
Title: Are health care functions stable? An application to the Canadian and US economies 
Abstract:
  The paper examines the stability of the long-run health care expenditure
 function for the Canadian and US economies. The use of Hansen, and Gregory
 and Hansen statistics leads to rejection of the stability of both
 functions. When the instability problems are solved through the inclusion
 of some dummy variables, it is found that the estimation of income
 elasticity significantly diminishes, especially for the Canadian economy,
 in such a way that one can no longer accept health care spending to be a
 luxury good in this economy. 
Journal: Applied Economics Letters 
Pages: 735-738 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421377 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421377&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Title: Price-cap regulation and uncertain technical change 
Abstract:
  The paper studies the effect of price-cap regulation on the research
 behaviour of a regulated firm and an external developer who are pursuing
 an uncertain innovation. Contributions of this work include incorporating
 innovation uncertainty and imperfect appropriability of innovation rewards
 into the analysis. In contrast to existing literature, it is found that a
 tighter price-cap diminishes the incentives for cost-reduction. 
Journal: Applied Economics Letters 
Pages: 739-742 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421386 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421386&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Claudia Roder 
Author-X-Name-First: Claudia 
Author-X-Name-Last: Roder 
Author-Name: Roland Herrmann 
Author-X-Name-First: Roland 
Author-X-Name-Last: Herrmann 
Author-Name: John Connor 
Author-X-Name-First: John 
Author-X-Name-Last: Connor 
Title: Determinants of new product introductions in the US food industry: a panel-model approach 
Abstract:
  Economic theory suggests that market structure variables influence
 technical change, growth and new product introductions. Based on a broad
 data set for new product introductions in various food industries, it is
 elaborated in this article how market structure variables affect
 innovative activities in the US food sector. It is different from earlier
 studies in the way that cross-sectional and time-series data are combined
 and panel data models are used in the econometric analysis. A major result
 is that new product introductions are driven by market structure variables
 and industry-specific characteristics, i.e. fixed effects. A significant
 determinant of new food product introductions is the concentration ratio
 which affects the number of innovations in a nonlinear form. The
 fixed-effects estimates reveal a U-type effect of concentration on
 innovations. Furthermore, the number of firms, the degree of existing
 product differentiation and the size of a market show a positive influence
 on the number of innovations. From a methodological point of view, plain
 OLS models yield biased results on the concentration-innovation linkage
 and on the relationship between the size of a market and innovations.
 Therefore, it is very important to include sector-specific characteristics
 as is done in the fixed-effects models. 
Journal: Applied Economics Letters 
Pages: 743-748 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421395 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421395&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rand Ressler 
Author-X-Name-First: Rand 
Author-X-Name-Last: Ressler 
Title: Is offering a degree in law an effective strategy for increasing state educational appropriations? 
Abstract:
  This paper examines the relationship between universities which house law
 schools and appropriations per student. Specifically, it is hypothesized
 that universities with law schools will have higher state appropriations,
 other things the same, because these universities are likely to have more
 alumni in the state legislature. This argument is supported by both
 Ordinary Least Squares and Two Stage Least Squares analysis. 
Journal: Applied Economics Letters 
Pages: 749-753 
Issue: 11 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500421403 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500421403&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cristina Del Rio 
Author-X-Name-First: Cristina Del 
Author-X-Name-Last: Rio 
Author-Name: Rafael Santamaria 
Author-X-Name-First: Rafael 
Author-X-Name-Last: Santamaria 
Title: Empirical regularities for the currencies of European monetary system during the 1976-1993 period 
Abstract:
  Empirical evidence about the behaviour of the exchange rates in terms of
 the US Dollar (USD) has shown different regularities (autocorrelation,
 daily seasonality, heteroscedasticicity, long memory). In this sense, we
 are interested in analysing the regularities that can be found in the
 behaviour of the European currencies in terms of Deutsche Mark (DEM)
 specifically those related to the mean because they could lead to the
 design of potentially exploitable strategies. The hypothesis is that the
 existence of a monetary system, which operates with bands around the
 bilateral central rate, can have an important influence on the behaviour
 of the exchange rates. Thus daily prices of four foreign currencies
 (French Franc (FRF), British Pound (GBP), Italian Lira (ITL) and Spanish
 Peseta (ESP)) are analysed over the period from 1 January 1976 to 31
 December 1993. The results have confirmed a previous hypothesis. 
Journal: Applied Economics Letters 
Pages: 755-764 
Issue: 12 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500444750 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500444750&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Madden 
Author-X-Name-First: David 
Author-X-Name-Last: Madden 
Title: Towards a broader explanation of male-female wage differences 
Abstract:
  Most analyses of wage discrimination have followed the traditional
 Blinder-Oaxaca decomposition of wage differences into endowment and
 discrimination components. This approach has neglected the possibility of
 wage discrimination at point of entry to the labour market and also the
 issue of selectivity bias. Using some recently developed techniques of
 Neumann and Oaxaca this paper decomposes male-female wage differences
 taking account of discrimination in terms of access to the labour market
 and also selectivity bias. It finds considerable evidence of
 discrimination at point of entry but that discrimination owing to
 selectivity bias is minimal. 
Journal: Applied Economics Letters 
Pages: 765-770 
Issue: 12 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500444769 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500444769&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Title: Uncertain central bankers' preferences: some implications of multiplicative versus additive uncertainty 
Abstract:
  In this note the implications of modelling uncertainty in the parameters
 of the central banks loss function are examined in a multiplicative rather
 than additive manner. The implications for expected inflation, linear
 inflation contracts and targets are derived. 
Journal: Applied Economics Letters 
Pages: 771-773 
Issue: 12 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500444778 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500444778&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Quentin Wodon 
Author-X-Name-First: Quentin 
Author-X-Name-Last: Wodon 
Title: Low income energy assistance and disconnection in France 
Abstract:
  Electricite de France, the French monopoly provider of electricity, has
 been testing a number of new policy instruments to avoid disconnection
 among its low income customers. This paper uses decentralization, a common
 feature of social programmes, to identify the impact of Electricite de
 France's energy assistance programmes on the probability of disconnection
 for households with difficulties of payment. Naive estimates of programme
 impact are shown to be seriously biased. 
Journal: Applied Economics Letters 
Pages: 775-779 
Issue: 12 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500444787 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500444787&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gabrielle Berman 
Author-X-Name-First: Gabrielle 
Author-X-Name-Last: Berman 
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Author-Name: Sinclair Davidson 
Author-X-Name-First: Sinclair 
Author-X-Name-Last: Davidson 
Title: The Sydney Olympic Games announcement and Australian stock market reaction 
Abstract:
  On 23 September 1993 the International Olympic Committee announced that
 Sydney would host the 2000 Olympic Games. Given the keen competition
 between rival cities bidding for the Olympics it could be argued that the
 winning city anticipates economic benefits to accrue from hosting the
 games. To the extent that this is valid, some stock market reaction may be
 found to the Olympic announcement. Testing the hypothesis for Australia
 the following results are found. First no overall impact on the stock
 market is found. Second, only a limited number of industries portfolios
 show a significant positive impact to the Olympic games announcement.
 Specifically the industry portfolios are: building materials, developers
 and contracts, engineering and miscellaneous services. This is consistent
 with the economic boost for the Olympics being in infrastructure and
 development and thus in the general building and construction sector.
 Third the results clearly demonstrate that for the industries where there
 was a significant positive stock market reaction to the Olympic Games
 announcement, that significant positive stock market reaction is confined
 to stocks based in the state which will host the games, New South Wales. 
Journal: Applied Economics Letters 
Pages: 781-784 
Issue: 12 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500444796 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500444796&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marc Cowling 
Author-X-Name-First: Marc 
Author-X-Name-Last: Cowling 
Title: Are entrepreneurs different across countries? 
Abstract:
  Results show that there are significant differences across countries in
 terms of who becomes an entrepreneur. In particular age, gender and
 education were found to be key variables, although the nature and strength
 of the relationship varies considerably across countries. It was concluded
 that entrepreneurs are not a homogenous group in the EU. 
Journal: Applied Economics Letters 
Pages: 785-789 
Issue: 12 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500444804 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500444804&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tatsuyoshi Miyakoshi 
Author-X-Name-First: Tatsuyoshi 
Author-X-Name-Last: Miyakoshi 
Title: The monetary approach to the exchange rate: empirical observations from Korea 
Abstract:
  This note re-examines the flexible-price monetary approach to the
 exchange rate between the Korean won and the three key currencies: the US
 dollar, the German mark and the Japanese yen. The note reports the
 important findings. First, at least one cointegrating vector exists, which
 indicates that an unrestricted flexible-price monetary model is a valid
 framework for analysing the long run exchange rate. Second, it is found
 that some popular monetary restrictions on this model are valid for the
 Korean won-German mark rate and the Korean won-Japanese yen rate:
 especially all variables in the model are correctly signed and mostly
 statistically significant for the Korean won-German mark rate. 
Journal: Applied Economics Letters 
Pages: 791-794 
Issue: 12 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500444813 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500444813&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Darren Butterworth 
Author-X-Name-First: Darren 
Author-X-Name-Last: Butterworth 
Author-Name: Phil Holmes 
Author-X-Name-First: Phil 
Author-X-Name-Last: Holmes 
Title: Mispricing in stock index futures contracts: evidence for the FTSE 100 and FTSE mid 250 contracts 
Abstract:
  This paper investigates the pricing efficiency of the FTSE 100 and FTSE
 mid 250 index futures contracts traded in the UK. The results show that
 while there are many deviations from fair value, these are generally quite
 small in magnitude with both contracts tending to be efficiently priced.
 Although mispricings are larger and more persistent for the mid 250
 contract than for the FTSE 100 contract, this is consistent with the
 larger transactions costs and difficulties associated with trading the
 illiquid constituents of the mid 250 index. 
Journal: Applied Economics Letters 
Pages: 795-801 
Issue: 12 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500444822 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500444822&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ali Darrat 
Author-X-Name-First: Ali 
Author-X-Name-Last: Darrat 
Title: Monetary stability and interest-free banking revisited 
Abstract:
  This paper revisits the issue of the efficiency of the Islamic
 interest-free banking system. Recently, Yousefi et al. (1997) used a
 testing methodology proposed in Darrat (1988) and claimed that the
 evidence does not support interest-free banking in the case of Iran.
 However, by their own admission, the empirical results they report are
 consistent with the superiority of interest-free over interest-based
 banking system in Iran, in three out of the four operational criteria
 used. Only over one criterion, the monetary aggregate/price link, do
 Yousefi et al.'s results appear in conflict with the efficiency of the
 Islamic banking system. On this score too, it is shown that their
 'evidence' is in doubt due to the possibility of significant specification
 errors. Once these errors are corrected, the results seem unanimous in
 their support of the efficiency of interest-free banking system in Iran. 
Journal: Applied Economics Letters 
Pages: 803-806 
Issue: 12 
Volume: 7 
Year: 2000 
X-DOI: 10.1080/135048500444831 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500444831&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guang Hua Wan 
Author-X-Name-First: Guang Hua 
Author-X-Name-Last: Wan 
Title: Decomposing changes in the Gini index by factor components 
Abstract:
  Changes in inequality as measured by the Gini index are decomposed into
 structural effects, real inequality effects and interactive effects. In
 light of such a decomposition, a refined version of the Kuznets hypothesis
 is proposed. 
Journal: Applied Economics Letters 
Pages: 1-3 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041187 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041187&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul McGuinness 
Author-X-Name-First: Paul 
Author-X-Name-Last: McGuinness 
Title: Ex-day effects for rights issues in Hong Kong 
Abstract:
  In a fair/efficient market, the ex-adjustment in a rights offering should
 ensure that trading strategies around this date yield zero returns on
 average (after netting out market movements and transaction costs). This
 adjustment is assessed in this paper for one particular market - Hong Kong
 - which, a priori, offers a clearer picture of ex-adjustments given the
 general absence of market frictions (notably income and capital gains on
 locally-consummated share transactions). The analysis generally confirms
 an efficient adjustment process and also shows that perturbations from
 this correlate positively with the proportionate increase in the nominal
 share capital of the issuer, stemming from the rights issue. 
Journal: Applied Economics Letters 
Pages: 5-7 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041196 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041196&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Carey 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Carey 
Title: Inflation pressure and European unemployment 
Abstract:
  While the recent failure of unemployment to fall in many OECD economies
 is often attributed to labour market rigidities, there is a strong
 cross-sectional correlation between changes in unemployment since the last
 recession and changes in inflation over the same period (1993-1997).
 Furthermore, this linkage is dominated by the influence of initial (i.e.
 1993) inflation. This can be interpreted in terms of two effects:
 countries with higher 1993 inflation had less scope for relaxation of
 monetary policy, and may have experienced larger increases in expected
 inflation. These inflation pressure effects in turn are related to the EMU
 inflation convergence criteria. 
Journal: Applied Economics Letters 
Pages: 9-13 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041204 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041204&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: The Kuznets inverted-U hypothesis: panel data evidence from 96 countries 
Abstract:
  Regression results from a panel data set of high-quality comparable data
 on Gini coefficients, income quintiles and real GDP per capita in 96
 countries over the postwar period, suggest that the relation between
 income inequality and development corresponds to an inverted-U, as
 hypothesized by Kuznets. 
Journal: Applied Economics Letters 
Pages: 15-16 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041213 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041213&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Title: Uncertain central bankers preferences: some implications of multiplicative versus additive uncertainty 
Abstract:
  In this note the implications of modelling uncertainty in the parameters
 of the central banks loss function in a multiplicative rather than
 additive manner are examined. The implications for expected inflation,
 linear inflation contracts and targets are derived. 
Journal: Applied Economics Letters 
Pages: 17-20 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041222 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041222&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Schmidt 
Author-X-Name-First: Martin 
Author-X-Name-Last: Schmidt 
Title: Competition in Major League Baseball: the impact expansion 
Abstract:
  Numerous empirical studies of competition within Major League Baseball
 (MLB) have highlighted the recent rise in competitive balance. While most
 explanations for the increased competitiveness have revolved around the
 establishment of the amateur draft or the introduction of free agency, the
 present paper maintains that the movement towards increased competition
 occurred much earlier. In particular, it is an outgrowth of the move to
 expand beyond the original 16 teams. The results from estimating the
 time-series behaviour of competitive balance within the two leagues
 suggests that the movement toward greater competitive balance occurred
 quickly after the two leagues began expanding. Finally, rather than use
 the conventional standard deviation measure for competitive balance, the
 present paper incorporates a more traditional measure of inequity, the
 Gini coefficient. 
Journal: Applied Economics Letters 
Pages: 21-26 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041231 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041231&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Bergman 
Author-X-Name-First: Michael 
Author-X-Name-Last: Bergman 
Title: Testing government solvency and the No Ponzi Game condition 
Abstract:
  The paper derives new conditions for government solvency. It is shown
 that the No Ponzi Game condition is satisfied when government debt is
 integrated of any finite order but not when government debt is an
 explosive process. 
Journal: Applied Economics Letters 
Pages: 27-29 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041240 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041240&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Ferris 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Ferris 
Author-Name: Murali Jagannathan 
Author-X-Name-First: Murali 
Author-X-Name-Last: Jagannathan 
Title: The incidence and determinants of multiple corporate directorships 
Abstract:
  Contrary to the concerns of the Council of Institutional Investors and
 other shareholder activists, it is reported that the incidence of multiple
 board memberships appointments by corporate directors is low, with only 4%
 of the sample holding three or more seats. It is found that directors in
 regulated industries hold fewer board memberships than those in
 unregulated businesses. Firm size, board size, firm performance and
 corporate growth opportunities positively influence the number of
 directorships held by individual directors. It is further discovered that
 increased equity ownership of the firm by the board is associated with
 fewer external appointments by the board members. It is concluded that
 proposals to limit the number of directorships held by an individual may
 be ill-advised. 
Journal: Applied Economics Letters 
Pages: 31-35 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041259 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041259&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Seaton 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Seaton 
Title: Bargaining versus non-cooperation; transaction costs within marriage 
Abstract:
  Household labour supply models, which assume separate utility functions
 for the two principle household members, can be categorized as either
 non-cooperative or Pareto efficient bargaining games. In this paper a
 revealed preference non-parametric test is applied to UK family
 expenditure data to determine why some data observations are consistent
 with a Pareto efficient outcome. The empirical findings support the view
 that there are costs of bargaining within marriage and that they are
 typically related to the cost of female time. The implication being that
 as the cost of female time increases so do the transaction costs
 associated with a bargaining outcome. 
Journal: Applied Economics Letters 
Pages: 37-41 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041268 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041268&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Massimo Filippini 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Filippini 
Title: Economies of scale in the Swiss nursing home industry 
Abstract:
  The paper examines costs in the Swiss nursing home industry, an issue of
 concern to Swiss policy makers because of the explosion of elderly care
 costs and the ageing of the population. The paper considers estimation of
 a translog cost function employing panel data for a sample of 36 nonprofit
 nursing homes operating in Ticino, a canton of Switzerland, over the
 period 1993-1995. Using a set of dummy variables quality differences are
 considered. The results of this analysis indicate the existence of
 economies of scale for most output levels. 
Journal: Applied Economics Letters 
Pages: 43-46 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041277 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041277&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Abbott 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Abbott 
Author-Name: Adrian Darnell 
Author-X-Name-First: Adrian 
Author-X-Name-Last: Darnell 
Author-Name: Lynne Evans 
Author-X-Name-First: Lynne 
Author-X-Name-Last: Evans 
Title: The influence of exchange rate variability on UK exports 
Abstract:
  This paper examines the influence of exchange rate variability on UK
 exports in the period of 'floating' sterling 1973Q2-1990Q3. Using the most
 recently developed bounds tests (appropriate when the cointegrating vector
 incorporates both I(1) or I(0) variables) the long-run demand for UK
 exports invariant to exchange rate variability is found. 
Journal: Applied Economics Letters 
Pages: 47-49 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041286 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041286&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald Freeman 
Author-X-Name-First: Donald 
Author-X-Name-Last: Freeman 
Title: Beer and the business cycle 
Abstract:
  The beer industry has traditionally been viewed as 'recession-proof':
 drinkers will have their beer notwithstanding the ecomomy's ups and downs.
 Few empirical studies have examined the veracity of the claim of beer's
 non-cyclicality and none have used monthly data. This paper uses an
 error-correction specification to test the sensitivity o mfonthly beer
 consumption to cyclical macro-economic variables over the period January
 1955-December 1994. Strong support was found for the traditional view:
 beer is mostly immune to economic cycles. 
Journal: Applied Economics Letters 
Pages: 51-54 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041295 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041295&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: A robust estimation of hedonic price models: least absolute deviations estimation 
Abstract:
  Conventional parametric estimation of the hedonic price models is not
 robust to heteroscedastic and/or non-normal error structure. This paper
 applies least absolute deviations (LAD) estimation as a robust approach to
 estimating the hedonic price models, using the Korea housing markets data.
 The paper finds that LAD estimation produces more reasonable results and
 that it proves robust in a situation where other estimation results based
 on various functional form models produce inaccurate or misleading
 results. 
Journal: Applied Economics Letters 
Pages: 55-58 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041303 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041303&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mandy Ryan 
Author-X-Name-First: Mandy 
Author-X-Name-Last: Ryan 
Author-Name: Angela Bate 
Author-X-Name-First: Angela 
Author-X-Name-Last: Bate 
Title: Testing the assumptions of rationality, continuity and symmetry when applying discrete choice experiments in health care 
Abstract:
  In the absence of revealed preference behaviour, economists use
 experimental techniques to estimate welfare changes. Such an approach
 relies on a number of assumptions concerning individual behaviour. This
 paper uses a discrete choice experiment to test three of these assumptions
 - rationality, continuity and symmetry. The experiment was carried out
 with users of a rheumatology clinic in the Grampian area of Scotland and
 was concerned with preferences for a specialist-nurse-led clinic. Two
 tests of 'rationality' were included in the experiment. Tests were carried
 out to see if respondents always chose on the basis of their preferred
 staffing, suggesting discontinuities in the utility function. The axiom of
 symmetry was tested using a split sample design, with respondents divided
 into two groups. Each group received a different questionnaire that varied
 with respect to the order of the choices. Over 30% of respondents provided
 at least one 'irrational' response. Such respondents did not differ
 significantly in their characteristics from 'rational' responses,
 suggesting that utility estimates would not be biased if this group were
 excluded from the analysis. Seventeen per cent of respondents showed signs
 of having non-compensatory utility functions. Evidence was found to
 support the axiom of symmetry. Future work should explore the axioms of
 rationality and continuity in more detail. 
Journal: Applied Economics Letters 
Pages: 59-63 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041312 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041312&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Habib Ahmed 
Author-X-Name-First: Habib 
Author-X-Name-Last: Ahmed 
Author-Name: Pami Dua 
Author-X-Name-First: Pami 
Author-X-Name-Last: Dua 
Title: Effects of monetary variables on real output: sensitivity analysis 
Abstract:
  This paper uses Leamer's sensitivity test in a VAR framework and examines
 the robustness of the relationship between different monetary and output
 variables. Output variables at the aggregated level include GDP,
 consumption, and gross private investment. Disaggregated variables
 comprise components of consumption (durables, non-durables and services)
 and investment (business inventories, fixed residential, and fixed
 nonresidential). All aggregated variables are robustly Granger caused by
 M2, the federal funds rate and the federal funds 3-months treasury rate
 spread. At the disaggregated level, only consumption of durables is
 Granger caused by these variables. Consumption of services, business
 inventories, and non-residential fixed investment are only Granger caused
 by money supply variables, while consumption of non-durable goods and
 residential investment are Granger caused by interest rates and/or
 interest rate spreads only. 
Journal: Applied Economics Letters 
Pages: 65-69 
Issue: 1 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750041321 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750041321&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eduardo Pozo 
Author-X-Name-First: Eduardo 
Author-X-Name-Last: Pozo 
Author-Name: Lucia Amboj 
Author-X-Name-First: Lucia 
Author-X-Name-Last: Amboj 
Title: Noise reduction methods and the Grassberger-Procaccia algorithm. A simulation study 
Abstract:
  The behaviour of the Grassberger-Procaccia algorithm is analysed when
 applied to noisy data and the possibility of improving its performance by
 pre-filtering the series with some of the noise reduction methods proposed
 in the literature. The results, obtained from series simulated from well
 known chaotic systems with different levels of noise added, allow us to
 conclude: (1) that the distortion caused by noise is unequal, and (2) that
 the best result is obtained when the series are pre-processed by means of
 the 'singular value decomposition' method. 
Journal: Applied Economics Letters 
Pages: 71-75 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204084 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204084&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Mushinski 
Author-X-Name-First: David 
Author-X-Name-Last: Mushinski 
Title: Using non-parametrics to inform parametric tests of Kuznets' hypothesis 
Abstract:
  Simon Kuznets hypothesized that inequality in a country's distribution of
 income worsens in the early stages of its economic development and that
 the inequality improves as the country reaches higher stages of
 development (the 'inverted U hypothesis'). Empirical support for the
 inverted U hypothesis has been mixed. In testing Kuznets hypothesis,
 analysts have specified a variety of parametric forms for the relationship
 between inequality and development, including a quadratic form (a
 second-degree polynomial). Using data on income distributions on Native
 American reservations in the USA, the present analysis indicates that
 non-parametric estimates of the relationship can inform a parametric
 analysis. Specifically, while a regression with a second-degree polynomial
 finds mixed support for the hypothesis, the non-parametric analysis
 suggests the presence of such an inverse relationship. Indeed, the
 non-parametric form suggests that a polynomial of greater degree might
 better capture the relationship between economic development and income
 inequality. Hypothesis testing supports estimating a fourth-degree
 polynomial rather than a second-degree polynomial. All terms in the
 fourth-degree polynomial are statistically significant and the estimated
 coefficients support the Kuznets hypothesis. These regression results
 counsel caution in testing the inverted U hypothesis by estimating only
 parametric forms which produce strictly concave functions. 
Journal: Applied Economics Letters 
Pages: 77-79 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204093 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204093&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: A model of Schumpeterian dynamics 
Abstract:
  Two key element of Schumpeterian dynamics - new innovations in technology
 and creative destruction - are used here to develop a growth model, which
 is then applied empirically for two economies: Japan and Korea in their
 rapid phases of growth. 
Journal: Applied Economics Letters 
Pages: 81-84 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204101 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204101&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Purnendu Nath 
Author-X-Name-First: Purnendu 
Author-X-Name-Last: Nath 
Author-Name: K. Ben Nowman 
Author-X-Name-First: K. Ben 
Author-X-Name-Last: Nowman 
Title: Estimates of the continuous time Cox-Ingersoll-Ross term structure model: further results for the UK gilt-edged market 
Abstract:
  Estimates are made of multi-factor versions of the Cox-Ingersoll-Ross
 model of the term structure of interest rates using the Kalman filter.
 Estimates are obtained using weekly UK Gilt-edged market data over the
 period 1982-1997. Empirical results support the need for a multi-factor
 model and support recent findings of Babbs and Nowman for this market. 
Journal: Applied Economics Letters 
Pages: 85-88 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204110 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204110&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Serdar Sayan 
Author-X-Name-First: Serdar 
Author-X-Name-Last: Sayan 
Author-Name: Arzdar Kiraci 
Author-X-Name-First: Arzdar 
Author-X-Name-Last: Kiraci 
Title: Identification of parametric policy options for rehabilitating a pay-as-you-go based pension system: an optimization analysis for Turkey 
Abstract:
  Publicly managed pension systems operating on the basis of pay-as-you-go
 (PAYG) schemes face financial difficulties worldwide. The
 expenditure-revenue balances of such a system are determined jointly by
 the selected configuration of system parameters, and interrelated
 developments in the labour market and demographic structure. In a country
 where pension coverage is compulsory, these developments occur completely
 beyond the control of pension system administrators implying that any
 imbalances that may arise over time can be corrected only by adjusting the
 existing configuration of contribution and replacement rates, and minimum
 retirement ages. It can be shown, however, that there are infinitely many
 configurations of these system parameters that could be used to maintain a
 selected intertemporal balance between the amounts of contributions
 collected from workers and pensions paid to the retirees. This paper
 describes an algorithm developed to identify all possible configurations
 compatible with this goal and illustrates its use with reference to the
 pension reform debate in Turkey, a country whose PAYG-based pension system
 already faces a severe financial crisis despite a relatively young
 workforce/population. The results indicate that for contribution and
 replacement rates to remain around their current values, the minimum
 retirement age must be increased substantially. 
Journal: Applied Economics Letters 
Pages: 89-93 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204129 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204129&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sadequl Islam 
Author-X-Name-First: Sadequl 
Author-X-Name-Last: Islam 
Title: Concentration of international trade in high-technology products 
Abstract:
  International trade in high-technology products has been increasing at a
 rate faster than overall trade and world output. This paper examines
 whether trade in high-technology products has been associated with
 increased concentration of trade among a few countries. The paper explores
 market shares of leading exporters of high-technology products and
 concentration of trade in these products, measured by the
 Herfindahl-Hirschman index. The main finding is that trade concentration
 in high-technology products has declined during the 1980-1996 period. 
Journal: Applied Economics Letters 
Pages: 95-97 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204138 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204138&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christophe Hurlin 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Hurlin 
Title: Estimating the contribution of public capital with times series production functions: a case of unreliable inference 
Abstract:
  This paper assesses the magnitude of bias in reported estimates of the
 productive contribution of public capital stock to private factors
 productivity and growth. The standard approach is taken, based on a
 production function, in order to estimate structural parameters on
 simulated pseudo samples generated from a stochastic general equilibrium
 model. 
Journal: Applied Economics Letters 
Pages: 99-103 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204147 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204147&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Karen Denning 
Author-X-Name-First: Karen 
Author-X-Name-Last: Denning 
Author-Name: Stephen Ferris 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Ferris 
Author-Name: Robert Lawless 
Author-X-Name-First: Robert 
Author-X-Name-Last: Lawless 
Title: Serial bankruptcy: plan infeasibility or just bad luck? 
Abstract:
  Through a comparison of serial and once bankrupt firms over the period
 1970-1996, those factors that lead to a successful reorganization are
 examined. It is found that serial bankrupt firms generally fail to
 restructure their top management around the time of their initial
 reorganization while over 70% of the sample of once bankrupt firms replace
 their senior executives. Serial bankrupt firms increase their level of
 fixed payments, are less able to lower their debt coupon rate and issue
 more equity than their once-bankrupt matches. It is further found that
 firm growth, performance, liquidity and size are associated with a greater
 likelihood of a successful reorganization. Firm risk as measured by
 financial leverage increases the probability of a subsequent bankruptcy.
 These results are useful to both bankruptcy courts and corporate managers
 seeking to discriminate between feasible and unrealistic reorganization
 plans following bankruptcy. 
Journal: Applied Economics Letters 
Pages: 105-109 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204156 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204156&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sarah Brown 
Author-X-Name-First: Sarah 
Author-X-Name-Last: Brown 
Author-Name: John Sessions 
Author-X-Name-First: John 
Author-X-Name-Last: Sessions 
Title: Actual and optimal labour supply 
Abstract:
  The implications of assuming a coincidence of actual and desired work
 hours for labour supply estimates are investigated. Results suggest
 significant differences in the wage elasticities of British male employees
 reporting that their work hours have been constrained vis-a-vis those
 reporting satisfaction with actual hours. 
Journal: Applied Economics Letters 
Pages: 111-113 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204165 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204165&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Author-Name: Kamal Upadhyaya 
Author-X-Name-First: Kamal 
Author-X-Name-Last: Upadhyaya 
Title: Ranking economics departments in the US South 
Abstract:
  A ranking is provided of Southern economics departments and Southern
 economists using research output data indexed by the Journal of Economic
 Literature's EconLit database from 1982-1997. Ranking results from a
 smaller 'core' of each Southern institution's American Economic
 Association members (the top five) is compared with a ranking which
 employs scholarly production from all of a department's AEA members. 
Journal: Applied Economics Letters 
Pages: 115-119 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204174 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204174&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Salvatore Terregrossa 
Author-X-Name-First: Salvatore 
Author-X-Name-Last: Terregrossa 
Title: Robust informational tests on the CAPM 
Abstract:
  The paper demonstrates the existence of an independent informational
 content in the Capital Asset Pricing Model (CAPM) that financial analysts
 are not fully utilizing in their forecast-generating mechanism. This
 existence is discovered by regressing actual values of five-year firm
 earnings growth against financial analysts ex-ante forecasts and simulated
 ex-ante forecasts generated by the CAPM. Regressions are run over a
 cross-section of firms for each of four adjacent five-year horizons:
 January 1982-1987; 1983-1988; 1984-1989; 1985-1990. In three out of four
 test periods, the coefficient of the CAPM forecasts is significantly
 positive. This is essentially the same experiment with the same results as
 obtained previously, with one exception: a diagnostic analysis and
 corrective procedures are performed and results are generated that are
 heteroscedasticity-robust. 
Journal: Applied Economics Letters 
Pages: 121-124 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204183 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204183&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pilar Olave 
Author-X-Name-First: Pilar 
Author-X-Name-Last: Olave 
Author-Name: Jesus Miguel 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Miguel 
Title: Testing heteroscedasticity: are parametric ARCH models appropriate? 
Abstract:
  Many researchers have used parametric ARCH models to specify the
 conditional variance of financial series. However, the usual tests do not
 provide any information on the form of the conditional variance. The
 objective of this paper is to present a test for heteroscedasticity, i.e.
 to decide whether the use of the parametric model can be justified. The
 test statistic is based on the distance between a non-parametric and a
 parametric estimator for the conditional variance. The critical values are
 calculated using a bootstrap method. 
Journal: Applied Economics Letters 
Pages: 125-129 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204192 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204192&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Meyer 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Meyer 
Author-Name: Peter Hans Matthews 
Author-X-Name-First: Peter Hans 
Author-X-Name-Last: Matthews 
Author-Name: Paul Sommers 
Author-X-Name-First: Paul 
Author-X-Name-Last: Sommers 
Title: Net interstate migration revisited 
Abstract:
  The paper revisits the work of Sommers and Suits on net interstate
 migration in the USA. Adopting the same framework, consideration is given
 to the effects of differences in income, welfare expenditures, employment
 opportunities and 'regional preferences' on the behaviour of migrants in
 the mid-1990s. The question is asked whether variations in health
 insurance coverage have produced interstate 'job lock'. The robustness of
 the model is also evaluated in some detail. 
Journal: Applied Economics Letters 
Pages: 131-134 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204200 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204200&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Barron 
Author-X-Name-First: John 
Author-X-Name-Last: Barron 
Author-Name: Beck Taylor 
Author-X-Name-First: Beck 
Author-X-Name-Last: Taylor 
Author-Name: John Umbeck 
Author-X-Name-First: John 
Author-X-Name-Last: Umbeck 
Title: New evidence on price discrimination and retail configuration 
Abstract:
  In a frequently cited paper in the industrial organization literature,
 Shepard examines the extent to which gasoline stations can price
 discriminate by offering both selfand full-service gasoline rather than
 offering only a single service choice. Given the idiosyncratic nature of
 the data used in Shepard's original study and the recommendations of the
 author, this issue is re-examined using a larger and richer data set with
 a more typical smaller proportion of full-service-only stations. Using a
 panel of station-level data from the Los Angeles retail gasoline market
 from 1992'1995, Shepard's original findings are confirmed. 
Journal: Applied Economics Letters 
Pages: 135-139 
Issue: 2 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150204219 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150204219&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Azzeddine Azzam 
Author-X-Name-First: Azzeddine 
Author-X-Name-Last: Azzam 
Author-Name: Ananda Weliwita 
Author-X-Name-First: Ananda 
Author-X-Name-Last: Weliwita 
Title: Testing for relative economic efficiency without imposing arbitrary farm size 
Abstract:
  Past test of differences in economic efficiency between small and large
 farms in developing countries used arbitrary criteria to divide samples of
 farms into the two size groups. Given the inferential danger from such
 arbitrary groupings, this paper presents a method for conducting the
 efficiency tests where the cut-off point between small and large farms is
 determined statistically. The test is applied to dryland food grain
 farming in Morocco. The estimated cut-off point was significantly
 different from the conventional one, but the efficiency test results were
 similar. 
Journal: Applied Economics Letters 
Pages: 141-144 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504478 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504478&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nilss Olekalns 
Author-X-Name-First: Nilss 
Author-X-Name-Last: Olekalns 
Title: Cyclical asymmetries in Australian macroeconomic data 
Abstract:
  The concepts of steepness and deepness are used to investigate the
 existence of asymmetries at the business cycle frequencies in a number of
 Australian macroeconomic time series. The results suggest that Australian
 macroeconomic variables do not display any detectable asymmetries at the
 business cycle frequencies. 
Journal: Applied Economics Letters 
Pages: 145-148 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504487 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504487&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeff Borland 
Author-X-Name-First: Jeff 
Author-X-Name-Last: Borland 
Author-Name: Joe Hirschberg 
Author-X-Name-First: Joe 
Author-X-Name-Last: Hirschberg 
Author-Name: Jenny Lye 
Author-X-Name-First: Jenny 
Author-X-Name-Last: Lye 
Title: Data reduction of discrete responses: an application of cluster analysis 
Abstract:
  One form of data reduction is cluster analysis which is used to separate
 detailed data into constituent groups. This paper illustrates a useful
 application of cluster analysis to the data reduction of detailed discrete
 responses of a type that are often found in large surveys. This method is
 illustrated using the ABS Training and Education Experience Survey 1993a
 (TEES). This survey provides a detailed range of information on
 individuals' computer skills. The information given in the survey is
 simplified by using a form of cluster analysis to combine categories of
 computer ability and skills. Wage equations are estimated using different
 assumptions on the degree of clustering. 
Journal: Applied Economics Letters 
Pages: 149-153 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504496 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504496&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chris Brooks 
Author-X-Name-First: Chris 
Author-X-Name-Last: Brooks 
Author-Name: Gita Persand 
Author-X-Name-First: Gita 
Author-X-Name-Last: Persand 
Title: Seasonality in Southeast Asian stock markets: some new evidence on day-of-the-week effects 
Abstract:
  This paper examines the evidence for a day-of-the-week effect in five
 Southeast Asian stock markets: South Korea, Malaysia, the Philippines,
 Taiwan and Thailand. Findings indicate significant seasonality for three
 of the five markets. Market risk, proxied by the return on the FTA World
 Price Index, is not sufficient to explain this calendar anomaly. Although
 an extension of the risk-return equation to incorporate interactive
 seasonal dummy variables can explain some significant day-of-the-week
 effects, market risk alone appears insufficient to characterize this
 phenomenon. 
Journal: Applied Economics Letters 
Pages: 155-158 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504504 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504504&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tai-Hsin Huang 
Author-X-Name-First: Tai-Hsin 
Author-X-Name-Last: Huang 
Author-Name: Mei-Hui Wang 
Author-X-Name-First: Mei-Hui 
Author-X-Name-Last: Wang 
Title: Measuring scale and scope economies in multiproduct banking? A stochastic frontier cost function approach 
Abstract:
  Most studies on the economies of scale and scope in the banking industry
 assume no x-inefficiencies. That is, banks are assumed to be always on
 their efficient frontier, which can in empirical studies confound scale
 and scope efficiencies with x-efficiencies. The current paper employs a
 stochastic frontier cost function incorporating technical and allocative
 inefficiencies, as well as a system of share equations, to estimate scale
 and scope efficiencies. Using data from Taiwan's banking industry,
 evidence is found that both scale and scope economies exist, and that the
 assumption of no x-inefficiencies results in underestimating such
 economies. 
Journal: Applied Economics Letters 
Pages: 159-162 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504513 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504513&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Jeffrey Waddoups 
Author-X-Name-First: C. Jeffrey 
Author-X-Name-Last: Waddoups 
Title: Unionism and poverty-level wages in the service sector: the case of Nevada's hotel-casino industry 
Abstract:
  A significant union presence in Las Vegas's hotel-casino industry
 juxtaposed to the near absence of union representation in Reno provides a
 unique setting to assess the impact of unions on the incidence
 poverty-level wages among workers in a highprofile, expanding service
 sector industry. Results of the analysis show a significantly higher
 incidence of poverty-level wages among hotel-casino workers in Reno
 compared to workers in the identical occupations in Las Vegas. 
Journal: Applied Economics Letters 
Pages: 163-167 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504522 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504522&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Lekakis 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Lekakis 
Author-Name: Maria Kousis 
Author-X-Name-First: Maria 
Author-X-Name-Last: Kousis 
Title: Demand for and supply of environmental quality in the environmental Kuznets curve hypothesis 
Abstract:
  Demand for and supply of environmental quality, which constitute the
 underlying forces that lead to turning points of Environmental Kuznets
 Curves (EKCs), are only implicitly referred to in the fast growing
 literature. Unlike conventional approaches to EKCs, which look at indices
 of single pollutants per capita as per capita incomes rise, this paper
 estimates the impact of GDP per capita on all actions per capita seeking
 environmental quality in Greece, Spain and Portugal during the period
 1974-1994. The findings indicate that rising GDP per capita leads to
 higher environmental actions per capita, implying either that we are on
 the rising segment of an EKC or that EKCs do not exist. 
Journal: Applied Economics Letters 
Pages: 169-172 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504531 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504531&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Mak Arvin 
Author-X-Name-First: B. Mak 
Author-X-Name-Last: Arvin 
Author-Name: Torben Drewes 
Author-X-Name-First: Torben 
Author-X-Name-Last: Drewes 
Title: Are there biases in German bilateral aid allocations 
Abstract:
  This paper presents new evidence on the nature of German bilateral
 foreign aid allocations. In particular, the paper focuses on the question
 of whether there are population and middle-income biases present in the
 disbursement of German assistance. Using data on German bilateral aid to
 85 countries from 1973 to 1995 evidence supporting existence of a
 population bias is found, but no evidence is found of a middle-income
 bias. A bias, however, associated with a recipient's coverage under the
 Lome Convention is found. 
Journal: Applied Economics Letters 
Pages: 173-177 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504540 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504540&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Adolfo Sachsida 
Author-X-Name-First: Adolfo 
Author-X-Name-Last: Sachsida 
Author-Name: Roberto Ellery 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Ellery 
Author-Name: Joanilio Rodolpho Teixeira 
Author-X-Name-First: Joanilio Rodolpho 
Author-X-Name-Last: Teixeira 
Title: Uncovered interest parity and the peso problem: the Brazilian case 
Abstract:
  The uncovered interest parity (UIP) test for Brazil is presented from the
 standpoint of rational expectations hypothesis. The period is January 1984
 to October 1998. The econometric tests validate the UIP just for the
 sub-period January 1990 to June 1994. The result suggests fail with the
 UIP in the Real Plan, validating the theoretical point proposed by
 Krasker. 
Journal: Applied Economics Letters 
Pages: 179-181 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504559 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504559&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shang-Wu Yu 
Author-X-Name-First: Shang-Wu 
Author-X-Name-Last: Yu 
Title: Index futures trading and spot price volatility 
Abstract:
  A modified Levene statistic and a switching GARCH(1,1)-MA(1) model are
 employed to examine the impact of index futures contracts on the
 volatility of the spot market. The findings suggest that, following the
 introduction of index futures, the volatility of stock returns in the USA,
 France, Japan and Australia, rose significantly, while no significant
 changes in the volatility were found in the UK and Hong Kong. The
 different results might be attributed to macroeconomic factors and the
 structure of the various markets. 
Journal: Applied Economics Letters 
Pages: 183-186 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504568 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504568&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rene Teboul 
Author-X-Name-First: Rene 
Author-X-Name-Last: Teboul 
Author-Name: Emmanuelle Moustier 
Author-X-Name-First: Emmanuelle 
Author-X-Name-Last: Moustier 
Title: Foreign aid and economic growth: the case of the countries south of the Mediterranean 
Abstract:
  Mediterranean countries provide a test case for examining the
 effectiveness of foreign capital in promoting economic growth. Focusing on
 the supply side of the economy, the econometric model answers two
 questions, using available panel data from 1960 to 1996: does foreign aid
 have a positive impact on growth of per capita income? does aid substitute
 or complete domestic savings? Three significant results are found: aid
 efficiency is indirect, it is dependent on the way it will be transmitted
 to other exogenous variables, specially to savings and to FDI and thus, on
 the efforts of the Mediterranean countries to change in-depth their
 productive structure; aid must be differentiated, in its contents as well
 as in its objectives depending on the development model of the beneficiary
 country; aid must be more regular. Aid allocation south of the
 Mediterranean is often chaotic and caused by geopolitical logic. 
Journal: Applied Economics Letters 
Pages: 187-190 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504577 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504577&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chris Sakellariou 
Author-X-Name-First: Chris 
Author-X-Name-Last: Sakellariou 
Title: Identifying the external effects of human capital: a two-stage approach 
Abstract:
  In this study microdata from the Guatemala household Survey are analysed
 using a testable model of endogenous growth in order to detect any
 external effects of education. In the first stage of the analysis, a wage
 equation is estimated and the internal effects of education are filtered
 out. In the second stage, the resulting industry wage premiums are
 regressed on average human capital as well as industry-specific
 characteristics to account for external effects. While stronger
 conclusions cannot be drawn, the hypothesis that external effects may be
 present cannot be rejected. 
Journal: Applied Economics Letters 
Pages: 191-194 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504586 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504586&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. M. Albala-Bertrand 
Author-X-Name-First: J. M. 
Author-X-Name-Last: Albala-Bertrand 
Author-Name: E. C. Mamatzakis 
Author-X-Name-First: E. C. 
Author-X-Name-Last: Mamatzakis 
Title: Is public infrastructure productive? Evidence from Chile 
Abstract:
  This study assesses the extent to which public infrastructures have
 contributed to output in the Chilean economy over the period 1960-1995.
 For the long-run, it uses a vector error correction model for
 cointegration tests, while for the short-run, it resorts to the use of
 impulse response functions and variance decompositions. The results appear
 to show that public infrastructures in Chile have been significantly
 productive. 
Journal: Applied Economics Letters 
Pages: 195-198 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504595 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504595&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Laurence Cecchini 
Author-X-Name-First: Laurence 
Author-X-Name-Last: Cecchini 
Title: A logit analysis of the car market 
Abstract:
  The model presented associates demands for differentiated products,
 defined by a nested multinomial logit model, to an oligopolistic supply
 offered by multiproduct firms. An application is performed on the French
 car market. The characteristics of the vehicles and of the individuals
 that have an influence on the choices and the producer margins are
 defined. 
Journal: Applied Economics Letters 
Pages: 199-201 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504603 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504603&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eduardo Roca 
Author-X-Name-First: Eduardo 
Author-X-Name-Last: Roca 
Author-Name: E. Antony Selvanathan 
Author-X-Name-First: E. Antony 
Author-X-Name-Last: Selvanathan 
Title: Australia and the three little dragons: are their equity markets interdependent? 
Abstract:
  This paper analyses price linkages between the equity market of Australia
 and those of Hong Kong, Singapore and Taiwan using cointegration,
 Granger-causality, variance decomposition and impulse response analyses
 based on MSCI database covering the period 1975-1995. The results show
 that the Australian market is not significantly linked with any of these
 markets. 
Journal: Applied Economics Letters 
Pages: 203-207 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504612 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504612&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gun Sundberg 
Author-X-Name-First: Gun 
Author-X-Name-Last: Sundberg 
Title: A note to Jaume Puig Junoy and Angel Lopez Nicolas, Assessing health care infrastructure at the regional level: a statistical approach. Applied Economics Letters, 1995, 2, 463-6 
Abstract:
Journal: Applied Economics Letters 
Pages: 209-209 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504621 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504621&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul McGuinness 
Author-X-Name-First: Paul 
Author-X-Name-Last: McGuinness 
Title: Ex-day effects for rights issues in Hong Kong 
Abstract:
Journal: Applied Economics Letters 
Pages: 210-210 
Issue: 3 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850150504630 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850150504630&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Julian Escario 
Author-X-Name-First: Jose Julian 
Author-X-Name-Last: Escario 
Author-Name: Jose Alberto Molina 
Author-X-Name-First: Jose Alberto 
Author-X-Name-Last: Molina 
Title: Testing for the rational addiction hypothesis in Spanish tobacco consumption 
Abstract:
  This paper tests whether tobacco consumption generates addiction in
 Spanish people and, if so, then whether such addiction can be explained in
 the context of rational addiction theory. To that end, time-series data of
 per-capita consumption and prices of tobacco during the period 1964 to
 1995 are employed. The results show the addictive and rational character
 of Spanish tobacco consumption, which implies that smokers fall into
 addiction after a maximization process of the utility that was obtained
 during their total lifetime, taking into account the future consequences
 of current decisions. 
Journal: Applied Economics Letters 
Pages: 211-215 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750103854 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750103854&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amar Bhattacharya 
Author-X-Name-First: Amar 
Author-X-Name-Last: Bhattacharya 
Author-Name: Swati Ghosh 
Author-X-Name-First: Swati 
Author-X-Name-Last: Ghosh 
Author-Name: W. Jos Jansen 
Author-X-Name-First: W. Jos 
Author-X-Name-Last: Jansen 
Title: Has the emergence of China hurt Asian exports? 
Abstract:
  It is investigated as to whether the exports of manufactured products by
 the South Asian and South East Asian countries have been negatively
 affected by the rise of China. Using a panel data approach, it is found
 that increases in world market shares of China are statistically
 correlated with declines in world market shares for some Asian countries
 since 1994, but not before 1994. 
Journal: Applied Economics Letters 
Pages: 217-221 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750103872 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750103872&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Theo Hitiris 
Author-X-Name-First: Theo 
Author-X-Name-Last: Hitiris 
Author-Name: John Nixon 
Author-X-Name-First: John 
Author-X-Name-Last: Nixon 
Title: Convergence of health care expenditure in the EU countries 
Abstract:
  The European Union's common policies for market integration have also had
 an impact on the health care sectors. A panel of EU member states' data
 reveals that their health care expenditures exhibit &#x3b2;-convergence. 
Journal: Applied Economics Letters 
Pages: 223-228 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750103890 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750103890&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Egger 
Author-X-Name-First: Peter 
Author-X-Name-Last: Egger 
Author-Name: Michael Pfaffermayr 
Author-X-Name-First: Michael 
Author-X-Name-Last: Pfaffermayr 
Title: A note on labour productivity and foreign inward direct investment 
Abstract:
  Foreign direct investment (FDI) is not only a transfer of capital, but a
 complex bundle of capital and firm-specific assets. In particular, the
 transfer of production know-how improves overall productivity of
 FDI-receiving firms and to some extent also that of the other firms due to
 spillovers. The present note uses a small panel of Austrian manufacturing
 sectors and investigates this hypothesis empirically. In a flexible
 CES-framework, general and labour-augmenting productivity improving
 effects of inward FDI are found. Thus, the job creation potential of FDI
 highlighted in previous studies is likely to be overestimated. 
Journal: Applied Economics Letters 
Pages: 229-232 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750103917 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750103917&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Elena Andreou 
Author-X-Name-First: Elena 
Author-X-Name-Last: Andreou 
Author-Name: Rita Desiano 
Author-X-Name-First: Rita 
Author-X-Name-Last: Desiano 
Author-Name: Marianne Sensier 
Author-X-Name-First: Marianne 
Author-X-Name-Last: Sensier 
Title: The behaviour of stock returns and interest rates over the business cycle in the US and UK 
Abstract:
  The paper studies the dynamic behaviour of the conditional mean and
 volatility of weekly financial variables in relation to the business cycle
 for the USA and UK economies. The mean US S&P stock returns steadily
 increases before a recession, then declines approximately six weeks prior
 to the trough date. Volatility reaches a local maximum 6 weeks prior to
 the recession, then peaks with the business cycle peak, but falls prior to
 the trough where the minimum is reached three weeks before. In the UK the
 FTSE volatility also falls before a recession but reaches its maximum 10
 weeks after the peak date and has its minimum after the trough. Similarly,
 US interest rates are falling before a recession but there is no clear
 effect in the UK. The volatility of UK interest rates increases before and
 after the recession date. Overall more leading indicator information is
 provided by US stock returns and short interest rates whereas the
 respective UK variables seem to lag the business cycle phases. 
Journal: Applied Economics Letters 
Pages: 233-238 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750103935 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750103935&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Moon-Kee Kong 
Author-X-Name-First: Moon-Kee 
Author-X-Name-Last: Kong 
Author-Name: Hoe-Kyung Lee 
Author-X-Name-First: Hoe-Kyung 
Author-X-Name-Last: Lee 
Title: Income-related inequalities in health: some evidence from Korean panel data 
Abstract:
  Using individual-level Korean panel data, it is shown that inequalities
 in health favour higher income groups. A close relationship is also found
 between health inequality and income inequality across time, supporting
 previous studies which used cross-sectional data. 
Journal: Applied Economics Letters 
Pages: 239-242 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750103953 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750103953&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jacek Cukrowski 
Author-X-Name-First: Jacek 
Author-X-Name-Last: Cukrowski 
Author-Name: Emil Stavrev 
Author-X-Name-First: Emil 
Author-X-Name-Last: Stavrev 
Title: Central bank seigniorage in the Czech Republic 
Abstract:
  The concept of total gross seigniorage is used to analyse sources and
 uses of central bank seigniorage in the Czech Republic during the period
 1993-1997. A comprehensive framework for measuring total seigniorage and
 its main components is presented and estimates of seigniorage revenues
 (sources and uses) are computed and analysed. The study explains why the
 concept of monetary seigniorage should not be used as an estimate of
 government gains from money creation and shows that seigniorage revenues
 have never been extensively used as a tool for financing expenditures of
 the Czech government. 
Journal: Applied Economics Letters 
Pages: 243-247 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750103971 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750103971&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Author-Name: T. Zohar 
Author-X-Name-First: T. 
Author-X-Name-Last: Zohar 
Title: Nonparametric analysis of portfolio efficiency 
Abstract:
  A nonparametric method is empirically applied here to test the efficiency
 in performance of mutual fund portfolios. It provides a more flexible and
 robust alternative to the traditional mean variance theory. 
Journal: Applied Economics Letters 
Pages: 249-252 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750103999 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750103999&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chor-Yiu Sin 
Author-X-Name-First: Chor-Yiu 
Author-X-Name-Last: Sin 
Author-Name: Wing-Fai Leung 
Author-X-Name-First: Wing-Fai 
Author-X-Name-Last: Leung 
Title: Impacts of FDI liberalization on investment inflows 
Abstract:
  Developing economies often impose restrictions on foreign direct
 investment (FDI). In recent years many developing economies liberalize
 external trade as well as FDI inflows. The economists have neglected the
 importance of government policies on economic performance until recently.
 This paper makes use of the panel data from different economies in order
 to provide a clearer picture on the FDI inflows. The results confirm that
 the governments are successful in absorbing foreign capital inflows
 through more liberal policies. 
Journal: Applied Economics Letters 
Pages: 253-256 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750104015 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750104015&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Walter Enders 
Author-X-Name-First: Walter 
Author-X-Name-Last: Enders 
Title: Improved critical values for the Enders-Granger unit-root test 
Abstract:
  Enders and Granger provide critical values to test the null hypothesis of
 a unit-root against the alternative of threshold adjustment. However, in
 obtaining their critical values, Enders and Granger did not use a
 consistent estimate of the threshold nor did they use a lag-augmented data
 generating process. This note remedies both of these problems. The power
 of the test statistics using the consistent estimate of the threshold are
 compared to those of Enders-Granger and of Dickey-Fuller. Surprisingly,
 the original Enders-Granger statistic often has the highest power. As
 such, the Enders-Granger statistic using a lag-augmented data generating
 process is calculated. 
Journal: Applied Economics Letters 
Pages: 257-261 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750104033 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750104033&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ercan Balaban 
Author-X-Name-First: Ercan 
Author-X-Name-Last: Balaban 
Author-Name: Asli Bayar 
Author-X-Name-First: Asli 
Author-X-Name-Last: Bayar 
Author-Name: Ozgur Berk Kan 
Author-X-Name-First: Ozgur Berk 
Author-X-Name-Last: Kan 
Title: Stock returns, seasonality and asymmetric conditional volatility in world equity markets 
Abstract:
  The paper tests four hypotheses at the same time using an autoregressive
 return-generating process and an asymmetric conditional variance
 specification, both also including deterministic day of the week dummies.
 The daily stock index returns from 19 countries are employed to test: (H1)
 predictable time variation in conditional volatility; (H2) asymmetry in
 volatility and leverage effect; (H3) effects of estimated volatility on
 returns; and (H4) day of the week effects on both returns and their
 volatility. Evidence is provided for predictable time varying daily
 volatility in all markets among which eight also exhibit a significant
 leverage effect. There is a significantly positive relationship between
 returns and their conditional volatility in only three countries. The
 nature of the day of the week effects on returns and their conditional
 volatility differs greatly among countries and across days. Thirteen
 countries exhibit seasonality in either mean returns (seven countries) or
 volatility (eight countries) or both (two countries). Each day is at least
 once reported to exhibit significant positive and negative effects in both
 mean and volatility with the exception that there is no negative effect on
 mean returns and no positive effect in volatility on Wednesdays. 
Journal: Applied Economics Letters 
Pages: 263-268 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750104051 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750104051&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Shackleton 
Author-X-Name-First: Mark 
Author-X-Name-Last: Shackleton 
Author-Name: Rafal Wojakowski 
Author-X-Name-First: Rafal 
Author-X-Name-Last: Wojakowski 
Title: On the expected payoff and true probability of exercise of European options 
Abstract:
  The continuous-time formula for expected payoff to holding an option,
 which nests several major pricing tools, is derived. It is shown also that
 under current market conditions the true exercise probability, N (d4),
 lies halfway between the two more familiar terms: N (d1) and N (d2). 
Journal: Applied Economics Letters 
Pages: 269-271 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750104079 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750104079&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ignacio del Rosal 
Author-X-Name-First: Ignacio del 
Author-X-Name-Last: Rosal 
Author-Name: Alberto Fonseca 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Fonseca 
Title: Rent-seeking measurement by means of labour unrest in trade-related adjustment processes. A note 
Abstract:
  The purpose of this work is to discuss an empirical method to estimate
 the social costs originated by the rent-seeking behaviour in declining
 industries. Due to competition from imports, the factors of one particular
 industry undergo losses in real income, and have incentives to seek
 protection. In the case of declining industries, workers play a central
 role and the losses in output due to strikes are used to quantify the
 social cost of rent-seeking. This approach is applied to the case of
 Spanish coal mining. 
Journal: Applied Economics Letters 
Pages: 273-277 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750104097 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750104097&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jordan Shan 
Author-X-Name-First: Jordan 
Author-X-Name-Last: Shan 
Author-Name: Ken Wilson 
Author-X-Name-First: Ken 
Author-X-Name-Last: Wilson 
Title: Causality between trade and tourism: empirical evidence from China 
Abstract:
  Current literature concerning tourism forecasting points out the role
 played by international trade in affecting international tourism flows.
 This study investigates the nature of causal relationship, if any, between
 international tourism and international trade flows using the case of
 China. The study applies the Granger no-causality procedure developed by
 Toda and Yamamoto in a vector autoregresion (VAR) model, and attempts to
 improve previous tourism forecasting studies, in the context of tourist
 demand function, by identifying the direction of the endogeniety between
 tourist travel and international trade. Findings indicate a two-way
 Granger causality between international travel and international trade and
 hence imply that trade flows do link with tourism in the case of China.
 Thus, previous tourism forecasting studies using a single equation
 approach may lead to biased estimates since they fail to consider possible
 feedbacks between international trade and international tourism. 
Journal: Applied Economics Letters 
Pages: 279-283 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750104114 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750104114&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhiqiang Liu 
Author-X-Name-First: Zhiqiang 
Author-X-Name-Last: Liu 
Title: The effects of economic reforms on wage inequality: some evidence from China 
Abstract:
  The effects of economic reforms on wage inequality in China are
 investigated. The results, based on a sample of workers who joined the
 labour force during the reform period, show that economic reforms have
 increased wage inequality and over 90 percent of the wage differential is
 attributable to the rise in returns to human capital as a result of
 economic reforms. 
Journal: Applied Economics Letters 
Pages: 285-288 
Issue: 4 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750104132 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750104132&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antony Dnes 
Author-X-Name-First: Antony 
Author-X-Name-Last: Dnes 
Title: Commitment in licensing contracts: an application of hostage analysis 
Abstract:
Journal: Applied Economics Letters 
Pages: 289-290 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157387 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157387&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Linda Toolsema 
Author-X-Name-First: Linda 
Author-X-Name-Last: Toolsema 
Title: Reserve requirements and double Bertrand competition among banks 
Abstract:
  The paper considers a model of double Bertrand competition among banks,
 in which banks compete for deposits as well as loans. It is shown that the
 introduction of reserve requirements can have an effect on the existence
 and efficiency properties of Nash equilibria of this model. This provides
 a new rationale for imposing reserve requirements on banks. 
Journal: Applied Economics Letters 
Pages: 291-293 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157404 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157404&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Loren Tauer 
Author-X-Name-First: Loren 
Author-X-Name-Last: Tauer 
Title: Input aggregation and computed technical efficiency 
Abstract:
  Using data simulated from a random production function it is shown that
 technical efficiency estimates computed by Data Envelopment Analysis are
 biased even if the exact aggregator function is used to aggregate inputs. 
Journal: Applied Economics Letters 
Pages: 295-297 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157422 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157422&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ramon Tremosa-Balcells 
Author-X-Name-First: Ramon 
Author-X-Name-Last: Tremosa-Balcells 
Author-Name: Jordi Pons-Novell 
Author-X-Name-First: Jordi 
Author-X-Name-Last: Pons-Novell 
Title: Measuring monetary policy shocks in the European Monetary Union 
Abstract:
  The paper tries to estimate whether a unique and centralized European
 monetary policy would have had similar or different effects across
 countries in the European Union. By estimating a vector auto-regression
 (VAR model), it is revealed that there are two different groups of
 countries with considerable differences in the response to changes in the
 monetary policy. Germany and the North-Central European countries would be
 less sensitive to these changes, whereas the Mediterranean countries (and
 Belgium) would be noticeably more sensitive to the mentioned variations. 
Journal: Applied Economics Letters 
Pages: 299-303 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157440 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157440&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Author-Name: Akira Tokihisa 
Author-X-Name-First: Akira 
Author-X-Name-Last: Tokihisa 
Title: Seasonal cointegration and the money demand function: some evidence from Japan 
Abstract:
  The stability of the Japanese money demand function is empirically
 analysed employing the notion of seasonal cointegration. It is found that
 money balances, interest rates, and real GDP have unit roots in different
 cycles. The seasonal cointegration tests reveals that seasonal
 cointegration is rejected in every case. This fact indicates that no
 stable relationship exists between money supply and the real economy
 during the period under analysis. 
Journal: Applied Economics Letters 
Pages: 305-310 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157468 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157468&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. Geoffrey Booth 
Author-X-Name-First: G. Geoffrey 
Author-X-Name-Last: Booth 
Author-Name: Cetin Ciner 
Author-X-Name-First: Cetin 
Author-X-Name-Last: Ciner 
Title: Linkages among agricultural commodity futures prices: evidence from Tokyo 
Abstract:
  This paper investigates alternative explanations of long-term comovements
 among the prices of agricultural commodity futures contracts. A long-term
 interdependency of these prices can exist because of common economic
 fundamentals or herd behaviour by market participants. An analysis of
 Tokyo Grain Exchange futures prices supports the common economic
 fundamentals hypothesis. 
Journal: Applied Economics Letters 
Pages: 311-313 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157486 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157486&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abul Shamsuddin 
Author-X-Name-First: Abul 
Author-X-Name-Last: Shamsuddin 
Title: Public pension and wealth inequality in Canada 
Abstract:
  A methodology for estimating public pension wealth is presented and
 employed to cross-sectional data of Canadian households. Public pension
 wealth is measured as the present value of the future stream of benefits
 from public retirement savings plans in Canada. These plans include the
 Canada/Quebec pension plan, old age security and guaranteed income
 supplements. The results show that public pension wealth constituted 47%
 of household entitlement wealth and that the provision of public pension
 benefits significantly reduced wealth inequality in Canada. 
Journal: Applied Economics Letters 
Pages: 315-320 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157503 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157503&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:8:y:2001:i:5:p:315-320




Template-Type: ReDIF-Article 1.0
Author-Name: Laurence Copeland 
Author-X-Name-First: Laurence 
Author-X-Name-Last: Copeland 
Author-Name: Sally-Anne Jones 
Author-X-Name-First: Sally-Anne 
Author-X-Name-Last: Jones 
Title: Default probabilities of European sovereign debt: market-based estimates 
Abstract:
  For a number of EMU member Governments, prices of their (mainly)
 DM-denominated debt are compared with otherwise identical debt issued by
 the German Government, so as to extract implied risk-neutral default
 probabilities. In most cases, the probabilities are small, though in the
 case of Italy they average over 4% even under the most conservative
 assumptions. 
Journal: Applied Economics Letters 
Pages: 321-324 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157521 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157521&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shengxiu Zhu 
Author-X-Name-First: Shengxiu 
Author-X-Name-Last: Zhu 
Author-Name: Les Oxley 
Author-X-Name-First: Les 
Author-X-Name-Last: Oxley 
Title: Testing models of growth - a two-sector model of the USA 
Abstract:
  The paper makes two contributions to the literature on economic growth.
 Firstly, a two-sector growth model is extended to consider m -types of
 capital. Conditions are identified which aid classification of models as
 either exogenous or endogenous. Secondly, a preliminary empirical
 application based upon US annual data 1959-1990 finds in favour of
 'observational equivalence' of exogenous and endogenous explanations of
 growth, whereas a 'second-round' of testing suggests weak evidence in
 favour of an exogenous explanation of growth. 
Journal: Applied Economics Letters 
Pages: 325-329 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157549 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157549&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Burkhard Heer 
Author-X-Name-First: Burkhard 
Author-X-Name-Last: Heer 
Title: On the welfare gain from stabilizing cyclical fluctuations 
Abstract:
  Welfare gains of optimal cyclical fiscal policies as computed from
 previous dynamic general equilibrium models seem to be small and generally
 do not exceed 1% of total consumption if preferences are described by a
 standard isoelastic utility function. It is demonstrated that the
 assumption of certainty equivalence and the negligence of binding
 constraints results in the underestimation of the magnitude of potential
 welfare effects from stabilization. 
Journal: Applied Economics Letters 
Pages: 331-334 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157567 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157567&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: N'zue Fofana 
Author-X-Name-First: N'zue 
Author-X-Name-Last: Fofana 
Author-Name: B. Wade Brorsen 
Author-X-Name-First: B. Wade 
Author-X-Name-Last: Brorsen 
Title: GARCH option pricing with implied volatility 
Abstract:
  Generalized autoregressive conditional heteroskedasticity (GARCH) option
 pricing models (OPM) with historical volatility have proven superior to
 the log-normality assumption of the Black option pricing model with
 historical volatility. This paper estimates implied volatilities from
 GARCH OPM. The estimated implied volatilities are used to forecast option
 premia. The GARCH OPM with implied volatility provided more accurate
 estimates of option premia than the Black option pricing model with
 implied volatility for options ranging from six to sixteen days to
 maturity. For options ranging from 21 to 50 days to maturity the Black OPM
 with implied volatility was more accurate than the GARCH OPM with implied
 volatility. 
Journal: Applied Economics Letters 
Pages: 335-340 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157585 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157585&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. Ben Nowman 
Author-X-Name-First: K. Ben 
Author-X-Name-Last: Nowman 
Author-Name: Helen Wang 
Author-X-Name-First: Helen 
Author-X-Name-Last: Wang 
Title: Modelling commodity prices using continuous time models 
Abstract:
  Nine continuous time models applied to metal prices are applied,
 following a recent study of these models on Eurocurrency interest rate
 data by Nowman (1998). In particular models for copper, gold, nickel,
 silver and tin are estimated and it is found that the volatility of prices
 is highly dependent on the level of prices for these metals and is larger
 than usually assumed in these models. 
Journal: Applied Economics Letters 
Pages: 341-345 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157602 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157602&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erik Benrud 
Author-X-Name-First: Erik 
Author-X-Name-Last: Benrud 
Title: The negative relationship between the average and dispersion of stock analysts' buy/hold/sell opinions 
Abstract:
  This paper measures the relationship between the level of stock analysts
 opinions and the dispersion of those opinions. The proposed theory is that
 analysts notice when there is less agreement and tend to lower their
 reported opinions in such cases. Hence, the thesis of the paper is that a
 negative relationship exists between the level of analysts opinions of a
 given stock and the dispersion of those opinions. Using a sample selection
 process that controls for outliers and the effect that the varying
 number-of-analysts per stock might introduce, this paper analyses the
 opinions of 245 stocks from the Standard and Poor's 500. With respect to
 the main thesis, all the test statistics have the correct sign; however,
 some statistics are not significant or are only marginally significant.
 One innovative random variable used in the tests involves assigning to a
 stock the cumulative distribution function value associated with the
 standard deviation of the opinions conditional on the average and number
 of those opinions. This procedure rescales the data so that comparisons
 can be made between stocks with different average opinions. 
Journal: Applied Economics Letters 
Pages: 347-350 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157620 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157620&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Akbar Marvasti 
Author-X-Name-First: Akbar 
Author-X-Name-Last: Marvasti 
Author-Name: David Smyth 
Author-X-Name-First: David 
Author-X-Name-Last: Smyth 
Title: The impact of trend and cyclical behaviour of inventories and inflation on barter 
Abstract:
  This paper extends analyses of the determinants of the level of
 transactions among barter exchanges in the US economy by separating the
 trend elements of the explanatory variables from their cyclical elements.
 The results suggest that the level of barter is positively influenced by
 the expected inflation as well as by the rising unexpected business
 inventories. 
Journal: Applied Economics Letters 
Pages: 351-353 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157648 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157648&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Don Webber 
Author-X-Name-First: Don 
Author-X-Name-Last: Webber 
Title: Convergence of labour's factor reward between regions of the EU 
Abstract:
  This note reports research undertaken to establish whether the factor
 price for labour has converged across regions of the European Union
 between 1980 and 1994. A Markov chain is employed to examine relative
 average regional pay for a cross-section of 57 EU regions. Results suggest
 average regional pay converged over the whole period. This finding
 supports the hypothesis that economically integrating economies face a
 progressively similar level of factor rewards. However, the process slowed
 around 1992 and the reason for this warrants investigation. 
Journal: Applied Economics Letters 
Pages: 355-357 
Issue: 5 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750157666 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750157666&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Smyth 
Author-X-Name-First: David 
Author-X-Name-Last: Smyth 
Author-Name: Joshy Easaw 
Author-X-Name-First: Joshy 
Author-X-Name-Last: Easaw 
Title: Unemployment hysteresis and the NAIRU: a ratchet model 
Abstract:
  In the 1970s and 1980s the USA and European economies experienced
 unemployment rates that persistently drifted upwards. The present paper
 captures this phenomenon by a simple extension of the hysteresis approach
 to the natural rate hypothesis of unemployment using a ratchet model. The
 impact of peak unemployment levels on unemployment hysteresis is
 incorporated using a traditional ratchet model. The model is estimated for
 the USA economy for the period 1948 to 1998. The results indicate that the
 relationship approximates a full hysteresis effect for peak-to-peak
 unemployment levels. 
Journal: Applied Economics Letters 
Pages: 359-362 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237775 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237775&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Temporal aggregation and time deformation 
Abstract:
  Building upon the results of Rossana and Seater (1995) the impact of
 temporal aggregation on Stock's (1987) tests of time deformation is
 examined. Using disaggregated UK consumption data the effect of temporal
 aggregation is found to be substantial, masking the non-linearity present
 in higher frequency data 
Journal: Applied Economics Letters 
Pages: 363-365 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237784 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237784&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Harris 
Author-X-Name-First: Richard 
Author-X-Name-Last: Harris 
Author-Name: C. Coskun Kucukozmen 
Author-X-Name-First: C. Coskun 
Author-X-Name-Last: Kucukozmen 
Title: The empirical distribution of stock returns: evidence from an emerging European market 
Abstract:
  There is now substantial evidence that daily equity returns are not
 normally distributed, but instead display significant leptokurtosis and,
 in many cases, skewness. Considerable effort has been made in order to
 capture these empirical characteristics using a range of statistical
 distributions. However, the evidence to date is confined entirely to the
 returns of developed stock markets, and in particular to the USA. In this
 paper, the daily returns of a large emerging European stock market,
 Turkey, are modelled. Two very flexible families of distributions that
 have recently been introduced are employed: the exponential generalized
 beta (EGB) and the skewed generalized t (SGT). These distributions permit
 very diverse levels of skewness and kurtosis and, between them, nest most
 of the distribution previously considered in the literature. 
Journal: Applied Economics Letters 
Pages: 367-371 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237793 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237793&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitrios Vougas 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Vougas 
Title: Real per capita GNP of USA: examination of the presence of a unit root via overdifferencing 
Abstract:
  This letter examines the first difference of the logarithm of real per
 capita GNP of the USA (approximately growth rate) to see whether it
 possesses a moving average unit root (overdifferencing). The presence of
 such a moving average unit root implies that the logarithm of real per
 capita GNP of the USA has no unit root. 
Journal: Applied Economics Letters 
Pages: 373-375 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010001084 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010001084&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Junsoo Lee 
Author-X-Name-First: Junsoo 
Author-X-Name-Last: Lee 
Author-Name: Mark Strazicich 
Author-X-Name-First: Mark 
Author-X-Name-Last: Strazicich 
Title: Testing the null of stationarity in the presence of a structural break 
Abstract:
  A test for stationarity in the presence of a structural break is
 proposed. An unknown break point is endogenously determined at the value
 minimizing the test statistic. The break point can be estimated reasonably
 well under the null hypothesis of stationarity, especially when the
 magnitude of the break is large. 
Journal: Applied Economics Letters 
Pages: 377-382 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237810 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237810&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joaquin Maudos 
Author-X-Name-First: Joaquin 
Author-X-Name-Last: Maudos 
Author-Name: Jose Pastor 
Author-X-Name-First: Jose 
Author-X-Name-Last: Pastor 
Title: Cost and profit efficiency in banking: an international comparison of Europe, Japan and the USA 
Abstract:
  This study analyses the cost and profit efficiency of a sample of 14
 countries of the European Union, as well as Japan and the USA. The results
 obtained show that since the start of the 1990s increasing competition has
 led to gains in profit efficiency in the USA and Europe but not so in the
 Japanese banking system. The results also show that the inequalities of
 profitability between countries would be considerably reduced if
 inefficiency were eliminated, efficiency gains thus being a very important
 source of improvement in profitability. 
Journal: Applied Economics Letters 
Pages: 383-387 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237829 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237829&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shafiq Alvi 
Author-X-Name-First: Shafiq 
Author-X-Name-Last: Alvi 
Title: The impact of strikes on Canadian trade balance 
Abstract:
  Studies abound which systematically analyse the economic impact of work
 stoppages on the two protagonists as well as on specific industries. The
 results of such micro studies are a mixed bag. The findings of the first
 macro study, involving Canada were published in 1975. Employing
 input-output analysis, it measured the impact of strike losses on the
 Canadian economy as a whole, and found the strike impact statistically
 insignificant. This study is flawed on two counts: (a) it depends on an
 arbitrarily chosen sample, and (b) it covers a period of only one year.
 The current study measures the impact of strikes on the Canadian economy,
 which heavily depends for its growth on external trade, via their impact
 on its merchandise trade. Using a simultaneous approach towards export and
 import functions, it covers a period from 1971 to 1993. The results
 indicate that strikes seem to exert some impact on those categories of
 trade which constitute a small percentage of total Canadian external
 trade. Major trade sectors experience a statistically insignificant
 impact. Put together, therefore, there is little evidence of a negative
 strike impact on merchandise trade and, hence, on the national economy as
 a whole over a significant period of time. 
Journal: Applied Economics Letters 
Pages: 389-396 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237838 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237838&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jati Sengupta 
Author-X-Name-First: Jati 
Author-X-Name-Last: Sengupta 
Title: A model of Schumpeterian innovations 
Abstract:
  Two key elements of Schumpeterian dynamics: new innovations and creative
 destruction are developed here in a stochastic framework to develop a
 model of stochastic growth. This model explores the diffucion process and
 the existence of nonlinearities in technological progress. 
Journal: Applied Economics Letters 
Pages: 397-401 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237847 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237847&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Antonio Duro Moreno 
Author-X-Name-First: Juan Antonio Duro 
Author-X-Name-Last: Moreno 
Title: Cross-country inequalities in aggregate welfare: some evidence 
Abstract:
  International inequality in aggregate welfare levels has been estimated
 with the help of Sen and Theil indexes. Results reveal that welfare
 inequalities have reduced recently and that mean income differences
 explain most of these inequalities, and its reduction. These findings
 imply that, at least from the perspective of the Sen Index, no significant
 information is lost if per capita incomes inequalities are used as a proxy
 of welfare levels differences. 
Journal: Applied Economics Letters 
Pages: 403-406 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237856 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237856&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kwong-C. Cheung 
Author-X-Name-First: Kwong-C. 
Author-X-Name-Last: Cheung 
Author-Name: J. Andrew Coutts 
Author-X-Name-First: J. Andrew 
Author-X-Name-Last: Coutts 
Title: A note on weak form market efficiency in security prices: evidence from the Hong Kong stock exchange 
Abstract:
  This paper employs variance ratio tests with both homoscedastic and
 heteroscedastic error variances to examine the random walk hypothesis for
 the Hang Seng Index on the Hong Kong Stock Exchange. The empirical
 investigation leads us to suggest that the Hang Seng follows a random walk
 model and consequently that the index is weak form efficient. This
 conclusion offers both confirmatory and conflicting support for the
 conclusions of previous research, which has investigated the presence of
 random walks in the indices of both developed and emerging markets. 
Journal: Applied Economics Letters 
Pages: 407-410 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237865 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237865&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Bolton 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Bolton 
Author-Name: W. Robert 
Author-X-Name-First: W. 
Author-X-Name-Last: Robert 
Author-Name: J. Alexander 
Author-X-Name-First: J. 
Author-X-Name-Last: Alexander 
Title: The differing consequences of low and high rates of inflation 
Abstract:
  Economic theory is inconclusive on the linkage between inflation and
 economic growth. Most existing evidence points to negative effects of
 inflation on growth emerging only at quite high levels of inflation.
 Making use of the spline regression technique, levels of inflation below
 3% are found to be positively associated with growth while higher levels
 of inflation are negatively associated with growth. This sample consists
 of all countries with data of quality C or better and the data is
 fiveyearly averaged, with inflation being captured by a geometric average.
 The underlying model is the Mankiw et al. (1992) adaptation of the
 Solow-Swan model. 
Journal: Applied Economics Letters 
Pages: 411-414 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237874 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237874&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:8:y:2001:i:6:p:411-414




Template-Type: ReDIF-Article 1.0
Author-Name: Amanda Hollenbacher 
Author-X-Name-First: Amanda 
Author-X-Name-Last: Hollenbacher 
Author-Name: David Yerger 
Author-X-Name-First: David 
Author-X-Name-Last: Yerger 
Title: Third party evaluations and resale prices in the US used vehicle market 
Abstract:
  This paper examines the impact upon used vehicle resale prices in the USA
 from the annual reliability evaluations done by Consumer Reports magazine.
 In contrast to prior work finding no announcement effects upon prices from
 the evaluations, this study finds significant announcement effects.
 Vehicles in the subcompact/compact category experience an increase in
 their annual rate of depreciation relative to comparable vehicles
 following a negative evaluation by Consumer Reports. These results are
 consistent with the behaviour of rational consumers operating in a market
 with asymmetric information problems. 
Journal: Applied Economics Letters 
Pages: 415-418 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237883 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237883&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chris Hand 
Author-X-Name-First: Chris 
Author-X-Name-Last: Hand 
Title: Increasing returns to information: further evidence from the UK film market 
Abstract:
  A sample of 153 films from the UK top 15 chart is examined to test the
 hypothesis of increasing returns to information. The results are
 consistent with those presented by De Vany and Walls, suggesting that
 increasing returns to information is a general feature of the film market. 
Journal: Applied Economics Letters 
Pages: 419-421 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237892 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237892&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alberto Chong 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Chong 
Title: On the lags between submission and acceptance: are all referees created equal? 
Abstract:
  This short note links days and delays in refereeing with some basic
 characteristics of the reviewers. An altruistic approach is used, and 1994
 data from Hamermesh is augmented and it is found that (i) long articles,
 (ii) referees outside the USA and Canada, (iii) lack of academic
 experience, (iv) relatively less requested referees, and (v) lower income,
 are linked with possible delays in response of the referees. There are no
 differences in gender, type of journal (general or specialized) or
 prestige of referees. Academic experience is not non-monotonic.
 'Networking' effects are not present. 
Journal: Applied Economics Letters 
Pages: 423-425 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010029200 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010029200&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitrios Vougas 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Vougas 
Title: Deterministic exponential heteroskedasticity, a weakly stationary unit-root process and a useful diagnostic test 
Abstract:
  A specific form of deterministic exponential heteroskedasticity is
 examined. A non-trivial unit root process which has exponentially
 heteroskedastic innovation and as a consequence, a variance that vanishes
 asymptotically is detailed. Such a unit root stochastic process, with
 exponential heteroskedasticity, may be perceived as weakly stationary by
 the usual unit root tests. In view of the importance of deterministic
 exponential heteroskedasticity, a new general diagnostic test for
 detecting the presence of deterministic exponential heteroskedasticity is
 developed. 
Journal: Applied Economics Letters 
Pages: 427-430 
Issue: 6 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750237919 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750237919&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gary Madden 
Author-X-Name-First: Gary 
Author-X-Name-Last: Madden 
Author-Name: Scott Savage 
Author-X-Name-First: Scott 
Author-X-Name-Last: Savage 
Author-Name: Paul Bloxham 
Author-X-Name-First: Paul 
Author-X-Name-Last: Bloxham 
Title: Asian and OECD international R&D spillovers 
Abstract:
  Previous studies have demonstrated an empirical relationship between
 accumulated R&D expenditures and total factor productivity (TFP), and have
 shown that the benefits of R&D can spill across countries through trade.
 This paper extends these analyses to a sample of 15 OECD countries and six
 Asian countries, Chinese Taipei, India, Indonesia, Korea, Singapore and
 Thailand. An empirical model is estimated which relates TFP to domestic
 and foreign R&D activity, TFP catch-up and business cycle variables. Model
 estimates show that TFP and domestic R&D capital are positively related,
 and that domestic R&D has a relatively large impact on TFP growth in the
 NICs and LICs. Country-specific international R&D spillover elasticities
 are of mixed sign, and no apparent pattern by country group is evident.
 While this result does not change the earlier qualitative conclusions, it
 suggests that estimates of sample average R&D spillover elasticities
 should be cautiously interpreted. 
Journal: Applied Economics Letters 
Pages: 431-435 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750267097 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750267097&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tatsuyoshi Miyakoshi 
Author-X-Name-First: Tatsuyoshi 
Author-X-Name-Last: Miyakoshi 
Title: The efficacy of job-sharing policy 
Abstract:
  The paper examines whether the form of job-sharing strategy adopted in
 Nordic countries is theoretically effective. This strategy converts
 workers approaching the age of retirement to part-timers by giving them
 partial pensions, which thereby creates job openings for younger
 unemployed workers. This job-sharing results in a Pareto-improvement. 
Journal: Applied Economics Letters 
Pages: 437-439 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048501750267105 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048501750267105&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Title: Are there any long-run benefits from international equity diversification for Taiwan investors diversifying in the equity markets of its major trading partners, Hong Kong, Japan, South Korea, Thailand and the USA 
Abstract:
  This note provides evidence that there exist long-run benefits for Taiwan
 investors from diversifying in the equity markets of the Hong Kong, Japan,
 South Korea, Thailand and the USA over the period of 6 January 1997 to 30
 December 1998. The evidence is based on tests for pairwise cointegration
 between the Taiwan national stock price index and the stock price indexes
 for the Hong Kong, Japan, South Korea, Thailand and the US markets, using
 three cointegrating tests, namely the Multivariate Trace statistic P z,
 Harris-Inder approach, and the Johansen method. The results from these
 three tests are robust and consistent in suggesting that the Taiwan stock
 market is not pairwise cointegrated with the Hong Kong, Japan, South
 Korea, Thailand and the US stock markets. These findings could be valuable
 to Taiwan individual investors and financial institutions holding long-un
 investment portfolios in the Hong Kong, Japan, South Korea, Thailand and
 the US equity markets. 
Journal: Applied Economics Letters 
Pages: 441-446 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010001921 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010001921&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Spyros Spyrou 
Author-X-Name-First: Spyros 
Author-X-Name-Last: Spyrou 
Title: Stock returns and inflation: evidence from an emerging market 
Abstract:
  Theory suggests that equities are a good hedge against inflation.
 However, most of the empirical evidence suggests that the relationship
 between stock returns and inflation is negative. One explanation is the
 negative correlation between inflation and real output growth. In this
 paper the relationship between inflation and stock returns is examined for
 the emerging economy of Greece, during the 1990s. To anticipate the
 results, the relationship seems to be negative and significant, but only
 for the period until 1995. Since then, the relationship is not
 statistically significant, and it is argued that this may be due to the
 increased role of monetary fluctuations. 
Journal: Applied Economics Letters 
Pages: 447-450 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010003280 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010003280&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francesca Lotti 
Author-X-Name-First: Francesca 
Author-X-Name-Last: Lotti 
Author-Name: Enrico Santarelli 
Author-X-Name-First: Enrico 
Author-X-Name-Last: Santarelli 
Author-Name: Marco Vivarelli 
Author-X-Name-First: Marco 
Author-X-Name-Last: Vivarelli 
Title: The relationship between size and growth: the case of Italian newborn firms 
Abstract:
  This paper analyses the relationship between size and growth for a group
 of Italian newborn firms in the instruments industry. The main finding is
 that Gibrat's Law of Proportionate Effect exhibits a behaviour dependent
 on the firm's life cycle. In particular, even if in the years immediately
 following start-up the law could be rejected, since smaller firms have to
 rush in order to survive in the market, in subsequent years growth rates
 seem to converge towards a Gibrat-like pattern. This result is confirmed
 by the separate analyses carried out for micro-firms and larger firms. 
Journal: Applied Economics Letters 
Pages: 451-454 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010003299 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010003299&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Weber 
Author-X-Name-First: Christian 
Author-X-Name-Last: Weber 
Title: F-tests for lag length selection in augmented Dickey-Fuller regressions: some Monte Carlo evidence 
Abstract:
  This paper investigates the empirical performance of sequential f-tests
 as a criterion for selecting the lag length in Augmented Dickey-Fuller
 regressions. This criterion performs approximately as well as the AIC and
 a criterion based on eliminating residual autocorrelation. However, no
 single criterion is clearly superior to the other two. 
Journal: Applied Economics Letters 
Pages: 455-458 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010004027 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010004027&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Marc Berk 
Author-X-Name-First: Jan Marc 
Author-X-Name-Last: Berk 
Author-Name: Klaas Knot 
Author-X-Name-First: Klaas 
Author-X-Name-Last: Knot 
Title: The term structure of UIP: evidence from survey data 
Abstract:
  This note focuses on uncovered interest parity (UIP) in the short and
 medium run using survey-based exchange rate expectations. Analysing the
 major world currencies over the period 1985-1998 the paper finds that the
 validity of the UIP relation increases with the term of the investment,
 thereby supporting the theoretical notions developed by literature. 
Journal: Applied Economics Letters 
Pages: 459-462 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010004036 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010004036&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gad Saad 
Author-X-Name-First: Gad 
Author-X-Name-Last: Saad 
Author-Name: Tripat Gill 
Author-X-Name-First: Tripat 
Author-X-Name-Last: Gill 
Title: The effects of a recipient's gender in a modified dictator game 
Abstract:
  In the two-person dictator game, player A (allocator) chooses how to
 split a given sum of money with player B (recipient). Player B has no
 power in terms of either accepting or rejecting payer A's offer. This
 paper investigates the gender dynamics within the four possible dyads in a
 modified Dictator game. Both men and women gave more money to women. In
 other words, contrary to other studies that have investigated dictator
 game behaviour, the current study finds a main effect for the recipient's
 gender (rather than for the allocator's gender). 
Journal: Applied Economics Letters 
Pages: 463-466 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010005260 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010005260&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Schmidt 
Author-X-Name-First: Martin 
Author-X-Name-Last: Schmidt 
Title: On the M2 demand relationship 
Abstract:
  Recently numerous studies have maintained that post-1990 data no longer
 supports a long-run M2 demand relationship. Suggestive of the failure,
 several authors have shown that the errors associated with forecasting
 real income fluctuations increase once the M2 demand vector
 error-correction information is introduced. However, the present study
 finds that these results are an outgrowth of the Gulf War and that once
 the sample is extended the cointegrating information significantly
 improves the income forecasts. 
Journal: Applied Economics Letters 
Pages: 467-469 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010005279 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010005279&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Azmat Gani 
Author-X-Name-First: Azmat 
Author-X-Name-Last: Gani 
Author-Name: Peter Van Diermen 
Author-X-Name-First: Peter 
Author-X-Name-Last: Van Diermen 
Title: Some determinants of small firm 'presence' in Indonesia's manufacturing sector 
Abstract:
  The determinants of small firm 'presence' in the Indonesian manufacturing
 sector are investigated using data for eight small industries over eight
 time periods. Vertical integration, higher productivity and a robust
 economic environment are factors that determine small firm presence in the
 Indonesian manufacturing sector. It was also found that economies of scale
 in management do not have an important role in determining small firm
 presence and that the activities of cottage firms do not deter the
 presence of small firms and vice+versa. 
Journal: Applied Economics Letters 
Pages: 471-474 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010005800 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010005800&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fernando Seabra 
Author-X-Name-First: Fernando 
Author-X-Name-Last: Seabra 
Title: A cointegration analysis between Mercosur and international stock markets 
Abstract:
  This paper deals with an empirical investigation on the existence of
 long-run relationships among the two most important Mercosur stock market
 indexes (the Argentine Merval and the Brazilian Ibovespa) and two major
 international stock price indexes (the Japanese Nikkei and the US Dow
 Jones) and also with the estimation of short-run responses of those two
 emerging stock markets. Bivariate and multivariate cointegration tests
 indicate that there is no common trend linking the Argentine and the
 Brazilian stock price indexes. This result can be seen as a drawback to a
 proposal of stock market integration in Mercosur. On the other hand,
 cointegration between the two Latin American stock markets and the Dow
 Jones cannot be rejected. Based on an error correction mechanism, the
 estimated short-run elasticities show that the Ibovespa index is more
 responsive to changes in the Dow Jones than the Merval index. 
Journal: Applied Economics Letters 
Pages: 475-478 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010005819 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010005819&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Panos Fousekis 
Author-X-Name-First: Panos 
Author-X-Name-Last: Fousekis 
Author-Name: Giannis Karagiannis 
Author-X-Name-First: Giannis 
Author-X-Name-Last: Karagiannis 
Title: Wholesale level demand for fish grades in Greece 
Abstract:
  Differential inverse systems are used in this paper to investigate the
 structure of wholesale level demand for fish grades in Greece. Model
 selection tests suggest that the inverse CBS performs better that the
 competing differential systems. Homo-theticity and separability tests
 indicate that the underlying distance function is homothetically separable
 in the medium- and the low-value species. The own-quantity flexibilties
 suggest that the response of prices to own-quantity changes are inelastic
 while the cross-quantity flexibilities indicate that the substitution
 possibilities among fish grades are rather limited. 
Journal: Applied Economics Letters 
Pages: 479-482 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010005837 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010005837&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Faruk Selcuk 
Author-X-Name-First: Faruk 
Author-X-Name-Last: Selcuk 
Author-Name: Erinc Yeldan 
Author-X-Name-First: Erinc 
Author-X-Name-Last: Yeldan 
Title: On the macroeconomic impact of the August 1999 earthquake in Turkey: a first assessment 
Abstract:
  The devastating earthquake that struck the most densely populated and
 industrialized area of Turkey on 17 August, 1999 was one of the most
 damaging natural disasters during this century. This paper is a first
 attempt to estimate the transition path of the Turkish economy to its new
 equilibrium after the earthquake. An applied general equilibrium model is
 utilized to provide an initial assessment and to obtain the second best
 policy options to mitigate the negative effects of the earthquake. The
 analytical foundations of the model rest upon intertemporal dynamics as
 laid out in neoclassical growth theory. Simulation results suggest that
 the initial impact of the earthquake on GDP may range from -4.5% to + 0.8%
 of GDP, conditional upon policies followed by the government and
 international donors. The policy implication of the paper is that best
 outcomes might be reaped via a negative indirect tax (a subsidy financed
 by foreign aid) to individual sectors to recover their capital losses. On
 the other hand, an indirect tax to finance the extra fiscal spending would
 result in an output loss, further deepening the impact of the earthquake
 on the economy. 
Journal: Applied Economics Letters 
Pages: 483-488 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010007501 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010007501&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sherrill Shaffer 
Author-X-Name-First: Sherrill 
Author-X-Name-Last: Shaffer 
Title: Investors preferences and dividend payouts 
Abstract:
  A compelling motivation for dividends remains elusive in the face of
 double taxation, yet firms continue to pay dividends. This note identifies
 two previously unrecognized benefits of dividends. First, positive
 dividends can finance investors preferred consumption streams under some
 conditions, but the associated payout policy is not unique. Moreover, a
 specific form of dividend smoothing can facilitate dynamic portfolio
 insurance when risk-free securities exist. It is not claimed that these
 benefits solve the riddle of dividends, since both outcomes can be
 replicated by equity sales, but they do extend the known spectrum of such
 benefits. 
Journal: Applied Economics Letters 
Pages: 489-491 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010009905 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010009905&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuji Honjo 
Author-X-Name-First: Yuji 
Author-X-Name-Last: Honjo 
Title: Do innovative start-ups really wish to go public? Evidence from Japanese electrical manufacturing companies 
Abstract:
  This paper examines whether innovative start-ups have the intention to go
 public. Using a sample of electrical manufacturing firms in Japan, it is
 found that firms investing heavily in research and development (R&D) are
 more likely to have the intention to go public. From the viewpoint of
 entrepreneurs, the result may support the trend toward the creation of new
 stock markets for innovative start-ups. 
Journal: Applied Economics Letters 
Pages: 493-497 
Issue: 7 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010009914 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010009914&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Raphael Markellos 
Author-X-Name-First: Raphael 
Author-X-Name-Last: Markellos 
Author-Name: Terence Mills 
Author-X-Name-First: Terence 
Author-X-Name-Last: Mills 
Title: Unit roots in the CAPM? 
Abstract:
  Excess returns calculated using nonstationary risk-free interest rates
 will also be nonstationary and this may cause an unbalanced regression
 problem in the estimation of Capital Asset Pricing Models (CAPM). Under
 such circumstances, beta coefficients could be both biased and
 inconsistent. The implications of these issues are investigated through a
 simulation study and an empirical application using data on the FTA index
 and the 91-day UK Treasury Bill (T-Bill) rates. Although the simulation
 results are alarming, the empirical analysis suggests that the problem of
 unbalanced regression is not likely to cause significant problems in
 estimating the CAPM. 
Journal: Applied Economics Letters 
Pages: 499-502 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010017690 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010017690&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sonia Munoz 
Author-X-Name-First: Sonia 
Author-X-Name-Last: Munoz 
Title: Monetary targeting in the EMU: lessons from Australia 
Abstract:
  Following Arnold (1997), this paper examines demand-for-money functions
 in Australia and its states. The results suggest that the stability and
 fit of demand-for-money exercises carried out on an artificially
 constructed pre-EMU European monetary aggregate may not survive the regime
 change to the Euro. 
Journal: Applied Economics Letters 
Pages: 503-508 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010014035 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010014035&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anisul Islam 
Author-X-Name-First: Anisul 
Author-X-Name-Last: Islam 
Title: Wagner's law revisited: cointegration and exogeneity tests for the USA 
Abstract:
  This paper re-examines Wagner's hypothesis of an expanding government
 sector with progress of the economy using advanced econometric techniques
 such as cointegration and exogeneity tests not used in previous empirical
 studies. This study also uses much longer time series data for the USA
 than previously utilized. The empirical results based on cointegration and
 exogeneity tests provide strong support for the hypothesis for the USA. 
Journal: Applied Economics Letters 
Pages: 509-515 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010018743 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010018743&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Isabelle Cadoret 
Author-X-Name-First: Isabelle 
Author-X-Name-Last: Cadoret 
Title: The saving investment relation: a panel data approach 
Abstract:
  Numerous studies have confirmed the initial 1980 finding of Feldstein and
 Horioka of a high positive correlation between saving and investment, a
 result that is difficult to reconcile with the increasing integration of
 financial markets. This current study re-examines the correlation between
 saving and investment with a panel data approach. The empirical analysis
 concerns 19 OECD countries over the period 1970-1998. Stability tests have
 led to the identification three periods: 1970-1980, 19817ndash;1990 and
 1991-1998 and estimated results show that, when a country-specific effect
 is introduced, there is no correlation between private saving and national
 investment and that there is high correlation between public saving and
 investment. 
Journal: Applied Economics Letters 
Pages: 517-520 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010023107 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010023107&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Johan Lyhagen 
Author-X-Name-First: Johan 
Author-X-Name-Last: Lyhagen 
Author-Name: Lars Forsberg 
Author-X-Name-First: Lars 
Author-X-Name-Last: Forsberg 
Title: Starting values in estimation of cointegrating vectors with restrictions 
Abstract:
  In cointegration analysis, when considering a hypothesis of the kind
 &#x3b2; = (H &#x3c;1 &#x3d5; 1,..., H n &#x3d5; n) the estimation
 technique is a simple switching method that requires starting values.
 Using additional restrictions, the solution of an eigenvector problem may
 be used as starting values. Using a real world data set the proposed
 starting values seem to be better than the old, and sometimes they are
 much better. 
Journal: Applied Economics Letters 
Pages: 521-524 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010022658 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010022658&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Madhu Mohanty 
Author-X-Name-First: Madhu 
Author-X-Name-Last: Mohanty 
Title: Testing for the specification of the wage equation: double selection approach or single selection approach 
Abstract:
  The wage that a worker receives is observed only when he/she is employed.
 The employment of the worker, however, depends on two sequential
 decisions: the worker's decision to work and the employer's decision to
 hire. The wage sample, thus, is obtained through a double selection
 process. Estimation of the wage equation ignoring the roles of both
 selection decisions may result in omitted variable misspecification,
 leading to biased estimates. This study rejects the wage specification
 that allows only one selection decision, and shows that the wage equation
 with double selection specification cannot be rejected at any conventional
 level of significance. 
Journal: Applied Economics Letters 
Pages: 525-529 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048500011957 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500011957&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gad Saad 
Author-X-Name-First: Gad 
Author-X-Name-Last: Saad 
Author-Name: Tripat Gill 
Author-X-Name-First: Tripat 
Author-X-Name-Last: Gill 
Title: Gender differences when choosing between salary allocation options 
Abstract:
  Individuals chose between two 'salary increase' options: (1) an increase
 of $500 for themselves and $500 for a colleague; or (2) an increase of
 $600 for themselves and $800 for a colleague. The gender of the colleague
 was manipulated, hence permitting the investigation of four possible
 gender dyads (male-male, male-female, female-male, female-female). A main
 effect was found for the subjects' gender, namely a majority of women
 preferred option 1 while the majority of men preferred option 2. No
 interaction was found between the gender of the subjects and those of the
 colleagues. 
Journal: Applied Economics Letters 
Pages: 531-533 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010005251 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010005251&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Ekelund 
Author-X-Name-First: Robert 
Author-X-Name-Last: Ekelund 
Author-Name: George Ford 
Author-X-Name-First: George 
Author-X-Name-Last: Ford 
Author-Name: Mark Thornton 
Author-X-Name-First: Mark 
Author-X-Name-Last: Thornton 
Title: The measurement of merger delay in regulated and restructuring industries 
Abstract:
  Delay due to multiple merger reviews in regulated industries is analysed
 empirically. Tests on a sample of over 500 mergers between 1990 and 1998
 reveal that delay is 80% longer in regulated industries than unregulated
 industries. 
Journal: Applied Economics Letters 
Pages: 535-537 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010005828 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010005828&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vangelis Tzouvelekas 
Author-X-Name-First: Vangelis 
Author-X-Name-Last: Tzouvelekas 
Author-Name: Stratos Loizou 
Author-X-Name-First: Stratos 
Author-X-Name-Last: Loizou 
Author-Name: Konstantinos Giannakas 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Giannakas 
Author-Name: Konstantinos Mattas 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Mattas 
Title: Co-integration and error-correction modelling of olive oil consumption in Greece 
Abstract:
  This paper provides an empirical analysis of olive oil consumption in
 Greece for the period 1969-1998 using co-integration analysis. The
 estimated long and short-run elasticities suggest that prices of olive oil
 and other seed oils are more significant determinants of olive oil
 consumption than disposable income. 
Journal: Applied Economics Letters 
Pages: 539-543 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/1350485001320 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485001320&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Emilia Mazur 
Author-X-Name-First: Emilia 
Author-X-Name-Last: Mazur 
Author-Name: W. Robert 
Author-X-Name-First: W. 
Author-X-Name-Last: Robert 
Author-Name: J. Alexander 
Author-X-Name-First: J. 
Author-X-Name-Last: Alexander 
Title: Financial sector development and economic growth in New Zealand 
Abstract:
  Most of the empirical evidence on how development of the financial sector
 impacts on economic growth is in a cross-country context. This paper
 considers the evidence from one country, New Zealand, which has in recent
 times been subject to substantial economic reforms, not least in the
 financial sector. Some valid long-run relationships are found between
 indicators of both banking and stock market development and private
 savings, but rather more mixed results when considering either real GDP
 per capita or its growth rate. 
Journal: Applied Economics Letters 
Pages: 545-549 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010012974 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010012974&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ho Yeon Kim 
Author-X-Name-First: Ho Yeon 
Author-X-Name-Last: Kim 
Title: The effects of regulations on land transactions: The case of Korea 
Abstract:
  This paper examines the relationship between government regulations and
 land transactions using Korean data for 1994. The results indicate that a
 heavy burden put on land ownership does not affect the frequency and
 amount of land transacted, nor does it accelerate the urbanization
 process. However, regulations of the sale and acquisition of land are
 important influences on the decisions of market players. 
Journal: Applied Economics Letters 
Pages: 551-553 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010014477 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010014477&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Author-Name: Basudeb Biswas 
Author-X-Name-First: Basudeb 
Author-X-Name-Last: Biswas 
Author-Name: E. Bruce Godfrey 
Author-X-Name-First: E. Bruce 
Author-X-Name-Last: Godfrey 
Title: The stocking rate versus time in range management: a review of recent theoretical developments 
Abstract:
  A long-standing question in range management concerns the relative
 importance of the stocking rate versus the length of time during which
 animals graze a particular rangeland. Recently, Batabyal and co-workers
 provided a theoretical answer to this question. Given the importance of
 this question for practical range management, this paper has two
 objectives. First, it provides a non-technical discussion of the
 methodology employed and the analysis conducted by Batabyal and
 co-workers. Second, it points out and discusses the significance of two
 range management questions that are suggested by the previous analysis. 
Journal: Applied Economics Letters 
Pages: 555-559 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010014486 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010014486&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nancy Devlin 
Author-X-Name-First: Nancy 
Author-X-Name-Last: Devlin 
Author-Name: Paul Hansen 
Author-X-Name-First: Paul 
Author-X-Name-Last: Hansen 
Title: Health care spending and economic output: Granger causality 
Abstract:
  Granger causality is tested for to examine the exogeneity of GDP which is
 assumed in previous research on the determinants of aggregate health care
 spending. In theory, the causal relationship between these variables could
 be in either or both directions. For some of the 20 OECD countries tested
 it appears that health care expenditure Granger causes GDP, and vice versa
 for others. Therefore care must be taken when specifying health care
 expenditure and growth equations respectively in defining the appropriate
 'independent' (and exogenous) and 'dependent' variables. In particular,
 these results suggest that standard models of aggregate health care
 expenditure may be misspecified. 
Journal: Applied Economics Letters 
Pages: 561-564 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010017357 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010017357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Muhammad Islam 
Author-X-Name-First: Muhammad 
Author-X-Name-Last: Islam 
Title: Structural break, unit root, and the causality between government expenditures and revenues 
Abstract:
  Government expenditures and revenues are shown to be trend stationary
 with a break in the deterministic trend. This is in contrast to the claim
 that these two series are non-stationary and integrated of order 1. It is
 therefore inappropriate to first difference data to achieve stationarity.
 Instead, data is appropriately de-trended using endogenously determined
 break dates. Tests using the de-trended data show that causality is
 unidirectional, with expenditures causing revenues. 
Journal: Applied Economics Letters 
Pages: 565-567 
Issue: 8 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010018266 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010018266&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Regime switching and the forecasting bias of asymmetric error correction models 
Abstract:
  The potential forecasting bias of asymmetric error correction models is
 examined via an application of the Granger and Lee and Escribano and Pfann
 specifications to the earlier data of Davidson et al. Cook's results
 concerning sample space regularities are extended, with partitioning of
 the error correction term shown to induce regularities in the forecasting
 space in the form of forecasting bias. 
Journal: Applied Economics Letters 
Pages: 569-571 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010025673 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010025673&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Seasonal long memory in the US monthly monetary aggregate 
Abstract:
  The seasonal structure of the US monthly M1 monetary aggregate is
 investigated in this article by means of seasonal long memory processes.
 Using a version of the tests proposed by Robinson in 1994, the results
 show that the orders of integration are higher when seasonal monthly
 differences are used rather than quarterly or first differences. Thus, the
 dependence between observations seems to be stronger when seasonal monthly
 roots are taken into account. 
Journal: Applied Economics Letters 
Pages: 573-575 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010026078 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010026078&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Brian Lucey 
Author-X-Name-First: Brian 
Author-X-Name-Last: Lucey 
Title: Friday the 13th: international evidence 
Abstract:
  The Friday the 13th anomaly discussed by Kolb and Rodriguez in 1987 is
 revisited in an international context. Using the FTSE world indices over
 the period 1988-2000, for 19 countries, it is found that there is some
 evidence that returns on Friday the 13th are statistically different from,
 and generally greater than, returns on other Fridays. 
Journal: Applied Economics Letters 
Pages: 577-579 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010025664 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010025664&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lennart Flood 
Author-X-Name-First: Lennart 
Author-X-Name-Last: Flood 
Author-Name: Urban Gr&#xe5;sjo 
Author-X-Name-First: Urban 
Author-X-Name-Last: Gr&#xe5;sjo 
Title: A Monte Carlo simulation study of Tobit models 
Abstract:
  This study focuses on a comparison of different kinds of Tobit models.
 According to the findings, a simple Tobit I method can produce results
 that are similar to and in some cases better than much more sophisticated
 methods. This is especially true if the participation or index equation is
 incorrectly specified. 
Journal: Applied Economics Letters 
Pages: 581-584 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010027581 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010027581&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kaushik Bhattacharya 
Author-X-Name-First: Kaushik 
Author-X-Name-Last: Bhattacharya 
Author-Name: Himanshu Joshi 
Author-X-Name-First: Himanshu 
Author-X-Name-Last: Joshi 
Title: Modelling currency in circulation in India 
Abstract:
  In the literature, currency in circulation is typically estimated either
 by specifying a standard currency demand equation based on the theory of
 transaction or portfolio demand for money or by a univariate time series
 model. The paper argues that while these approaches work well for low
 frequency data, their scopes become limited for high frequency series.
 Using the weekly data of currency in circulation from the year 1992-1993
 to 1999-2000, the paper proposes an alternative approach of modelling the
 growth of currency in circulation by incorporating the 'day of the month'
 effect. The estimated equation behaves very well in and out of sample and
 the prediction performance achieved from the model has been good. 
Journal: Applied Economics Letters 
Pages: 585-592 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010020146 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010020146&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jian Yang 
Author-X-Name-First: Jian 
Author-X-Name-Last: Yang 
Author-Name: Michael Haigh 
Author-X-Name-First: Michael 
Author-X-Name-Last: Haigh 
Author-Name: David Leatham 
Author-X-Name-First: David 
Author-X-Name-Last: Leatham 
Title: Agricultural liberalization policy and commodity price volatility: a GARCH application 
Abstract:
  This study examines the effect of the recent radical agricultural
 liberalization policy, i.e. the 1996 FAIR Act, on agricultural commodity
 price volatility using Generalized Autoregressive Conditional
 Heteroscedasticity (GARCH) models. Results of the study indicate that the
 agricultural liberalization policy has caused an increase in the price
 volatility for three major grain commodities (corn, soybeans and wheat)
 and little change for oats, but a decrease for cotton. These findings
 stand in sharp contrast to Crain and Lee's observations in 1996 based on
 wheat markets that market-oriented measures in government farm policies
 tend to reduce agricultural price volatility. 
Journal: Applied Economics Letters 
Pages: 593-598 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010018734 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010018734&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ferenc Szidarovszky 
Author-X-Name-First: Ferenc 
Author-X-Name-Last: Szidarovszky 
Title: The area monotonic solution in dynamic negotiations 
Abstract:
  The area monotonic solution is examined, when the utilities of the
 players as well as the Pareto frontier change in time. A divert method is
 introduced to characterize the change in the solution of the conflict
 which is based on deriving a special ordinary differential equation such
 that its trajectory follows the solution in time. This method can be used
 to determine the optimal timing of agreements. 
Journal: Applied Economics Letters 
Pages: 599-600 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010021145 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010021145&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kelly Busche 
Author-X-Name-First: Kelly 
Author-X-Name-Last: Busche 
Author-Name: W. David Walls 
Author-X-Name-First: W. David 
Author-X-Name-Last: Walls 
Title: Breakage and betting market efficiency: evidence from the horse track 
Abstract:
  In this research the effect of breakage&#x2014;the rounding down of
 payoffs to winning bets&#x2014;on the measured efficiency of racetrack
 betting markets is examined empirically. Over twenty thousand horse races
 are analysed and it is demonstrated that evidence of betting market
 inefficiency is systematically related to the expected breakage. These
 empirical results suggest that failure to control for breakage may bias
 statistical tests towards rejection of the efficiency hypothesis. 
Journal: Applied Economics Letters 
Pages: 601-604 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010021154 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010021154&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David McMillan 
Author-X-Name-First: David 
Author-X-Name-Last: McMillan 
Title: Common stochastic volatility trend in European exchange rates 
Abstract:
  This paper examines the nature of stochastic volatility in the
 deutschemark/dollar and French franc/dollar exchange rates. In particular
 using a multivariate random walk stochastic volatility model the study
 examined whether volatility in each series can be ascribed to a single
 common trend. Results for univariate stochastic volatility models show
 very high persistence in the autoregressive component of volatility
 supporting the model specification where volatility follows a random walk.
 Estimation of the multivariate model reveals a very high correlation
 between the volatility innovations, and suggests that they follow a common
 trend, in essence the volatilities are cointegrated. A multivariate model
 with a single volatility trend is then estimated. Finally, support for
 this specification is further received when estimation of a stochastic
 volatility model for the ratio of the two series reveals no stochastic
 volatility present. 
Journal: Applied Economics Letters 
Pages: 605-608 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010023099 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010023099&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. H. Suryanarayana 
Author-X-Name-First: M. H. 
Author-X-Name-Last: Suryanarayana 
Title: Livestock service sector reform in India: efficiency versus equity 
Abstract:
  This paper examines the potential scope for efficiency and equity with
 reference to the recent public policy decision to commercialize the
 livestock service sector in India. The livestock service is provided free
 by the veterinary clinic in the public sector which operates virtually as
 a monopolist in Indian villages. The paper, using the discriminatory
 monopoly framework, shows that the government would succeed in its efforts
 to recover the cost of livestock service; the burden of cost recovery
 would fall on both the poor and rich beneficiary farm households. As
 regards to the effective cost of utilization of livestock service, the
 poor would end up bearing proportionately less than the rich. In the
 process, the market size for livestock service would decline in the short
 run but not output from animal husbandry. In the long run, there will be
 both growth and equity in the livestock sector. 
Journal: Applied Economics Letters 
Pages: 609-611 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010025132 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010025132&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ying-Foon Chow 
Author-X-Name-First: Ying-Foon 
Author-X-Name-Last: Chow 
Author-Name: Jinli Zeng 
Author-X-Name-First: Jinli 
Author-X-Name-Last: Zeng 
Title: Foreign capital in a neoclassical model of growth 
Abstract:
  The impact of foreign capital inflows on the growth of developing
 countries remains controversial. Utilizing the neoclassical growth model,
 this paper shows that foreign capital inflows have a positive effect on
 the capital stock and consumption in the long run. 
Journal: Applied Economics Letters 
Pages: 613-615 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010025691 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010025691&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ho-Chuan Huang 
Author-X-Name-First: Ho-Chuan 
Author-X-Name-Last: Huang 
Title: Bayesian analysis of the SUR Tobit model 
Abstract:
  This paper develops a practical sampling scheme for Bayesian analysis of
 correlated censored data using the seemingly unrelated Tobit regressions
 model. Posterior inference is performed via the Gibbs sampler with data
 augmentation algorithm. In particular, the relevant full conditional
 distributions needed in the use of Gibbs sampler are derived. The method
 is then applied to a real data set on the determination of the payments of
 cash and stock dividends. 
Journal: Applied Economics Letters 
Pages: 617-622 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010026069 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010026069&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdul Azeez 
Author-X-Name-First: Abdul 
Author-X-Name-Last: Azeez 
Title: Utilization of optimal capacity in Indian manufacturing, 1974-1996 
Abstract:
  This paper attempts to estimate a consistent series for the economic
 capacity utilization of the Indian non-electrical machinery manufacturing
 sector. The economic or optimum capacity is defined as the output where
 the short-run average total cost is minimized. Using an iterative version
 of Zellner's seemingly unrelated regression estimation technique, a
 translog short-run cost function is estimated, imposing the conditions for
 economic optimizing behaviour of firms to calculate the optimal output.
 Such a measure assumes that variations in capacity utilization (CU),
 defined as the ratio of actual to optimal output, are the systematic
 results of rational optimization procedures, depending on price and cost
 conditions of firms. A comparison of the new series with the conventional
 engineering measures of CU shows that the widely used 'installed CU'
 figures clearly underestimate the true economic utilization levels, mainly
 due to definitional problems. 
Journal: Applied Economics Letters 
Pages: 623-628 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010027572 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010027572&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Leo Kahane 
Author-X-Name-First: Leo 
Author-X-Name-Last: Kahane 
Title: Team and player effects on NHL player salaries: a hierarchical linear model approach 
Abstract:
  This paper employs a hierarchical linear model (HLM) to assess the
 importance of both player- and team-level attributes in determining
 National Hockey League (NHL) player salaries. Empirical results show that
 there are significant differences in mean salaries and rewards to
 performance across teams and that these differences can be partially
 explained by differences in team revenues. Implications for research in
 other industries are considered. 
Journal: Applied Economics Letters 
Pages: 629-632 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010028607 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010028607&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Andersson 
Author-X-Name-First: Michael 
Author-X-Name-Last: Andersson 
Title: A normality test for the mean estimator 
Abstract:
  This note proposes a tool to investigate and demonstrate the adequacy of
 the central limit theorem in small samples. The suggested procedure tests
 if the mean estimator is approximately normally distributed, given data
 and sample size at hand. 
Journal: Applied Economics Letters 
Pages: 633-634 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010028616 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010028616&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Denny 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Denny 
Author-Name: Colm Harmon 
Author-X-Name-First: Colm 
Author-X-Name-Last: Harmon 
Title: Testing for sheepskin effects in earnings equations: evidence for five countries 
Abstract:
  Using a dataset that allows consistent cross-country comparisons the
 non-linearity in a conventional earnings equation is tested with respect
 to schooling. The findings suggest that the assumption of linearity is not
 robust and that there are well-determined positive returns to the
 completion of educational levels. However, inferences are sensitive to the
 choice of functional form. 
Journal: Applied Economics Letters 
Pages: 635-637 
Issue: 9 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010028625 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010028625&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lata Gangadharan 
Author-X-Name-First: Lata 
Author-X-Name-Last: Gangadharan 
Title: Compliance in environmental markets 
Abstract:
  One of the reasons given for compliance with environmental programmes is
 that firms want to project an environmentally friendly image, as this
 would have a positive effect on their sales and eventually on their market
 share. This paper tries to test the effect of environmental friendliness
 on compliance behaviour using data from a tradable emissions programme
 currently running in Los Angeles. A large fraction of the firms comply
 with the environmental regulations. To study the reasons for this
 compliance behaviour, variables are created that represent the
 environmentally friendly characteristics of the firms. These variables
 are: how close the firm is to the final consumer and whether the firm has
 employed a manager to look after its environmental policies. Of all the
 firm characteristics, the capital level of the firm is seen to be
 significant in explaining non-compliance. Contrary to expectations, the
 environmental friendliness variables do not have significant explanatory
 power. Environmental consciousness as an explanatory variable for
 compliance therefore needs to be reconsidered in this kind of a pollution
 prevention programme. 
Journal: Applied Economics Letters 
Pages: 641-644 
Issue: 10 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010029192 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010029192&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria-Isabel Ayuda 
Author-X-Name-First: Maria-Isabel 
Author-X-Name-Last: Ayuda 
Author-Name: Antonio Aznar 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Aznar 
Title: Size and power of non-nested hypothesis tests and their bootstrap versions 
Abstract:
  In this paper the behaviour of various non-nested hypothesis testing
 procedures are studied, namely the J and JA tests and the same
 bootstrap-adjusted tests, using graphical methods. These methods are the P
 value plot, the P value discrepancy plot and the size-power graph. The
 size and power of the four tests are compared for all the possible nominal
 sizes and not only for 1% or 5%. It is found that the best test is the
 bootstrap-adjusted J test, given that its size is close to the nominal,
 independently of the nominal size, whilst it has a higher power than the
 JA test. 
Journal: Applied Economics Letters 
Pages: 649-653 
Issue: 10 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110052807 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110052807&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wen Den Chen 
Author-X-Name-First: Wen Den 
Author-X-Name-Last: Chen 
Title: Evaluation of the long memory relationship between gross national product and saving in Taiwan 
Abstract:
  To enhance precise analysis of the relationship between GNP (gross
 national product) and Saving (gross national saving), a long memory
 relationship function is applied. From experience, it is known that
 assuring the variables are always cointegrated or fractionally
 cointegrated is not easy, so this letter develops a measure function to
 estimate the long memory relationship between two variables. The empirical
 study shows that GNP and saving have the long memory relationship d=
 0.1449. 
Journal: Applied Economics Letters 
Pages: 655-657 
Issue: 10 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010029228 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010029228&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Josea. Pagan 
Author-X-Name-First: Josea. 
Author-X-Name-Last: Pagan 
Author-Name: Sukhjit Sethi 
Author-X-Name-First: Sukhjit 
Author-X-Name-Last: Sethi 
Author-Name: Gokce Soydemir 
Author-X-Name-First: Gokce 
Author-X-Name-Last: Soydemir 
Title: The impact of promotion/advertising expenditures on citrus sales 
Abstract:
  This study analyses the impact of advertising expenditures on citrus
 sales from the Texas Rio Grande Valley. A bivariate vector autoregressive
 model is estimated using weekly data on the dollar value of advertising
 expenditures and carton equivalent shipments for the 1993-1999 growing
 seasons. The estimated impulse response functions show that a one-time
 increase in advertising expenditures leads to increases in orange sales
 with a one-month lag. However, the impact of advertising on grapefruit
 sales is more immediate and relatively large. Carton shipments remain high
 for about three weeks after a one-time advertising shock. There is also no
 evidence of causality from sales to advertising. The results suggest that
 Federal Marketing Order regulations that facilitate funds for the
 promotion and advertising of citrus are effective in increasing the
 domestic consumption of oranges and grapefruit. 
Journal: Applied Economics Letters 
Pages: 659-663 
Issue: 10 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010029499 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010029499&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bwo-Nung Huang 
Author-X-Name-First: Bwo-Nung 
Author-X-Name-Last: Huang 
Author-Name: Chin-Wei Yang 
Author-X-Name-First: Chin-Wei 
Author-X-Name-Last: Yang 
Title: The impact of settlement time on the volatility of stock market revisited: an application of the iterated cumulative sums of squares detection method for changes of variance 
Abstract:
  Volatility changes before and after a major event cannot be effectively
 modelled without considering the impact of other events during the sample
 period. This paper reexamines the impact of settlement time changes on the
 volatility change in the Shanghai and Shenzhen Stock Exchange by Li et al.
 (1997) via the iterated cumulative sums squares (ICSS) method developed by
 Inclan and Tiao. This study detected three other events during the sample
 period (two before and one after the structural break). After removing
 these factors, it is found that change in settlement time does not impact
 the volatility of the stock returns in a noticeable way. 
Journal: Applied Economics Letters 
Pages: 665-668 
Issue: 10 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110036346 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110036346&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Usha Nair-Reichert 
Author-X-Name-First: Usha 
Author-X-Name-Last: Nair-Reichert 
Title: R&D investment and import competition in unionized industries 
Abstract:
  This paper investigates the effect of unionization on the flow of
 research and development (R&D) investment and import competition in US
 manufacturing industries. If the unions adopt a myopic strategy, they may
 attempt to maximize current rents, even if it reduces strategic R&D
 necessary to compete against imports. However, if unions are employment
 oriented and realize that R&D is essential to compete effectively against
 imports and reduce job losses for their members, they may favour a more
 co-operative strategy. This issue is empirically investigated at the
 industry level using data from 1975-1984. One of the main contributions of
 this study is the attempt to distinguish between strategic and
 non-strategic R&D. The results of this analysis indicate that depending on
 the extent of unionization, there is a significant amount of variation in
 the magnitude and direction of the impact of strategic R&D on import
 penetration. Supporting evidence also indicates that the union
 rent-seeking behaviour related to strategic R&D investments varies between
 import and export-competing industries. 
Journal: Applied Economics Letters 
Pages: 669-674 
Issue: 10 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110036733 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110036733&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ross Finnie 
Author-X-Name-First: Ross 
Author-X-Name-Last: Finnie 
Author-Name: Ronald Meng 
Author-X-Name-First: Ronald 
Author-X-Name-Last: Meng 
Title: Cognitive skills and the youth labour market 
Abstract:
  With the use of test score data it is found that literacy, numeracy and
 education strongly influence the probability of being employed,
 unemployed, having a wage-paying job and obtaining government transfer
 payments in addition to incomes, weeks worked and weeks unemployed for a
 sample of 16 to 24-year-olds. 
Journal: Applied Economics Letters 
Pages: 675-679 
Issue: 10 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110037877 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110037877&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jacint Balaguer 
Author-X-Name-First: Jacint 
Author-X-Name-Last: Balaguer 
Author-Name: Manuel Cantavella-Jorda 
Author-X-Name-First: Manuel 
Author-X-Name-Last: Cantavella-Jorda 
Title: Examining the export-led growth hypothesis for Spain in the last century 
Abstract:
  The relationship between real income and real exports is examined for the
 Spanish economy in the last century (1901-1999) using annual data. The
 significant changes of the Spanish economy during this period have made of
 the analysis a mixed one. The export-led growth hypothesis is supported
 during the economic liberalization period whereas for the protectionist
 and autarkic period neither a long-run nor a short-run relationship
 between those two variables are found. When the century as a whole is
 considered, then, a unidirectional causality running from income to
 exports is exhibited. 
Journal: Applied Economics Letters 
Pages: 681-685 
Issue: 10 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010038687 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010038687&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yir-Hueih Luh 
Author-X-Name-First: Yir-Hueih 
Author-X-Name-Last: Luh 
Author-Name: Ziau-Ning Liao 
Author-X-Name-First: Ziau-Ning 
Author-X-Name-Last: Liao 
Title: An econometric assessment of the productivity consequences of low-input farming 
Abstract:
  This study examines the possible impacts of low-input farming on the
 growth of productivity. Specifically, emphasis is placed upon
 disentangling the effect of overusing chemical inputs and that of the
 market determinants. Taking into account both production and price
 uncertainty, the expected utility maximization criterion explicitly
 incorporating damage control function of pesticides is used to determine
 farmers' rational demand of chemical inputs. The actual use of chemical
 inputs and the theoretical use consistent with expected utility
 maximization are used to establish an overusing index, which later is
 incorporated into the dual cost function to examine the productivity
 consequences of overusing chemicals. Simulation analyses of various policy
 scenarios suggest the positive impact of low-input farming. 
Journal: Applied Economics Letters 
Pages: 687-692 
Issue: 10 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110061681 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110061681&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Author-Name: Bernard Bollen 
Author-X-Name-First: Bernard 
Author-X-Name-Last: Bollen 
Title: Is there a maturity effect in the price of the S&P 500 futures contract? 
Abstract:
  The maturity effect is re-examined using the S&P 500 futures contract. A
 model is estimated in which daily volatility, measured on the basis on
 intraday data, is determined by its previous value and the number of days
 remaining to maturity. The estimation results do not support the maturity
 effect. This finding is in line with existing evidence that indicates the
 absence of the maturity effect in financial futures prices. 
Journal: Applied Economics Letters 
Pages: 693-695 
Issue: 11 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110036355 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110036355&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Title: R&D effects of incomplete procurement contracts 
Abstract:
  This paper examines auctions of incentive contracts, where the principal
 (a government agency) contracts with a private vendor to supply a given
 quantity. The contract is incomplete as the agent's research behaviour is
 unobservable and is not in the principal's objective function. The agent,
 however, has an incentive to engage in research. Therefore, the
 principal's actions inadvertently affect research spending. It is shown
 that the agent's optimal research spending responds to changes in
 contractual design. In general, the agent's research response is dependent
 upon the size of the bid and the probability of product innovation. Policy
 implications are discussed. 
Journal: Applied Economics Letters 
Pages: 697-699 
Issue: 11 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010029219 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010029219&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joe Hirschberg 
Author-X-Name-First: Joe 
Author-X-Name-Last: Hirschberg 
Author-Name: Jenny Lye 
Author-X-Name-First: Jenny 
Author-X-Name-Last: Lye 
Title: The interpretation of multiple dummy variable coefficients: an application to industry effects in wage equations 
Abstract:
  The traditional textbook approach to avoiding the dummy trap problem is
 to delete a category from each qualitative variable. This paper
 illustrates an alternative constraint which can be used to transform
 conventional dummy variable coefficients. This constraint serves to
 simplify their interpretation when the regression equation contains
 several qualitative variables and allows the computation of a coefficient
 for the deleted class. Using this constraint the intercept term can be
 written as the mean Y macron and the coefficients for the dummy variables
 are now interpreted as differences from the mean of the dependent variable
 rather than the deleted class. Computation of a standard error for the
 estimated coefficient of the deleted class is also discussed. An
 application to examine the importance of industry wage affiliation in
 explaining relative wages is presented. 
Journal: Applied Economics Letters 
Pages: 701-707 
Issue: 11 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110042187 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110042187&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Don Webber 
Author-X-Name-First: Don 
Author-X-Name-Last: Webber 
Title: A slowing of national income convergence 
Abstract:
  Shocks to the international economy that occurred around 1973 may have
 altered the rate of convergence of national income across countries.
 Markov chains are used to examine whether the rate of convergence of
 national income was different pre- to post-1973 for a cross-section of 104
 countries between 1960 and 1990. Results suggest that real GDP per worker
 did converge continuously, and the rate of convergence was faster before
 rather than after 1973. 
Journal: Applied Economics Letters 
Pages: 709-711 
Issue: 11 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110045715 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110045715&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Li-Hsueh Chen 
Author-X-Name-First: Li-Hsueh 
Author-X-Name-Last: Chen 
Title: A model for ex ante real interest rates 
Abstract:
  This paper proposes a new model for estimating economic agents'
 anticipation of the real rate of interest. It decomposes the nominal
 short-term interest rate into an ex ante real interest rate and an
 expected inflation rate, according to Fisher's equation. Assume the ex
 ante real interest rate follows an autoregressive structure and inflation
 follows an IMA(1, 1) process. Using the information in the nominal
 short-term interest rate and the inflation series, the ex ante real
 interest rate is estimated by maximum likelihood using the Kalman filter
 to calculate the likelihood function. The results show that the time
 series of estimates of the ex ante real interest rate extracted from the
 model rejects the random-walk hypothesis at the 1% significance level. 
Journal: Applied Economics Letters 
Pages: 713-718 
Issue: 11 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010017681 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010017681&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Holger Gorg 
Author-X-Name-First: Holger 
Author-X-Name-Last: Gorg 
Author-Name: Eric Strobl 
Author-X-Name-First: Eric 
Author-X-Name-Last: Strobl 
Title: Capital structure and labour demand: further evidence 
Abstract:
  This paper provides further evidence on the relationship between a firm's
 capital structure and its labour demand. This study estimates dynamic
 labour demand equations using firm-level panel data for firms in the
 electronics sector in Ireland for the period 1982 to 1995. These results
 suggest that labour demand is not affected by a firm's capital structure,
 proxied by its debt-to-asset ratio. This may give statistical support to
 the Modigliani-Miller theorem, which conjectures that the market value of
 a firm is not influenced by its capital structure, implying that a firm's
 labour demand decision is independent of capital structure. 
Journal: Applied Economics Letters 
Pages: 719-723 
Issue: 11 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010029480 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010029480&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bwo-Nung Huang 
Author-X-Name-First: Bwo-Nung 
Author-X-Name-Last: Huang 
Author-Name: Robert Fok 
Author-X-Name-First: Robert 
Author-X-Name-Last: Fok 
Title: Stock market integration - an application of the stochastic permanent breaks model 
Abstract:
  Using the Stochastic Permanent Breaks (STOPBREAK) model, this study
 examines the relationships of the US stock market with the Japanese and
 eight European stock markets. The evidence indicates that the US stock
 market is temporally cointegrated with the markets in Japan, Germany,
 Netherlands and Switzerland. However, cointegration relationship exists
 only between the US and Netherlands market when the Johansen cointegration
 test is used. In other words, some sort of cointegrating relationships may
 exist between two markets even if the standard cointegration test
 indicates that the two markets are not cointegrated. According to the
 STOPBREAK model, when two markets are temporally cointegrated, the
 movement of the two markets does not follow a random walk and market
 inefficiency is implied. 
Journal: Applied Economics Letters 
Pages: 725-729 
Issue: 11 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/135048500110036337 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500110036337&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Aparna Mitra 
Author-X-Name-First: Aparna 
Author-X-Name-Last: Mitra 
Title: Effects of physical attributes on the wages of males and females 
Abstract:
  Using data from the National Longitudinal Survey of Youth (1993), this
 study analyses the effects of physical attributes, namely, height and
 weight, on the wages of males and females in professional and blue-collar
 occupations. A parallel theme of analysis is whether physical attributes
 have any impact on the wages of workers with high mathematics and
 computational skills. The results of this study show that among
 professionals and blue-collar workers, physical attributes significantly
 affect the wages of women and have no impact on the wages of men. Taller
 women enjoy wage premiums, while overweight women experience significant
 wage penalties. Another important finding is that among women with above
 average quantitative skills, the effects of physical attributes on wages
 are insignificant. 
Journal: Applied Economics Letters 
Pages: 731-735 
Issue: 11 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110047605 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110047605&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Robst 
Author-X-Name-First: John 
Author-X-Name-Last: Robst 
Title: A note on the relationship between medical care resources and mortality 
Abstract:
  This paper reconsiders how the availability of physicians affects
 mortality rates within geographic areas. Studies typically find that
 mortality rates are lower in areas with greater medical care resources.
 While currently available care is important, this paper shows that young
 adult mortality rates are influenced by physician availability during
 childhood as well. Studies that examine that link between medical care
 resources and mortality should consider the availability of care over the
 lifetime. 
Journal: Applied Economics Letters 
Pages: 737-739 
Issue: 11 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110036328 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110036328&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. A. Shields 
Author-X-Name-First: M. A. 
Author-X-Name-Last: Shields 
Author-Name: S. Wheatley Price 
Author-X-Name-First: S. Wheatley 
Author-X-Name-Last: Price 
Title: Language fluency and immigrant employment prospects: evidence from Britain's ethnic minorities 
Abstract:
  Using data from the Fourth National Survey of Ethnic Minorities, the
 determinants of location-specific language capital and its impact upon the
 employment prospects of male and female ethnic minority immigrants in
 Britain are investigated. It is found that lack of English language
 fluency reduces average predicted employment probabilities by 20-25
 percentage points. Increasing the provision of English language training
 directly or indirectly, by requiring immigrants to obtain UK
 qualifications, would go a long way to eliminating the 10% employment gap
 between Britain's white and ethnic minority communities. 
Journal: Applied Economics Letters 
Pages: 741-745 
Issue: 11 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850010038678 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850010038678&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jari Parviainen 
Author-X-Name-First: Jari 
Author-X-Name-Last: Parviainen 
Author-Name: Hannu Schadewitz 
Author-X-Name-First: Hannu 
Author-X-Name-Last: Schadewitz 
Author-Name: Dallas Blevins 
Author-X-Name-First: Dallas 
Author-X-Name-Last: Blevins 
Title: On the non-linear relationship between disclosure and its determinants 
Abstract:
  A linear relationship exists between interim disclosures submitted to the
 Helsinki Exchanges and their determinants over the period 1985-1993. A
 non-linear model better explains the relationship. This finding has
 implications for the design of other disclosure index studies. 
Journal: Applied Economics Letters 
Pages: 747-750 
Issue: 11 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110043771 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110043771&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Title: On flood occurrence and the provision of safe drinking water in developing countries 
Abstract:
  Developing countries in South Asia and elsewhere are frequently ravaged
 by floods. An important part of most flood management programmes is the
 provision of safe drinking water (SDW) to prevent the spread of diseases.
 How should a government agency that is interested in distributing SDW to
 flood victims, go about its task? Further, how might this agency maximize
 the net social benefit from the provision of SDW? Finally, given that SDW
 is a particularly scarce commodity in a flood situation, how likely is it
 that this agency will be unable to meet the stochastic demand for SDW? In
 this paper, we use queuing theory to shed light on these three questions
 regarding the disbursement of SDW to flood victims. 
Journal: Applied Economics Letters 
Pages: 751-754 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110045724 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110045724&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan Speight 
Author-X-Name-First: Alan 
Author-X-Name-Last: Speight 
Author-Name: David McMillan 
Author-X-Name-First: David 
Author-X-Name-Last: McMillan 
Title: Cointegration and predictability in prereform east European black-market exchange rates 
Abstract:
  This paper examines the time series properties of the monthly
 black-market dollar exchange rates of the Bulgarian lev, Czech koruna,
 East German mark, Hungarian forint, Polish zloty, Rumanian lei and Soviet
 ruble over the period 1955-1990. All series other than the mark exhibit a
 unit root in logarithms, and there is evidence of at least two
 cointegrating vectors linking the remaining rates. Weak exogeneity is
 rejected for the lev, forint and lei, but strong exogeneity cannot be
 rejected for the koruna, zloty and ruble, implying causality running from
 the latter group to the former group, which may be interpreted as
 reflecting channels of policy interdependence. 
Journal: Applied Economics Letters 
Pages: 755-759 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110046516 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110046516&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Measuring unemployment persistence in terms of I(d) statistical models 
Abstract:
  In the paper the unemployment rate series of nineteen countries are
 examined by means of fractionally integrated techniques. The results show
 that unemployment series are more persistent in some countries, such as
 Finland, Belgium or Spain, than in others, like the USA, Japan, Austria,
 Italy or Canada. 
Journal: Applied Economics Letters 
Pages: 761-763 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110044220 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110044220&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose J. Sempere Monerris 
Author-X-Name-First: Jose J. Sempere 
Author-X-Name-Last: Monerris 
Author-Name: Vincent Vannetelbosch 
Author-X-Name-First: Vincent 
Author-X-Name-Last: Vannetelbosch 
Title: The patent holder's bargaining power and the licensing of an innovation 
Abstract:
  A bargaining licensing game is developed to study how the patent holder's
 bargaining power affects his licensing policy as well as the social
 welfare. Indeed, a modification in the patent's holder bargaining power is
 not innocuous for the economy. Therefore, a social agency that is
 concerned with a social welfare measure may raise the question of who
 should hold the bargaining power in order to increase the welfare of the
 economy. Consumers and the world economy are better off with the complete
 diffusion of the technology. This is only possible if the patent holder is
 attributed greater bargaining power than the one attributed to the
 potential licensees and the size of the innovation is small enough. 
Journal: Applied Economics Letters 
Pages: 765-769 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110046831 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110046831&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Black 
Author-X-Name-First: David 
Author-X-Name-Last: Black 
Author-Name: Michael Dowd 
Author-X-Name-First: Michael 
Author-X-Name-Last: Dowd 
Author-Name: Kristen Keith 
Author-X-Name-First: Kristen 
Author-X-Name-Last: Keith 
Title: The inflation/growth relationship: evidence from state panel data 
Abstract:
  Employing US state data, a positive correlation is found between
 inflation and growth during the 1980s, accompanied by a downward trend in
 inflation. During the 1960s and 1970s, a negative correlation was
 accompanied by an upward trend in inflation. 
Journal: Applied Economics Letters 
Pages: 771-774 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110044202 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110044202&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Turner 
Author-X-Name-First: Paul 
Author-X-Name-Last: Turner 
Author-Name: Guillermo Benavides 
Author-X-Name-First: Guillermo 
Author-X-Name-Last: Benavides 
Title: The demand for money and inflation in Mexico 1980-1999: implications for stability and real seigniorage revenues 
Abstract:
  This paper presents estimates of the demand for money function and the
 Phillips curve using quarterly data for the Mexican economy over the
 period 1980--1999. These estimates are used to test restrictions on the
 dynamic process of the errors and cross-equation parameter restrictions
 suggested by economic theory. The parameter estimates obtained are used to
 investigate the stability of the inflation process and the extent to which
 real seigniorage revenues have been exploited within the Mexican economy. 
Journal: Applied Economics Letters 
Pages: 775-778 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110044211 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110044211&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gazi Shbikat 
Author-X-Name-First: Gazi 
Author-X-Name-Last: Shbikat 
Title: The liquidity effect and the transmission mechanism of money 
Abstract:
  The positive relationship between money and interest rates and the
 procyclical behaviour of interest rates found by empirical studies
 contradict predictions of macroeconomic theories. This paper incorporates
 disaggregated measures of investment (residential and nonresidential
 investment) along with disaggregated measures of money (outside and inside
 money) into the analysis of the impact of money on economic activity. The
 Vector Error Correction model is employed to deal with the issues of
 stationarity and cointegration in the data. Disaggregating money and
 output produces the expected liquidity effect of money on interest rates
 and helps to detect the transmission mechanism by which interest rates
 affect real economic activity. Further, the evidence presented in this
 paper underscores the importance of Residential Fixed Investment as a
 major player in explaining the money-output relationship. 
Journal: Applied Economics Letters 
Pages: 779-785 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110045139 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110045139&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Sloane 
Author-X-Name-First: Peter 
Author-X-Name-Last: Sloane 
Author-Name: Melanie Ward 
Author-X-Name-First: Melanie 
Author-X-Name-Last: Ward 
Title: Cohort effects and job satisfaction of academics 
Abstract:
  Previous studies of job satisfaction in the labour force as a whole have
 found that women generally express themselves as more satisfied at work
 than men. This paper examines the relationship between age and individual
 job satisfaction using a uniquely detailed dataset on Scottish academics.
 The insignificant gender effect on job satisfaction for the whole sample
 of academics is found to be made up of two offsetting effects. Male
 academics under the age of 36 are found to have significantly higher job
 satisfaction than the female under 36 cohort. Men over 36 however have a
 significantly lower satisfaction than their female academic equivalents. 
Journal: Applied Economics Letters 
Pages: 787-791 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110045733 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110045733&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tae-Hwan Kim 
Author-X-Name-First: Tae-Hwan 
Author-X-Name-Last: Kim 
Author-Name: Paul Newbold 
Author-X-Name-First: Paul 
Author-X-Name-Last: Newbold 
Title: Unit root tests based on inequality-restricted estimators 
Abstract:
  This study considers the possibility of estimating a Dickey-Fuller
 regression, constraining the autoregressive parameter to be at most one,
 and imposing prior knowledge of the sign of the drift parameter. In spite
 of apparently encouraging asymptotic results, it emerges that no feasible
 test of the unit root null hypothesis with superior finite sample
 properties follows from such inequality-restricted estimation. 
Journal: Applied Economics Letters 
Pages: 793-797 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110046039 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110046039&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Patrick Honohan 
Author-X-Name-First: Patrick 
Author-X-Name-Last: Honohan 
Title: Does PPP-adjusted data exaggerate the relative size of poor economies? 
Abstract:
  Though excellent for comparing living standards, conventional
 PPP-adjusted real income measures may be a poor basis for ranking
 economies by total size. They assign a far larger share of World output to
 poor countries than would a more relevant alternative based on valuing
 output using the equilibrium prices of an hypothetical world of full
 economic integration. 
Journal: Applied Economics Letters 
Pages: 799-802 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110046480 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110046480&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: A macroeconomic analysis of the impact of union wage increases on nonunion wages 
Abstract:
  Based on the augmented Phillips curve and the autoregressive conditional
 heteroscedasticity model, the author finds that the growth of nonunion
 wages are positively associated with expected inflation, productivity
 growth, and the growth of union wages and are negatively correlated with
 the unemployment rate. The partial adjustment process is confirmed. Error
 variance can best be modelled by the ARCH(2) process. 
Journal: Applied Economics Letters 
Pages: 803-806 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110046499 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110046499&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Atsushi Fujii 
Author-X-Name-First: Atsushi 
Author-X-Name-Last: Fujii 
Title: Determinants and probability distribution of inefficiency in the stochastic cost frontier of Japanese hospitals 
Abstract:
  The purpose of this paper is to estimate the cost inefficiency of
 Japanese municipal hospitals using the stochastic cost frontier approach.
 It is assumed that hospital cost inefficiency has a truncated normal
 distribution in order to avoid the restrictive feature of the half-normal
 distribution. A model of hospital cost inefficiency in which the
 inefficiency is a function of some explanatory variables was defined. The
 stochastic cost frontier and the inefficiency model were estimated
 simultaneously. The results indicate that the half-normal distribution is
 not appropriate for the inefficiency distribution of municipal hospitals
 in Japan. It is also found (i) that the level of cost inefficiency is
 related to the government subsidy and the geographical location of the
 hospital; and (ii) that, when compared to the truncated normal cost
 inefficiency model, the half-normal model underestimates the marginal
 costs while it overestimates the cost inefficiency. 
Journal: Applied Economics Letters 
Pages: 807-812 
Issue: 12 
Volume: 8 
Year: 2001 
X-DOI: 10.1080/13504850110046507 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110046507&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sebastian Schich 
Author-X-Name-First: Sebastian 
Author-X-Name-Last: Schich 
Author-Name: Florian Pelgrin 
Author-X-Name-First: Florian 
Author-X-Name-Last: Pelgrin 
Title: Financial development and investment: panel data evidence for OECD countries from 1970 to 1997 
Abstract:
  Applying a panel error correction approach to data for 19 OECD countries
 from 1970 to 1997, the paper provides evidence that financial development
 is significantly related to investment levels. Different indicators of
 financial development are used. The results appear to be strongest for
 stock market capitalization, although the contribution of private credit
 issued by deposit money banks is also significant. The results go beyond
 previous work on the topic, which has found a significant link for low and
 middle-income economies, but not for those with relatively high income
 levels. 
Journal: Applied Economics Letters 
Pages: 1-7 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110048505 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110048505&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert McNown 
Author-X-Name-First: Robert 
Author-X-Name-Last: McNown 
Author-Name: Thitima Puttitanun 
Author-X-Name-First: Thitima 
Author-X-Name-Last: Puttitanun 
Title: New unit root tests of the Nelson-Plosser data 
Abstract:
  Weighted symmetric and GLS tests for unit roots are applied to the
 fourteen time series tested by Nelson and Plosser in 1982. Due to the
 greater power of these two tests, unit roots are rejected for three to
 five of the series. 
Journal: Applied Economics Letters 
Pages: 9-11 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110049360 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110049360&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Umberto Triacca 
Author-X-Name-First: Umberto 
Author-X-Name-Last: Triacca 
Title: The partial autocorrelation function of a first order non-invertible moving average process 
Abstract:
  In this paper an expression is obtained for the determinant of a
 particular patterned matrix. The result is then used to derive the partial
 autocorrelation function of a first order non-invertible moving average
 process. 
Journal: Applied Economics Letters 
Pages: 13-15 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110050665 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110050665&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Laszlo Goerke 
Author-X-Name-First: Laszlo 
Author-X-Name-Last: Goerke 
Title: Statutory and economic incidence of labour taxes 
Abstract:
  A revenue-neutral substitution of a payroll tax for an income tax reduces
 unemployment in a general efficiency wage model in which firms are
 characterized by a constant returns to scale technology. This employment
 variation is the reverse of the change which arises in collective wage
 bargaining models. Hence, empirical work on the determinants of
 unemployment should always allow for the possibility of differential
 effects of taxes levied on workers and firms. The positive employment
 effect in the efficiency wage economy occurs since the income tax, in
 contrast to the payroll tax, is characterized by a positive level of tax
 exemption. Therefore, a revenueneutral substitution requires a less
 pronounced increase in the payroll tax than it allows for a fall in the
 income tax. Profits rise and an employment expansion is needed to reduce
 the workers' effort and, subsequently, the firms' profits to their
 equilibrium level. 
Journal: Applied Economics Letters 
Pages: 17-20 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110048497 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110048497&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lambert Schoonbeek 
Author-X-Name-First: Lambert 
Author-X-Name-Last: Schoonbeek 
Title: A delegated agent in a winner-takes-all contest 
Abstract:
  A standard winner-takes-all rent-seeking contest with a principal-agent
 relationship is extended. One of the two players offers a contract to an
 agent to act as a delegate on his behalf. The wage offered to the agent is
 deliberately chosen. The equilibrium of the extended contest is
 characterized. 
Journal: Applied Economics Letters 
Pages: 21-23 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110049333 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110049333&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tanweer Akram 
Author-X-Name-First: Tanweer 
Author-X-Name-Last: Akram 
Title: Net entry and exit patterns of Bangladesh manufacturing industries 
Abstract:
  This paper provides an empirical analysis of net entry and net exit
 patterns of manufacturing industries in Bangladesh. The analysis is based
 on a panel data set consisting of five census years' three-digit level
 data from the Bangladesh Census of Manufacturing Industries. 
Journal: Applied Economics Letters 
Pages: 25-31 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110046868 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110046868&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gangadhar Darbha 
Author-X-Name-First: Gangadhar 
Author-X-Name-Last: Darbha 
Title: Testing for long-run stability - an application to money multiplier in India 
Abstract:
  In testing for a stable long-run relation between monetary aggregates and
 reserve money most previous studies have used the conventional tests for
 cointegration. Using the recently developped residual-based cointegration
 tests of Gregory and Hansen that explicitly allow for regime shifts, the
 present paper, contrary to the findings of previous studies, finds that
 there exists a stable, but time-varying, longrun relation between measures
 of money stock and reserve money in the Indian context. It also finds that
 the observed variation in cointegrating relations is better characterized
 by a discrete one-time shift, rather than a gradually evolving random walk
 process, attributable, probably, to discrete changes in monetary policy. 
Journal: Applied Economics Letters 
Pages: 33-37 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110047155 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110047155&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Petri Bockerman 
Author-X-Name-First: Petri 
Author-X-Name-Last: Bockerman 
Author-Name: Jaakko Kiander 
Author-X-Name-First: Jaakko 
Author-X-Name-Last: Kiander 
Title: Has work-sharing worked in Finland? 
Abstract:
  This study is about the effects of work-sharing on employment in Finland.
 The results reveal that a reduction in average hours seems to deliver an
 increase in employment on the condition that output does not deteriorate
 as a result of shorter working time. However, the maintenance of output
 level in the case of shorter average working hours is a challenging
 exercise. In addition, the conduct of worksharing as a policy scheme is
 limited by the Lucas critique. 
Journal: Applied Economics Letters 
Pages: 39-41 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110048514 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110048514&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Obben 
Author-X-Name-First: James 
Author-X-Name-Last: Obben 
Author-Name: Hans-Jurgen Engelbrecht 
Author-X-Name-First: Hans-Jurgen 
Author-X-Name-Last: Engelbrecht 
Author-Name: V. Wesley Thompson 
Author-X-Name-First: V. Wesley 
Author-X-Name-Last: Thompson 
Title: A logit model of the incidence of long-term unemployment 
Abstract:
  A logit model of the incidence of long-term unemployment is estimated
 using a random sample of completed unemployment spells in New Zealand over
 the period 1988-97. The regressions results are sensible, but the
 predictive power of the model seems to depend on the share of long-term
 unemployed in total unemployment. In particular, if one-third or less of
 annual observations are made up of long-term unemployment spells, the
 model is incapable of predicting any such spells, unless it is constrained
 to do so. 
Journal: Applied Economics Letters 
Pages: 43-46 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110046840 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110046840&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Gius 
Author-X-Name-First: Mark 
Author-X-Name-Last: Gius 
Author-Name: Phillip Frese 
Author-X-Name-First: Phillip 
Author-X-Name-Last: Frese 
Title: The impact of state personal and corporate tax rates on firm location 
Abstract:
  The present study attempts to determine the effect of state personal and
 corporate tax rates on firm location at the 2-digit SIC level. Using a
 random effects model on a data set of 14000 observations, the present
 study finds that a state's personal tax rate has a negative effect on firm
 location but that a state's corporate tax rate has no
 statistically-significant effect on firm location. These results suggest
 that the locational decision of a firm is affected more by the impact that
 high personal taxes will have on the manager's and/or owner's income than
 by the negative impact of high corporate tax rates on firm profits. 
Journal: Applied Economics Letters 
Pages: 47-49 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110046859 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110046859&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Amaza 
Author-X-Name-First: Paul 
Author-X-Name-Last: Amaza 
Author-Name: J. K. Olayemi 
Author-X-Name-First: J. K. 
Author-X-Name-Last: Olayemi 
Title: Analysis of technical inefficiency in food crop production in Gombe State, Nigeria 
Abstract:
  This study investigated technical inefficiency in food crop production
 among farmers in Gombe State, Nigeria. A stochastic frontier production
 function, which incorporates technical inefficiency effects, using the
 Maximum-Likelihood Estimation (MLE), was used as the analytical technique.
 Given the specification of the stochastic frontier production function,
 the first null hypothesis, which specifies that the technical inefficiency
 effects are not stochastic is rejected. The second null hypothesis, which
 specifies that the explanatory variables in the model for technical
 inefficiency factors have zero coefficients, is also rejected. This
 implies that the explanatory variables in the inefficiency effects
 contribute significantly to the explanation of inefficiency in food crop
 production in Gombe State, Nigeria. Predicted technical efficiencies vary
 widely among farms, ranging between 13% and 89%, and a mean technical
 efficiency of 69%. 
Journal: Applied Economics Letters 
Pages: 51-54 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110048523 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110048523&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yoichi Matsubayashi 
Author-X-Name-First: Yoichi 
Author-X-Name-Last: Matsubayashi 
Title: The terms of trade and private savings: empirical evidence with a structural approach 
Abstract:
  This paper proposes a structural approach to investigate the relationship
 between the terms of trade and private savings in Japan and the US. A
 small open economy model is developed in which an infinitely-living
 representative agent consumes both tradable and non-tradable goods and a
 stochastic Euler equation is derived. Then, the GMM estimation method
 developed by Hansen (1982) is applied to estimate structural parameters
 and test model specifications. The main result is that the estimate for
 the intertemporal marginal rate of substitution is more than one for both
 countries. It may therefore be concluded that an improvement in the future
 terms of trade can decrease the private savings in Japan and the US. 
Journal: Applied Economics Letters 
Pages: 55-59 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110049342 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110049342&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bang Nam Jeon 
Author-X-Name-First: Bang Nam 
Author-X-Name-Last: Jeon 
Author-Name: Euiseong Lee 
Author-X-Name-First: Euiseong 
Author-X-Name-Last: Lee 
Title: Foreign exchange market efficiency, cointegration, and policy coordination 
Abstract:
  This paper examines market efficiency of the major foreign exchange
 markets during the post-Bretton Woods era by applying the bivariate and
 multivariate cointegration estimations to the weekly data of seven major
 foreign exchange rates. In particular, this study investigates whether the
 major foreign exchange policy coordinations, such as the Plaza Agreement
 (1985) and the Louvre Accord (1987), affected the long-run relations of
 the bilateral spot-forward and multivariate exchange rates. The findings
 of this study are: first, empirical evidence based on the bivariate and
 multivariate cointegrations is mostly consistent with the efficient market
 hypothesis in the major foreign exchange markets during the post-Bretton
 Woods era; second, the international policy coordinations during the late
 1980s have affected acrosscountry market efficiency by introducing common
 stochastic trends in the system of the seven major foreign exchange
 markets during the period of the policy implementation, but the market
 inefficiency did not last long; and third, within-country market
 efficiency appears to have become stronger in the post-Plaza agreement
 period than before, evidenced by exhibiting more cointegrating vectors,
 and have not been affected by the major foreign exchange policy
 coordinations. 
Journal: Applied Economics Letters 
Pages: 61-68 
Issue: 1 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110049351 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110049351&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Branko Milanovic 
Author-X-Name-First: Branko 
Author-X-Name-Last: Milanovic 
Title: Do we tend to overestimate poverty gaps? The impact of equivalency scales on the calculation of the poverty gap 
Abstract:
  The standard formulae used to calculate poverty gaps are incorrect when
 the poverty analysis is conducted in terms of equivalent units (rather
 than in per capita terms). An exact calculation requires access to
 individual level data. If this is unavailable, the paper proposes an
 approximation. 
Journal: Applied Economics Letters 
Pages: 69-72 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110049397 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110049397&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sunil Sapra 
Author-X-Name-First: Sunil 
Author-X-Name-Last: Sapra 
Title: A jackknife maximum likelihood estimator for the probit model 
Abstract:
  The maximum likelihood estimator for the Probit model can be
 substantially biased in small samples.This paper proposes a bias-corrected
 jackknife maximum likelihood estimator (JMLE) for the Probit model which
 corrects bias up to O(1/n-squared) unlike the ordinary MLE which corrects
 bias up to O(1/n). An application of the JMLE to Spector and Mazzeo (1980)
 data for analysing the effectiveness of a new method of teaching economics
 is also presented. 
Journal: Applied Economics Letters 
Pages: 73-74 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110050683 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110050683&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Jiang 
Author-X-Name-First: George 
Author-X-Name-Last: Jiang 
Title: What could potentially aggravate implicit volatility 'smile' and 'asymmetry'? - a note 
Abstract:
  This research note shows that the implied Black-Scholes volatility
 calculated using the bisection algorithm can have significant biases,
 which are more severe for in-themoney (ITM) options than for
 out-of-the-money (OTM) options. The biases are shown to have important
 implications as they could potentially aggravate the well-documented smile
 or smirk and asymmetry of implied Black-Scholes volatility for equity
 options. The findings caution the use of bisection algorithm for the
 calculation of Black-Scholes implied volatility. This research note also
 shows that the biases can be eliminated using the optimization algorithm
 which uses at least the first derivative of the objective function. 
Journal: Applied Economics Letters 
Pages: 75-80 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110052799 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110052799&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yaakov Lavi 
Author-X-Name-First: Yaakov 
Author-X-Name-Last: Lavi 
Author-Name: Michel Strawczynski 
Author-X-Name-First: Michel 
Author-X-Name-Last: Strawczynski 
Title: Policy variables and growth: evidence from Israel 
Abstract:
  This paper estimates the impact of policy variables on the per-capita
 Business Sector GDP in Israel in the framework of an extended
 neo-classical model. The methodology assesses the impact of policy
 variables on the components of the production function: factors of
 production (capital and labour) and total factor productivity. Using the
 cointegration approach, both long-run and short term specifications are
 tested. It is shown that: i) in the long-run the reduction of taxes,
 public sector deficit and inflation enhance growth mainly through an
 increase in total factor productivity; ii) in the short-run transitory
 changes in taxes do not affect business sector GDP, while persistent
 changes in taxes do affect it. It is also shown that persistent mass
 immigration waves to Israel enhanced production through a 'scale effect',
 since they implied an increase in the market size. 
Journal: Applied Economics Letters 
Pages: 81-86 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110050692 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110050692&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Krishna Mazumdar 
Author-X-Name-First: Krishna 
Author-X-Name-Last: Mazumdar 
Title: A note on cross-country divergence in standard of living 
Abstract:
  Convergence in 'standards of living' across countries is an important
 phenomenon that drew attraction of the researchers in economics during the
 last two decades. These studies take into account the growth of per capita
 gross domestic product or labour productivity as a measure of standard of
 living. The present study attempts to measure the standard of living in
 terms of the human development index which reflect the human well-being
 better than income or productivity and examines whether standards of
 living converge across economies over a fairly long period of time, such
 as 35 years (1960-1995). The convergence test has been attempted for the
 full sample as well as for three levels of human development. The study
 uses the convergence test introduced by Baumol. The tests indicate that in
 almost for all the cases divergence has been observed. Divergence is also
 observed for per capita real gross domestic product for all types of
 sample. 
Journal: Applied Economics Letters 
Pages: 87-90 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110049388 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110049388&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Connock 
Author-X-Name-First: Michael 
Author-X-Name-Last: Connock 
Title: Is arbitrage possible in the housing market? 
Abstract:
  It is widely accepted that no obvious serial correlation exists, nor can
 exist in a perfect market, in the pattern of changes away from the trend
 in equity share prices; for, if it did, arbitrageurs would step in and
 make money by buying when positive changes were anticipated, and vice
 versa. Yet in the UK at least, such correlation does appear to exist in
 the prices of another, arguably equally important set of assets, namely
 housing. This note shows, on the basis of the leading UK house price
 indices, the evidence that this is so, and discusses how this pattern can
 continue without being arbitraged away. The tentative conclusion is that
 there are likely to be some individuals and firms who will be able to
 profit from the situation. 
Journal: Applied Economics Letters 
Pages: 91-93 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110049379 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110049379&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Carneiro 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Carneiro 
Author-Name: Jose Angelo 
Author-X-Name-First: Jose 
Author-X-Name-Last: Angelo 
Author-Name: C. A. Divino 
Author-X-Name-First: C. A. 
Author-X-Name-Last: Divino 
Author-Name: Carlos Rocha 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Rocha 
Title: Revisiting the Fisher hypothesis for the cases of Argentina, Brazil and Mexico 
Abstract:
  This paper investigates the validity of the Fisher effect hypothesis that
 it is the interest rate that moves to adjust to anticipated changes in the
 rate of inflation. The analysis is carried out with monthly data for the
 period 1980-1997 for three countries that have a recent history of chronic
 high inflation: Argentina, Brazil and Mexico. A cointegration analysis
 provided evidence of a stable long-run equilibrium relationship between
 nominal interest rates and the inflation rate for the cases of Argentina
 and Brazil only. 
Journal: Applied Economics Letters 
Pages: 95-98 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110049405 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110049405&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andres Victorio 
Author-X-Name-First: Andres 
Author-X-Name-Last: Victorio 
Title: Non-market insurance and intrafamily transfers 
Abstract:
  This paper investigates the possibility that transfers of money between
 household members arise because a family member wishes to pay another an
 insurance premium in exchange for the right to collect an insurance
 coverage if a loss is suffered. The motive for the transfers is known as
 non-market insurance, and it is compared with altruism, bequests, and
 child-services-for-money (ABC). Some empirical evidence for non-market
 insurance is found based upon the panel study of income dynamics. 
Journal: Applied Economics Letters 
Pages: 99-102 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110049414 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110049414&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Russell Smyth 
Author-X-Name-First: Russell 
Author-X-Name-Last: Smyth 
Author-Name: He-Ling Shi 
Author-X-Name-First: He-Ling 
Author-X-Name-Last: Shi 
Title: Ownership reform and total factor productivity growth in Chinese industry 
Abstract:
  This paper contributes to the literature on total factor productivity
 (TFP) in Chinese industry. First, an adjusted TFP index is calculated
 through deflating raw data on TFP in Chinese industry using indexes on
 technological innovation in Japan and the United States. Second, the TFP
 index is regessed on the percentage of gross industrial output produced by
 non-state firms for the period 1980 to 1995. The results suggest that
 ownership reform was an important determinant of growth in industrial TFP
 over the period. 
Journal: Applied Economics Letters 
Pages: 103-106 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110057974 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110057974&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Corredor Pilar 
Author-X-Name-First: Corredor 
Author-X-Name-Last: Pilar 
Author-Name: Santamaria Rafael 
Author-X-Name-First: Santamaria 
Author-X-Name-Last: Rafael 
Title: Does derivatives trading destabilize the underlying assets? Evidence from the Spanish stock market 
Abstract:
  This paper analyses the effect of the introduction of derivatives
 (futures and options) in the Spanish market on the volatility and on the
 trading volume of the underlying index. The period analysed covers from
 October 1990 to December 1994. To study this effect, a GJR model is used.
 It is found, that although the asymmetry coefficient has increased, the
 conditional volatility of the underlying index declines after derivative
 markets are introduced. The trading volume of Ibex-35 increases
 significantly. Consequently, the introduction of the derivative contracts
 in Spain confirms a decrease in uncertainty in the underlying market and
 an increase in liquidity, which possibly enhances their efficiency. 
Journal: Applied Economics Letters 
Pages: 107-110 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110049441 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110049441&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Willem Verschoor 
Author-X-Name-First: Willem 
Author-X-Name-Last: Verschoor 
Author-Name: Christian Wolff 
Author-X-Name-First: Christian 
Author-X-Name-Last: Wolff 
Title: Scandinavian exchange rate expectations 
Abstract:
  This paper extends the analyses of Frankel and Froot (1987b), Cavaglia et
 al. (1993a), and others, to a new data set of exchange rate expectations
 on Scandinavian exchange rates. It corroborates the earlier finding that
 exchange rate forecasts are not rational, and that agents do not use all
 available information in an efficient manner. The evidence suggests that
 Scandinavian exchange rate expectations were stabilizing and that an
 unexpected depreciation was typically followed by an expected appreciation
 of smaller magnitude. 
Journal: Applied Economics Letters 
Pages: 111-116 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110049757 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110049757&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kjetil Haugen 
Author-X-Name-First: Kjetil 
Author-X-Name-Last: Haugen 
Author-Name: Arild Hervik 
Author-X-Name-First: Arild 
Author-X-Name-Last: Hervik 
Title: Estimating the value of the Premier League or the worlds most profitable investment project 
Abstract:
  This paper shows that market values for UK football (soccer) teams may be
 described by a remarkably simple regression model. This model is used to
 estimate the value of the Premier league. A tentative estimate of the
 Norwegian club Rosenborg Ballklubb is also established. As Rosenborg
 Ballklub is a 'membership club' - meaning that a small entrance fee
 (independent of the clubs performance) is the real price of 'a share' in
 the club - the return of an investment in the club is shown to be
 'unbelievable'. 
Journal: Applied Economics Letters 
Pages: 117-120 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110050674 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110050674&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Gibson 
Author-X-Name-First: John 
Author-X-Name-Last: Gibson 
Title: Decomposing ethnic differences in the incidence of employer-provided training in New Zealand 
Abstract:
  Minority workers in New Zealand are significantly less likely to receive
 employer-provided training. The contribution of differences in average
 characteristics and differences in the returns to those characteristics
 across ethnic groups are highlighted in this paper. The decomposition used
 deals with the index problem that results from the choice of a base group
 whose coefficients are used to predict the probability of training. The
 results show that the gap in training probabilities, and the part of this
 gap due to differences in the returns to characteristics, differs widely
 between specific minority groups. 
Journal: Applied Economics Letters 
Pages: 121-126 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110050700 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110050700&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: X. M. Gonzalez 
Author-X-Name-First: X. M. 
Author-X-Name-Last: Gonzalez 
Author-Name: D. Miles 
Author-X-Name-First: D. 
Author-X-Name-Last: Miles 
Title: Statistical precision of DEA: a bootstrap application to Spanish public services 
Abstract:
  The aim of this paper is to discuss how the efficiency conclusions
 obtained from DEA are affected when they are complemented with bootstrap
 confidence intervals. Bootstrap approximations to DEA estimator
 distribution functions have not been practically used in empirical
 analysis, despite being an important statistical tool to discuss the
 sensitivity of the efficiency point estimator. 
Journal: Applied Economics Letters 
Pages: 127-132 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110050719 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110050719&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chung-Ming Kuan 
Author-X-Name-First: Chung-Ming 
Author-X-Name-Last: Kuan 
Author-Name: Mai-Yuan Chen 
Author-X-Name-First: Mai-Yuan 
Author-X-Name-Last: Chen 
Title: Response surfaces of MOSUM critical values 
Abstract:
  The response surfaces of MOSUM critical values are computed, from which
 the finite sample and asymptotic critical values for different moving
 window bandwidths can easily be calculated. Results also show that the
 finite-sample critical values originally suggested by Bauer and Hackl and
 the asymptotic critical values are much too large in finite samples. 
Journal: Applied Economics Letters 
Pages: 133-136 
Issue: 2 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110050728 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110050728&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kazuhiro Ohtani 
Author-X-Name-First: Kazuhiro 
Author-X-Name-Last: Ohtani 
Title: Exact critical values of unit root tests with drift and trend 
Abstract:
  This paper, using the Imhof method, evaluates the numerically exact
 critical values of unit root tests based on the OLS estimator when there
 are drift and trend. The somewhat detailed tables of the exact critical
 values are presented. 
Journal: Applied Economics Letters 
Pages: 137-145 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110052816 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110052816&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Gallet 
Author-X-Name-First: Craig 
Author-X-Name-Last: Gallet 
Title: Competition in the US lemon market 
Abstract:
  This paper investigates the nature of competition in the US market for
 fresh lemons. Empirical results indicate that market dominance on the part
 of Sunkist Growers, Inc. enhanced supra-competitive prices, while a change
 in the scheme of orderly lemon marketing did not influence competition in
 a noticeable manner. 
Journal: Applied Economics Letters 
Pages: 147-149 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110053284 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110053284&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lance Bachmeier 
Author-X-Name-First: Lance 
Author-X-Name-Last: Bachmeier 
Title: Is the term structure nonlinear? A semiparametric investigation 
Abstract:
  A semiparametric error correction model (ECM) is estimated using US term
 structure data. We use 5 and 10 year interest rates to predict short-term
 (1 month to 12 month) interest rates. It is found that the semiparametric
 ECM model predicts better than the popular linear ECM. These results
 provide further evidence of nonlinearity in the term structure. 
Journal: Applied Economics Letters 
Pages: 151-153 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110053275 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110053275&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Holmes 
Author-X-Name-First: Mark 
Author-X-Name-Last: Holmes 
Title: Panel data evidence on inflation convergence in the European Union 
Abstract:
  This letter investigates the extent of long-run inflation convergence
 among the major EU economies using panel data unit root and cointegration
 tests. Potentially, these methods have key advantages over time-series
 methods which, in the light of limited data, can suffer from power
 deficiency with a tendency to accept the null of nonstationarity or
 noncointegration. Using monthly inflation data over the period 1972-99,
 this study finds that inflation convergence was strongest during 1983-90
 whereas the turbulence experienced within in the ERM in the early 1990s
 conferred some degree of macroeconomic independence among EU members. 
Journal: Applied Economics Letters 
Pages: 155-158 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110054940 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110054940&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Johnson 
Author-X-Name-First: Paul 
Author-X-Name-Last: Johnson 
Title: Intergenerational dependence in education and income 
Abstract:
  This paper takes up Goldberger's suggestion to investigate the links
 across generations using nonmonetary measures of status. It is found that
 the links in educational attainment are somewhat stronger than, and
 statistically significant from, those in income even if the income data
 are adjusted for measurement errors. This result accords well with the
 theoretical work of Galor and Zeira and others which emphasizes the role
 of market imperfections in human capital accumulation persistence. 
Journal: Applied Economics Letters 
Pages: 159-162 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110052988 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110052988&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Weixian Wei 
Author-X-Name-First: Weixian 
Author-X-Name-Last: Wei 
Title: Forecasting stock market volatility with non-linear GARCH models: a case for China 
Abstract:
  This paper studies the performance of the GARCH model and two of its
 non-linear modifications to forecast China's weekly stock market
 volatility. The models are the Quadratic GARCH and the Glosten,
 Jagannathan and Runkle models which have been proposed to describe the
 often observed negative skewness in stock market indices. It is found that
 the QGARCH model is best when the estimation sample does not contain
 extreme observations such as the stock market crash, and that the GJR
 model cannot be recommended for forecasting. 
Journal: Applied Economics Letters 
Pages: 163-166 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110053266 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110053266&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ana Perez 
Author-X-Name-First: Ana 
Author-X-Name-Last: Perez 
Author-Name: Maria Dolores Prada 
Author-X-Name-First: Maria Dolores 
Author-X-Name-Last: Prada 
Author-Name: Mercedes Prieto 
Author-X-Name-First: Mercedes 
Author-X-Name-Last: Prieto 
Title: Explaining inequality in Spanish income. A multifactor ANOVA model 
Abstract:
  To explain inequality, a multifactor ANOVA model is applied to the
 logarithm of income. Three definitions of income are analysed to see how
 they influence the results. Regardless the definition used, education and
 activity of the household head turn out to be the most significant
 factors. 
Journal: Applied Economics Letters 
Pages: 167-170 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110053293 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110053293&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kwang Soo Cheong 
Author-X-Name-First: Kwang Soo 
Author-X-Name-Last: Cheong 
Title: An empirical comparison of alternative functional forms for the Lorenz curve 
Abstract:
  Using US income data, several functional forms for the Lorenz curve are
 evaluated. On the basis of the goodness of fit, estimated income shares
 and Gini coefficients, the form proposed by Kakwani (Electrometrica, 48,
 437-46, 1980) is found to be overall superior to the other forms. 
Journal: Applied Economics Letters 
Pages: 171-176 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110054058 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110054058&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Aslihan Altay-Salih 
Author-X-Name-First: Aslihan 
Author-X-Name-Last: Altay-Salih 
Author-Name: Gulnur Muradoglu 
Author-X-Name-First: Gulnur 
Author-X-Name-Last: Muradoglu 
Author-Name: Muhammet Mercan 
Author-X-Name-First: Muhammet 
Author-X-Name-Last: Mercan 
Title: Performance of the efficient frontier in an emerging market setting 
Abstract:
  This study applies the Markowitz analysis to the Istanbul Stock Exchange
 and empirically investigates the performance of this tool in an emerging
 market setting. The results show that during the early years of
 establishment of an emerging stock exchange, an active strategy of mean
 variance portfolio, investing with monthly balancing, outperforms the
 passive strategies. However, at later stages the capital market
 liberalization changes market participants. Together, with the increase in
 foreign participation and integration of the market with the rest of the
 world, the performance of means variance efficient portfolios detoriate.
 The study also reports that the strategy is not effective during financial
 crisis. 
Journal: Applied Economics Letters 
Pages: 177-183 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110054067 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110054067&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hao-Yen Yang 
Author-X-Name-First: Hao-Yen 
Author-X-Name-Last: Yang 
Author-Name: To-Far Wang 
Author-X-Name-First: To-Far 
Author-X-Name-Last: Wang 
Title: Social incidence and economic costs of carbon limits: a computable general equilibrium analysis for Taiwan 
Abstract:
  In this paper, a computable general equilibrium model is constructed and
 is applied to analyse the economic costs of carbon emissions limits on the
 Taiwanese economy. The counterfactual simulation technique is applied to
 investigate the economic effects of mitigating carbon emissions via a
 carbon tax with a compensation policy. Empirical results basing on the
 Taiwan's data show that both compensation policies, i.e. income tax rate
 decrease and carbon tax revenues transfer, can reduce the costs of carbon
 emissions limits and possibly offset welfare reductions due to
 implementation of a carbon tax. These results also show that, with respect
 to allocation and distributional effects, the carbon tax revenues transfer
 is better than the income tax rate decrease for the selection in
 compensation policy. From the acceptability of national greenhouse policy,
 this finding reveals that the economic costs of limiting carbon emissions
 via a carbon tax can be reduced, if carbon emissions limits are
 accompanied by redistributing carbon tax revenues. 
Journal: Applied Economics Letters 
Pages: 185-189 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110054076 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110054076&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David McMillan 
Author-X-Name-First: David 
Author-X-Name-Last: McMillan 
Title: Interest rate spread and real activity: evidence for the UK 
Abstract:
  Results of recent studies for the USA, Canada and Australia have
 suggested that the term structure of interest rates contains predictive
 power for real GDP growth, and that this result is robust to the inclusion
 of additional variables, such as stock market indicators and lagged growth
 rates. Using a k-quarter growth rate model this paper attempts to
 ascertain whether similar results are obtained for the UK. In short, the
 results suggested here state that although the interest rate spread
 between the 10-year governemt bond and the 3-month T-bill contains some
 predictive power for UK output growth, it is less than reported for other
 countries. Finally, this result is robust to the inclusion of lagged
 growth and the FT-ALL index return, the latter leading to a marginal
 improvement in predictive power. 
Journal: Applied Economics Letters 
Pages: 191-194 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110054922 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110054922&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wenshwo Fang 
Author-X-Name-First: Wenshwo 
Author-X-Name-Last: Fang 
Title: The effects of currency depreciation on stock returns: evidence from five East Asian economies 
Abstract:
  By using stock daily data for Thailand and the four Asian Tigers, this
 paper provides clear evidence that currency depreciation affects adversely
 stock returns and/or increases market volatility over the period of the
 Asian crisis 1997-1999. The implication is that international investors
 and fund managers who plan to invest in the East Asian newly emerging
 stock markets have to evaluate the stability of the foreign exchange
 markets before taking action. 
Journal: Applied Economics Letters 
Pages: 195-199 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110054931 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110054931&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tser-Yieth Chen 
Author-X-Name-First: Tser-Yieth 
Author-X-Name-Last: Chen 
Title: Measuring firm performance with DEA and prior information in Taiwan's banks 
Abstract:
  This paper combines data envelopment analysis (DEA) measurements and
 manager prior opinion measurements to generate a posterior measurement for
 an overall measurement of the technical efficiency of banks in Taiwan. The
 involvement of mutual participation of bank managers in the evaluation
 process provides refined evaluation results and explicit corporation
 atmosphere among bank's evaluation operations. The empirical results
 indicate that the posterior measurement differs from the original DEA
 efficiency scores and/or financial ratios, which in turn indicates that
 bank efficiency can be measured by applying the methodology of Bayesian
 concept. 
Journal: Applied Economics Letters 
Pages: 201-204 
Issue: 3 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110057947 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110057947&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Author-Name: Alessandro Goglio 
Author-X-Name-First: Alessandro 
Author-X-Name-Last: Goglio 
Title: Regional bias and intra-regional trade in southeast Asia 
Abstract:
  Southeast Asia exhibits a bias towards intra-regional trade but not one
 that is out of line with the size, growth rates and geographical proximity
 of these countries; there is more trade bias than exhibited by the EU but
 less than that of NAFTA and, unlike in the EU and NAFTA, southeast Asian
 trade bias has not increased in recent years. Tests using a gravity model
 of trade confirm the importance of economic size, geographic distance and
 common language in intra-region bilateral trade and also show that
 re-exports and membership of ASEAN have been important factors promoting
 intra-regional trade. 
Journal: Applied Economics Letters 
Pages: 205-208 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110058955 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110058955&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Inmaculada Garcia 
Author-X-Name-First: Inmaculada 
Author-X-Name-Last: Garcia 
Author-Name: Jose Alberto Molina 
Author-X-Name-First: Jose Alberto 
Author-X-Name-Last: Molina 
Title: Inter-regional wage differentials in Spain 
Abstract:
  The paper analyses the wage differentials among different Spanish
 regions. Hedonic wage equations are first formulated for those regions and
 then the wage decomposition method is applied, which allows separation of
 the effects due to characteristics from those due to returns. The results
 show that in the Centre and South, half of the wage differential
 corresponds to each concept, whereas in the North and East the difference
 is due more to the different remuneration than to the different
 characteristics. The variables that exert greatest influence on the
 characteristic differences are seniority, possessing a university degree,
 the command of a second language, the sector of activity, the supervisory
 tasks undertaken and the occupation. With respect to the different
 returns, the largest differences correspond to remuneration for seniority,
 a second language, the sector of activity, the working hours and
 discrimination by gender. 
Journal: Applied Economics Letters 
Pages: 209-215 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110065849 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110065849&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Feinberg 
Author-X-Name-First: Robert 
Author-X-Name-Last: Feinberg 
Author-Name: David Nickerson 
Author-X-Name-First: David 
Author-X-Name-Last: Nickerson 
Title: Crime and residential mortgage default: an empirical analysis 
Abstract:
  This paper is the first to quantify the effect of crime rates on rates of
 default of residential mortgages. Based on a model of default in which
 crime rates can affect the liquidity of mortgageholders as well as their
 default option through property values, regression analysis is used to
 analyse default rates over a pooled sample of residential mortgages for
 all US states during 1981-1994. This study finds that crime, possibly
 acting as a proxy for more general economic conditions, significantly
 affects both the rate and timing of mortgage default. 
Journal: Applied Economics Letters 
Pages: 217-220 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110058504 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110058504&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chung Yi Tse 
Author-X-Name-First: Chung Yi 
Author-X-Name-Last: Tse 
Author-Name: Charles Ka Yui Leung 
Author-X-Name-First: Charles Ka Yui 
Author-X-Name-Last: Leung 
Author-Name: Weslie Yuk Fai Chan 
Author-X-Name-First: Weslie Yuk Fai 
Author-X-Name-Last: Chan 
Title: Unemployment and vacancy in the Hong Kong labour market 
Abstract:
  This paper combines unemployment and vacancy data to analyse the
 efficiency of the Hong Kong labour market for the period 1976 to 1997. It
 is confirmed that the negative relationship between unemployment and
 vacancy, commonly known as the Beveridge curve, applies to the Hong Kong
 labour market. There was an inward shift of the Beveridge curve around
 1982, which implies falling match frictions since then. Systematic
 evidence is also found that Hong Kong has been close to full employment,
 for on average, around 80% of unemployment in the period was due to
 structural and frictional unemployment with only 20% attributable to
 cyclical unemployment. 
Journal: Applied Economics Letters 
Pages: 221-229 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110054959 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110054959&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julie Hotchkiss 
Author-X-Name-First: Julie 
Author-X-Name-Last: Hotchkiss 
Title: Endogeneity of tenure in the determination of quit behaviour of young workers 
Abstract:
  This paper finds that ignoring the endogeneity of wage and tenure in the
 determination of quit behaviour biases their measured effects on quit
 propensity of young workers toward zero. 
Journal: Applied Economics Letters 
Pages: 231-233 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110057956 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110057956&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariam Camarero 
Author-X-Name-First: Mariam 
Author-X-Name-Last: Camarero 
Title: The IMF fiscal impulses and the determination of the real exchange rate of the Spanish peseta 
Abstract:
  In this paper a Keynesian model is applied for real exchange rate
 determination based on the concept of fiscal impulses. This model was
 proposed by Obstfeld (1985) and studies the effect of relative demand
 shocks on the real exchange rate. 
Journal: Applied Economics Letters 
Pages: 235-240 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110057965 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110057965&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jow-Ran Chang 
Author-X-Name-First: Jow-Ran 
Author-X-Name-Last: Chang 
Author-Name: Mao-Wei Hung 
Author-X-Name-First: Mao-Wei 
Author-X-Name-Last: Hung 
Title: Intertemporal hedge for inflation risk 
Abstract:
  An asset pricing model is developed in which price of consumption good is
 unknown and investors have a general time and state nonseparable
 preference. It is shown that the expected return on an asset is determined
 by a weighted average of market risk, inflation risk and consumption risk.
 The sum of these weights is equal to one. Moreover, a log-linear
 approximation proposed by Campbell (1993) to budget constraint is used to
 substitute out consumption to obtain an asset pricing model with inflation
 hedging risk. In this setup, expected asset return can be rewritten as a
 weighted average of market risk, market hedging risk, inflation risk and
 inflation hedging risk. 
Journal: Applied Economics Letters 
Pages: 241-243 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110058522 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110058522&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chris Papageorgiou 
Author-X-Name-First: Chris 
Author-X-Name-Last: Papageorgiou 
Title: On scale effects: further evidence 
Abstract:
  One of the main issues associated with recent R&D-based growth models is
 their prediction concerning 'scale effects'. That is, these models ask the
 question as to whether economic growth is a function of the level or the
 growth rate of human capital at steady state. This note presents some
 cross-country and historical time series evidence that supports scale
 effects in the early stages of development and non scale effects in the
 long-run. 
Journal: Applied Economics Letters 
Pages: 245-249 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110060367 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110060367&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Hoskins 
Author-X-Name-First: Martin 
Author-X-Name-Last: Hoskins 
Title: Aggregation, technological change and the skill structure of the British Economy 1951-1991 
Abstract:
  This paper presents quantitative estimates of the effects of
 technological and sectoral change on skill composition in the United
 Kingdom, in each decade 1951-1991 and assesses the effect of sectoral
 aggregation on these effects. 
Journal: Applied Economics Letters 
Pages: 251-254 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110060376 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110060376&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hafiz Akhand 
Author-X-Name-First: Hafiz 
Author-X-Name-Last: Akhand 
Author-Name: Haoming Liu 
Author-X-Name-First: Haoming 
Author-X-Name-Last: Liu 
Title: Income inequality in the United States: what the individual tax files say 
Abstract:
  Recent studies find the response error in the CPS is systematically
 related to income and gender. How such systematic misreporting of earnings
 can affect income inequality estimates is shown. Income inequality in the
 US can be more acute than is thought. 
Journal: Applied Economics Letters 
Pages: 255-259 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110060998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110060998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Randal Verbrugge 
Author-X-Name-First: Randal 
Author-X-Name-Last: Verbrugge 
Title: Longitudinal inflation asymmetry 
Abstract:
  Using an assymetry test which has high power and is not dominated by
 outliers, a longitudinal asymmetry is detected in most of the
 disaggregated price series investigated. This finding is intriguing, as
 neither money nor output growth is asymmetric. 
Journal: Applied Economics Letters 
Pages: 261-264 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110062013 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110062013&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Author-Name: M. Troy Gibson 
Author-X-Name-First: M. Troy 
Author-X-Name-Last: Gibson 
Title: Simultaneous estimation of complementary political economic models: an application to concealed-carry handgun legislation 
Abstract:
  The present note provides an extension of the Mixon and Gibson (2001)
 study of the retention of various types of concealed gun laws across the
 50 states of the US by developing a simultaneous system of demand
 (interest group) and supply (legislative) equations as a 'market for
 laws'. This construct follows theoretical foundations laid in the public
 choice literature by Crain (1979) and Benson and Engin (1988). Full
 information maximum likelihood results presented here suggest the
 importance of the property rights and the Second Amendment (of the US
 constitution) movement on the demand side and legislator characteristics
 on the supply side as determinants of the prescence of unrestricted
 right-to-carry laws across states. 
Journal: Applied Economics Letters 
Pages: 265-270 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110062022 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110062022&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Millimet 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Millimet 
Author-Name: Daniel Slottje 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Slottje 
Title: An environmental Paglin-Gini 
Abstract:
  The concept of an environmental Gini coefficient has been used recently
 by several researchers. In line with Paglin's historical critique of the
 income Gini coefficient, an environmental Paglin-Gini is proposed and
 estimated, more carefully considering the notion of 'perfect environmental
 inequality.' 
Journal: Applied Economics Letters 
Pages: 271-274 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110062031 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110062031&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Author-Name: Sean Holly 
Author-X-Name-First: Sean 
Author-X-Name-Last: Holly 
Title: A statistical analysis of regime switching under asymmetric error correction 
Abstract:
  A novel approach is presented for the analysis of regime switching
 behaviour based upon the use of Geary's runs test. The proposed method is
 used to examine recent evidence presented concerning the application of
 alternative models of asymmetric error correction. The results derived
 show the runs test to detect a significant difference in regime switching
 behaviour under the rival models. 
Journal: Applied Economics Letters 
Pages: 275-278 
Issue: 4 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110065830 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110065830&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Laurent Weill 
Author-X-Name-First: Laurent 
Author-X-Name-Last: Weill 
Title: Does restructuring improve banking efficiency in a transition economy? 
Abstract:
  This paper analyses the comparative evolution of the cost efficiency of
 banks in Poland and the Czech Republic during the nineties. Using the
 stochastic frontier approach, it finds mixed evidence in favour of the
 restructuring programmeme implemented in Poland. 
Journal: Applied Economics Letters 
Pages: 279-281 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110068125 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110068125&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jordi Pons 
Author-X-Name-First: Jordi 
Author-X-Name-Last: Pons 
Author-Name: Daniel Tirado 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Tirado 
Author-Name: Elisenda Paluzie 
Author-X-Name-First: Elisenda 
Author-X-Name-Last: Paluzie 
Title: Integration of markets and industrial concentration: evidence from Spain, 1856-1907 
Abstract:
  The aim of this paper is to analyse the phenomena of trade liberalization
 and market integration in 19th century Spain and their effect on the
 geographical concentration of industrial activity. This empirical analysis
 confirms the existence of positive relationships between the degree of
 scale economies and industrial concentration and also between the degree
 of centrality and industrial concentration. The empirical data on trade
 policy show that protectionist policies did not foster a geographical
 concentration of industry in the 19th century Spanish economy. 
Journal: Applied Economics Letters 
Pages: 283-287 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110066109 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110066109&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank Balle 
Author-X-Name-First: Frank 
Author-X-Name-Last: Balle 
Author-Name: Ashish Vaidya 
Author-X-Name-First: Ashish 
Author-X-Name-Last: Vaidya 
Title: A regional analysis of openness and government size 
Abstract:
  The effects of international trade have been studied primarily from the
 perspective of a nation, often overlooking the more direct effects that
 occur on a regional or state level. Studies have illustrated the
 relationship between international trade and openness to the size of a
 nation's government as well as to specific categories of government
 spending. Because the United States retains strong state governments it is
 important to correlate openness with government size at the state level.
 The purpose of this paper is to ascertain whether increased state openness
 has resulted in state governments responding to the increased
 international trade activity by offering greater social protection. It is
 found that both public welfare and health services expenditures are
 positively correlated with the level of a state's openness. This suggests
 that US states have had to respond to the adverse effects of increased
 international trade activity. 
Journal: Applied Economics Letters 
Pages: 289-292 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110067450 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110067450&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuck Cheong Tang 
Author-X-Name-First: Tuck Cheong 
Author-X-Name-Last: Tang 
Author-Name: Mahendhiran Nair 
Author-X-Name-First: Mahendhiran 
Author-X-Name-Last: Nair 
Title: A cointegration analysis of Malaysian import demand function: reassessment from the bounds test 
Abstract:
  This paper presents an empirical analysis of the aggregated import demand
 behaviour for Malaysia. The study involved a small sample of annual data
 from 1970 to 1998. To estimate the long-term relationship between import
 demand, and its determinants, namely income and relative prices, a robust
 estimation method known as the Unrestricted Error Correction Model -
 Bounds Test Analysis was used. The results show that import volume, income
 and relative prices are cointegrated. The estimated long-run elasticites
 of import demand with respect to income and relative prices are 1.5 and
 -1.3 respectively. This implies that monetary, fiscal and exchange rate
 policies can be used as instruments to maintain favourable trade balance. 
Journal: Applied Economics Letters 
Pages: 293-296 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110073471 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110073471&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Duncan McVicar 
Author-X-Name-First: Duncan 
Author-X-Name-Last: McVicar 
Title: Spillovers and foreign direct investment in UK manufacturing 
Abstract:
  Evidence is presented for the existence of negative spillovers through
 both foreign direct investment (FDI) and goods imports for UK
 manufacturing sectors. Support is given to the argument that FDI and
 imports have a market-stealing effect on domestic firms and can therefore
 reduce productivity. 
Journal: Applied Economics Letters 
Pages: 297-300 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110067487 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110067487&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Hyland 
Author-X-Name-First: David 
Author-X-Name-Last: Hyland 
Author-Name: Steve Swidler 
Author-X-Name-First: Steve 
Author-X-Name-Last: Swidler 
Title: Trading behaviour of stocks added to New Zealand's NZSE40 index 
Abstract:
  This paper looks at the addition of stocks to New Zealand's NZSE40 index
 and investigates whether price and volume effects support the price
 pressure hypothesis or the informational efficiencies described by
 Merton's attention hypothesis. Unlike the US experience, a description of
 trading on the New Zealand Stock Exchange includes: (1) mechanical index
 listing rules; (2) few index arbitrage opportunities; and (3) less liquid
 markets. The empirical results support the attention hypothesis and
 suggest informational efficiencies that lower a firm's cost of capital. 
Journal: Applied Economics Letters 
Pages: 301-304 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110065867 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110065867&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yeonbae Kim 
Author-X-Name-First: Yeonbae 
Author-X-Name-Last: Kim 
Title: Estimation of discrete/continuous choice model: application of Bayesian approach using Gibbs sampling 
Abstract:
  The paper suggests a different model for estimating a discrete/continuous
 choice framework using Gibbs sampling. The basic idea of using Gibbs
 sampling for the multinomial probit model is extended to the case of a
 discrete/continuous framework. To check the applicability of this method,
 it was applied to estimate the parameters of a 'vehicle ownership and use'
 model in Seoul, Korea. Also estimated was the price elasticity of gasoline
 demand, calculated to be -0.7601. 
Journal: Applied Economics Letters 
Pages: 305-309 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110068116 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110068116&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeffrey Brown 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Brown 
Title: Using a multiple imputation technique to merge data sets 
Abstract:
  Surprisingly, despite the fact that the information needed to address a
 research question is often spread across separate surveys, there is not a
 well established method for merging data sets prior to analysis. This
 letter presents a relatively straightforward method for merging
 information from separate surveys of representative samples drawn from the
 same population. It uses a multiple imputation technique that was
 originally developed to correct for missing values on items from survey
 data. The advantage of the process is that it accounts for the variance
 related to merging separate data sets, as well as the sample variance
 present in any sample survey. This provides more accurate estimates of the
 precision of the coefficients of interest than ad hoc alternatives. 
Journal: Applied Economics Letters 
Pages: 311-314 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110069980 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110069980&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: Extending dichotomous choice contingent valuation methods to pre-test-market evaluation: the case of a cable television service 
Abstract:
  The purpose of this paper is to introduce and test an extension of
 dichotomous choice contingent valuation methods to pre-test-market
 evaluation using the specific case of a cable television service. On the
 whole, respondents accepted the contingent market and were willing to
 contribute a significant amount, on average. This willingness varies
 according to individual characteristics and concerns about the service. It
 is concluded that the methods are potentially a useful tool for
 decision-makers in considering the provision of the service. 
Journal: Applied Economics Letters 
Pages: 315-318 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110070005 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110070005&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Angelos Kanas 
Author-X-Name-First: Angelos 
Author-X-Name-Last: Kanas 
Title: Mean and variance spillovers among size-sorted UK equity portfolios 
Abstract:
  The paper extends Lo and MacKinlay's 1990 findings by testing for mean
 and variance spillovers among size-sorted portfolios for the UK stock
 market. The London Business School Share Price Database, which contains
 the returns of approximately 6000 companies, is used to construct two sets
 of size-sorted portfolios using two alternative weighting schemes.
 Evidence is found of mean and variance spillovers from large- to
 small-firm portfolios, but not vice versa. This result holds for both
 weighting schemes. The existence of such spillovers suggests that
 profitable mean- and variance-based trading strategies exist in the UK
 stock market. 
Journal: Applied Economics Letters 
Pages: 319-323 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110065858 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110065858&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eric Chang 
Author-X-Name-First: Eric 
Author-X-Name-Last: Chang 
Author-Name: Joseph Cheng 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Cheng 
Title: Inflation and relative price variability: a revisit 
Abstract:
  Bomberger and Makinen reported in 1993 that the significant positive
 relationship between relative price variability and the rate of inflation,
 documented by Parks in 1978 and by others, disappears when the oil-shock
 years 1974 and 1980 are excluded from the sample. Using a sample of yearly
 and monthly observations of both a 12- category group and a 202-category
 group of personal consumption expenditures, evidence is found that
 Bomberger and Makinen's finding is sensitive to the level of commodity
 aggregation and to sampling intervals. Specifically, Parks' results are
 reinstated when the supply shock years of 1974, 1980 and 1990 are
 eliminated from the annual and monthly samples. Allowing for asymmetrical
 responses of relative price variability to positive and negative inflation
 further strengthens the relation between relative price and inflation. The
 overall evidence renders strong support for the classic findings by Parks
 and is consistent with the hypothesis of downward price rigidity of some
 sectors in the economy. 
Journal: Applied Economics Letters 
Pages: 325-330 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110067441 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110067441&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Subal Kumbhakar 
Author-X-Name-First: Subal 
Author-X-Name-Last: Kumbhakar 
Title: Productivity measurement: a profit function approach 
Abstract:
  This article provides an analytical framework to measure and decompose
 total factor productivity growth into technical change and economies of
 scale, using a profit function approach. Both single and multiple output
 cases are considered. 
Journal: Applied Economics Letters 
Pages: 331-334 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110067469 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110067469&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yoshitsugu Kitazawa 
Author-X-Name-First: Yoshitsugu 
Author-X-Name-Last: Kitazawa 
Author-Name: Makoto Ohta 
Author-X-Name-First: Makoto 
Author-X-Name-Last: Ohta 
Title: Testing the shirking version of the efficiency wage model in Japanese electric-machinery firms: a panel data approach 
Abstract:
  This paper investigates whether electric-machinery firms in Japan paid
 the efficiency wage to their employees after the Plaza Accord. The
 estimations are implemented using a dynamic formulation of the shirking
 version in the efficiency wage model. This formulation is developed by
 Machin and Manning (1992). 
Journal: Applied Economics Letters 
Pages: 335-338 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110067478 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110067478&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fatith Ozatay 
Author-X-Name-First: Fatith 
Author-X-Name-Last: Ozatay 
Title: Effects of contemporaneous aggregation on the predictive power of information variables 
Abstract:
  Obtaining reliable forecasts of the future path of inflation is crucial
 for inflation targeting. The importance of information variable approach
 in forecasting inflation is widely stated. Studies that explore the
 information content of money basically rely upon the Granger-causality
 tests and use contemporaneously aggregated time series. For a potential
 information variable such as a monetary variable, failing to find
 predictive power for a contemporaneously aggregated series such as the
 inflation level does not necessarily imply that the potential information
 variable lacks predictive power. This letter shows that, provided that
 such a causal relationship is valid for, at least, one of the components
 of the aggregate, then it is possible to obtain better forecasts of the
 aggregate using a disaggregated model. 
Journal: Applied Economics Letters 
Pages: 339-342 
Issue: 5 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110068855 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110068855&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale 
Author-X-Name-First: Guglielmo Maria 
Author-X-Name-Last: Caporale 
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Unemployment and input prices: a fractional cointegration approach 
Abstract:
  This paper examines the relationship between unemployment, real oil price
 and real interest rates in Canada. Instead of following the classical
 approach based on I(0) stationarity or I(1) cointegrating relationships,
 fractional integration/cointegration techniques are used which allow for
 the possibility that unemployment is highly persistent. In line with other
 studies, it is found that all three variables are I(1). But only
 cointegration is found in the presence of autocorrelated disturbances,
 which means that the relationship between these variables also has a
 dynamic component. Furthermore, there is evidence of fractional (as
 opposed to classical) cointegration, which implies long memory and slow
 reversion to equilibrium. This suggests that an equilibrium model with
 highly persistent shocks might be adequate to account for the observed
 behaviour of unemployment. 
Journal: Applied Economics Letters 
Pages: 347-351 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110086044 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110086044&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fabio Bagliano 
Author-X-Name-First: Fabio 
Author-X-Name-Last: Bagliano 
Author-Name: Roberto Golinelli 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Golinelli 
Author-Name: Claudio Morana 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Morana 
Title: Core inflation in the Euro area 
Abstract:
  Using a common trends model, a forward-looking 'core' inflation measure
 is estimated for the Euro area based on long-run relations among major
 macroeconomic variables, bearing the interpretation of long-run inflation
 forecast. The proposed measure may be particularly suitable for the
 'two-pillar' monetary policy strategy of the ECB which focuses on
 medium-term inflation prospects. 
Journal: Applied Economics Letters 
Pages: 353-357 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110086035 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110086035&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David McMillan 
Author-X-Name-First: David 
Author-X-Name-Last: McMillan 
Author-Name: Alan Speight 
Author-X-Name-First: Alan 
Author-X-Name-Last: Speight 
Title: Non-linear dependence in inter-war exchange rates: some further evidence 
Abstract:
  This paper reconsiders the time-series properties of inter-war
 pound-franc and pound-dollar exchange rate returns in the context of a
 smooth transition variant of the threshold autoregressive model. It is
 found that autoregressive structure in returns is largely confined to
 values in proximity with thresholds which are possibly associated with
 market intervention points or market sentiment. Under joint estimation in
 conjunction with GARCH models of time-varying conditional volatility,
 these models satisfactorily capture all non-linearity in the data, and in
 the case of pound-dollar returns provide out-of-sample forecasts superior
 to alternative linear and non-linear models previously considered in the
 literature. 
Journal: Applied Economics Letters 
Pages: 359-364 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110086017 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110086017&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kyle Stiegert 
Author-X-Name-First: Kyle 
Author-X-Name-Last: Stiegert 
Title: The producer, the baker, and a test of the mill price-taker 
Abstract:
  The purpose of the research in this paper was to test for upstream and
 downstream market power in the US hard wheat milling industry. This is an
 industry with very high and increasing levels of processing concentration,
 and one of the industry's largest firms (Archer Daniels Midland) was
 implicated in price-fixing in US lysine markets. The principal finding is
 that the hypothesis of competition could not be rejected in both the
 upstream and downstream markets. No evidence was found of market power in
 US hard wheat milling and social concerns about the conduct of incumbent
 firms seem unwarranted at this time. 
Journal: Applied Economics Letters 
Pages: 365-368 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110068846 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110068846&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Ferris 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Ferris 
Author-Name: Hun Park 
Author-X-Name-First: Hun 
Author-X-Name-Last: Park 
Author-Name: Kwangwoo Park 
Author-X-Name-First: Kwangwoo 
Author-X-Name-Last: Park 
Title: Volatility, open interest, volume, and arbitrage: evidence from the S&P 500 futures market 
Abstract:
  Using a vector autoregressive (VAR) approach, the dynamic interactions
 and causal relationships among volatility, open interest, trading volume
 and arbitrage opportunities in the S&P 500 index futures market is
 examined. It is found that increased volatility lowers pricing error. This
 implies that as market volatility increases, investors sell off their
 equity and futures positions with relatively larger drops in futures
 prices. Pricing error plays a critical role in linking implied volatility
 and the level of open interest. Open interest rises for a few days in
 response to a pricing error shock, but pricing error declines over the
 next day after an initial rise in response to an innovation in open
 interest. This suggests that the level of open interest is a good proxy
 for examining the capital flows into and out of the nearest S&P 500 index
 futures contract. 
Journal: Applied Economics Letters 
Pages: 369-372 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110074155 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110074155&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcelo Resende 
Author-X-Name-First: Marcelo 
Author-X-Name-Last: Resende 
Author-Name: Nilson Teixeira 
Author-X-Name-First: Nilson 
Author-X-Name-Last: Teixeira 
Title: Permanent structural changes in the Brazilian economy and long memory: a stock market perspective 
Abstract:
  The paper assesses long memory patterns in the Brazilian stock market
 index (Ibovespa) for sub-periods before and after the Real Stabilization
 Plan. Evidence favours the existence of short memory for both periods
 despite the so-called reforms the Brazilian economy went through in the
 1990s and, in particular, after the Real Plan. 
Journal: Applied Economics Letters 
Pages: 373-375 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110073480 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110073480&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Philipp Harms 
Author-X-Name-First: Philipp 
Author-X-Name-Last: Harms 
Title: Political risk and equity investment in developing countries 
Abstract:
  This paper estimates the effect of a measure of political risk on equity
 investment flows to developing countries. Using a panel data set that
 includes a larger number of low-income countries than previous studies, it
 is found that political risk is an important determinant of the sum of
 foreign direct investment and portfolio equity investment per capita. 
Journal: Applied Economics Letters 
Pages: 377-380 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110084064 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110084064&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Min-Hsien Chiang 
Author-X-Name-First: Min-Hsien 
Author-X-Name-Last: Chiang 
Author-Name: Cheng-Yu Wang 
Author-X-Name-First: Cheng-Yu 
Author-X-Name-Last: Wang 
Title: The impact of futures trading on spot index volatility: evidence for Taiwan index futures 
Abstract:
  This paper investigates the influences of inception of Taiwan Index
 futures trading on the spot price volatility on the Taiwan Stock Exchange
 (TSE). The macroeconomic effects are controlled and the asymmetric
 response behaviour is studied. The empirical evidence shows that the
 trading of TAIEX futures has major impacts on spot price volatility
 mechanism while the trading of MSCI Taiwan futures does not. In addition,
 the trading of both index futures has altered the asymmetric response
 behaviour of spot price volatility. 
Journal: Applied Economics Letters 
Pages: 381-385 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110068837 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110068837&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Jha 
Author-X-Name-First: R. 
Author-X-Name-Last: Jha 
Author-Name: H. K. Nagarajan 
Author-X-Name-First: H. K. 
Author-X-Name-Last: Nagarajan 
Title: Wholesale spreads and the dynamics of retail price volatility in Indian rice markets 
Abstract:
  A general model is proposed of asymmetric price transmission to examine
 the volatility of retail spreads in vertical markets, with endogenous
 overshooting of the wholesale spreads. The model is tested with Indian
 data and significant asymmetries are discovered. 
Journal: Applied Economics Letters 
Pages: 387-390 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110086026 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110086026&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tarlok Singh 
Author-X-Name-First: Tarlok 
Author-X-Name-Last: Singh 
Title: On the GARCH estimates of exchange rate volatility in India 
Abstract:
  The study estimates the generalized autoregressive conditional
 heteroskedasticity (GARCH) model for a comprehensive set of both weighted
 (export and trade) as well as unweighted (official and black market) real
 exchange rate series in India. The study finds the evidence of
 dimensionally weak and statistically insignificant autoregressive
 conditional heteroskedasticity (ARCH) effects as compared to GARCH effects
 in almost all the exchange rate series. The estimates of GARCH model are
 sensitive to the measure of exchange rate used. Besides, the GARCH effects
 remain invariant to the choice of sample period, and this evidence points
 towards the regime neutrality of exchange rate volatility in India. 
Journal: Applied Economics Letters 
Pages: 391-395 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110086062 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110086062&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. Epstein 
Author-X-Name-First: D. 
Author-X-Name-Last: Epstein 
Author-Name: P. Tillack 
Author-X-Name-First: P. 
Author-X-Name-Last: Tillack 
Title: Classification of agricultural enterprises by their financial standing 
Abstract:
  Since 1994 the majority of Russian agricultural enterprises have been
 unprofitable, and have accumulated large liabilities. Their reorganization
 and liability restructuring is necessary. However, the differences in the
 financial standing of enterprises should be identified and taken into
 consideration. Here arises an important methodological task: to choose
 relevant studies, i.e. criteria for enterprise selection and
 classification by qualitatively different groups depending upon their
 financial and economic standing. This is a complex and still unsolved
 task. This article offers to evaluate the financial standing of an
 unprofitable enterprise by means of the ratio of the sufficiency
 coefficient to cover factor costs (K1). Factor costs are determined as a
 sum of labour costs, depreciation deductions and land costs. K1 enables
 one to evaluate the ability to preserve basic factors of production. K2
 and K3 ratios, which make it possible to account for enterprise ability to
 survive by means of minimization of depreciation deductions and
 accumulation of accounts payable, are composed similarly. The ratios
 between enterprise liability levels and different asset components are
 also offered, and these make it possible to classify the enterprises by
 their liability level. Experimental confirmation of the developed scheme
 were performed with the figures of agricultural enterprises of the
 Leningrad Region (Oblast) for 1998. These enterprises were classified into
 five groups. Different approaches to their reorganization were offered. 
Journal: Applied Economics Letters 
Pages: 397-406 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110086071 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110086071&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Confidence intervals for fractionally integrated hypotheses in the real output across Europe 
Abstract:
  Confidence intervals for the fractional differencing parameter are
 established in this article for the real output in several European
 countries. They are based on a testing procedure due to Robinson (Journal
 of the American Statistical Association, 89, 1420-37, 1994) and the
 results indicate that these confidence intervals are relatively wide, the
 unit root null hypothesis being rejected in practically all cases. 
Journal: Applied Economics Letters 
Pages: 407-409 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110086783 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110086783&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hsiu-Yun Lee 
Author-X-Name-First: Hsiu-Yun 
Author-X-Name-Last: Lee 
Author-Name: Kenneth Lin 
Author-X-Name-First: Kenneth 
Author-X-Name-Last: Lin 
Author-Name: Jyh-Lin Wu 
Author-X-Name-First: Jyh-Lin 
Author-X-Name-Last: Wu 
Title: Pitfalls in using Granger causality tests to find an engine of growth 
Abstract:
  This paper discusses the reliability of using a Granger causality test to
 find an engine of growth. The paper first focuses on growth models'
 cointegration implications since causality must exist in an
 error-correction model. As a complementary, Monte Carlo experiments with
 independently generated I(1) variables also indicate a significant
 probability for rejecting the Granger non-causality null. Given the
 persistency and cointegration of variables in growth models, rejecting the
 non-causality null may reflect a spurious causal relationship, rather than
 confirm a theoretical causality. 
Journal: Applied Economics Letters 
Pages: 411-414 
Issue: 6 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110088132 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110088132&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yiuman Tse 
Author-X-Name-First: Yiuman 
Author-X-Name-Last: Tse 
Author-Name: Tatyana Zabotina 
Author-X-Name-First: Tatyana 
Author-X-Name-Last: Zabotina 
Title: Smooth transition in aggregate consumption 
Abstract:
  The STAR model is used to characterize the time series of aggregate
 consumption. It makes smooth transition from one optimal level to another,
 as heterogeneous individuals reach their optimal revision points over
 time. These results suggest that consumption adjustment costs and
 heterogeneity among investors are responsible for the empirical failure of
 the consumption-based CAPM. 
Journal: Applied Economics Letters 
Pages: 415-418 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110094478 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110094478&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Falk 
Author-X-Name-First: Martin 
Author-X-Name-Last: Falk 
Title: Endogenous organizational change and the expected demand for different skill groups 
Abstract:
  Between 1993 and 1995, the majority of German firms in services
 introduced new organizational practices (OC), in particular total quality
 management systems, certified ISO 9000, lean administration, flatter
 hierarchies, delegation of authority and ICT-enabled organizational
 changes. This paper analyzes the impact of organizational change on
 employment expectations. A system of probit equations will be estimated by
 simulated MLE. To account for endogeneity of organizational change in the
 labour demand equations a selection equation explaining organizational
 change is added to the system of equations. The empirical results suggest
 that organizational change has a positive impact on expected employment
 for all skill groups except for unskilled labour. Employment effects are
 robust to endogeneity of organizational change. New ICT and the share of
 training expenditures are primary forces behind OC. 
Journal: Applied Economics Letters 
Pages: 419-423 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110088141 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110088141&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Arango 
Author-X-Name-First: Luis 
Author-X-Name-Last: Arango 
Author-Name: Carlos Posada 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Posada 
Title: Unemployment rate and the real wage behaviour: a neoclassical hint for the Colombian labour market adjustment 
Abstract:
  The Colombian urban unemployment rate has grown dramatically over the
 last six years. At the same time the real wage also had a sharp increase.
 The empirical evidence supports the hypothesis that an exogenous increase
 in the real wage was a cause of the unemployment growth. The long-run
 elasticity suggests a 1% increase of the real wage index increases
 unemployment rate something between 0.7% and 1.0%. Therefore it seems
 necessary that the real wage goes back to its equilibrium path for the
 reduction of the unemployment rate to the natural level. 
Journal: Applied Economics Letters 
Pages: 425-428 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110096142 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110096142&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julie Hotchkiss 
Author-X-Name-First: Julie 
Author-X-Name-Last: Hotchkiss 
Author-Name: Robert Moore 
Author-X-Name-First: Robert 
Author-X-Name-Last: Moore 
Title: Changes in the welfare of two-earner families across the income distribution, 1983-1993 
Abstract:
  This paper illustrates that even during periods of sustained economic
 growth, gains in family welfare may not be spread evenly across income
 classes. 
Journal: Applied Economics Letters 
Pages: 429-431 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110096133 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110096133&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdulnasser Hatemi-J 
Author-X-Name-First: Abdulnasser 
Author-X-Name-Last: Hatemi-J 
Title: Is the Government's intertemporal budget constraint fulfilled in Sweden? An application of the Kalman filter 
Abstract:
  This paper deals with the issue of whether the Government complies with
 its budget constraint for the case of Sweden during the period 1963-2000
 using quarterly data. It is found that government spending and government
 revenue are nonstationary (integrated) but cointegrated. A random
 coefficient model against a fixed coefficient model is also tested for.
 The results show that the random coefficient model, which is nonlinear, is
 preferred to the linear fixed parameter model. This model, which takes
 into account the Lucas critique, is estimated by the Kalman filter and it
 provides further empirical evidence that the government follows its
 intertemporal budget restriction. 
Journal: Applied Economics Letters 
Pages: 433-439 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110086792 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110086792&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ada Ho 
Author-X-Name-First: Ada 
Author-X-Name-Last: Ho 
Author-Name: Alan Wan 
Author-X-Name-First: Alan 
Author-X-Name-Last: Wan 
Title: Testing for covariance stationarity of stock returns in the presence of structural breaks: an intervention analysis 
Abstract:
  This paper investigates whether the stock return series of Australia,
 Hong Kong, Singapore and the US are covariance stationary using Omran and
 McKenzie's (The Statistician, 48, 361-69, 1999) testing procedure which
 comprises the Loretan and Phillips (1994) test and an intervention
 analysis. The main objective of the procedure is to ascertain the role of
 structural breaks on the stochastic properties of the stock return series.
 It is found that the intervention due to the 1997 Asian financial crisis
 is significant in the case of Hong Kong and Singapore, for which the
 hypothesis of covariance stationarity cannot be rejected after the effects
 of the financial crisis have been properly filtered. On the other hand,
 the evidence suggests that neither the Asian crisis nor the 1998 currency
 crisis of Russia and Latin America has any significant impact on the stock
 return series of Australia and the US, which are found to be covariance
 stationary and covariance nonstationary, respectively. 
Journal: Applied Economics Letters 
Pages: 441-447 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110090210 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110090210&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chang-Yang Lee 
Author-X-Name-First: Chang-Yang 
Author-X-Name-Last: Lee 
Title: A simple model of R&D: An extension of the Dorfman-Steiner theorem 
Abstract:
  This paper extends the seminal Dorfman-Steiner (American Economic Review,
 44, 826-36, 1954) theorem by putting underlying structures on the
 determination of market share and on the production of quality or
 technology. The model developed in this paper yields a demand-pull,
 technology-push theory of R&D, where the profit-maximizing R&D intensity
 (i.e., the ratio of R&D expenditure to sales) is determined jointly by
 consumer characteristics, represented by the elasticities of consumer
 value with respect to price and quality, and firm-specific technological
 competence or simply R&D productivity, measured as the R&D elasticity of
 quality or technological output. 
Journal: Applied Economics Letters 
Pages: 449-452 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110091787 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110091787&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Baltas 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Baltas 
Author-Name: Ourania Korka 
Author-X-Name-First: Ourania 
Author-X-Name-Last: Korka 
Title: Modelling farmers' land use decisions 
Abstract:
  This paper aims at analysing and predicting farmers' land use decisions.
 For this purpose, farmers' decision processes are described by a nested
 discrete choice model. At all levels of estimation, the values of the
 dependent variable indicate the proportion of land allocated to each
 agricultural activity. Then, the share of land assigned to each activity
 is estimated by employing the random utility model of the logit
 specification. 
Journal: Applied Economics Letters 
Pages: 453-457 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110091886 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110091886&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mei-Yuan Chen 
Author-X-Name-First: Mei-Yuan 
Author-X-Name-Last: Chen 
Title: Testing stationarity against unit roots and structural changes 
Abstract:
  In this paper, performance of the KPSS tests of Kwiatkowski et al.
 (Journal of Economics, 54, 159-78, 1992) and the generalized fluctuation
 tests (GFL) of Kuan and Hornik (Economic Reviews, 14, 135-61, 1995) and
 Kuan (Journal of Econometrics, 84, 75-91, 1998) are investigated for the
 null of stationarity against alternatives of unit root and structural
 changed individually. Simulation results show that both the KPSS and the
 GFL tests have similar size and power performance under different DGPs
 considered. The number of truncation lags used in estimating the long-run
 variance plays a crucial role in test performance. Under the null of
 stationarity, the GFL tests have less size distortion than the KPSS tests
 given the same number of truncation lags. On the other hand, the KPSS
 tests have better powers for detecting structural changes occurring at the
 beginning and the end of a sample. This finding suggests that a more
 robust inference for the null of stationarity can be obtained by combining
 both information from the KPSS and the GFL tests. 
Journal: Applied Economics Letters 
Pages: 459-464 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110091895 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110091895&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Baban Hasnat 
Author-X-Name-First: Baban 
Author-X-Name-Last: Hasnat 
Author-Name: Charles Callahan 
Author-X-Name-First: Charles 
Author-X-Name-Last: Callahan 
Title: A political economic analysis of Congressional voting on permanent normal trade relations of China 
Abstract:
  The paper provides an empirical examination of the determinants of
 support for Permanent Normal Trade Relations Status (PNTR) for China in
 the United States Congress. A logistic regression model and control is
 estimated for both economic and political influences. It is found that
 business political action committee (PAC) contributions to lawmakers and
 the skill level of the constituency had a significant positive influence
 on lawmakers' voting in favour of PNTR. Political affiliation,
 import-competing industries in the constituency, labour PAC contributions,
 and lawmakers' political ideology had a significant negative influence on
 the PNTR vote. 
Journal: Applied Economics Letters 
Pages: 465-468 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110095792 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110095792&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Knut R&#xf8;ed 
Author-X-Name-First: Knut 
Author-X-Name-Last: R&#xf8;ed 
Author-Name: Tao Zhang 
Author-X-Name-First: Tao 
Author-X-Name-Last: Zhang 
Title: A note on the Weibull distribution and time aggregation bias 
Abstract:
  The application of continuous time Weibull models on discrete
 unemployment duration data may result in severely biased baseline
 estimates. The bias can be substantial even for weekly duration data, and
 it is seriously aggravated if the Weibull model is erroneously mixed with
 a Gamma distribution for unobserved heterogeneity. 
Journal: Applied Economics Letters 
Pages: 469-472 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110096340 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110096340&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. P. Jacobsen 
Author-X-Name-First: J. P. 
Author-X-Name-Last: Jacobsen 
Author-Name: L. M. Levin 
Author-X-Name-First: L. M. 
Author-X-Name-Last: Levin 
Title: Calculation of returns to job tenure revisited 
Abstract:
  This study considers the robustness of the effects on wages of job tenure
 and work experience among white adult men in the United States. The Survey
 of Income and Programme Participation data is used from 1983-1992 and the
 same methodology is also used to generate results to compare to earlier
 findings for Panel Study of Income Dynamics data from 1968-1983. Results
 are remarkably consistent across data sets and time periods in finding
 significant returns to job tenure, although a slightly flatter wage growth
 profile is found. 
Journal: Applied Economics Letters 
Pages: 473-477 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110097385 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110097385&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sherrilyn Billger 
Author-X-Name-First: Sherrilyn 
Author-X-Name-Last: Billger 
Title: Admitting men into a women's college: A natural experiment 
Abstract:
  This study explores the effects of attending a women's college on college
 major, degree attainment, and occupation. Previous work on the effects of
 such attendance is quite limited, focusing primarily on role-model effects
 at coeducational institutions. To explore this issue in a new way, alumnae
 data from a college that was chartered as a women's college and later
 became coeducational was cold. This study finds that, after the admission
 of men into the college, the alumnae were less likely to pursue many
 traditionally male-dominated majors and occupations, but were not less
 likely to attain advanced degrees. 
Journal: Applied Economics Letters 
Pages: 479-483 
Issue: 7 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110095440 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110095440&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Herve Le Bihan 
Author-X-Name-First: Herve Le 
Author-X-Name-Last: Bihan 
Author-Name: Jean-Guillaume Sahuc 
Author-X-Name-First: Jean-Guillaume 
Author-X-Name-Last: Sahuc 
Title: Implications of parameter uncertainty for monetary policy in a simple Euro area model 
Abstract:
  The 'Brainard conservatism principle' states that the optimal monetary
 policy rule should be less aggressive when uncertainty about parameters is
 taken into account. However, this principle is not fully general and may
 be reversed in some cases. This paper examines the implications of
 parameter uncertainty for monetary policy using a simple empirical model
 of the Euro area. The Brainard principle is found to be empirically
 relevant. 
Journal: Applied Economics Letters 
Pages: 553-556 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110108067 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110108067&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Spurious rejection using Dickey-Fuller tests 
Abstract:
  In recent research Leybourne and co-workers examined the behaviour of the
 Dickey-Fuller &#x3c4; test in the presence of structural breaks under the
 null. It was found that breaks in either level or drift occurring early in
 the sample period resulted in severe size distortion, with the unit root
 hypothesis spuriously rejected. Using Monte Carlo methods, the present
 letter analyses the finite-sample properties of the Dickey-Fuller K and
 &#x3c4; tests. The results obtained show that in comparison to the &#x3c4;
 test, the K test suffers far less size distortion in the presence of
 structural breaks under the null, dramatically so in the case of breaks in
 drift. The empirical analysis of Leybourne and co-workers is also
 revisited to further illustrate the contrasting behaviour of the two
 tests. 
Journal: Applied Economics Letters 
Pages: 557-562 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110108094 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110108094&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kelvin Balcombe 
Author-X-Name-First: Kelvin 
Author-X-Name-Last: Balcombe 
Author-Name: Richard Tiffin 
Author-X-Name-First: Richard 
Author-X-Name-Last: Tiffin 
Title: Bootstrap testing of the expectations hypothesis with the term structure of interest rates 
Abstract:
  The Expectations Hypothesis (EH) for the term structure of UK monthly
 interest rates is tested using Johansen's procedure. Differing results are
 found depending on the method of lag length selection. The application of
 the stationary bootstrap reconciles these results, lending support to the
 Expectations Hypothesis. 
Journal: Applied Economics Letters 
Pages: 563-566 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110108076 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110108076&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Toru Konno 
Author-X-Name-First: Toru 
Author-X-Name-Last: Konno 
Author-Name: Mototsugu Fukushige 
Author-X-Name-First: Mototsugu 
Author-X-Name-Last: Fukushige 
Title: The Canada-United States bilateral import demand functions: gradual switching in long-run relationships 
Abstract:
  By estimating long-run relationships in bilateral import functions, the
 effects of the Canada-US Free Trade Agreement is analysed. We also
 incorporate the gradual switching model into the import function to
 capture the phased tariff reductions. The result shows that the free trade
 agreement made both countries sensitive to domestic and foreign prices and
 insensitive to the domestic income. 
Journal: Applied Economics Letters 
Pages: 567-570 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110111216 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110111216&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. M. M. Jamal 
Author-X-Name-First: A. M. M. 
Author-X-Name-Last: Jamal 
Title: The term structure of interest rates and the demand for money 
Abstract:
  This paper investigates the money demand behaviour when the entire term
 structure of interest rates is taken into account. The results show that
 the interest elasticity of money demand does not vary with the level of
 the term structure of interest rates. It is also found that the quantity
 of money demanded varies directly with the tilt of the term structure.
 Both these findings have useful implications for macroeconomic policy and
 analysis. 
Journal: Applied Economics Letters 
Pages: 571-573 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110108085 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110108085&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Petri Rouvinen 
Author-X-Name-First: Petri 
Author-X-Name-Last: Rouvinen 
Title: Characteristics of product and process innovators: some evidence from the Finnish innovation survey 
Abstract:
  The characteristics of product and process innovators among Finnish
 manufacturing firms with Community Innovation Survey (CIS) data are
 studied. Results of bivariate probit estimations suggest that, while the
 product and process innovations are related, they are largely driven by
 different factors. The ability to benefit from inward spillovers is the
 only variable having a symmetric effect onboth types of innovation.
 Cooperation with non-academic outside partners is the only other variable
 that becomes significant in both equations. Process innovations benefit
 from capital embodied technology, whereas product innovations require
 disembodied forms of technology. 
Journal: Applied Economics Letters 
Pages: 575-580 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110108102 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110108102&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pierre-Guillaume Meon 
Author-X-Name-First: Pierre-Guillaume 
Author-X-Name-Last: Meon 
Title: Distributive consequences of a monetary union: what can we learn from a referendum? 
Abstract:
  A logit model is used to study the approval rate during the referendum on
 the Maastricht Treaty held in France in 1992. Results show a remarkable
 correlation between the approval rate in French departments and their
 economic characteristics as defined by the theory of optimum currency
 areas. They support the view that individual agents' opinions towards EMU
 depended on its impact on their welfare. 
Journal: Applied Economics Letters 
Pages: 581-584 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110111180 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110111180&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Emilio Dominguez 
Author-X-Name-First: Emilio 
Author-X-Name-Last: Dominguez 
Author-Name: Alfonso Novales 
Author-X-Name-First: Alfonso 
Author-X-Name-Last: Novales 
Title: A factor model of term structure slopes in Eurocurrency markets 
Abstract:
  Recent empirical work has documented the existence of specific
 information in the slope of the term structure which is relevant to
 forecast future changes in economic activity. A good forecasting model of
 term structure slopes could therefore be helpful to anticipate changes in
 economic activity with an even longer anticipation. Firstly, it is
 analysed whether a good forecasting model can be found for term structure
 slopes in different currencies. After that, a factor model is constructed
 of term structure slopes, and the quality of slope forecasts obtained from
 factor models are compared to those obtained from univariate models. 
Journal: Applied Economics Letters 
Pages: 585-593 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110111199 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110111199&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michele Campolieti 
Author-X-Name-First: Michele 
Author-X-Name-Last: Campolieti 
Title: The recurrence of occupational injuries: estimates from a zero inflated count model 
Abstract:
  The recurrence of workers' compensation injuries is studied using data
 from the unemployment histories of permanently disabled workers from
 Ontario, Canada. Estimates are obtained with a zero inflated Poisson
 regression model and it is found that employer accommodations can reduce
 the number of subsequent work absences workers experience. 
Journal: Applied Economics Letters 
Pages: 595-600 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110111207 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110111207&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Changkyu Choi 
Author-X-Name-First: Changkyu 
Author-X-Name-Last: Choi 
Title: Linder hypothesis revisited 
Abstract:
  Linder posed a hypothesis in 1961 that the closer the preference
 structure between two countries is, the bigger the trade volume becomes.
 The empirical results using pooled trade data from 63 countries for 1970,
 1980, 1990, and 1992 are in support of the Linder hypothesis. It is also
 found that the Linder hypothesis gained strength in the 1990s. Recent
 globalization may have strengthened the Linder hypothesis. 
Journal: Applied Economics Letters 
Pages: 601-605 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110111234 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110111234&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. R. Shanmugam 
Author-X-Name-First: K. R. 
Author-X-Name-Last: Shanmugam 
Author-Name: Saumitra Bhaduri 
Author-X-Name-First: Saumitra 
Author-X-Name-Last: Bhaduri 
Title: Size, age and firm growth in the Indian manufacturing sector 
Abstract:
  The conventional wisdom on the relationship of firm growth with its size
 and age is typically based on the studies in developed economies. In
 contrast, this study analyses the firm growth patterns for an emerging
 economy, namely India. It uses a balanced panel of 392 manufacturing firms
 over the years 1989-1990 to 1992-1993 to explore unobserved heterogeneity
 among firms. Results indicate that age positively influences growth, which
 is the opposite of the result obtained in previous studies. The current
 size negatively impacts growth as in earlier studies. Results also
 indicate that smaller and older firms grow faster than their counterparts.
 Size effect is larger in food industry while the age effect is larger in
 non-metal industry. 
Journal: Applied Economics Letters 
Pages: 607-613 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110112035 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110112035&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marc Simpson 
Author-X-Name-First: Marc 
Author-X-Name-Last: Simpson 
Author-Name: Sanjay Ramchander 
Author-X-Name-First: Sanjay 
Author-X-Name-Last: Ramchander 
Title: Is differential sentiment a cause of closed-end country fund premia? An empirical examination of the Australian case 
Abstract:
  One of the most puzzling empirical irregularities in finance is the
 persistence of discounts and premia on the net asset values (NAV) of
 closed-end country funds. Unlike previous papers, the present study adopts
 a novel approach to directly test the hypothesis that such premia are a
 reflection of differences in foreign and domestic investors' sentiments.
 The study employs Australian and US consumer survey data to illustrate how
 divergent consumer sentiments are useful in explaining the time varying
 pattern of discounts and premia on the First Australian Fund. While
 controlling for foreign and domestic market returns, as well as exchange
 rate changes, it is found that the more optimistic US consumers are over
 Australian consumers, the greater the premium on the fund, and vice versa. 
Journal: Applied Economics Letters 
Pages: 615-619 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110112567 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110112567&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ali El-Agraa 
Author-X-Name-First: Ali 
Author-X-Name-Last: El-Agraa 
Title: The UTR versus CU Formation Analysis and Article XXIV 
Abstract:
  In 1965, Cooper and Massell (Economic Journal 75: 742-7) showed that a
 policy of unilateral tariff reduction (UTR) was superior to the formation
 of a customs union (CU). Although their model was concerned with only
 static resource reallocation effects, many analysts treated the
 Cooper/Massell 'criticism' as if it applied to the entire CU formation
 issue. This was incomprehensible, especially when they themselves almost
 simultaneously developed a different model to demonstrate that two
 countries together can do more than each acting alone. Wonnacott and
 Wonnacott (1981,American Economic Review 71: 704-14) tried to revive the
 issue by claiming that the use of a three-country general equilibrium
 model with transportation costs and tariffs by the rest of the world could
 show that UTR need not dominate CU formation, but El-Agraa and Jones
 (2000,Applied Economics Letters 7: 301-4; Journal of Economic Integration
 15: 239-59) have demonstrated that their claim is unwarranted, due to
 inadequacies in their model. This paper shows that the incorporation of
 WTO/GATT rules (Article XXIV) into an appropriately adjusted orthodox
 framework leads to the Wonnacott's conclusion. 
Journal: Applied Economics Letters 
Pages: 621-624 
Issue: 9 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110111225 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110111225&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Prieger 
Author-X-Name-First: James 
Author-X-Name-Last: Prieger 
Title: A model for regulated product innovation and introduction with application to telecommunications 
Abstract:
  This empirical examination compares product innovation under price caps
 and Rate of return regulation (RoRR) in US telecommunications. The
 econometric model comprises a count process (for product innovation)
 followed by a duration process (for regulatory delay). More services were
 created under price caps than under RoRR. The model may also be useful for
 other regulatory settings and issues. 
Journal: Applied Economics Letters 
Pages: 625-629 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110118146 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110118146&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyunbae Chun 
Author-X-Name-First: Hyunbae 
Author-X-Name-Last: Chun 
Author-Name: Jeungil Oh 
Author-X-Name-First: Jeungil 
Author-X-Name-Last: Oh 
Title: An instrumental variable estimate of the effect of fertility on the labour force participation of married women 
Abstract:
  This study estimates the effect of fertility on the labour force
 participation of married women in Korea. Since Korean households prefer
 sons to daughters, there is exogenous variation in the number of children
 among households, depending on their first child's sex. Using this
 exogenous variation as an instrumental variable for fertility, it is found
 that having children reduces the labour force participation of married
 Korean women by 27.5%. 
Journal: Applied Economics Letters 
Pages: 631-634 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110117850 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110117850&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rolf Fare 
Author-X-Name-First: Rolf 
Author-X-Name-Last: Fare 
Author-Name: Valentin Zelenyuk 
Author-X-Name-First: Valentin 
Author-X-Name-Last: Zelenyuk 
Title: Input aggregation and technical efficiency 
Abstract:
  This paper defines the notion of unbiased aggregation of inputs and
 provides a necessary and sufficient condition for this to apply. 
Journal: Applied Economics Letters 
Pages: 635-636 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110118165 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110118165&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Rubb 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Rubb 
Title: US Social Security rules in the 1990s: a natural experiment in myopic and farsighted behaviour 
Abstract:
  During the 1990s changes in the earnings test threshold and the delayed
 retirement credit had the potential to impact the labour supply of 65 to
 69-year-olds. These changes in Social Security rules are used to examine
 whether labour supply behaviour of elderly men and women is 'myopic' or
 'farsighted'. Men are found to be more farsighted than previously
 realized, perhaps due to increases in life expectancy. 
Journal: Applied Economics Letters 
Pages: 637-640 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110118174 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110118174&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jennifer Troyer 
Author-X-Name-First: Jennifer 
Author-X-Name-Last: Troyer 
Title: Decomposing the effect of marital status on migration 
Abstract:
  An econometric technique is developed to decompose the difference in the
 predicted migration probability of married and unmarried individuals into
 three parts. This technique allows one to examine the degree to which
 personal characteristics influence differences in migration between the
 two groups. The decomposition reveals that differences in human capital
 characteristics explain only 15.5% of the migration probability gap. 
Journal: Applied Economics Letters 
Pages: 641-644 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210124202 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210124202&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Charalambos Pattichis 
Author-X-Name-First: Charalambos 
Author-X-Name-Last: Pattichis 
Title: Economic growth and EMU: a note on UK membership 
Abstract:
  One of the arguments against monetary union is that it can impose growth
 costs on fast growing countries following the loss of their exchange rate
 policy. Thus, differential growth rates among potential members can be
 seen as an obstacle to forming a monetary union. This letter shows that as
 a member of EMU, the UK will be able to maintain its current growth rate
 without facing serious balance of payments problems. Thus, the
 'differential growth rates' argument against EMU cannot be considered an
 obstacle to UK membership. 
Journal: Applied Economics Letters 
Pages: 645-647 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110115131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110115131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lisa Cameron 
Author-X-Name-First: Lisa 
Author-X-Name-Last: Cameron 
Author-Name: Deborah Cobb-Clark 
Author-X-Name-First: Deborah 
Author-X-Name-Last: Cobb-Clark 
Title: Old-age labour supply in the developing world 
Abstract:
  Rapid population ageing is becoming an increasingly important policy
 issue in many developing countries. Without broad-based pension schemes,
 the elderly are left to rely on their own current and accumulated earnings
 and support from children as their primary means of old-age support. This
 is the first study of which one is aware that jointly estimates the
 determinants financial transfers from children and elderly labour supply
 in a developing country context. It is found that many Indonesians
 continue to work well into old age and there is little evidence that
 financial transfers are a substitute for the income generated by elderly
 parents' own labour supply. 
Journal: Applied Economics Letters 
Pages: 649-652 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110115140 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110115140&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sherrill Shaffer 
Author-X-Name-First: Sherrill 
Author-X-Name-Last: Shaffer 
Author-Name: Soumya Srinivasan 
Author-X-Name-First: Soumya 
Author-X-Name-Last: Srinivasan 
Title: Structure-pricing linkages among singlemarket banks, controlling for credit quality 
Abstract:
  Structure-pricing linkages are estimated for single-market banks, to
 measure structure and pricing more accurately. Loan loss ratios are
 controlled for predicted to be important by information-theoretic models
 of lending. A strong structure-pricing linkage is found. 
Journal: Applied Economics Letters 
Pages: 653-656 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110115159 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110115159&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Brian Lucey 
Author-X-Name-First: Brian 
Author-X-Name-Last: Lucey 
Title: Market direction and moment seasonality: evidence from Irish equities 
Abstract:
  The first four moments of four indices of equity returns produced by the
 Irish Stock Exchange are examined across different market directions.
 Using standard F, Kruskal-Wallis and Levene tests daily seasonality is
 confirmed in all, although in a pattern different to that found elsewhere.
 In particular, there appears to be a Wednesday effect in mean returns and,
 counter to evidence elsewhere, daily seasonality appears stronger in
 rising than falling markets. In addition, this note applies a method
 introduced by Tang (Journal of Economics and Business, 21(1), 1997) in
 finding a daily seasonal in skewness and kurtosis. 
Journal: Applied Economics Letters 
Pages: 657-664 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110117841 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110117841&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitrios Vougas 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Vougas 
Title: Pitfall of unit autoregressive root testing 
Abstract:
  This paper examines whether the usually tested unit autoregressive (AR)
 root null hypothesis can be informative about the presence of a unit AR
 root (integration). This is considered null in generic models when the
 underlying time series is mean or linear trend stationary. It is concluded
 that non rejection of the unit AR root null hypothesis is not sufficient
 for integration of a time series. For sufficiency, absence of a unit MA
 root from the MA representation of the first difference is required.
 Hence, the analysis here is in line with the general statistical argument
 that non rejection of a null should not be taken as acceptance of the
 null; a false practice which is widespread in the unit root and
 (especially) cointegration literature. An empirical example, involving
 real quarterly UK GDP, is also provided. 
Journal: Applied Economics Letters 
Pages: 665-669 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210124563 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210124563&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Graham Smith 
Author-X-Name-First: Graham 
Author-X-Name-Last: Smith 
Title: Tests of the random walk hypothesis for London gold prices 
Abstract:
  The hypothesis that London gold prices follow a random walk is tested for
 three prices, those determined at the morning and afternoon fixings and
 the closing price, using the multiple variance ratio test. For the prices
 set in the twice-daily fixings, the random walk hypothesis is rejected
 because of autocorrelation in returns. However, the closing price, which
 is determined by additional information and involves many more
 participants in the market, follows a random walk. 
Journal: Applied Economics Letters 
Pages: 671-674 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/1350485021012458 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485021012458&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pedro Pita Barros 
Author-X-Name-First: Pedro Pita 
Author-X-Name-Last: Barros 
Title: Convergence and information technologies - the experience of Greece, Portugal and Spain 
Abstract:
  The paper attempts to shed some light on the role of information and
 communication technologies (ICT) in industry convergence in the European
 Union. In particular, whether it has improved the convergence process of
 the less developed countries within the European Union. While ICTs may
 play a significant role in the US recent growth record, it is found that
 the contribution of more traditional industries is at least as significant
 for the convergence process within the European Union. 
Journal: Applied Economics Letters 
Pages: 675-680 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210125517 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210125517&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gianluigi Giorgioni 
Author-X-Name-First: Gianluigi 
Author-X-Name-Last: Giorgioni 
Author-Name: John Thompson 
Author-X-Name-First: John 
Author-X-Name-Last: Thompson 
Title: Which volatility? The case of the exports of wheat 
Abstract:
  In the paper it is suggested that the level of demand for exports and its
 variability are more important than the variability of the exchange rate
 for a commodity whose storage costs are not negligible. Evidence in favour
 of this hypothesis is provided by panel data analysis for the USA exports
 of wheat for the period 1980-1996. 
Journal: Applied Economics Letters 
Pages: 681-684 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210126822 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210126822&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hakan Berument 
Author-X-Name-First: Hakan 
Author-X-Name-Last: Berument 
Author-Name: Hakan Tasci 
Author-X-Name-First: Hakan 
Author-X-Name-Last: Tasci 
Title: Monetary policy, income and prices: a stability assessment 
Abstract:
  This paper assesses the stability of the money-income relationship for
 seven OECD countries. When the sample was split into two subsamples: pre-
 and post-1980, the empirical evidence presented in this paper shows that
 even if the inferences gathered across countries are not always parallel,
 the inferences gathered from the VAR specification across the samples for
 each country are mostly parallel. 
Journal: Applied Economics Letters 
Pages: 685-694 
Issue: 10 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110112549 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110112549&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Author-Name: Seung Jick Yoo 
Author-X-Name-First: Seung Jick 
Author-X-Name-Last: Yoo 
Title: The steady state distribution of animals in short duration grazing 
Abstract:
  This note addresses the following hitherto unstudied question in
 rangeland management: What is the steady state distribution of livestock
 animals for rangelands that are managed using short duration grazing? This
 paper uses the theory of alternating renewal processes to answer this
 question and this answer has two desirable features. First, this paper
 does not assume a specific functional form for the cumulative distribution
 function of the amount of time that the animals spend in the various
 paddocks. Second, this paper permits the amount of time spent by the
 animals in distinct paddocks to be represented by dissimilar cumulative
 distribution functions. 
Journal: Applied Economics Letters 
Pages: 695-698 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110112558 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110112558&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michiel Van Leuvensteijn 
Author-X-Name-First: Michiel 
Author-X-Name-Last: Van Leuvensteijn 
Author-Name: Ashok Parikh 
Author-X-Name-First: Ashok 
Author-X-Name-Last: Parikh 
Title: How different are the determinants of population versus labour migration in Germany? 
Abstract:
  This paper studies whether population migration data can be used to
 answer questions on labour mobility between regions. Using regional data
 of the Statistisches Bundesamt for population and labour migration, panel
 data estimations are conducted for the period 1993-1995, as the high
 average migratory flows of the earlier period, 1989-1992, had settled
 down. The conclusion emerges that if normalized population and labour
 migration data are used, the discrepancy in the results is small and this
 study's results on elasticity coefficients for identical models in each of
 the cases by and large produce similar results. The major difference
 emerges with the elasticity coefficient of the housing variable. In
 general, one may conclude that population migration may be used to examine
 labour migration issues. 
Journal: Applied Economics Letters 
Pages: 699-703 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110111243 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110111243&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul McGuinness 
Author-X-Name-First: Paul 
Author-X-Name-Last: McGuinness 
Title: Reform in China's 'B' share markets and the shrinking A/B share price differential 
Abstract:
  The use of capital controls in mainland China has meant that shares in
 listed PRC state enterprises - traded in either Shenzhen or Shanghai -
 have been broadly separated into 'A' and 'B' share categories. 'A' shares
 are traded in Chinese RenMinBi and are restricted to trades between
 indigenous investor concerns, whilst 'B' shares trade in US$ in Shanghai
 and HK$ in Shenzhen and have, until recently, been the legal preserve of
 investors emanating from outside the PRC mainland. Reforms, instituted
 with effect from 28 February 2001, have altered this picture, however,
 with certain parties from the PRC mainland now able to participate in the
 'B' markets. The opening of the 'B' market has resulted in a rapid
 increase in 'B' prices. The effects are analysed in this paper for 40
 companies with concurrent 'A' and 'B' share listings in Shanghai. Prior to
 the reforms, the 'A' shares traded at prices that were, on average, over
 four times the level on corresponding 'B' shares. By the middle of June
 2001, this multiple had been squeezed substantially. This short paper
 examines the relative changes to the 'A'/'B' share price differential and
 finds that 'B' price movement are related to the absolute price levels in
 'A' and 'B' share prices prior to the reforms. The results are consistent
 with a retail market in which a 'trading range' obtains for prices in the
 two market sectors. 
Journal: Applied Economics Letters 
Pages: 705-709 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210124572 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210124572&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Author-Name: Sean Holly 
Author-X-Name-First: Sean 
Author-X-Name-Last: Holly 
Title: Threshold specification for asymmetric error correction models 
Abstract:
  The consistent threshold estimation method is used to improve the
 threshold specification of the Granger-Lee asymmetric error correction
 model. Although only previously considered in the context of univariate
 analysis, the approach is found to uncover asymmetry undetected under the
 typical mean-based partitioning scheme of the Granger-Lee method. 
Journal: Applied Economics Letters 
Pages: 711-713 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110108111 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110108111&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francesco Aiello 
Author-X-Name-First: Francesco 
Author-X-Name-Last: Aiello 
Title: Ranking Production Subsidies and Import Tariffs under Different Scenarios 
Abstract:
  Both a tariff and a production subsidy can be used to protect the import
 competing industry. Yeh (1971) has shown that if the country is large, a
 tariff will be superior to a production subsidy, assuming that the level
 of support required for the import competing industry is not greater than
 the one needed when the optimum tariff is in operation. Maintaining the
 hypothesis that exporters do not react to importing country policies, the
 paper shows that tariffs and subsidies can always be ordered. Tariffs will
 remain superior to subsidies even if the support guaranteed to domestic
 producers exceeds that achieved under the optimum tariff. A tariff though
 is inferior to production subsidy only when the country wishes to produce
 a quantity significantly in excess of the optimum tariff production.
 However, this ranking is sensitive to the behaviour of trade partners. In
 fact, when foreign suppliers fix their export quantity at the free-trade
 equilibrium through whatever means, production subsidy is shown to be
 always superior to tariff. 
Journal: Applied Economics Letters 
Pages: 715-720 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110112576 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110112576&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuck Cheong Tang 
Author-X-Name-First: Tuck Cheong 
Author-X-Name-Last: Tang 
Title: Demand for M3 and expenditure components in Malaysia: assessment from bounds testing approach 
Abstract:
  This study examines the effects of various demand components of real
 income on money demand, M3 for a small open developing Asian economy. The
 disaggregated components of real income are final consumption goods,
 expenditure on investment goods, and exports. Other determinants are
 domestic interest rate and exchange rate. Using Malaysian annual data over
 the period 1973-1998, the results of the 'bound' test based on
 Unrestricted Error-Correction Model estimation (Pesaran et al., 2001),
 indicates a long run equilibrium relationship between demand of real M3
 and its determinants. The results also highlight that different domestic
 demand components yields different effects on money demand behaviour. The
 results have important policy implications. 
Journal: Applied Economics Letters 
Pages: 721-725 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210126219 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210126219&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Boileau 
Author-X-Name-First: Martin 
Author-X-Name-Last: Boileau 
Author-Name: Michel Normandin 
Author-X-Name-First: Michel 
Author-X-Name-Last: Normandin 
Title: General equilibrium macroeconomic models and superior information 
Abstract:
  This paper presents and assessess a procedure to evaluate dynamic,
 stochastic, general equilibrium macroeconomic models when agents in the
 economy use an information set superior to that used by researchers. 
Journal: Applied Economics Letters 
Pages: 727-730 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210126831 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210126831&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Epaminondas Panas 
Author-X-Name-First: Epaminondas 
Author-X-Name-Last: Panas 
Author-Name: George Vamvoukas 
Author-X-Name-First: George 
Author-X-Name-Last: Vamvoukas 
Title: Further evidence on the Export-Led Growth Hypothesis 
Abstract:
  The Export-Led Growth Hypothesis (ELGH) is an interesting subject of
 research in the field of applied economics. This paper investigates the
 causal links between exports and output growth in the empirical framework
 of the Greek economy, using error-correction modelling and multivariate
 Granger causality. A sensitivity analysis based on impulse responses is
 implemented to check the robustness of the results. The estimation
 procedure generates robust results, indicating that the ELGH is not valid
 in the case of Greece. Furthermore, the empirical findings suggest a
 strong and consistent causation from output growth to export performance
 in the long-run. 
Journal: Applied Economics Letters 
Pages: 731-735 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210126840 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210126840&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Satya Paul 
Author-X-Name-First: Satya 
Author-X-Name-Last: Paul 
Title: An illfare approach to the measurement of unemployment: a reply 
Abstract:
Journal: Applied Economics Letters 
Pages: 737-738 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210126859 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210126859&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Ross McCown 
Author-X-Name-First: James Ross 
Author-X-Name-Last: McCown 
Title: Real interest rates in the early 1980s 
Abstract:
  This paper examines the causes behind the high ex post real interest
 rates experienced in the United States during the early 1980s. This paper
 shows that expected long-term inflation rates were very high during the
 period, resulting in ex ante long-term real interest rates that were much
 lower than the ex post rates. Ex ante real rates in the high-deficit early
 1980s were not much higher than those experienced during 2000, a year that
 had a large budget surplus. 
Journal: Applied Economics Letters 
Pages: 739-743 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210127245 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210127245&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Morana 
Author-X-Name-First: C. 
Author-X-Name-Last: Morana 
Title: IGARCH effects: an interpretation 
Abstract:
  This article shows how IGARCH effects can arise as an artifact of
 unaccounted structural change. Using daily returns for the DM/US$ and
 Yen/US$ exchange rates, the finding is shown to have empirical relevance.
 GARCH models appear to be useful approximations, for short-term
 forecasting, to a data generating process that shows time varying
 conditional variance due to switching heteroscedasticity. 
Journal: Applied Economics Letters 
Pages: 745-748 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210127254 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210127254&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jorge Belaire-Franch 
Author-X-Name-First: Jorge 
Author-X-Name-Last: Belaire-Franch 
Author-Name: Dulce Contreras 
Author-X-Name-First: Dulce 
Author-X-Name-Last: Contreras 
Title: Higher-order residual analysis for AR-ARCH models with the TR test 
Abstract:
  Ramsey and Rothman (1996) design a statistical device to test for time
 reversibility (TR test). They claim that their procedure is not powerful
 against ARCH-type alternatives, which also allows Rothman (1998) to
 propose a strategy based on the TR test to detect bilinear and threshold
 autoregressive (TAR) models. However, this work shows through Monte Carlo
 analysis that the size of the TR test may be seriously distorted by this
 class of uncorrelated non-i.i.d. processes, and not necessarily time
 irreversible. 
Journal: Applied Economics Letters 
Pages: 749-752 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210127263 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210127263&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: T. D. Stanley 
Author-X-Name-First: T. D. 
Author-X-Name-Last: Stanley 
Title: When all are NAIRU: hysteresis and behavioural inertia 
Abstract:
  Smyh and Easaw (2001) use a fully flexible ratchet model to estimate the
 US NAIRU. However, such flexible notions of NAIRU cleanse the natural rate
 hypothesis of all policy and theoretical relevance. Six successive years
 of unemployment rates below these estimated NAIRUs produce declining
 inflation, not the accelerating inflation promised by the natural rate
 hypothesis. An alternative model of inflation dynamics, the behavioural
 inertia hypothesis, is offered and shown to fit the US
 inflation-unemployment relation quite well. This behavioural inertia model
 is consistent with the recent US experience of low and falling
 unemployment accompanied by low and falling rates of inflation. 
Journal: Applied Economics Letters 
Pages: 753-757 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210128785 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210128785&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Esin Cakan 
Author-X-Name-First: Esin 
Author-X-Name-Last: Cakan 
Author-Name: Erdal Ozmen 
Author-X-Name-First: Erdal 
Author-X-Name-Last: Ozmen 
Title: Policy regime change and structural break in the velocity of money: the Turkish evidence 
Abstract:
  The integration properties of Turkish velocity series are investigated by
 employing recently developed procedures (Zivot and Andrews (1992) and
 Perron (Journal of Econometrics, 80, 355-85, 1997)) which allows
 stationarity around an endogenously estimated structural break point under
 the alternative hypothesis. The evidence suggests that real currency
 balances and currency velocity are stationary around a broken trend. The
 estimated break point coincides with a major policy regime change in
 Turkey. Broad money velocity and real broad money balances are found to be
 nonstationary even after allowance for a broken mean and trend. 
Journal: Applied Economics Letters 
Pages: 759-762 
Issue: 11 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210128794 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210128794&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kelly Bird 
Author-X-Name-First: Kelly 
Author-X-Name-Last: Bird 
Title: Advertise or die: advertising and market share dynamics revisited 
Abstract:
  This paper estimates the effect of advertising expenditure on market
 shares of the seven leading firms in the Indonesian cigarette industry
 using recent advances in time series analysis, namely the error correction
 model. Own and rival's advertising elasticities for the short run and long
 run are estimated. In addition, the 'durability' of advertising effects is
 estimated. Empirical results show that the effect of advertising on market
 shares is relatively short-lived, appearing to be substantially
 depreciated within one year for all firms. It is also found that
 advertising is less effective for foreign firms in the Indonesian market. 
Journal: Applied Economics Letters 
Pages: 763-767 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850110086053 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850110086053&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Sawkins 
Author-X-Name-First: John 
Author-X-Name-Last: Sawkins 
Author-Name: Valerie Dickie 
Author-X-Name-First: Valerie 
Author-X-Name-Last: Dickie 
Title: National Lottery participation and expenditure: preliminary results using a two stage modelling approach 
Abstract:
  Using data from the Family Expenditure Survey, this paper analyses
 participation in, and expenditure on, the UK National Lottery by
 individuals for the period 1995/1996 to 1999/2000. Probit and truncated
 Tobit models are employed in a two part estimation. The results highlight
 the importance of gender, age, education, marital status and occupation in
 individual participation and expenditure decisions. 
Journal: Applied Economics Letters 
Pages: 769-773 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210129441 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210129441&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Curtis 
Author-X-Name-First: John 
Author-X-Name-Last: Curtis 
Title: Estimates of fishermen's personal discount rate 
Abstract:
  Most empirical research on personal discount rates (PDRs) relates to
 individuals purchasing household appliances and inter-temporal choices on
 monetary transactions. No estimates of PDRs associated with natural
 resource exploitation were found in the literature and the purpose of this
 letter is to present estimates of commercial fishermen's PDRs implicit in
 choices on a hypothetical fish-stock recovery programme. Knowledge of such
 PDRs are necessary for the design of effective voluntary programmes for
 fish stock conservation. 
Journal: Applied Economics Letters 
Pages: 775-778 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210128802 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210128802&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sunil Sapra 
Author-X-Name-First: Sunil 
Author-X-Name-Last: Sapra 
Title: Restricted EM algorithm with application to probit models 
Abstract:
  The EM algorithm is a widely used technique for finding maximum
 likelihood (ML) estimates when the data are not fully observed. Despite
 its popularity for computing ML estimates in unrestricted problems and the
 need for simplified computations for problems with equality and inequality
 restrictions, there have been few applications of the algorithm to
 restricted ML estimation. The EM algorithm is presented for restricted ML
 estimation and provides its applications to the probit model under
 equality and inequality restrictions using two small data sets. 
Journal: Applied Economics Letters 
Pages: 779-781 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210135697 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210135697&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Breunig 
Author-X-Name-First: Robert 
Author-X-Name-Last: Breunig 
Title: Bias correction for inequality measures: an application to China and Kenya 
Abstract:
  An analytical bias correction technique for inequality measures is
 applied to income data from China and Kenya. The coefficient of variation
 squared is used and it is illustrated how the bias is downward for
 positively skewed distributions. The analytical bias correction technique
 is then compared to a jackknife estimator in a simulation exercise. The
 bias will be important, even for moderately large sample sizes. 
Journal: Applied Economics Letters 
Pages: 783-786 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210165856 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210165856&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Real exchange rates: evidence from black markets using fractionally integrated semiparametric techniques 
Abstract:
  The behaviour of the real exchange rates (relative to the US dollar) is
 examined in this article using monthly data obtained from the black
 markets for foreign exchange of eight Asian developing countries. Using
 the quasi maximum likelihood estimation procedure of Robinson (Annals of
 Statistics, 23, 1630-61, 1995), the results indicate that the order of
 integration of all currencies except the Indian and the Pakistani rupees
 are close but below 1, implying that mean reversion occurs in the long
 run. 
Journal: Applied Economics Letters 
Pages: 787-790 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210165883 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210165883&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Orn Bodvarsson 
Author-X-Name-First: Orn 
Author-X-Name-Last: Bodvarsson 
Author-Name: Shawn Pettman 
Author-X-Name-First: Shawn 
Author-X-Name-Last: Pettman 
Title: Racial wage discrimination in major league baseball: do free agency and league size matter? 
Abstract:
  Does competition suppress racial wage discrimination? Previous research
 in this area is quite limited and generally inconclusive. This paper tests
 for the effects of reduced monopsony power on racial wage discrimination
 against nonwhite Major League pitchers during the 1992 and 1993 seasons.
 Major League Baseball during this period is a good test case because: (1)
 older players' salaries are competitively determined, whereas younger
 players' salaries are not; and (2) more teams entered the league in the
 later season. We found discrimination in the form of lower incremental
 rewards to nonwhites for improving performance, as well as reverse
 discrimination against older white pitchers prior to league expansion.
 League expansion and free agency eligibility did bring relief from
 discrimination. 
Journal: Applied Economics Letters 
Pages: 791-796 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210135714 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210135714&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitris Christopoulos 
Author-X-Name-First: Dimitris 
Author-X-Name-Last: Christopoulos 
Author-Name: Efthymios Tsionas 
Author-X-Name-First: Efthymios 
Author-X-Name-Last: Tsionas 
Title: Unemployment and government size: Is there any credible causality? 
Abstract:
  This paper investigates the Abrams curve, that is the relationship
 between government size and unemployment, for 10 European countries over
 the period 1961-1999. This paper uses credible causality inferences that
 do not depend on the stationarity or cointegration properties of the data.
 The results support the idea that there is an Abrams curve but the
 relation between government size and the unemployment rate is not likely
 to be simple. 
Journal: Applied Economics Letters 
Pages: 797-800 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210129432 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210129432&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gregg Frasco 
Author-X-Name-First: Gregg 
Author-X-Name-Last: Frasco 
Title: The expansion path for industry employment under perfect competition in long-run equilibrium 
Abstract:
  Beginning from long-run equilibrium under perfect competition, an
 increase in the wage due to an upward shift in labour supply generates
 negative profits. In order for long-run equilibrium to be restored, the
 price of output must increase. This causes the marginal revenue product
 curve for labour to shift upward. Consequently, even though the wage is
 higher, it is possible for the firm to end up employing a larger quantity
 of labour. This raises the following question. After the wage increases
 due to an upward shift in labour supply, is it possible, in long-run
 equilibrium, for industry employment of labour to increase? The concavity
 of the long-run equilibrium input demand functions is used to prove that
 industry employment will indeed decrease. Hence conventional analysis is
 proved to be correct. 
Journal: Applied Economics Letters 
Pages: 801-803 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210135219 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210135219&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. J. Freire-Seren 
Author-X-Name-First: M. J. 
Author-X-Name-Last: Freire-Seren 
Title: On the relationship between human capital accumulation and economic growth 
Abstract:
  The central concern of this article is to give new empirical conclusions
 on the relationship between human capital and economic growth. With this
 aim, it runs an estimation that allows us to analyse not only the
 contribution of human capital to output growth, but also the effect of the
 level of income on human capital accumulation. In particular, it uses
 Spanish economic data to jointly estimate the equations of the dynamic
 system that describes the behaviour of the economy. 
Journal: Applied Economics Letters 
Pages: 805-808 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210128820 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210128820&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. G. Mein 
Author-X-Name-First: D. G. 
Author-X-Name-Last: Mein 
Title: Research productivity and career status 
Abstract:
  Measurement of the productivity of economists, economics departments at
 universities and economics institutes has a tradition, which dates back to
 the 1950s. This study attempts to show that such measurement can be used
 to explain long-run changes in the overall productivity of university
 departments and institutes involved in research. The underlying notion in
 this study is that the productivity of departments and institutes in terms
 of total output (publications) decreases when the productivity of research
 staff members and their position (career status) in their departments or
 institutes do not correlate well. The empirical data used by this study
 relates to an economics research institute and cover a period of 30 years.
 The hypothesis that a mismatch between productivity and position leads to
 a decline in the overall productivity of departments and institutes could
 not be refuted. 
Journal: Applied Economics Letters 
Pages: 809-815 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210141708 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210141708&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ghassan Omet 
Author-X-Name-First: Ghassan 
Author-X-Name-Last: Omet 
Author-Name: Mohammad Khasawneh 
Author-X-Name-First: Mohammad 
Author-X-Name-Last: Khasawneh 
Author-Name: Jamal Khasawneh 
Author-X-Name-First: Jamal 
Author-X-Name-Last: Khasawneh 
Title: Efficiency tests and volatility effects: evidence from the Jordanian stock market 
Abstract:
  This paper examines the efficiency of the Jordanian stock exchange and
 the relationship between returns and conditional volatility. An
 AR(1)-GARCH(1,1)-M model is estimated for five daily indices. The
 empirical results indicate significant departures from the efficient
 market hypothesis; in only two cases there is a significant relationship
 between risk and return, and returns tend to exhibit high persistent
 volatility clustering. 
Journal: Applied Economics Letters 
Pages: 817-821 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210161931 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210161931&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Resende 
Author-X-Name-First: M. 
Author-X-Name-Last: Resende 
Author-Name: L. O. Facanha 
Author-X-Name-First: L. O. 
Author-X-Name-Last: Facanha 
Title: Privatization and efficiency in Brazilian telecommunications: an empirical study 
Abstract:
  This article evaluates the technical efficiency in Brazilian
 telecommunications after privatization by comparing the relative
 efficiency scores for July 1998 and December 1999, obtained by means of
 Data Envelopment Analysis methodology. The main result indicated that no
 differential levels of efficiency could be detected across the two
 periods. Moreover there was evidence of a decreasing returns to scale
 pattern in 1999. 
Journal: Applied Economics Letters 
Pages: 823-826 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210128811 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210128811&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Sosvilla-Rivero 
Author-X-Name-First: Simon 
Author-X-Name-Last: Sosvilla-Rivero 
Author-Name: Julian Andrada-Felix 
Author-X-Name-First: Julian 
Author-X-Name-Last: Andrada-Felix 
Author-Name: Fernando Fernandez-Rodriguez 
Author-X-Name-First: Fernando 
Author-X-Name-Last: Fernandez-Rodriguez 
Title: Further evidence on technical trade profitability and foreign exchange intervention 
Abstract:
  New evidence is presented on the positive correlation between returns
 from technical trading rules and periods of central bank intervention. To
 that end, the profitability of a trading strategy based on
 nearest-neighbour (nonlinear) predictors is evaluated, which may be viewed
 as a generalization of graphical methods widely used in financial markets.
 Daily data on the US dollar/Deutschmark and US dollar/Japanese Yen
 covering the 1 February 1982-31 December 1996 period are used. The results
 suggest that the exclusion of days of US intervention implies a
 substantial reduction in all profitability indicators (net returns, ideal
 profit measure, Sharpe ratio and directional forecast), being the
 reduction grater in the US dollar-Deutschmark case than in the US
 dollar-Japanese yen case. 
Journal: Applied Economics Letters 
Pages: 827-832 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210137802 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210137802&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shujie Yao 
Author-X-Name-First: Shujie 
Author-X-Name-Last: Yao 
Author-Name: Zongyi Zhang 
Author-X-Name-First: Zongyi 
Author-X-Name-Last: Zhang 
Title: Economic growth and diverging clubs: a case study of the Chinese regions 
Abstract:
  A production model is proposed to explain why economic growth may lead to
 regional inequality and club divergence. Economic growth starts from a few
 centres and spills over to other regions. The spillover effect diminishes
 as distance rises, causing club formation with a clear geographical
 pattern. 
Journal: Applied Economics Letters 
Pages: 833-836 
Issue: 12 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210161940 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210161940&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Yen 
Author-X-Name-First: Steven 
Author-X-Name-Last: Yen 
Title: An econometric analysis of household donations in the USA 
Abstract:
  This study investigates philanthropy, an American tradition. A censored
 system of donation equations is estimated by full-information maximum
 likelihood, using data from the 1995 Consumer Expenditure Survey. Results
 suggest that the censored system estimates are more appropriate than the
 single-equation estimates attempted in much of the donation literature.
 Income, age, and education are contributing factors of donation,
 regardless of whether it is to charity, religious organizations, or other
 organizations. 
Journal: Applied Economics Letters 
Pages: 837-841 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210148189 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210148189&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vassilis Monastiriotis 
Author-X-Name-First: Vassilis 
Author-X-Name-Last: Monastiriotis 
Title: Human capital and wages: evidence for external effects from the UK regions 
Abstract:
  A large panel of regional UK data is used to provide detailed estimates
 of the direct and external effects of education and labour market
 experience on wages. The results offer strong evidence in support of the
 predictions of the endogenous growth theory (Lucas, 1988), where the -
 spatial or sectoral - concentration of human capital is expected to
 generate increasing returns in the production process. The findings are
 stronger for labour market experience, while no supportive evidence is
 found for the case of years of schooling. Possibly, better data on the
 quality of educational qualifications could offer a better measurement of
 the external education effects. 
Journal: Applied Economics Letters 
Pages: 843-846 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210148198 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210148198&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: William Darity 
Author-X-Name-First: William 
Author-X-Name-Last: Darity 
Author-Name: Darrick Hamilton 
Author-X-Name-First: Darrick 
Author-X-Name-Last: Hamilton 
Author-Name: Jason Dietrich 
Author-X-Name-First: Jason 
Author-X-Name-Last: Dietrich 
Title: Passing on blackness: Latinos, race, and earnings in the USA 
Abstract:
  One strategy to address the charge that previous statistical measures
 overestimate the degree of antiblack discrimination in the US labour
 market because cultural factors have been omitted, has been to control for
 culture and vary colour. The procedure is to examine labour market
 outcomes for all persons self-reporting their ancestry as Hispanic (or
 Latino) while comparing outcomes among them based upon their self-reported
 race. The results demonstrate that black Latinos, especially males, suffer
 substantial discriminatory losses in wages. However, there are two
 problems: (1) a very small proportion of Latinos self-report themselves as
 black and (2) controlling for culture by combining all persons with Latino
 ancestry, regardless of specific national origin, into the gross category
 of Hispanic is potentially unsatisfactory. In this paper, the Hispanic
 population is disaggregated by nationality using the 5% Public Use Micro
 Sample from the 1980 and 1990 censuses to compare outcomes by
 self-reported race. It is still found that male Latino blacks, regardless
 of their specific national subgroups, were subjected to significant wage
 discrimination. The paper also reports on studies that have used the
 Latino National Political Survey that demonstrates that Hispanics tend to
 self-identify as black at rates inconsistent with the ascriptive profile
 of the Latino population. It is explained why this suggests that Latinos
 who choose to self-report their race as black in the US censuses genuinely
 are likely to 'look black' by American norms. 
Journal: Applied Economics Letters 
Pages: 847-853 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210149133 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210149133&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cem Baslevent 
Author-X-Name-First: Cem 
Author-X-Name-Last: Baslevent 
Title: Preference of the unemployed between full-time and part-time jobs 
Abstract:
  This paper examines the factors that determine the preference of the
 unemployed between the employment states of part-time, full-time, and
 either kind of job. Evidence is sought in support of an ordering between
 the three choices and find that the ordering which places the 'either'
 category in the middle is the most sensible. 
Journal: Applied Economics Letters 
Pages: 855-857 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210150898 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210150898&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Murat Do&#x11f;anlar 
Author-X-Name-First: Murat 
Author-X-Name-Last: Do&#x11f;anlar 
Title: Estimating the impact of exchange rate volatility on exports: evidence from Asian countries 
Abstract:
  The paper examines the impact of exchange rate volatility on the exports
 of five Asian countries. The countries are Turkey, South Korea, Malaysia,
 Indonesia and Pakistan. The impact of a volatility term on exports is
 examined by using an Engle-Granger residual-based cointegrating technique.
 The results indicate that the exchange rate volatility reduced real
 exports for these countries. This might mean that producers in these
 countries are risk-averse. The producers will prefer to sell in domestic
 markets rather than foreign markets if the exchange rate volatility
 increases. 
Journal: Applied Economics Letters 
Pages: 859-863 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210150906 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210150906&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yasuo Nakanishi 
Author-X-Name-First: Yasuo 
Author-X-Name-Last: Nakanishi 
Title: Employment and IT capital in Japan 
Abstract:
  The purpose of this article is to investigate the relation of employment
 and IT capital. In particular, it examines whether employment increases or
 decreases as IT capital increases. The elasticity of substitution between
 IT capital and labour has drastically increased in the latter part of the
 measuring period. An increase in capital and IT capital was associated
 with a reduction of labour. Recently, the impact of IT capital on labour
 demand has increased. 
Journal: Applied Economics Letters 
Pages: 865-867 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210150915 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210150915&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Title: Financial development and economic growth in Mainland China: a note on testing demand-following or supply-leading hypothesis 
Abstract:
  In this note two competing hypotheses are empirically tested, namely
 those of the demand-following and supply-leading, using multivariate VAR
 models for Mainland China over the period 1987Q1 to 1999Q4. Johansen
 cointegration results indicate that there exists one cointegrating vector
 among GDP, financial development and the degree of openness of three
 variables. The results from Granger causality tests based on multivariate
 error-correction models (ECM) suggest independence between financial
 development and economic growth. This empirical result supports neither
 the demand-following nor the supply-leading hypothesis for Mainland China. 
Journal: Applied Economics Letters 
Pages: 869-873 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210158962 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210158962&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Andoh 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Andoh 
Author-Name: David Chappell 
Author-X-Name-First: David 
Author-X-Name-Last: Chappell 
Title: Stability of the money demand function: evidence from Ghana 
Abstract:
  This paper estimates the demand for money (M2) in Ghana for the period
 1960 to 1996. The hypothesis is that the different macroeconomic
 adjustment policies (privatization, removal of foreign exchange controls
 etc.) which began in the mid 1980s would alter the demand for money
 function. The results of the study clearly show a structural break in the
 demand for money function in 1983. 
Journal: Applied Economics Letters 
Pages: 875-878 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210158971 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210158971&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiaoming Li 
Author-X-Name-First: Xiaoming 
Author-X-Name-Last: Li 
Author-Name: Jian Xu 
Author-X-Name-First: Jian 
Author-X-Name-Last: Xu 
Title: A note on New Zealand Stock Market efficiency 
Abstract:
  This paper studies the efficient market hypothesis using four New Zealand
 Stock Exchange indexes (NZSE 10, NZSE 30, NZSE 40, and NZSE SC) within the
 random walk, cointegration and Granger causality test framework. The test
 results have shown that the small-firm stock market is semistrong form
 efficient to a certain degree. However, results concerning large firms are
 sensitive to the choice of index. The share market of the top ten
 companies only is not even weak-form efficient, while the share markets
 covering the top 30 and 40 large companies are weak-form efficient but not
 semistrong form efficient. 
Journal: Applied Economics Letters 
Pages: 879-883 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210158980 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210158980&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Miles Cahill 
Author-X-Name-First: Miles 
Author-X-Name-Last: Cahill 
Title: Diminishing returns to GDP and the Human Development Index 
Abstract:
  This paper investigates the assumption of the human development index
 (HDI) that per capita GDP has diminishing returns to development.
 Alternative returns to scale assumptions for per capita GDP are evaluated
 using correlation and principal components analyses conducted on four
 separate samples of countries. Specifically, the correlation between
 various transformations of GDP and the other elements of the HDI are
 examined, and the principal components method of factor analysis is used
 to construct HDI-like indexes with the alternative transformations of GDP.
 Results generally support the diminishing returns assumption employed by
 the HDI, as a concave transformation of GDP is most highly correlated with
 the other variables, and the corresponding principal components HDI
 construction explains the largest amount of the variance of the original
 variables. 
Journal: Applied Economics Letters 
Pages: 885-887 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210158999 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210158999&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tai-Yung Kam 
Author-X-Name-First: Tai-Yung 
Author-X-Name-Last: Kam 
Author-Name: Jwu-Rong Lin 
Author-X-Name-First: Jwu-Rong 
Author-X-Name-Last: Lin 
Title: The effects of the pollution cost internalization on Taiwan's hog industry 
Abstract:
  Duality theory is utilized to develop a translog profit function (TPF)
 which includes one output (hog), three variable inputs (labour, fodder,
 and piglet), four fixed inputs (capital, farm size, location, and
 pollution cost). Based on the trade theory for small country, the factors
 of corn and soybean imports are introduced into the TPF model to examine
 the effects of pollution cost internalization on Taiwan's hog supply,
 input demand, and cereal imports, respectively. Through the analysis of
 output supply and input demand elasticities, the empirical results show
 that hog supply decreases 1.60%. The demands for labour, fodder, and
 piglets decrease 4.18%, 1.44%, and 1.3Percnt;, respectively. The decrease
 in fodder demanded leads the importation of corn and soybean to decrease
 1.58% and 1.43%, respectively. 
Journal: Applied Economics Letters 
Pages: 889-892 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210159006 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210159006&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Author-Name: Hamid Beladi 
Author-X-Name-First: Hamid 
Author-X-Name-Last: Beladi 
Title: Arranged or love marriage? That is the question 
Abstract:
  Although arranged and love marriages have been around for a long time
 there seems to be no comparative analyses in the economics literature of
 the relative merits of one or the other kind of marriage. As such, the
 purpose of this note is to conduct a theoretical inquiry into the
 desirability of arranged versus love marriages. A simple model of decision
 making in a dynamic and stochastic setting is analysed and it is shown
 that the decision to have an arranged or a love marriage depends on a
 comparison of the expected amount of time it takes the agent's
 well-wishers to find a spouse with the expected total time it takes this
 agent to find a spouse by himself or herself. 
Journal: Applied Economics Letters 
Pages: 893-897 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210161959 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210161959&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Laura Mun Oz 
Author-X-Name-First: Laura Mun 
Author-X-Name-Last: Oz 
Author-Name: Pilar Olave 
Author-X-Name-First: Pilar 
Author-X-Name-Last: Olave 
Author-Name: Manuel Salvador 
Author-X-Name-First: Manuel 
Author-X-Name-Last: Salvador 
Title: Variations in returns/volatility and persistence in variance. An application to the Spanish stock market 
Abstract:
  A methodology is proposed to select the information set in ARMA-GARCH
 models in order to forecast the future evolution of an univariate
 heteroscedastic time series when it is suspected that the DGP is time
 changing. Using this methodology the stability of the DGP in the Spanish
 Stock Market is analysed. In this case it is shown that the DGP is
 time-varying and, in particular, the persistence in variance is
 over-valued using classical methods. Furthermore, the predictive intervals
 obtained have better coverage properties, by more adequately reflecting
 the uncertainty associated to the evolution of the time series being
 analysed. 
Journal: Applied Economics Letters 
Pages: 899-905 
Issue: 13 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210165847 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210165847&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sam Green 
Author-X-Name-First: Sam 
Author-X-Name-Last: Green 
Author-Name: Andrew Melnyk 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Melnyk 
Author-Name: Dennis Powers 
Author-X-Name-First: Dennis 
Author-X-Name-Last: Powers 
Title: Is economic freedom necessary for technology diffusion? 
Abstract:
  Benhabib and Spiegel (1996) argue that human capital increases
 technological diffusion and, as a result, has a positive effect on
 economic growth. When human capital is accounted for in this way they find
 that other institutional variables do not affect growth. Their finding are
 re-examined by considering the effects of economic freedom on technology
 spillovers, hence on growth, and it is found that the greater the economic
 freedom in a country, the greater the amount of technological diffusion.
 More generally, this research suggests that institutional variables which
 are captured by economic freedom do indeed have an impact on growth, but
 only through technological diffusion. However, after accounting for the
 effects of economic freedom on technological diffusion, there is only weak
 evidence that human capital has a positive effect on technological
 diffusion. 
Journal: Applied Economics Letters 
Pages: 907-910 
Issue: 14 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210135705 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210135705&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Miles 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Miles 
Title: Small sample behaviour of quantile estimators 
Abstract:
  The Koenker and D'Orey (Econometrica, 46, pp. 43-61, 1987) algorithm is
 compared with the Minimum Distance estimator proposed by Buchinsky
 (Econometrica, 62, pp. 405-58, 1994) to estimate the parameters of
 conditional quantiles specified as linear models. 
Journal: Applied Economics Letters 
Pages: 911-913 
Issue: 14 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210137794 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210137794&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Chevalier 
Author-X-Name-First: A. 
Author-X-Name-Last: Chevalier 
Author-Name: T. K. Viitanen 
Author-X-Name-First: T. K. 
Author-X-Name-Last: Viitanen 
Title: The causality between female labour force participation and the availability of childcare 
Abstract:
  It is typically found that the labour force participation of women is
 negatively affected by the presence of young children. This paper focuses
 on the causality, in the sense of Granger's definition, between the
 participation of mothers of young children and childcare provision. It is
 found that childcare Granger causes participation without feedback, which
 supports the claim that women could be constrained in their participation
 by the lack of childcare facilities. The absence of a feedback mechanism
 raises the issue of childcare supply not reacting to market mechanisms. 
Journal: Applied Economics Letters 
Pages: 915-918 
Issue: 14 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210138469 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210138469&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. -H. Chung 
Author-X-Name-First: J. -H. 
Author-X-Name-Last: Chung 
Title: An empirical analysis on government capital controls and international capital flows in Korea 
Abstract:
  The present paper analyses government controls of international capital
 flows using Korean data. First, indexes of liberalizations are constructed
 on controls of capital inflows and outflows based on documented policy
 changes made by the Korean government. Second, VAR models are estimated
 that include the constructed capital liberalization indexes, capital
 flows, and other macroeconomic variables. It is found that capital inflows
 increase persistently after shocks to liberalization policy while capital
 outflows increase temporally. It is also found that shocks to
 liberalization of capital outflows attract capital inflows, a result
 explicable by two competing theories - that liberalization of capital
 outflows: (1) removes investment irreversibility; and (2) signals more
 friendly government policy in the future. Examination of the effects of
 separate capital liberalization measures concerning only Korean residents
 and those concerning only nonresidents confirms the importance of the
 'signal effect'. 
Journal: Applied Economics Letters 
Pages: 919-923 
Issue: 14 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210138487 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210138487&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Costas Milas 
Author-X-Name-First: Costas 
Author-X-Name-Last: Milas 
Author-Name: Jesus Otero 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Otero 
Title: Smooth transition vector error correction models for the spot prices of coffee 
Abstract:
  The nonlinear behaviour of four coffee price series is examined, that is,
 unwashed Arabicas (i.e. coffee from Brazil), Colombian Mild Arabicas (i.e.
 coffee from Colombia), other Mild Arabicas (i.e. coffee from other Latin
 American countries), and Robusta coffee (i.e. coffee from Africa and
 Southeast Asia). First is identified the cointegrating relationships and
 then that these enter the error correction equations in a nonlinear way is
 shown. The estimates suggest a rather common pattern of nonlinear
 adjustment for the same variety Arabica coffees. 
Journal: Applied Economics Letters 
Pages: 925-928 
Issue: 14 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210138513 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210138513&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Author-Name: Seung-Jun Kwak 
Author-X-Name-First: Seung-Jun 
Author-X-Name-Last: Kwak 
Title: Using a spike model to deal with zero response data from double bounded dichotomous choice contingent valuation surveys 
Abstract:
  Modelling public behaviour with the data from double bounded dichotomous
 choice contingent valuation surveys is often complicated by zero
 willingness to pay (WTP) responses in the sample. To deal with the zero
 response data to obtain an appropriate welfare measure such as the mean
 and median WTP, the spike model suggested by Kristrom (American Journal
 Agricultural Economics, 79, 1013-23, 1997) is used. The overall results
 indicate that the spike model outperforms the conventional model
 significantly. 
Journal: Applied Economics Letters 
Pages: 929-932 
Issue: 14 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210139378 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210139378&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Prazmowski 
Author-X-Name-First: Peter 
Author-X-Name-Last: Prazmowski 
Title: Endogenous credibility and stabilization programmes: evidence from the Dominican Republic 
Abstract:
  This paper analyses the impact of policy misalignments and structural
 reform policies on credibility and the long-term success of an exchange
 rate based (ERB) stabilization programme to reduce inflationary inertia. A
 controlled signal state-space model is used to test this hypothesis for
 the Dominican Republic, a country that introduced an ERB programme in the
 early 1990s. The results indicate that fiscal and monetary malpractice
 will deteriorate credibility whereas structural reform policies, when
 perceived as beneficial, will enhance credibility, contributing to
 economic stability. 
Journal: Applied Economics Letters 
Pages: 933-937 
Issue: 14 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210139387 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210139387&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Houston 
Author-X-Name-First: Robert 
Author-X-Name-Last: Houston 
Author-Name: Dennis Wilson 
Author-X-Name-First: Dennis 
Author-X-Name-Last: Wilson 
Title: Income, leisure and proficiency: an economic study of football performance 
Abstract:
  The influence of income, across countries, on the proficiency of leisure,
 as measure by international football achievement is addressed. It is
 widely concluded that leisure is a normal good, however; little research
 has been conducted on the influences of efforts to become proficient at a
 specific leisure activity. While the law of diminishing marginal
 productivity indicates that leisure proficiency will increase at a
 decreasing rate with increases in time allocated toward the leisure
 activity, the second-order effect of income on neither leisure nor leisure
 proficiency can theoretically be determined. To estimate these effects, an
 empirical examination of FIFA's World Rankings has been conducted. The
 results indicate that leisure proficiency on an aggregate level is
 positively associated with income and increases at a decreasing rate. This
 subsequently provides evidence that the consumption of leisure on an
 aggregate level also increases at a decreasing rate with increases in
 income. 
Journal: Applied Economics Letters 
Pages: 939-943 
Issue: 14 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210140150 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210140150&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Hans Matthews 
Author-X-Name-First: Peter Hans 
Author-X-Name-Last: Matthews 
Author-Name: Ivan Kandilov 
Author-X-Name-First: Ivan 
Author-X-Name-Last: Kandilov 
Author-Name: Bradford Maxwell 
Author-X-Name-First: Bradford 
Author-X-Name-Last: Maxwell 
Title: Interstate differences in insured unemployment: some recent evidence 
Abstract:
  Recent panel data is used to reconsider the determinants of interstate
 differences in the ratio of insured to total unemployment. It is concluded
 that previous research on the influence of replacement rates, duration of
 jobless spells and female labour force participation is robust, but it is
 found that political affiliations and attitudes could be more important,
 and unionization rates less important, than once believed. 
Journal: Applied Economics Letters 
Pages: 945-948 
Issue: 14 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210141726 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210141726&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Guillaume Sahuc 
Author-X-Name-First: Jean-Guillaume 
Author-X-Name-Last: Sahuc 
Title: A 'hybrid' monetary policy model: evidence from the Euro area 
Abstract:
  The New IS and Phillips curves state that output and inflation are purely
 forward-looking but this theory is conflicting with the empirical results.
 This note analyses how some augmented version of those curves, called
 hybrid IS and Phillips curves are more consistent with the data
 properties. 
Journal: Applied Economics Letters 
Pages: 949-955 
Issue: 14 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210146686 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210146686&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Vazquez 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Vazquez 
Title: The co-movement between output and prices in the EU15 countries: an empirical investigation 
Abstract:
  The paper studies the co-movement between output and prices in the EU15
 countries. Following Den Haan, the correlations of VAR forecast errors at
 different horizons are used to analyse the dynamics in the output-price
 relationship. The empirical results show that ten countries display a
 significant negative co-movement between output and prices in the 'long
 run' whereas this is positive in the 'short run' only for three countries.
 Finally, four countries do not exhibit any significant co-movement. 
Journal: Applied Economics Letters 
Pages: 957-966 
Issue: 14 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210146695 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210146695&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alberto Davila 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Davila 
Author-Name: Erika Mendez 
Author-X-Name-First: Erika 
Author-X-Name-Last: Mendez 
Title: Mortgage lending and the entrepreneur 
Abstract:
  While existing literature assumes that financial institutions penalize
 entrepreneurs because of this group's perceived higher income risk, this
 paper contends the opposite, owing to, for example, potentially profitable
 customer relationships that financial institutions might have with
 entrepreneurs and the stylized fact that these institutions provide more
 flexible guidelines to the home mortgage applications of entrepreneurs.
 The 1995 National Microdata file of the American Housing Survey is
 employed to empirically address and provide support for this contention. 
Journal: Applied Economics Letters 
Pages: 967-970 
Issue: 15 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210146703 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210146703&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jason Shogren 
Author-X-Name-First: Jason 
Author-X-Name-Last: Shogren 
Author-Name: Randy Moffett 
Author-X-Name-First: Randy 
Author-X-Name-Last: Moffett 
Author-Name: Michael Margolis 
Author-X-Name-First: Michael 
Author-X-Name-Last: Margolis 
Title: Coasean bargaining with nonconvexities 
Abstract:
  It is found that nonconvexities do not reduce the overall efficiency of
 Coasean bargaining in the laboratory. Also, it is observed that most
 bargainers act in their own constrained self-interest when bargaining over
 an efficient corner solution relative to the standard baseline case. 
Journal: Applied Economics Letters 
Pages: 971-977 
Issue: 15 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210148116 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210148116&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zijun Wang 
Author-X-Name-First: Zijun 
Author-X-Name-Last: Wang 
Author-Name: Victoria Salin 
Author-X-Name-First: Victoria 
Author-X-Name-Last: Salin 
Author-Name: Neal Hooker 
Author-X-Name-First: Neal 
Author-X-Name-Last: Hooker 
Author-Name: David Leatham 
Author-X-Name-First: David 
Author-X-Name-Last: Leatham 
Title: Stock market reaction to food recalls: a GARCH application 
Abstract:
  How food recalls due to bacterial contamination affect the stock prices
 of two companies are examined using a version of the financial market
 model that accounts for Generalized Autoregressive Conditional
 Heteroscedasticity (GARCH) effects. GARCH methodology was necessary to
 uncover the time-varying volatility in the series and it contributed to
 more efficient econometric results. The initial food recall undertaken by
 the company is associated with reduced mean returns and higher volatility
 of the companies studied. Repeated recalls by the same company are not
 associated with strong reactions. Volatility spillovers across firms
 suggest potential industry-wide repercussions from bacterial contamination
 incidents. 
Journal: Applied Economics Letters 
Pages: 979-987 
Issue: 15 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210148125 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210148125&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Qingbin Wang 
Author-X-Name-First: Qingbin 
Author-X-Name-Last: Wang 
Author-Name: Guanming Shi 
Author-X-Name-First: Guanming 
Author-X-Name-Last: Shi 
Author-Name: Yi Zheng 
Author-X-Name-First: Yi 
Author-X-Name-Last: Zheng 
Title: Changes in income inequality and welfare under economic transition: evidence from urban China 
Abstract:
  The paper examines the changes in income inequality and welfare in urban
 China from 1981 to 1999. While the Lorenz curves estimated using Kakwani's
 interpolation method indicate that the level of income inequality in urban
 China has increased significantly since 1981, welfare comparisons based on
 generalized Lorenz curves suggest that the rise in real average income has
 more than compensated for the increase in inequality and has therefore
 brought about continuous improvement in welfare since 1981, except in 1988
 and 1989 due to high inflation rates. Nevertheless, it is becoming very
 critical for China to develop welfare programmes and a social security
 system to provide a guaranteed living standard for low-income households. 
Journal: Applied Economics Letters 
Pages: 989-991 
Issue: 15 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210148134 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210148134&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anabela Botelho 
Author-X-Name-First: Anabela 
Author-X-Name-Last: Botelho 
Author-Name: Ligia Costa Pinto 
Author-X-Name-First: Ligia Costa 
Author-X-Name-Last: Pinto 
Title: Hypothetical, real, and predicted real willingness to pay in open-ended surveys: experimental results 
Abstract:
  This study reports the results of experiments designed to elicit, within
 a controlled laboratory environment, hypothetical and real willingness to
 pay for an environmental educational programme using the open-ended
 question format. By maintaining both the good and the question format
 constant across the treatments, the experiments overcome the shortcomings
 of recently reported experimental results, providing a clean test for
 hypothetical bias in open-ended valuations. Having found a statistically
 significant difference between the hypothetical and real values, the
 question of whether hypothetical valuations may nonetheless provide useful
 statistical information concerning individuals' real valuations is turned
 to. This question, which is perhaps the key question in the current state
 of the debate surrounding the contingent valuation method, is answered
 affirmatively in this study. 
Journal: Applied Economics Letters 
Pages: 993-996 
Issue: 15 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210148143 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210148143&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles Jacques 
Author-X-Name-First: Charles 
Author-X-Name-Last: Jacques 
Author-Name: B. Wade Brorsen 
Author-X-Name-First: B. Wade 
Author-X-Name-Last: Brorsen 
Title: Relationship between types of school district expenditures and student performance 
Abstract:
  An educational production function is estimated using achievement test
 scores to proxy school output, with socio-economic characteristics and
 expenditures in various categories as inputs. The data are school district
 level expenditures. Unlike most past research, a correction is made for
 the heteroscedasticity created by differences in school district size.
 Correcting for heteroscedasticity leads to statistical tests with greater
 power. Test scores were positively related to expenditures on instruction
 and instructional support, and are negatively related to expenditures on
 student support, such as counselling and school administration. The
 negative effect of counselling and administration could be due to
 counsellors taking up classroom time or administrators using classroom
 time with announcements or assemblies. Alternatively, the causality could
 go the other way. It could be that schools with problems hire more
 administrators and counsellors. The socioeconomic variables included may
 not fully capture the problems that a school faces. The results show that
 spending is useful when targeted towards instruction. The effect, although
 statistically significant, is not large. But, the research still finds
 that money matters if it is spent on instruction. 
Journal: Applied Economics Letters 
Pages: 997-1002 
Issue: 15 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210148161 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210148161&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Biewen 
Author-X-Name-First: Martin 
Author-X-Name-Last: Biewen 
Title: Measuring inequality in the presence of intra-household correlation 
Abstract:
  This note develops a method for computing confidence intervals for
 estimates of decomposable inequality indices when the sample is
 characterized by contemporaneous dependence across members of the same
 household. This is particularly relevant in the context of measuring
 inequality among wage earners. An application to the German wage
 distribution shows that the error made by not taking into account
 intra-household correlation is probably small in practical applications. 
Journal: Applied Economics Letters 
Pages: 1003-1006 
Issue: 15 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210148170 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210148170&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jai Mah 
Author-X-Name-First: Jai 
Author-X-Name-Last: Mah 
Title: The impact of globalization on income distribution: the Korean experience 
Abstract:
  The paper examines the impact of changes in trade values and FDI inflows
 on the Gini coefficients for Korea. The empirical evidence shows that the
 concerned variables can, in general, be assumed to be integrated of order
 one. Johansen-Juselius cointegration tests reveal that the Gini
 coefficients tend to increase with trade liberalization measures and FDI
 inflows. That is, the progress of globalization tends to deteriorate the
 situation of income inequalities in Korea, which supports the
 Feenstra-Hanson (1997) hypothesis. 
Journal: Applied Economics Letters 
Pages: 1007-1009 
Issue: 15 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210149124 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210149124&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sanjeev Gupta 
Author-X-Name-First: Sanjeev 
Author-X-Name-Last: Gupta 
Author-Name: Marijn Verhoeven 
Author-X-Name-First: Marijn 
Author-X-Name-Last: Verhoeven 
Author-Name: Erwin Tiongson 
Author-X-Name-First: Erwin 
Author-X-Name-Last: Tiongson 
Title: Decomposing social indicators using ecological inference 
Abstract:
  Cross-country data on the distribution of health indicators by income
 classes are rare. Several methods for estimating disaggregated data have
 been proposed. The method of decomposing average health indicators for the
 population as a whole into averages for the poor and nonpoor using a
 random coefficients model can lead to difficulties, including
 out-of-bounds country-level estimates. An alternative methodology from
 ecological inference is proposed. 
Journal: Applied Economics Letters 
Pages: 1011-1015 
Issue: 15 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210158269 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210158269&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Mahadevan 
Author-X-Name-First: R. 
Author-X-Name-Last: Mahadevan 
Title: Productivity growth in Australian manufacturing sector: some new evidence 
Abstract:
  This article examines the productivity performance of Australia's
 manufacturing sector by decomposing its output growth into input growth,
 technological progress and gains in technical efficiency. This three-way
 decomposition is done with an improved version of the stochastic frontier
 model using eight, two-digit industry level data from 1968/9 to 1994/5.
 Empirical evidence shows that input growth fueled output growth from
 1968/9 to 1973/4, but since then, total factor productivity (TFP) growth
 has been the main contributor of output growth. While the trend of TFP
 growth was found to be promising for most industries with positive and
 increasing technological progress, the negative gains from technical
 efficiency over time is however cause for concern. 
Journal: Applied Economics Letters 
Pages: 1017-1023 
Issue: 15 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210165829 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210165829&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Cain 
Author-X-Name-First: M. 
Author-X-Name-Last: Cain 
Author-Name: D. Peel 
Author-X-Name-First: D. 
Author-X-Name-Last: Peel 
Author-Name: D. Law 
Author-X-Name-First: D. 
Author-X-Name-Last: Law 
Title: Skewness as an explanation of gambling by locally risk averse agents 
Abstract:
  Within the expected utility framework skewness of return has been
 suggested as a rationale for why risk averse gamblers might choose to
 gamble when expected returns are negative. The argument is that
 risk-averse agents desire positive skewness, ceteris paribus, and are
 prepared to trade off a lower mean return for more skewness. This article
 demonstrates with a counter example that this argument is, in general,
 erroneous. 
Journal: Applied Economics Letters 
Pages: 1025-1028 
Issue: 15 
Volume: 9 
Year: 2002 
X-DOI: 10.1080/13504850210161913 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210161913&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Y. Hisamatsu 
Author-X-Name-First: Y. 
Author-X-Name-Last: Hisamatsu 
Title: Does foreign demand affect corruption? 
Abstract:
  This article examines the impact of foreign demand on corruption. It
 creates an index that represents foreign demand for corrupt acts and
 regress it on corruption perception index. The result is positive and
 statistically significant relationship. 
Journal: Applied Economics Letters 
Pages: 1-2 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210165838 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210165838&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Dalamagas 
Author-X-Name-First: B. 
Author-X-Name-Last: Dalamagas 
Title: Tax rate changes and fiscal deficits: an empirical investigation 
Abstract:
  This paper shows that changes in effective tax rates on capital income,
 labour income and consumption affect the incentives that individuals have
 to work and to accumulate capital, depending on the tax structure of each
 country. These incentive effects can induce large differences in the time
 paths of output and government deficits, thus (in)validating the dynamic
 Laffer curve proposition. 
Journal: Applied Economics Letters 
Pages: 3-7 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210165865 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210165865&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Baffes 
Author-X-Name-First: John 
Author-X-Name-Last: Baffes 
Author-Name: Jean-Charles Le Vallee 
Author-X-Name-First: Jean-Charles Le 
Author-X-Name-Last: Vallee 
Title: Unit roots versus trend stationarity in growth rate estimation 
Abstract:
  This paper estimates growth rates of quantity and trade variables of 32
 primary commodities for the periods 1970-1980, 1980-1990, and 1990-1999
 through log-linear trend regressions. The properties of the models were
 assessed through conventional and stationarity statistics. Based on Monte
 Carlo experiments, of the 105 regressions examined, in only 35 cases the
 error term was found to be stationary at the 5% level of significance,
 implying that in many cases the stochastic component is far more important
 in explaining the behaviour of the series under consideration, in turn
 implying that the validity of growth rates should be interpreted with some
 degree of caution. 
Journal: Applied Economics Letters 
Pages: 9-14 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210165874 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210165874&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. -Y. Ho 
Author-X-Name-First: K. -Y. 
Author-X-Name-Last: Ho 
Title: Long-run stock price performance after IPOs: what do tests for stochastic dominance tell us? 
Abstract:
  Traditional studies of long-run stock price abnormal performance after
 corporate events compare the mean returns of an event firm portfolio and a
 benchmark firm portfolio or index. However, it is well known that long-run
 abnormal returns are non-normal leading to problems with statistical
 inference on abnormal performance. Instead in this paper, the entire
 return distributions of event firms and the benchmark index using
 non-parametric tests of stochastic dominance are compared. Tests are
 applied for first and second order stochastic dominance to Ritter's (1991)
 IPO data. It is found, contrary to results that compare only mean returns,
 that IPO firms do not underperform a benchmark index. The results are
 robust to extreme values of buy-and-hold return of IPO firms and underline
 the fact that long-run abnormal performance measurement is sensitive to
 the methodology used. 
Journal: Applied Economics Letters 
Pages: 15-19 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210167197A 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210167197A&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frida Lie 
Author-X-Name-First: Frida 
Author-X-Name-Last: Lie 
Author-Name: Robert Faff 
Author-X-Name-First: Robert 
Author-X-Name-Last: Faff 
Title: Global industry betas 
Abstract:
  The stability of global industry betas is analysed over the twenty-year
 period 1975 to 1994. In addition, the impact of the October 1987
 international stock market crash on these betas is investigated.
 Generally, a considerable variation in betas is found. In terms of the
 effect of the 1987 stock market crash on beta risk, it is found that the
 magnitude of the effect of the crash varied markedly across industries. 
Journal: Applied Economics Letters 
Pages: 21-26 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210167197 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210167197&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Onno Lint 
Author-X-Name-First: Onno 
Author-X-Name-Last: Lint 
Author-Name: Enrico Pennings 
Author-X-Name-First: Enrico 
Author-X-Name-Last: Pennings 
Title: The V-shaped value evolution of R&D projects 
Abstract:
  On average the expected value at the moment of commercialization of an
 R&D project should remain constant during the different stages of new
 product development. Contrary to this intuition however, a systematic,
 non-constant pattern is found in the average expected value of an R&D
 project. First, the value declines after the initial screening, then rises
 after the first market analysis, but on average does not reach the initial
 level at the final stage of development when resources for market
 introduction are approved. Moreover, uncertainty about the project value
 declines over time. The findings suggest a V-shaped value function of R&D
 projects. The study seems to be the first attempt to make direct
 measurements of valuing R&D projects through time in a real managerial
 setting. 
Journal: Applied Economics Letters 
Pages: 27-32 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000016067 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000016067&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Long memory in the Spanish GDP using fractional integration with Bloomfield disturbances 
Abstract:
  The persistence of output in the Spanish economy is examined by means of
 looking at its order of integration. The procedure used is due to Robinson
 (Journal of the American Statistical Association, 89 1420-1437, 1994) that
 permits us to test I(d) statistical models. However, instead of assuming a
 fully parametric model, the case where the underlying I(0) disturbances
 follow the Bloomfield's (Biometrika, 60, 27-226, 1973) model is
 considered. In doing so, the potential loss of power of the tests is
 eliminated in the case of autoregressive disturbances. Also, this method
 permits determination of the degree of dependence of the series even in
 the presence of weakly autocorrelated disturbances. 
Journal: Applied Economics Letters 
Pages: 33-37 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210139396 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210139396&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. Rossini 
Author-X-Name-First: G. 
Author-X-Name-Last: Rossini 
Author-Name: P. Zanghieri 
Author-X-Name-First: P. 
Author-X-Name-Last: Zanghieri 
Title: A simple test of the role of foreign direct investment in the Feldstein- Horioka puzzle 
Abstract:
  The purpose of this article is to test the dependency of domestic
 investment on domestic saving in the Feldstein-Horioka spirit. Its
 innovation is to use a definition of investment that does not include
 foreign direct investment. It does so since FDI should not be considered
 in the intertemporal budget constraint of a recipient country and
 therefore should not be related to domestic saving in a meaningful way.
 Once it adopts, as the dependent variable, pure domestic investment the
 result is a weakened relationship between internal saving and investment. 
Journal: Applied Economics Letters 
Pages: 39-41 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210161869 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210161869&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Li 
Author-X-Name-First: M. 
Author-X-Name-Last: Li 
Author-Name: J. L. Tobias 
Author-X-Name-First: J. L. 
Author-X-Name-Last: Tobias 
Title: A semiparametric investigation of the school quality-gs relationship 
Abstract:
  This article estimates a partially linear model that permits
 non-linearities of unspecified form in the school quality-earnings
 relationship. It examines the joint effect of teacher education and
 pupil-teacher ratios on 1990 earnings using NLSY data. It finds some
 evidence of non-linearities in this relationship, and that teacher
 education has a positive effect on log wages at some points in the
 pupil-teacher ratio support. 
Journal: Applied Economics Letters 
Pages: 43-45 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210161887 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210161887&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. D. Byers 
Author-X-Name-First: J. D. 
Author-X-Name-Last: Byers 
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Title: Another example of a non-linear time series with misleading linear properties 
Abstract:
  Granger and Terasvirta provided an abstract example of a non-linear model
 that can generate data with the misleading linear property of long memory.
 They suggested that other non-linear models with this property are worth
 searching for. The empirical results of this article indicate that data
 generated from an exponential smooth transition autoregressive model can
 exhibit the long memory property whether in raw or temporally aggregated
 form. 
Journal: Applied Economics Letters 
Pages: 47-51 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210161904 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210161904&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Cain 
Author-X-Name-First: M. 
Author-X-Name-Last: Cain 
Author-Name: D. Law 
Author-X-Name-First: D. 
Author-X-Name-Last: Law 
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Title: Some analysis of the properties of the Harville place formulae when allowance is made for the favourite-long shot bias employing Shin Win probabilities 
Abstract:
Journal: Applied Economics Letters 
Pages: 53-57 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210161922 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210161922&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Miriam Chau RodrIGuez 
Author-X-Name-First: Miriam Chau 
Author-X-Name-Last: RodrIGuez 
Author-Name: Paul Turner 
Author-X-Name-First: Paul 
Author-X-Name-Last: Turner 
Title: Currency substitution and the demand for money in Mexico 
Abstract:
  Demand functions for broad money and foreign currency deposits are
 estimated using quarterly Mexican data for the period 1978:1 to 2000:4.
 Significant evidence is found for currency substitution in the broad money
 equation. While the demand function for foreign currency deposits is
 harder to interpret, significant evidence of substitution between domestic
 money balances and US$ deposits is found. 
Journal: Applied Economics Letters 
Pages: 59-62 
Issue: 1 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000035868 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000035868&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Y. Kandogan 
Author-X-Name-First: Y. 
Author-X-Name-Last: Kandogan 
Title: Reconsidering the adjustment costs of the Europe agreements 
Abstract:
  The paper argues that vertical intra-industry trade (IIT) should be
 separated from horizontal IIT to have a better judgement about adjustment
 costs of a trade liberalization, contrary to the assumption in the
 literature that all IIT changes are costless. A simple method to decompose
 IIT is presented. Using this method, it is seen that, contrary to
 expectations, after the Europe Agreements, share of vertical IIT has not
 increased much between Germany and Central and Eastern European countries.
 However, when adjustment costs are analysed, it is seen that the resulting
 labour displacement has been substantial, explaining partly the EU's
 reluctant approach in these agreements. 
Journal: Applied Economics Letters 
Pages: 63-68 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210138478 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210138478&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wojciech Charemza 
Author-X-Name-First: Wojciech 
Author-X-Name-Last: Charemza 
Author-Name: Zbigniew Kominek 
Author-X-Name-First: Zbigniew 
Author-X-Name-Last: Kominek 
Title: Speculative processes and stable distributions: some simulation results 
Abstract:
  This paper investigates the relationship between parameters of stable
 distributions and characteristics of speculative processes. An empirically
 feasible estimation method of parameters of speculative processes through
 a conversion from stable distribution parameters is suggested. 
Journal: Applied Economics Letters 
Pages: 69-72 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210141717 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210141717&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lorenzo Serrano 
Author-X-Name-First: Lorenzo 
Author-X-Name-Last: Serrano 
Title: Measurement error in schooling data: the OECD case 
Abstract:
  The effect of human capital is difficult to estimate in cross-country
 analysis due to measurement errors in schooling data. Using data for OECD
 countries over the period 1960-1990, the reliability of the widely used
 Barro and Lee's data set and also the new De la Fuente and Domenech's data
 set is analysed. Results show that both suffer from measurement errors,
 but the latter seems to reflect the rate of growth of schooling more
 accurately, especially when taking long differences. 
Journal: Applied Economics Letters 
Pages: 73-75 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210148099 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210148099&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: N. T. Valev 
Author-X-Name-First: N. T. 
Author-X-Name-Last: Valev 
Author-Name: J. A. Carlson 
Author-X-Name-First: J. A. 
Author-X-Name-Last: Carlson 
Title: Sources of dispersion in consumer inflation forecasts 
Abstract:
  Cross-section dispersion of expected inflation is often explained by
 differences in information sets across agents, but there is little
 empirical evidence attesting to that. This paper uses unique survey data
 from Bulgaria to show that consumers' perceptions of past movements and
 expectations of future movements in the general price level are influenced
 by their direct observations of the price dynamics of particular products. 
Journal: Applied Economics Letters 
Pages: 77-81 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210148152 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210148152&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michele Costa 
Author-X-Name-First: Michele 
Author-X-Name-Last: Costa 
Title: The factor structure of financial markets: a simulation study of the Italian case 
Abstract:
  This article develops a new information criterion for the analysis of the
 factor structure of financial markets. The new proposal is obtained by
 resorting to a Monte Carlo experiment, which allows one to evaluate the
 behaviour of different information criteria by a priori knowing the true
 number of unobservable factors. The financial markets factor structure is
 found to be different from those suggested by traditional factor analysis
 methods, and for the Italian stock market in particular, only two or three
 factors are signalled. 
Journal: Applied Economics Letters 
Pages: 83-86 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210150924 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210150924&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Natalia Aldaz 
Author-X-Name-First: Natalia 
Author-X-Name-Last: Aldaz 
Author-Name: JoaquIn MillAN 
Author-X-Name-First: JoaquIn 
Author-X-Name-Last: MillAN 
Title: Regional productivity of Spanish agriculture in a panel DEA framework 
Abstract:
  A new procedure for the measurement of efficiency and technical change is
 presented, using DEA with full panel data. Under the assumption of
 non-regressive technical change, upper and lower bounds for efficiency and
 technical change are obtained. The results for Spanish regional
 agriculture are compared with those in Millan and Aldaz (1998). 
Journal: Applied Economics Letters 
Pages: 87-90 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210138504 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210138504&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Apergis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Apergis 
Title: Testing Purchasing Power Parity: results from a new foreign exchange market 
Abstract:
  This study examines whether the Purchasing Power Parity hypothesis holds
 in the foreign exchange market of Armenia, following the initiation of an
 independent foreign exchange market, after the country seceded from the
 Soviet Union and the rouble zone in 1993. OLS and highly efficient unit
 root tests provide results suggesting that PPP fails to hold both in the
 short-run and in the long-run, respectively. In addition, variance
 decompositions justify - in terms of the Balassa-Samuelson effect - why in
 the long-run the PPP is rejected by identifying real shocks as the main
 determinant of the Dram real exchange rate. 
Journal: Applied Economics Letters 
Pages: 91-95 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000029306 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000029306&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Basil Dalamagas 
Author-X-Name-First: Basil 
Author-X-Name-Last: Dalamagas 
Title: The effects of tax rate changes on output and government deficits 
Abstract:
  In this paper, it is shown that changes in effective tax rates on capital
 income, labour income and consumption affect the incentives that
 individuals have to work and to accumulate capital, depending on the tax
 structure of each country. These incentive effects can induce large
 differences in the time paths of output and government deficits, thus
 (in)validating the dynamic Laffer curve proposition. 
Journal: Applied Economics Letters 
Pages: 97-101 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000035877 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000035877&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: L. A. Gil-Alana 
Author-X-Name-First: L. A. 
Author-X-Name-Last: Gil-Alana 
Title: Confidence intervals for the seasonal fractional differencing parameter in the US monetary aggregate 
Abstract:
  Confidence intervals for the seasonal fractional differencing parameter
 are established in this article for several measures of the US monetary
 aggregate. They are based on a testing procedure following Robinson and
 the results indicate that these confidence intervals are in all cases
 below 1, the seasonal unit roots being rejected in favour of smaller
 degrees of integration. 
Journal: Applied Economics Letters 
Pages: 103-105 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000038540 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000038540&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Bautista 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Bautista 
Title: Interest rate-exchange rate dynamics in the Philippines: a DCC analysis 
Abstract:
  This article examines interest rate-exchange rate interaction using
 dynamic conditional correlation (DCC) analysis, a multivariate GARCH
 method. Weekly Philippine data from 1988 to 2000 are used in the study.
 The results show that the correlation between these variables is far from
 constant. Structural changes in the correlation structure are largely seen
 to be the effects of policies or policy responses to exogenous events. The
 shift in the direction of correlation, observed after the liberalization
 of the capital markets in 1993, is shown as evidence. Strong positive
 correlations observed during the two crisis episodes covered by the study
 present evidence of ineffective interest rate defense of the currency. 
Journal: Applied Economics Letters 
Pages: 107-111 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000040970 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000040970&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jen-Je Su 
Author-X-Name-First: Jen-Je 
Author-X-Name-Last: Su 
Title: Convergence clubs among 15 OECD countries 
Abstract:
  This study investigates the question of convergence among 15 OECD
 countries, where convergence is defined in several ways, for example as
 joint stationarity of differences of log per capita real output. No
 convergence is found for the entire set of OECD countries, so a clustering
 algorithm is used to identify sets of countries for which convergence
 occurs. The sensitivity of these 'convergence clubs' is investigated to
 the definition of convergence, the data used, and various details of the
 econometric procedure. 
Journal: Applied Economics Letters 
Pages: 113-118 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000040989 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000040989&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Li 
Author-X-Name-First: M. 
Author-X-Name-Last: Li 
Title: A model-combined estimator of elasticity of scale 
Abstract:
  Zellner and Ryu examined several popular specifications of elasticity of
 scale that characterizes production functions. This note goes further by
 combining these functional forms and proposing a model-averaged estimator
 of elasticity of scale. The methodology used in Bayesin Model Averaging,
 and the procedure is illustrated by an empirical example. Results show
 that the data clearly prefer some models over the others, but it can be
 difficult to select a model that overwhelmingly dominates the rest. This
 model-combined estimator of elasticity of scale is free of choosing a
 single specification from many competing ones. Moreover, this approach is
 readily applicable to comparable issues regarding production functions. 
Journal: Applied Economics Letters 
Pages: 119-122 
Issue: 2 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000041005 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000041005&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Millimet 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Millimet 
Author-Name: Daniel Slottje 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Slottje 
Title: Industrial and environmental specialization 
Abstract:
  The presence of threshold effects or convex damage functions implies that
 the composition of pollutants may be as important in the determination of
 health outcomes as the level of pollution. As such, greater specialization
 in particular environmental hazards may suggest increasing costs from
 pollution even if overall pollution levels are declining. Using panel data
 from the US, it is verified that 'environmental specialization' is
 important, and likely to increase in the future due to greater industrial
 specialization. 
Journal: Applied Economics Letters 
Pages: 123-128 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000041023 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000041023&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vicent AragO-Manzana 
Author-X-Name-First: Vicent 
Author-X-Name-Last: AragO-Manzana 
Author-Name: M Angeles Fernandezizquierdo 
Author-X-Name-First: M Angeles 
Author-X-Name-Last: Fernandezizquierdo 
Title: Monthly seasonality of the returns and volatility of the IBEX-35 index and its futures contract 
Abstract:
Journal: Applied Economics Letters 
Pages: 129-133 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000041041 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000041041&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Hatemi-J 
Author-X-Name-First: A. 
Author-X-Name-Last: Hatemi-J 
Title: A new method to choose optimal lag order in stable and unstable VAR models 
Abstract:
  A crucial aspect of empirical research based on the vector autoregressive
 (VAR) model is the choice of the lag order, since all inference in the VAR
 model is based on the chosen lag order. Here, a new information criterion
 is introduced for this purpose. The conducted Monte Carlo simulation
 experiments show that this new information criterion performs well in
 picking the true lag order in stable as well as unstable VAR models. 
Journal: Applied Economics Letters 
Pages: 135-137 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000041050 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000041050&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank A. G. Den Butter 
Author-X-Name-First: Frank A. G. Den 
Author-X-Name-Last: Butter 
Author-Name: Florian Eppink 
Author-X-Name-First: Florian 
Author-X-Name-Last: Eppink 
Title: The influence of labour flows on wage drift: an empirical analysis for The Netherlands 
Abstract:
  The wage level in The Netherlands is, by a large part, determined in
 collective labour agreements. However, the result of the processes of job
 destruction, job creation and job-to-job mobility is that workers move
 from less productive to more productive jobs. The empirical analysis shows
 that the resulting productivity gains are reflected in the wage drift,
 i.e. wage increases which are not part of the collective agreements. Yet,
 the size of the effects appears to be rather modest. 
Journal: Applied Economics Letters 
Pages: 139-142 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000041069 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000041069&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Ege Yazgan 
Author-X-Name-First: M. Ege 
Author-X-Name-Last: Yazgan 
Title: The purchasing power parity hypothesis for a high inflation country: a re-examination of the case of Turkey 
Abstract:
  The long-run purchasing power parity (PPP) hypothesis is re-examined for
 Turkey and strong evidence on long-run PPP is provided by using standard
 multivariate cointegration techniques. It is argued that the refutation of
 PPP by Telatar and Kazdagli does not necessarily imply the failure of
 taking the non-linearity in real exchange rate adjustment into account, as
 proposed by Sarno, but it may be due to the use of univariate framework
 for testing PPP chosen by Telatar and Kazdagli. By using persistence
 profiles, half-life deviations from PPP are estimated as low as one and a
 half years. Since these estimates are substantially lower than those
 previously obtained in the literature, the analysis suggests that high
 inflation environment does not constitute a case for the PPP puzzle. 
Journal: Applied Economics Letters 
Pages: 143-147 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000041078 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000041078&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ross Guest 
Author-X-Name-First: Ross 
Author-X-Name-Last: Guest 
Author-Name: Ian Mcdonald 
Author-X-Name-First: Ian 
Author-X-Name-Last: Mcdonald 
Title: Vintage versus homogeneous capital in simulations of population ageing: does it matter? 
Abstract:
  The vintage and homogeneous capital forms of the aggregate production
 function can be calibrated to generate the same output level from a given
 data set in steady state. However, it is shown show that this equivalence
 breaks down during the adjustment process to an employment shock, such as
 that caused by an ageing population. Simulations are conducted
 illustrating the magnitude of the difference in optimal labour
 productivity growth under the two models. 
Journal: Applied Economics Letters 
Pages: 149-153 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000043995 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000043995&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Apergis 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Apergis 
Author-Name: Anthony Rezitis 
Author-X-Name-First: Anthony 
Author-X-Name-Last: Rezitis 
Title: Food price volatility and macroeconomic factor volatility: 'heat waves' or 'meteor showers'? 
Abstract:
  This paper investigates volatility spillover effects between relative
 food prices and explicit macroeconomic fundamentals, i.e. exchange rates,
 money balances, inflation, and the deficit to income ratio, through the
 methodology of GARCH models. The findings showed that significant and
 positive macroeconomic volatility effects influence the volatility of
 relative food prices. Moreover, the volatility of relative food prices
 exerts a positive and statistically significant impact on its own
 volatility. The results imply that the participation of Greece in EMU will
 diminish the volatility of those macroeconomic factors, implying lower
 volatility in food prices and thus higher benefits for both producers and
 consumers. 
Journal: Applied Economics Letters 
Pages: 155-160 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044011 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044011&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo Gottschalk 
Author-X-Name-First: Ricardo 
Author-X-Name-Last: Gottschalk 
Title: Testing for breaks in inertia: an alternative approach 
Abstract:
  This paper tests for breaks in inflation inertia. It proposes an
 alternative method that can be relied upon when inflation follows a
 stationary process that fluctuates around a segmented deterministic trend.
 This method is then applied to the Brazilian case. 
Journal: Applied Economics Letters 
Pages: 161-163 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044048 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044048&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Bende-Nabende 
Author-X-Name-First: A. 
Author-X-Name-Last: Bende-Nabende 
Author-Name: J. L. Ford 
Author-X-Name-First: J. L. 
Author-X-Name-Last: Ford 
Author-Name: B. Santoso 
Author-X-Name-First: B. 
Author-X-Name-Last: Santoso 
Author-Name: S. Sen 
Author-X-Name-First: S. 
Author-X-Name-Last: Sen 
Title: The interaction between FDI, output and the spillover variables: co-integration and VAR analyses for APEC, 1965-1999 
Abstract:
  In this empirical study, it is considered whether FDI has directly
 induced long-run effects on output in a selection of East Asian countries
 or whether such an influence, if any, has been transmitted indirectly
 through spillover effects. The Johansen cointegration methodology and
 resultant VECs are employed, and the use of that methodology within a
 panel framework tested. Equal evidence of negative and positive direct
 significant long-run relationship between FDI and output in the countries
 is found in the sample. In addition, indirect spillovers effects are
 found, which are positive for some country variables and negative for
 others. There is also an indication that the statistically significant
 positive spillovers occur in the economically less developed countries. 
Journal: Applied Economics Letters 
Pages: 165-172 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044057 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044057&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Cunado 
Author-X-Name-First: J. 
Author-X-Name-Last: Cunado 
Author-Name: L. A. Gil-Alana 
Author-X-Name-First: L. A. 
Author-X-Name-Last: Gil-Alana 
Author-Name: F. PErez de Gracia 
Author-X-Name-First: F. PErez 
Author-X-Name-Last: de Gracia 
Title: Empirical evidence on real convergence in some OECD countries 
Abstract:
  The real convergence hypothesis in Australia, Canada, Japan and the UK is
 examined. For this purpose, the order of integration of the real GDP per
 capita series in these countries is examined as well as their differences
 with respect to the US which is used as a benchmark country. Both
 parametric and semiparametric methods are used and the results show that
 convergence is achieved in all countries, especially for the cases of
 Australia and Canada. 
Journal: Applied Economics Letters 
Pages: 173-176 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044066 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044066&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Title: Herding in ranch operations: an analysis of a search problem 
Abstract:
  Herding is an integral part of ranch operations in contemporary times. An
 aspect of herding that has received scant attention in the literature
 concerns the pros and cons of searching for livestock animals that have
 wandered away from a pasture and are hence missing from this pasture.
 Under what circumstances should a rancher search for these missing
 animals? This paper provides the first theoretical analysis of this
 question. Specifically, a formal model is constructed and examined that
 provides conditions under which it makes sense to search for these missing
 animals and conditions under which it does not. 
Journal: Applied Economics Letters 
Pages: 177-179 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044093 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044093&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: Application of a mixture model to approximate bottled water consumption distribution 
Abstract:
  Approximating bottled water consumption (BWC) distribution is complicated
 by zero observations in the sample. To deal with the zero observations, a
 mixture model of BWC distributions is considered to allow a point mass at
 zero. The model is empirically verified for household BWC survey data. 
Journal: Applied Economics Letters 
Pages: 181-184 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044101 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044101&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shouyang Wang 
Author-X-Name-First: Shouyang 
Author-X-Name-Last: Wang 
Author-Name: Zhenquan Wang 
Author-X-Name-First: Zhenquan 
Author-X-Name-Last: Wang 
Author-Name: Jing Zhang 
Author-X-Name-First: Jing 
Author-X-Name-Last: Zhang 
Title: Stress testing analysis of the effects of Japanese yen's depreciation on Chinese exports 
Abstract:
  The effects of Japanese yen's depreciation on Chinese exports in 2002
 (only considering the exports of the Mainland of China) are analysed. An
 AR(2) valuation function for the Chinese exports is constructed. The
 results on sensitivity tests show that the depreciation of Japanese yen
 would not bring severe effects on the Chinese exports in 2002, though the
 increasing trend of Chinese exports would become slower. 
Journal: Applied Economics Letters 
Pages: 185-190 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044129 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044129&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tatsuyoshi Miyakoshi 
Author-X-Name-First: Tatsuyoshi 
Author-X-Name-Last: Miyakoshi 
Author-Name: Osamu Kamoike 
Author-X-Name-First: Osamu 
Author-X-Name-Last: Kamoike 
Title: Designs of pension management with the rapid ageing 
Abstract:
  The rapid ageing of the population and the strong desires for working by
 the retired old has become a serious issue on the Japanese pension
 management. This paper suggests a partial solution for the issue in an
 overlapping generation framework. It is shown that providing the old with
 jobs rather than pensions can result in a Pareto improvement at a steady
 state. 
Journal: Applied Economics Letters 
Pages: 191-195 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044138 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044138&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eiichi Tomiura 
Author-X-Name-First: Eiichi 
Author-X-Name-Last: Tomiura 
Title: Capacity constraint and seasonal productivity variations at plant level 
Abstract:
  The paper examines seasonal productivity variations by using monthly
 plant-level physical output and capacity data. The regression results
 confirm that seasonal output elasticity is substantially larger than
 non-seasonal elasticity not only at the industry level, but also at the
 plant level. The productivity becomes low in the demand-peak season
 particularly at plants where capacity is highly utilized, consistent with
 the capacity constraint interpretation. The effect of capacity constraint
 on productivity fluctuations, however, is modest compared with that of
 seasonal demand variations. 
Journal: Applied Economics Letters 
Pages: 197-200 
Issue: 3 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044174 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044174&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Unemployment and real oil prices in Australia: a fractionally cointegrated approach 
Abstract:
  The article examines the relationship between unemployment and real oil
 prices in Australia using fractionally cointegrated techniques. Using a
 two-step procedure based on the univariate tests of Robinson, the results
 show that both variables are fractionally cointegrated, with the long-run
 equilibrium errors being nonstationary but mean reverting. 
Journal: Applied Economics Letters 
Pages: 201-204 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000041087 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000041087&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Veld 
Author-X-Name-First: C. 
Author-X-Name-Last: Veld 
Title: Analysis of a practical formula for the valuation of employee stock options 
Abstract:
  In The Netherlands employee stock options are taxed when they are
 rewarded. The Dutch tax authorities have developed a formula for the
 valuation of these options. This formula is analysed and it is shown how
 it can be used for tax and accounting purposes in The Netherlands and in
 other countries. 
Journal: Applied Economics Letters 
Pages: 205-208 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210161878 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210161878&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sikandar Siddiqui 
Author-X-Name-First: Sikandar 
Author-X-Name-Last: Siddiqui 
Title: Can interest rate changes help predict future stock price movements? Evidence from the German market 
Abstract:
  By applying a linear regression model to monthly time series data from
 the German equity and money markets, this paper challenges the
 conventional viewpoint that historical data do not possess any explanatory
 power for future stock market returns. 
Journal: Applied Economics Letters 
Pages: 209-211 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/0003684032000066859 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/0003684032000066859&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. A. Selvanathan 
Author-X-Name-First: E. A. 
Author-X-Name-Last: Selvanathan 
Title: Extending the stochastic approach to index numbers: a comment on Crompton 
Abstract:
  Stochastic approach has received renewed attention in recent years (e.g.
 Clements and Izan, and Selvanathan and Rao). However, there was some
 criticism about the form of the error variance used in the new stochastic
 approach (see work by Diewert). In a recent paper in Applied Economics
 Letters, Crompton provided a solution to this problem. This article
 presents some comments and corrections on Crompton's work. 
Journal: Applied Economics Letters 
Pages: 213-215 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350435022000043986 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350435022000043986&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:10:y:2003:i:4:p:213-215




Template-Type: ReDIF-Article 1.0
Author-Name: Hakan Berument 
Author-X-Name-First: Hakan 
Author-X-Name-Last: Berument 
Author-Name: Burak Doan 
Author-X-Name-First: Burak 
Author-X-Name-Last: Doan 
Title: Openness and the effectiveness of monetary policy: empirical evidence from Turkey 
Abstract:
  The empirical evidence suggests that openness decreases the effect of
 monetary policy on output, however the effect on prices is not
 statistically significant. In this study these predictions are tested over
 the open economy of Turkey for quarterly data from 1987:1 to 2001:1. This
 study assesses how the openness affects the effectiveness of monetary
 policy on output and prices. 
Journal: Applied Economics Letters 
Pages: 217-221 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000015842 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000015842&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. -S. Chen 
Author-X-Name-First: A. -S. 
Author-X-Name-Last: Chen 
Author-Name: P. -F. Shen 
Author-X-Name-First: P. -F. 
Author-X-Name-Last: Shen 
Title: Computational complexity analysis of least-squares Monte Carlo (LSM) for pricing US derivatives 
Abstract:
  One of the most important problems in option pricing theory is the
 valuation and optimal exercise of derivatives with American-style exercise
 features. These types of derivatives are found in all major financial
 markets. Simulation is a promising alternative to traditional numerical
 methods and has many advantages as a framework for valuing American
 options. Recently, Longstaff and Schwartz presented a simple, yet
 powerful, least-squares Monte Carlo (LSM) algorithm to approximating the
 value of US options by simulation. This article provides computational
 complexity analysis of the LSM algorithm. Essentially, the technique of
 computational complexity analysis is to break down a computational
 algorithm into logical modules and analyze the effect on the algorithm of
 adding or deleting logical modules. Computational complexity analysis is
 important in algorithm design because of structural differences in
 computer and human logic. Algorithms that seem perfectly natural and
 logical from the human perspective may sometime be found to contain
 unnecessary complexity when analysed from the computer's perspective. The
 results showed that a new algorithm constructed by removing the
 least-squares module altogether from the LSM algorithm improves not only
 the computational speed, but also produces results that are more accurate
 than the LSM. 
Journal: Applied Economics Letters 
Pages: 223-229 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044039 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044039&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. Zhou 
Author-X-Name-First: S. 
Author-X-Name-Last: Zhou 
Title: Evidence on the stationarity of ERM exchange rates 
Abstract:
  This article applies standard unit root tests to the spot and forward
 exchange rates of four core members of the European Monetary System
 participating in the Exchange Rate Mechanism (ERM). In contrast to the
 findings of most previous studies, the results show strong evidence of
 stationarity for the ERM rates, for the period when there were no
 significant realignments in the rates. 
Journal: Applied Economics Letters 
Pages: 231-233 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044084 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044084&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. Terai 
Author-X-Name-First: K. 
Author-X-Name-Last: Terai 
Title: Electoral alliance and implemented redistribution: an interpretation on non-competitive politics of Japan 
Abstract:
  This article shows that a pre-election alliance between the ruling
 coalition parties with different ideological motivations may result in
 bias toward the large size of government. In equilibrium, the reelected
 coalition government implements a redistributive policy that is greater
 than the median voter's preference. The results can explain why the
 Japanese coalition government, which colludes for winning elections, has
 frequently implemented more diffuse fiscal policies than the previous
 single-party government. 
Journal: Applied Economics Letters 
Pages: 235-238 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044110 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044110&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Felmingham 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Felmingham 
Author-Name: Su San Leong 
Author-X-Name-First: Su San 
Author-X-Name-Last: Leong 
Title: The stationarity of Australian real interest rates with and without structural breaks 
Abstract:
  The Australian cash rate is generally unstable, while surveyed expected
 inflation and the 90 day bank bill rate are stationary subject to breaks.
 Real bond rates (2, 5, 10 years) are stationary in levels. Policy and
 market implications are drawn. 
Journal: Applied Economics Letters 
Pages: 239-241 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044147 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044147&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:10:y:2003:i:4:p:239-241




Template-Type: ReDIF-Article 1.0
Author-Name: C. Piga 
Author-X-Name-First: C. 
Author-X-Name-Last: Piga 
Author-Name: M. Vivarelli 
Author-X-Name-First: M. 
Author-X-Name-Last: Vivarelli 
Title: Sample selection in estimating the determinants of cooperative R&D 
Abstract:
  This article treats the selectivity issue in the analysis of cooperative
 R&D and also presents some new results, e.g. that a firm's organization,
 vertical relationships and innovation strategy are important drivers of a
 decision to engage in R&D both independently and with external partners. 
Journal: Applied Economics Letters 
Pages: 243-246 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044156 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044156&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Sanchez-Fung 
Author-X-Name-First: Jose 
Author-X-Name-Last: Sanchez-Fung 
Title: Non-linear modelling of daily exchange rate returns, volatility, and 'news' in a small developing economy 
Abstract:
  This paper models daily returns, volatility, and 'news' in the parallel
 foreign exchange market of a small developing economy, namely the
 Dominican Republic, during the period 1989-2001. The research adopts a
 non-linear specification that encompasses several members of the GARCH
 family. A leftward tilted news impact reveals that positive shocks
 (depreciations) have a higher impact than negative ones (appreciations) on
 the volatility of exchange rate returns. This result has significant
 implications for policymakers. For instance, it could help in the
 assessment of the potential effect of central bank interventions in the
 foreign exchange rate market. 
Journal: Applied Economics Letters 
Pages: 247-250 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000050635 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000050635&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luisa Bisaglia 
Author-X-Name-First: Luisa 
Author-X-Name-Last: Bisaglia 
Author-Name: Silvano Bordignon 
Author-X-Name-First: Silvano 
Author-X-Name-Last: Bordignon 
Author-Name: Francesco Lisi 
Author-X-Name-First: Francesco 
Author-X-Name-Last: Lisi 
Title: k -Factor GARMA models for intraday volatility forecasting 
Abstract:
  This paper studies the ability of the k -factor GARMA processes to model
 and forecast the volatility of an intraday financial time series.
 Forecasting results from the k -factor GARMA model are obtained and
 compared with those produced by a conventional SARIMA model. 
Journal: Applied Economics Letters 
Pages: 251-254 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000050653 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000050653&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: T. Gao 
Author-X-Name-First: T. 
Author-X-Name-Last: Gao 
Title: Multinational activity and country characteristics in OECD countries 
Abstract:
  This article uses data on multinational activity in OECD countries to
 test three alternative models of multinational production: the vertical
 multinational firm model the horizontal multinational firm model and the
 knowledge capital model. Unlike the evidence from US data in Markusen and
 Maskus' work, the results in this article show that the knowledge capital
 model performs significantly better than the horizontal model. The article
 presents the empirical evidence and concludes with a discussion of the
 strengths and weaknesses of the OECD and US data. 
Journal: Applied Economics Letters 
Pages: 255-258 
Issue: 4 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210138496 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210138496&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Natalie Stoeckl 
Author-X-Name-First: Natalie 
Author-X-Name-Last: Stoeckl 
Title: Measurement error and functional form: implications for welfare estimates 
Abstract:
	      This paper describes a series of Monte Carlo simulations
 which investigate the accuracy of final estimates generated from the
 travel cost model (TCM). The results are of interest to all applied
 researchers who: (a) cannot select functional form on theoretical grounds;
 and (b) wish to use Ordinary Least Squares (OLS) estimates for further
 calculations. This is because the simulations indicate that certain types
 of measurement error decrease the probability that researchers will be
 able to determine the correct functional form of the estimating equation
 on the basis of goodness of fit statistics. While this does not
 necessarily mean that slope (partial coefficient) estimates will be
 biased, it can cause substantial and unpredictable bias in welfare
 estimates.	     
Journal: Applied Economics Letters 
Pages: 259-270 
Issue: 5 
Volume: 10 
Year: 2003 
Month: 4 
X-DOI: 10.1080/1350485031000112673 
File-URL: http://hdl.handle.net/10.1080/1350485031000112673 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria L. Loureiro 
Author-X-Name-First: Maria L. 
Author-X-Name-Last: Loureiro 
Author-Name: Wendy J. Umberger 
Author-X-Name-First: Wendy J. 
Author-X-Name-Last: Umberger 
Author-Name: Susan Hine 
Author-X-Name-First: Susan 
Author-X-Name-Last: Hine 
Title: Testing the initial endowment effect in experimental auctions 
Abstract:
	      In experimental auctions, participants are usually given an
 initial endowment or cash compensation that will cover the costs
 associated with their bids in the experiment as well as their
 participation time. This study analyses participants' bids in a randomly
 binding second-price auction to test the effect of the initial endowment
 on participants' willingness-to-pay estimates. Three different endowments:
 $2, $4, and $6 are used to compensate participants in an experimental
 auction. It is found that participants receiving $4 or $6 as an initial
 endowment, bid statistically higher than those receiving only $2. Thus,
 willingness-to-pay estimates are sensitive to the initial endowment. Based
 on the results obtained in this experiment, it is concluded that
 endowments that are closer to the value of the auctioned good may be a
 more appropriate way to compensate auction participants in order to reveal
 their true willingness to pay for a private good, and to reduce
 overbidding. Additionally, the findings illustrate that an initial
 compensation closer to the participants' value of time may inflate their
 bids, and consequently may not be a correct compensation mechanism to
 elicit true willingness-to-pay for private goods. New ways of compensating
 participants in experimental auctions should be investigated.		
Journal: Applied Economics Letters 
Pages: 271-275 
Issue: 5 
Volume: 10 
Year: 2003 
Month: 4 
X-DOI: 10.1080/1350485032000056855 
File-URL: http://hdl.handle.net/10.1080/1350485032000056855 
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Template-Type: ReDIF-Article 1.0
Author-Name: John D. Bone 
Author-X-Name-First: John D. 
Author-X-Name-Last: Bone 
Author-Name: John D. Hey 
Author-X-Name-First: John D. 
Author-X-Name-Last: Hey 
Author-Name: John R. Suckling 
Author-X-Name-First: John R. 
Author-X-Name-Last: Suckling 
Title: Do people plan ahead? 
Abstract:
	      A crucial basic assumption of economic theories of dynamic
 behaviour is that people plan ahead. This paper reports on an extremely
 simple experimental test of this fundamental principle. Indeed the
 experiment is so simple and so straightforward that it is difficult to
 believe that anyone would not plan ahead. However subjects are found who
 do not. What are they doing?	       
Journal: Applied Economics Letters 
Pages: 277-280 
Issue: 5 
Volume: 10 
Year: 2003 
Month: 4 
X-DOI: 10.1080/1350485032000056882 
File-URL: http://hdl.handle.net/10.1080/1350485032000056882 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert J. Lemke 
Author-X-Name-First: Robert J. 
Author-X-Name-Last: Lemke 
Author-Name: Isaac C. Rischall 
Author-X-Name-First: Isaac C. 
Author-X-Name-Last: Rischall 
Title: Skill, parental income, and IV estimation of the returns to schooling 
Abstract:
	      Recently, attention has moved away from using parental
 background variables, such as parental education, in favour of using
 institutional features of the education system as instruments when
 estimating the return to schooling. In this paper, these possible
 instruments are revisited. Using the National Longitudinal Survey of
 Youth, several specifications of the wage equation are estimated and three
 types of instruments used - parental education, quarter of birth, and
 college proximity. It is shown that under some specifications - in
 particular, by including parental income and individual skill in the wage
 equation - parental education appears to be a valid and useful instrument.
 On the other hand, when using the institutional instruments, the weak
 correlation between the instruments and years of schooling produces
 imprecise and likely biased estimates of the return to schooling.	    
Journal: Applied Economics Letters 
Pages: 281-286 
Issue: 5 
Volume: 10 
Year: 2003 
Month: 4 
X-DOI: 10.1080/13504850320000078653 
File-URL: http://hdl.handle.net/10.1080/13504850320000078653 
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Template-Type: ReDIF-Article 1.0
Author-Name: Masayo Sato 
Author-X-Name-First: Masayo 
Author-X-Name-Last: Sato 
Author-Name: Yasushi Ohkusa 
Author-X-Name-First: Yasushi 
Author-X-Name-Last: Ohkusa 
Title: The relationship between smoking initiation and time discount factor, risk aversion and information 
Abstract:
	      The paper is the first to discuss the relationship between
 smoking initiation and gender, time discount factor, risk aversion, and
 information about diseases due to smoking. The estimated results show that
 gender and time discount rate significantly affect smoking initiation but
 risk aversion and information do not. Since information does not
 discourage smoking initiation, public policies aimed at educating young
 people about the harmful effects of smoking may not be effective.	    
Journal: Applied Economics Letters 
Pages: 287-289 
Issue: 5 
Volume: 10 
Year: 2003 
Month: 4 
X-DOI: 10.1080/1350485032000056909 
File-URL: http://hdl.handle.net/10.1080/1350485032000056909 
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Template-Type: ReDIF-Article 1.0
Author-Name: Subal C. Kumbhakar 
Author-X-Name-First: Subal C. 
Author-X-Name-Last: Kumbhakar 
Title: Factor productivity and technical change 
Abstract:
	      This paper deals with (i) decomposing total factor
 productivity growth into input-specific components, (ii) measuring
 input-specific productivity/efficiency growth, and (iii) testing several
 neutrality hypotheses in technical change. These issues are addressed in a
 general framework without assuming any functional form on the underlying
 production technology, and without imposing any structure on the behaviour
 of input productivity/efficiency growth. Using NBER panel data on 450 U.S.
 manufacturing industries for the period 1959--1992, it is found that
 technical change can be characterized by neither Hicks, Harrod, nor Solow
 neutral form. It is also found that productivity of capital has increased,
 on average by 6.5%, whereas those of labour and material declined by 5.10%
 and 0.4%, respectively.	  
Journal: Applied Economics Letters 
Pages: 291-297 
Issue: 5 
Volume: 10 
Year: 2003 
Month: 4 
X-DOI: 10.1080/1350485031000077349 
File-URL: http://hdl.handle.net/10.1080/1350485031000077349 
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles Lima De Almeida 
Author-X-Name-First: Charles Lima De 
Author-X-Name-Last: Almeida 
Author-Name: Marco Aur�LIO Peres 
Author-X-Name-First: Marco Aur�LIO 
Author-X-Name-Last: Peres 
Author-Name: Geraldo Da Silva E Souza 
Author-X-Name-First: Geraldo Da Silva E 
Author-X-Name-Last: Souza 
Author-Name: Benjamin Miranda Tabak 
Author-X-Name-First: Benjamin Miranda 
Author-X-Name-Last: Tabak 
Title: Optimal monetary rules: the case of Brazil 
Abstract:
	      Within a dynamic programming approach, an optimal rule for
 the central bank to attain its inflation targeting goals is derived. The
 short-run nominal interest rate is used as an instrument to achieve
 monetary objectives. The model is tested for the Brazilian economy and
 compared with results found for other countries. Evidence for the
 estimated feedback interest rule for the Central Bank suggests that the
 cost of reducing inflation in an open economy is lower than that of a
 closed economy.	  
Journal: Applied Economics Letters 
Pages: 299-302 
Issue: 5 
Volume: 10 
Year: 2003 
Month: 4 
X-DOI: 10.1080/0003684032000066804 
File-URL: http://hdl.handle.net/10.1080/0003684032000066804 
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Template-Type: ReDIF-Article 1.0
Author-Name: MAHMOUD  A. M.  BUSHEHRI 
Author-X-Name-First: MAHMOUD  A. M.  
Author-X-Name-Last: BUSHEHRI 
Title: Dynamic generalization of the Rotterdam model 
Abstract:
	      Demand systems that are normally used in the empirical demand
 literature are static, in the sense that consumers are assumed to adjust
 instantly to the new equilibrium following changes in expenditure or
 prices. In reality this assumption may be incorrect because in many cases
 consumers' reaction to change in price or expenditure may be gradual,
 there may be a partial adjustment. In this paper a dynamic Rotterdam model
 is developed; extending the existing static version.	       
Journal: Applied Economics Letters 
Pages: 303-306 
Issue: 5 
Volume: 10 
Year: 2003 
Month: 4 
X-DOI: 10.1080/13504851.2003.10800382 
File-URL: http://hdl.handle.net/10.1080/13504851.2003.10800382 
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Template-Type: ReDIF-Article 1.0
Author-Name: Herbert Y. T. Lam 
Author-X-Name-First: Herbert Y. T. 
Author-X-Name-Last: Lam 
Author-Name: Spyros I. Spyrou 
Author-X-Name-First: Spyros I. 
Author-X-Name-Last: Spyrou 
Title: Fundamental variables and the cross-section of expected stock returns: the case of Hong Kong 
Abstract:
	      Recent empirical evidence indicates that size and
 book-to-market ratios explain adequately a large part of average stock
 returns. This paper examines the association of a number of fundamental
 variables with the cross section of stock returns in the Hong Kong Stock
 Exchange. The results suggest that, during the 1990s, the small-firm
 effect has actually gone into reverse and that size and book-to-market
 equity have a statistically significant relationship with average returns.
 Beta has little or no role as an explanatory variable. 	 
Journal: Applied Economics Letters 
Pages: 307-310 
Issue: 5 
Volume: 10 
Year: 2003 
Month: 4 
X-DOI: 10.1080/0003684032000066840 
File-URL: http://hdl.handle.net/10.1080/0003684032000066840 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. David Walls 
Author-X-Name-First: W. 
Author-X-Name-Last: David Walls 
Author-Name: Kelly Busche 
Author-X-Name-First: Kelly 
Author-X-Name-Last: Busche 
Title: Broken odds and the favourite-longshot bias in parimutuel betting: a direct test 
Abstract:
	      This research examines empirically the effect using broken
 odds - the rounded off odds reported by horse track operators - on
 statistical tests of market efficiency in parimutuel gambling. It finds
 that using rounded-off odds to test for market efficiency, instead of
 using the exact values, introduces a downward bias in the test statistics
 for favourite horses. Previous studies, because they relied on the
 rounded-off odds data, may have overstated the extent of the
 favourite-longshot bias in parimutuel wagering markets.	  
Journal: Applied Economics Letters 
Pages: 311-314 
Issue: 5 
Volume: 10 
Year: 2003 
Month: 4 
X-DOI: 10.1080/13504850210147162 
File-URL: http://hdl.handle.net/10.1080/13504850210147162 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. C. Bautista 
Author-X-Name-First: C. C. 
Author-X-Name-Last: Bautista 
Title: Stock market volatility in the Philippines 
Abstract:
	      Regime-switching-ARCH regression was used on weekly aggregate
 Philippine stock return data from February 1987 to October 2000 to
 estimate its conditional variance. The estimated volatility was then
 related to major political/economic events and to fluctuations in economic
 activity as measured by real GDP growth. Four high volatility episodes
 were observed for the period under study. It was seen that high stock
 return volatility preceded a bust cycle, defined as a sequence of low
 growth periods. The study showed the sensitivity of the Philippine stock
 market to drastic changes in the political environment as well. This was
 observed twice during the late 1980s when a series of military coup
 attempts led to large fluctuations in the stock price index. In the 1990s,
 high return volatility was also observed twice. The lifting of the
 remaining foreign exchange and capital account restrictions in 1993 led to
 the third high volatility episode. In 1997, the start of the fourth
 volatility episode preceded the onset of the Asian financial crisis by a
 few months.	      
Journal: Applied Economics Letters 
Pages: 315-318 
Issue: 5 
Volume: 10 
Year: 2003 
Month: 4 
X-DOI: 10.1080/13504850210148107 
File-URL: http://hdl.handle.net/10.1080/13504850210148107 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcos Alvarez-Diaz 
Author-X-Name-First: Marcos 
Author-X-Name-Last: Alvarez-Diaz 
Author-Name: Alberto Alvarez 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Alvarez 
Title: Forecasting exchange rates using genetic algorithms 
Abstract:
  A novel approach is employed to investigate the predictability of weekly
 data on the euro/dollar, British pound/dollar, Deutsche mark/dollar,
 Japanese yen/dollar, French franc/dollar and Canadian dollar/dollar
 exchange rates. A functional search procedure based on the Darwinian
 theories of natural evolution and survival, called genetic algorithms
 (hereinafter GA), was used to find an analytical function that best
 approximates the time variability of the studied exchange rates. In all
 cases, the mathematical models found by the GA predict slightly better
 than the random walk model. The models are heavily dominated by a linear
 relationship with the most recent past value, while contributions from
 nonlinear terms to the total forecasting performance are rather small. In
 consequence, the results agree with previous works establishing explicitly
 that nonlinear nature of exchange rates cannot be exploited to
 substantially improve forecasting. 
Journal: Applied Economics Letters 
Pages: 319-322 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210158250 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210158250&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. Morgan 
Author-X-Name-First: P. 
Author-X-Name-Last: Morgan 
Author-Name: D. Peel 
Author-X-Name-First: D. 
Author-X-Name-Last: Peel 
Title: The optimal output target and degree of banker conservativeness in a model with a non-linear Phillips curve 
Abstract:
  The purpose in this article is to investigate the implications of a
 non-linear supply curve for the standard discretionary inflation outcome
 obtained when the central bank has quadratic preferences. Some
 implications for the optimal output target and degree of conservativeness
 of the central banker are derived. 
Journal: Applied Economics Letters 
Pages: 323-330 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850210161896 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850210161896&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Masahiro Ashiya 
Author-X-Name-First: Masahiro 
Author-X-Name-Last: Ashiya 
Title: The directional accuracy of 15-months-ahead forecasts made by the IMF 
Abstract:
  A considerable number of studies have investigated the directional
 accuracy of macroeconomic forecasts, and have obtained mixed results for
 long-term forecasts. This paper re-examines this issue using the IMF
 forecasts for the G7 countries, and find that combining the long-term and
 the short-term forecasts significantly improves the directional accuracy. 
Journal: Applied Economics Letters 
Pages: 331-333 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000040998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000040998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stelios Katranidis 
Author-X-Name-First: Stelios 
Author-X-Name-Last: Katranidis 
Author-Name: Gregory Kordas 
Author-X-Name-First: Gregory 
Author-X-Name-Last: Kordas 
Author-Name: Kostas Velentzas 
Author-X-Name-First: Kostas 
Author-X-Name-Last: Velentzas 
Title: Welfare analysis and bootstrapping 
Abstract:
  This paper examines the effects of the entry and the 1992 CAP reform on
 maize producers' welfare and on economic efficiency. This welfare analysis
 used a bootstrap resampling technique that provided standard errors and
 confidence intervals for the estimates. These empirical analysis has shown
 that the price-policy induced changes in farmers' economic welfare were
 significant at commonly used levels of statistical significance. 
Journal: Applied Economics Letters 
Pages: 335-338 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000041014 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000041014&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Man-Joe Leung 
Author-X-Name-First: Joseph Man-Joe 
Author-X-Name-Last: Leung 
Author-Name: Terence Tai-Leung Chong 
Author-X-Name-First: Terence Tai-Leung 
Author-X-Name-Last: Chong 
Title: An empirical comparison of moving average envelopes and Bollinger Bands 
Abstract:
  This paper endeavors to compare the profitability of Moving Average
 Envelopes and Bollinger Bands. Despite the fact that Bollinger Bands can
 capture sudden price fluctuations which Moving Average Envelopes cannot,
 our study reveals that Bollinger Bands do not outperform the Moving
 Average Envelopes. 
Journal: Applied Economics Letters 
Pages: 339-341 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000041032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000041032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jong-Rong Chen 
Author-X-Name-First: Jong-Rong 
Author-X-Name-Last: Chen 
Author-Name: Wen-Cheng Lu 
Author-X-Name-First: Wen-Cheng 
Author-X-Name-Last: Lu 
Title: Panel unit root tests of firm size and its growth 
Abstract:
  This paper investigates Gibrat's law by using a panel unit root test, as
 a panel unit root can increase power in contrast to a conventional
 individual ADF test. At first this paper uses the panel unit root test to
 testify Gibrat's law under independent and identical distribution, with
 the test results rejecting the null hypothesis of Gibrat's law.
 Independent and identical distributions are not reasonable in a real
 situation. Any firm in a given industry may have some correlation with
 other firms. Moreover, the limiting distribution of Im, Pesaran, and Shin
 (IPS) statistic is invalid and will produce a large distortion. This paper
 applies the Taylor and Sarno (1998) MADF test to deal with a
 cross-sectional correlation problem and study the issue. This paper finds
 that the conclusion is not the same. 
Journal: Applied Economics Letters 
Pages: 343-345 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044075 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044075&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Mayer 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Mayer 
Title: The macroeconomic Loss Function: a Critical Note 
Abstract:
  The standard loss function counts both positive and negative deviations
 from the output and inflation targets as losses. But if the sample period
 is long enough, then output growth in excess of the target, and often also
 inflation rates that are below target, should be counted as gains instead
 of losses. 
Journal: Applied Economics Letters 
Pages: 347-349 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000056891 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000056891&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ji Uk Kim 
Author-X-Name-First: Ji Uk 
Author-X-Name-Last: Kim 
Title: Long-run growth and government consumption 
Abstract:
  This paper tests the null hypothesis implied by exogenous growth that the
 share of government consumption in output affects the level of output but
 not its growth rate against the alternative hypothesis implied by
 endogenous growth that the growth rate is also affected. The results
 provide evidence that cross-country differences in income per capita
 result from differences in their public policies, but no evidence that
 differences in trend growth rates result. 
Journal: Applied Economics Letters 
Pages: 351-354 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/0003684032000066831 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/0003684032000066831&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Cole 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Cole 
Author-Name: Eric Neumayer 
Author-X-Name-First: Eric 
Author-X-Name-Last: Neumayer 
Title: The pitfalls of convergence analysis: is the income gap really widening? 
Abstract:
  A number of studies have tested whether, globally, per capita incomes are
 converging over time. To date, the majority of studies find no evidence of
 absolute convergence, but many find evidence of conditional convergence,
 i.e. convergence having controlled for differences in technological and
 behavioural parameters. The lack of evidence of absolute convergence has
 led to claims that global income inequality is deteriorating. This is
 believed to be untrue. Most convergence studies are aimed at proving or
 disproving the neoclassical growth model and hence take the 'country' as
 the unit of measurement. However, if inferences are being made about world
 income distribution the focus should be on 'people' rather than
 'countries' to prevent China and Luxembourg, for example, receiving equal
 weighting in the analysis. The &#x3b2;-convergence method and two
 different measures of per capita income are used and it is shown that
 there is indeed evidence of income divergence between countries. However,
 crucially, convincing evidence is found of income convergence if the
 regressions are weighted by population. Thus, it is found that poor
 peoples' incomes are growing faster than rich peoples' incomes, suggesting
 that global income inequality is in fact improving. 
Journal: Applied Economics Letters 
Pages: 355-357 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000072361 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000072361&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maryann Keating 
Author-X-Name-First: Maryann 
Author-X-Name-Last: Keating 
Author-Name: Barry Keating 
Author-X-Name-First: Barry 
Author-X-Name-Last: Keating 
Title: Measuring the sustainability of Latin American external debt 
Abstract:
  This article, based on a theoretical model of external debt
 sustainability, compares Latin American GDP growth with the debt service
 to total debt ratio. A country-by-country forecast of external debt
 composition is presented and discussed. External Debt Forecasting is
 accomplished using yearly data from Global Development Finance 1999. Data
 for the years 1970 to 1999 are used for a Latin American composite and
 cross-country comparisons between Argentina, Brazil, Chile, Colombia, El
 Salvador, Guatemala, Mexico, Panama, Peru and Venezuela. 
Journal: Applied Economics Letters 
Pages: 359-362 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000079120 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000079120&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Konstantin Kholodilin 
Author-X-Name-First: Konstantin 
Author-X-Name-Last: Kholodilin 
Title: US composite economic indicator with nonlinear dynamics and the data subject to structural breaks 
Abstract:
  Composite economic indicator is a very useful tool designed to trace and
 predict the business cycle conditions. This paper studies possible
 extensions of this approach intended to cope with the potential data
 problems caused by various structural breaks affecting both level and
 volatility of the component series. The structural shifts are introduced
 in the composite economic indicator model via deterministic dummies
 capturing breaks in the observed variables' intercepts and in the residual
 variances of the specific factors. As an illustration the Post-Second
 World War US monthly macroeconomic series are utilized for which different
 specifications of the single-factor linear and regime-switching model are
 evaluated. 
Journal: Applied Economics Letters 
Pages: 363-372 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000079139 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000079139&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Ribba 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Ribba 
Title: Short-run and long-run interaction between inflation and unemployment in the USA 
Abstract:
  The aim of this study is to investigate both the short-run and long-run
 relationship between inflation and unemployment characterizing the US
 economy in the last 30 years. To this end a cointegrated structural VAR vs
 built. Since unemployment does not cause inflation at frequency zero a
 recursive structure, with inflation ordered first, allows the
 identification of a permanent and a transitory shock (cf. Ribba, Economics
 Letters 56, pp. 253-6, 1997). The main conclusions of the investigation
 are that: (i) in the short run, the existence of a tradeoff induced by the
 transitory shock is confirmed; (ii) in the long run, the two variables
 move one-for-one in the same direction driven by a permanent supply shock. 
Journal: Applied Economics Letters 
Pages: 373-376 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000081983 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000081983&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amar Parai 
Author-X-Name-First: Amar 
Author-X-Name-Last: Parai 
Title: Foreign capital inflow and economic growth in LDCs 
Abstract:
  The implications of foreign capital inflow are re-examined in a
 neoclassical model of economic growth (a la Chow-Zeng, Applied Economics
 Letters, 8, pp. 613-15, 2001). By following the definition of the steady
 state stock of aggregate capital, it is shown that under normal
 depreciation of foreign capital and the natural rate of growth of labour
 force, an inflow of foreign capital may or may not increase the per capita
 domestic capital and consumption of the host nation. 
Journal: Applied Economics Letters 
Pages: 377-379 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000082036 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000082036&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anthony Rezitis 
Author-X-Name-First: Anthony 
Author-X-Name-Last: Rezitis 
Title: Mean and volatility spillover effects in Greek producer-consumer meat prices 
Abstract:
  This study investigates causality, price transmission and volatility
 spillover effects between producer and consumer prices in lamb, beef, pork
 and poultry markets in Greece, using the methodology of the Generalized
 Autoregressive Conditional Heteroscedastic (GARCH) approach. The empirical
 findings indicate significant price effects in the markets under
 consideration. 
Journal: Applied Economics Letters 
Pages: 381-384 
Issue: 6 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000081299 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000081299&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nikolaj Malchow-M&#xf8;ller 
Author-X-Name-First: Nikolaj 
Author-X-Name-Last: Malchow-M&#xf8;ller 
Author-Name: Michael Svarer 
Author-X-Name-First: Michael 
Author-X-Name-Last: Svarer 
Title: Estimation of the multinomial logit model with random effects 
Abstract:
  In the present paper, it is shown how to perform estimation of the random
 effects multinomial logit model in the SAS program. Inference in the
 random effects multinomial logit model is complicated because it requires
 evaluation of multi-dimensional integrals. Presumably for this reason, no
 statistical software packages allow for direct estimation of the model. It
 is shown how modifications of the likelihood function enable the applied
 researcher to make inference using SAS. While the procedure works well for
 small samples/models, estimation time might become considerable for larger
 samples/models. A possible explanation for this is provided. 
Journal: Applied Economics Letters 
Pages: 389-392 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000082018 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000082018&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Therese Grijalva 
Author-X-Name-First: Therese 
Author-X-Name-Last: Grijalva 
Author-Name: Alok Bohara 
Author-X-Name-First: Alok 
Author-X-Name-Last: Bohara 
Author-Name: Robert Berrens 
Author-X-Name-First: Robert 
Author-X-Name-Last: Berrens 
Title: A seemingly unrelated Poisson model for revealed and stated preference data 
Abstract:
  A seemingly unrelated Poisson regression model is proposed as an
 alternative to single equation Poisson models for joint estimation of
 revealed preference (RP) and contingent behaviour (CB) trip demand.
 Findings indicate that RP and CB data should be estimated jointly. 
Journal: Applied Economics Letters 
Pages: 443-446 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000082018B 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000082018B&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Cademartori 
Author-X-Name-First: David 
Author-X-Name-Last: Cademartori 
Author-Name: Cecilia Romo 
Author-X-Name-First: Cecilia 
Author-X-Name-Last: Romo 
Author-Name: Ricardo Campos 
Author-X-Name-First: Ricardo 
Author-X-Name-Last: Campos 
Author-Name: Manuel Galea 
Author-X-Name-First: Manuel 
Author-X-Name-Last: Galea 
Title: Robust estimation of systematic risk using the t distribution in the chilean stock markets 
Abstract:
  This article deals with the estimate of the systematic risk of a share,
 assuming that returns follow an independent t distribution. In order to
 analyse the sensibility to possible outliers and/or atypical returns of
 the maximum likelihood estimator of the systematic risk, the local
 influence method was implemented. The results are illustrated by using a
 set of shares of companies belonging to the Chilean stock market. The main
 conclusion is that the t model with small degrees of freedom is able to
 incorporate possible outliers and influential returns in the data. 
Journal: Applied Economics Letters 
Pages: 447-453 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000082018A 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000082018A&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: The nonstationarity of the consumption-income ratio: Evidence from more powerful Dickey-Fuller tests 
Abstract:
  In this letter the question of whether the consumption-income ratio is
 mean reverting is revisited. To address known problems of low power
 associated with previous studies, more powerful modifications of the
 Dickey-Fuller (DF) test are applied. The results of weighted symmetric and
 recursively mean-adjusted DF tests provide strong evidence of the UK
 consumption-income ratio being nonstationary. This finding is further
 supported by reduced bias estimation of the autoregressive parameter, the
 estimated value of &#x3c1; derived being much closer to unity than that
 obtained under a conventional DF test. 
Journal: Applied Economics Letters 
Pages: 393-395 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000081974 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000081974&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Teresa Rubio Sanz 
Author-X-Name-First: Maria Teresa Rubio 
Author-X-Name-Last: Sanz 
Author-Name: Juan Vicente Perdiz 
Author-X-Name-First: Juan Vicente 
Author-X-Name-Last: Perdiz 
Title: SAM multipliers and inequality measurement 
Abstract:
  Atkinson and Bourguignon (2000) 'lack research that integrates
 distribution centrally into the examination of how the economics works'.
 To fill in such lack this study put in touch recent developments from
 Inequality Measurement and National Accounting literatures. This paper
 presents a reduced and rearranged Social Accounting Matrix (SAM) taking
 forward chapter 20 of SNA93 and after showing the limits of Jacobi
 multipliers to analyse inequality, this study proposes the calculation of
 border norms when distributive judgements are not robust. 
Journal: Applied Economics Letters 
Pages: 397-400 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000029324 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000029324&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Kanas 
Author-X-Name-First: A. 
Author-X-Name-Last: Kanas 
Title: Non-linear cointegration between stock prices and dividends 
Abstract:
  This article uses the ACE algorithm to non-linearly transform stock
 prices and dividends for the USA for the period 1871-1999. It finds strong
 evidence of cointegration between the transformed variables, which can be
 characterized as non-linear cointegration. It concludes that departures
 from the linear present value model may be explained by misspecification
 of the model, which is attributed to the absence of appropriate nonlinear
 transformations of the variables. Our findings are in line with models
 that introduce nonlinearities in the relation between stock prices and
 dividends. 
Journal: Applied Economics Letters 
Pages: 401-405 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485022000044020 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485022000044020&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mandy Ryan 
Author-X-Name-First: Mandy 
Author-X-Name-Last: Ryan 
Author-Name: Cristina Ubach 
Author-X-Name-First: Cristina 
Author-X-Name-Last: Ubach 
Title: Testing for an experience endowment effect in health care 
Abstract:
  Preferences have been shown to be influenced by initial endowments of
 wealth in the valuation literature. This paper tested for the influence of
 initial endowments of experience on preferences, using a discrete choice
 experiment. The experiment was carried out within the context of a
 randomized controlled trial evaluating the introduction of a new repeat
 prescribing system. The 'intervention group' experienced the proposed new
 system and the 'control group' the existing system. Evidence of an
 experience endowment effect was found, with only the 'intervention group'
 valuing attributes of the new repeat prescribing system. The implications
 of these results for economic evaluations alongside randomized controlled
 trials are considered. 
Journal: Applied Economics Letters 
Pages: 407-410 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000056864 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000056864&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fiona Carmichael 
Author-X-Name-First: Fiona 
Author-X-Name-Last: Carmichael 
Author-Name: Susan Charles 
Author-X-Name-First: Susan 
Author-X-Name-Last: Charles 
Title: Benefit payments, informal care and female labour supply 
Abstract:
  This article examines the impact of informal care responsibilities on
 female earnings and labour supply. It extends previous work on the labour
 market costs of informal care by examining who, among the full set of
 carers has access to the two most relevant existing social security
 benefits (Attendance Allowance and Invalid Care Allowance) and to what
 effect. Results from previous work using an earlier data set are compared
 with those obtained here. 
Journal: Applied Economics Letters 
Pages: 411-415 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000056873 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000056873&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Levy 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Levy 
Author-Name: Hashem Dezhbakhsh 
Author-X-Name-First: Hashem 
Author-X-Name-Last: Dezhbakhsh 
Title: On the typical spectral shape of an economic variable 
Abstract:
  In a classic article, Granger (Econometrica 34, 1966) asserted that most
 economic time series measured in level have spectra that exhibit a smooth
 declining shape with considerable power at very low frequencies. There has
 been no systematic attempt to examine Granger's assertion with
 international data. Output level spectra are estimated for 58 countries,
 divided into developed, high-income developing, and low-income developing
 groups. The shapes of the estimated spectra are found to be strikingly
 similar to Granger's typical shape, particularly for the developed
 countries. 
Journal: Applied Economics Letters 
Pages: 417-423 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000102187 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000102187&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guyonne Kalb 
Author-X-Name-First: Guyonne 
Author-X-Name-Last: Kalb 
Author-Name: Jenny Williams 
Author-X-Name-First: Jenny 
Author-X-Name-Last: Williams 
Title: Delinquency and gender 
Abstract:
  The determinants of juvenile delinquency for males and females using the
 Delinquency in a Birth Cohort II Study are investigated. Ordered probit
 models for juvenile arrest are estimated separately for males and females.
 The results indicate that juvenile arrests for both males and females are
 more likely for non-whites and for those who leave education early. Males
 and females behave differently, in that males are more likely to be repeat
 offenders. 
Journal: Applied Economics Letters 
Pages: 425-429 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/0003684032000066822 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/0003684032000066822&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Funda Telatar 
Author-X-Name-First: Funda 
Author-X-Name-Last: Telatar 
Author-Name: Erdinc Telatar 
Author-X-Name-First: Erdinc 
Author-X-Name-Last: Telatar 
Title: The relationship between inflation and different sources of inflation uncertainty in Turkey 
Abstract:
  The relationship between inflation and different sources of inflation
 uncertainty is investigated in Turkey during the period of 1995:3-2000:12.
 A time-varying parameter model of inflation with heteroscedastic
 disturbances is used to generate different sources of inflation
 uncertainty and then Granger methods are employed to test for causality
 between inflation and different sources of inflation uncertainty. The
 findings show that there is a causative influence of inflation on its
 uncertainty arising due to time-varying parameters of the inflation model.
 No evidence is found on the correlation between inflation and inflation
 uncertainty arising due to heteroscedasticity in the disturbance terms. 
Journal: Applied Economics Letters 
Pages: 431-435 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000066868 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000066868&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Burton 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Burton 
Title: Evidence on the extent of relationships among investment opportunity set proxies 
Abstract:
  A number of recent empirical studies have examined the extent to which
 growth indicators (or 'proxies') affect the market reaction to major
 corporate announcements. Although the method employed in these studies is
 broadly similar, the results to date have varied quite markedly. One key
 difference amongst the previous studies relates to the nature of the proxy
 measures used; although each one is intended to measure a firm's
 investment opportunity set, more than 100 different variables have now
 been examined and this proliferation may represent part of the explanation
 for the inconsistency in overall conclusions. The present paper provides
 some preliminary evidence about the extent of any correlation among growth
 measures using UK data for 83 of the most commonly employed variables. The
 study reports that the various measures are generally correlated with each
 other in a manner which suggests that they provide a coherent signal about
 firms' growth prospects, and that inconsistency in the measures used may
 not provide the underlying reason for heterogeneity in the earlier
 findings. 
Journal: Applied Economics Letters 
Pages: 437-441 
Issue: 7 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000081992 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000081992&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jussi Tolvi 
Author-X-Name-First: Jussi 
Author-X-Name-Last: Tolvi 
Title: Unemployment persistence of different labour force groups in Finland 
Abstract:
  Fractional integration long memory models are used to estimate the
 unemployment persistence of different labour force groups. The data comes
 from Finland, and has youth and total labour force unemployment rates for
 both males and females. It is found that unemployment is less persistent
 for females and young people than for males and the whole labour force. 
Journal: Applied Economics Letters 
Pages: 455-458 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000089886 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000089886&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sherrill Shaffer 
Author-X-Name-First: Sherrill 
Author-X-Name-Last: Shaffer 
Title: Using prior bias to improve forecast accuracy 
Abstract:
  The study tests whether removing bias can improve out-of-sample forecast
 accuracy in two series of interest rates. The samples are larger than
 previously studied in this context, and the test is cleaner since reported
 interest rates are never revised. 
Journal: Applied Economics Letters 
Pages: 459-461 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000090758 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000090758&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Johnson 
Author-X-Name-First: Peter 
Author-X-Name-Last: Johnson 
Title: A note on the interregional movement of new companies 
Abstract:
  This note presents some new data on the extent and nature of the
 interregional movement of new companies in England and Wales. It shows
 that Wales is by far the largest gross exporter of new companies, followed
 by Greater London and Eastern England. Eastern England and the East
 Midlands have the highest rates of inward migration. Greater London and
 the North West have the lowest inward migration rates. Wales, Greater
 London and the North East all have negative net migration rates. Survey
 work is now required to identify any differences in the characteristics
 and performance of 'stayers' and movers and the factors behind regional
 differences. 
Journal: Applied Economics Letters 
Pages: 463-465 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000090767 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000090767&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Vernon 
Author-X-Name-First: John 
Author-X-Name-Last: Vernon 
Title: The relationship between price regulation and pharmaceutical profit margins 
Abstract:
  In the USA, prescription drug prices are largely unregulated. In most
 other countries, however, drug prices are regulated. This is typically
 accomplished directly through price controls (e.g. France and Italy),
 indirectly through limits on reimbursement under social insurance schemes
 (e.g. Germany and Japan), or indirectly through profit controls (e.g. the
 United Kingdom). Using current data on firm pre-tax pharmaceutical profit
 margins and the proportion of firm pharmaceutical sales subjected to price
 regulation (i.e., non-US pharmaceutical sales), it is demonstrated that
 price regulation may be exerting a substantially negative influence on
 pharmaceutical price-cost margins. The analysis finds that pharmaceutical
 price-cost margins in the USA are, on average, approximately four times
 higher than non-US pharmaceutical price-cost margins. While price
 regulation may not be the only factor responsible for this striking
 difference in price-cost margins, it is likely to be a prominent factor. 
Journal: Applied Economics Letters 
Pages: 467-470 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000090776 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000090776&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Adrian Gourlay 
Author-X-Name-First: Adrian 
Author-X-Name-Last: Gourlay 
Author-Name: Jonathan Seaton 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Seaton 
Title: Export intensity in UK firms 
Abstract:
  The determination of export intensity for a panel of 1623 UK firms from
 1988 to 2001 was investigated. The results support most theories of export
 intensity, and in particular the role of firm size, product
 differentiation, governance and technological factors. By exploiting the
 heterogeneity of firm financial calendars a unique Sterling-Dollar
 exchange rate is calculated for each firm which is found to have a
 significant effect on export intensity. 
Journal: Applied Economics Letters 
Pages: 471-477 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000090785 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000090785&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marshall Medoff 
Author-X-Name-First: Marshall 
Author-X-Name-Last: Medoff 
Title: Article placement and market signalling 
Abstract:
  Does article placement by journal editors influence the number of
 citations an article receives? Articles that appear in eight top economics
 journals in 1990 are examined. Holding constant author quality, article
 length, journal quality and subject area, the empirical results show that
 being a lead article or the article placement position number in a journal
 issue have a statistically insignificant effect on the number of citations
 an article receives. The impact of favourable article placement on
 citations is initially positive, but diminishes over time. This finding is
 consistent with the hypothesis that journal editors use favourable article
 placement as non-monetary compensation to authors. 
Journal: Applied Economics Letters 
Pages: 479-482 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000095348 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000095348&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Klaus Gugler 
Author-X-Name-First: Klaus 
Author-X-Name-Last: Gugler 
Author-Name: Jurgen Weigand 
Author-X-Name-First: Jurgen 
Author-X-Name-Last: Weigand 
Title: Is ownership really endogenous? 
Abstract:
  For a large panel of US firms it is found that managerial ownership is
 (econometrically) endogenous as Himmelberg et al. (Journal of Financial
 Economics, 53, 353-384, 1999) found. The largest shareholder, however,
 affects performance exogenously. This also holds for German firms. 
Journal: Applied Economics Letters 
Pages: 483-486 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000095357 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000095357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jian Yang 
Author-X-Name-First: Jian 
Author-X-Name-Last: Yang 
Author-Name: Titus Awokuse 
Author-X-Name-First: Titus 
Author-X-Name-Last: Awokuse 
Title: Asset storability and hedging effectiveness in commodity futures markets 
Abstract:
  This paper examines risk minimization hedging effectiveness for major
 storable and nonstorable agricultural commodity futures markets. Based on
 the error correction model - bivariate GARCH frameworks, some evidence is
 found that the hedging effectiveness is stronger for storable commodities
 than nonstorable commodities under consideration. The finding illustrates
 an important difference between storable and nonstorable commodities with
 regard to their hedging function. 
Journal: Applied Economics Letters 
Pages: 487-491 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000095366 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000095366&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: An-Sing Chen 
Author-X-Name-First: An-Sing 
Author-X-Name-Last: Chen 
Author-Name: Mark Leung 
Author-X-Name-First: Mark 
Author-X-Name-Last: Leung 
Title: Option straddle trading: Financial performance and economic significance of direct profit forecast and conventional strategies 
Abstract:
  The present study focuses on the trading of at-the-money straddles using
 options on foreign currency futures, namely British Pound, Canadian
 Dollar, and Japanese Yen. The financial performance and economic
 significance of a direct profit forecast trading strategy are examined.
 This strategy uses a linear projection to directly forecast the profit
 (net of transaction costs) of engaging in a straddle. The straddle is
 purchased when the forecast is positive and sold when negative. This
 differs from the conventional option trading strategy of basing trading
 decisions on a two-step procedure of first generating a volatility
 forecast and then inputting the volatility forecast into an appropriate
 option pricing model to price the straddle. The direct profit forecast
 trading strategy removes volatility forecasting and option pricing models
 from the straddle trading decision process altogether. This method has
 only one source of model risk, compared to the conventional two step
 method which has two sources of model risk. It is possible that the direct
 forecast trading strategy with only one source of model risk may
 outperform the conventional method of trading straddles. The experimental
 investigation confirms this notion and the out-of-sample results indicate
 that, for each of the currencies analysed, the direct forecasting strategy
 is more profitable than the conventional two-step method. Furthermore, the
 results are robust with respect to different transaction cost assumptions.
 Finally, tests of economic significance indicate consistent market timing
 value for the direct forecast method. 
Journal: Applied Economics Letters 
Pages: 493-498 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000095375 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000095375&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Philip Shively 
Author-X-Name-First: Philip 
Author-X-Name-Last: Shively 
Title: International evidence of temporary and permanent stock-price innovations: a multivariate approach 
Abstract:
  The existence, size, and dynamic effect of temporary and permanent
 stock-price innovations has been a prominent issue in financial economics.
 Previous univariate and multivariate studies find that temporary
 innovations exist, but they do not yield a consensus regarding the size
 and dynamic effect of the temporary and permanent stock-price innovations.
 Real interest rates are intrinsically related to real stock prices through
 standard present-value models. This note applies Blanchard and Quah's
 (American Economic Review, 79, 665-673, 1989) bivariate, structural VAR
 model to monthly real stock returns and real interest rates from six major
 international financial markets including the US. Using 12 monthly VAR
 lags in order to capture annual variation in stock prices, this model
 finds a dramatic range in the size and dynamic effect of temporary and
 permanent stock-price innovations across the six international financial
 markets. 
Journal: Applied Economics Letters 
Pages: 499-503 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000116263 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000116263&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Esmaiel Abounoori 
Author-X-Name-First: Esmaiel 
Author-X-Name-Last: Abounoori 
Author-Name: Patrick McCloughan 
Author-X-Name-First: Patrick 
Author-X-Name-Last: McCloughan 
Title: A simple way to calculate the Gini Coefficient for grouped as well as ungrouped data 
Abstract:
  Numerous methods have been proposed for calculating the Gini coefficient,
 the most widely used statistical measure of income inequality. The
 Milanovic (Bulletin of Economic Research, 46, 81-90, 1994) measure is
 simple, accurate and has attractive decomposition properties. However its
 use is confined to ungrouped data. This paper derives and applies the
 analogue of the Milanovic 94 measure for the case of grouped data. Both
 the grouped and ungrouped formulae offer a useful toolkit for inequality
 measurement. 
Journal: Applied Economics Letters 
Pages: 505-509 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100279 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100279&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Charlie Cai 
Author-X-Name-First: Charlie 
Author-X-Name-Last: Cai 
Author-Name: Robert Hudson 
Author-X-Name-First: Robert 
Author-X-Name-Last: Hudson 
Author-Name: Kevin Keasey 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Keasey 
Title: Trading frequency and the compass rose 
Abstract:
  The paper uses market microdata to examine how the frequency with which
 share trading takes place affects the appearance of the compass rose. The
 results show that, for a share traded with a given frequency, there will
 be an optimum frequency of observation to produce the best compass rose. 
Journal: Applied Economics Letters 
Pages: 511-517 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100288 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100288&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Annabelle Mourougane 
Author-X-Name-First: Annabelle 
Author-X-Name-Last: Mourougane 
Author-Name: Moreno Roma 
Author-X-Name-First: Moreno 
Author-X-Name-Last: Roma 
Title: Can confidence indicators be useful to predict short term real GDP growth? 
Abstract:
  We investigate the usefulness of the European Commission confidence
 indicators for forecasting real GDP growth rates in the short run is
 investigated in selected euro area countries (Belgium, Spain, Germany,
 France, Italy and the Netherlands) which account for almost 90% of the
 euro area. A linear relationship between real GDP and confidence
 indicators is estimated and the forecasting performance of the estimated
 models compared with a benchmark ARIMA model. It is generally found that
 confidence indicators can be useful for forecasting real GDP growth rates
 in the short-run in most of the above-mentioned countries. Notwithstanding
 some signs of instability in the relation between confidence indicators
 and real GDP, improvements with the use of time-varying parameter models
 appear to be fairly limited but confirm the findings obtained with
 constant parameter techniques. The results obtained are robust to a wide
 range of variant tests implemented. 
Journal: Applied Economics Letters 
Pages: 519-522 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100305 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100305&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Happich 
Author-X-Name-First: Michael 
Author-X-Name-Last: Happich 
Author-Name: Kurt Geppert 
Author-X-Name-First: Kurt 
Author-X-Name-Last: Geppert 
Title: A note on regional convergence within the EU 
Abstract:
  A recently published article suggested that factor prices within the EU
 converged between 1980 and 1992 but diverged between 1992 and 1994.
 However, these findings largely reflect inflation differentials and
 exchange rate adjustments. Markov chain analysis on the basis of an
 alternative income aggregate, GDP per capita measured in Purchasing Power
 Standards, leads to different results: Convergence was close to
 non-existent from 1980 to 1994 but resumed significantly thereafter. This
 is likely to be attributable to the establishment of the Single Market and
 subsequent integration steps. 
Journal: Applied Economics Letters 
Pages: 523-525 
Issue: 8 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100314 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100314&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Z. Wang 
Author-X-Name-First: Z. 
Author-X-Name-Last: Wang 
Author-Name: J. Yang 
Author-X-Name-First: J. 
Author-X-Name-Last: Yang 
Author-Name: D. A. Bessler 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Bessler 
Title: Financial crisis and African stock market integration 
Abstract:
  This article examines long-run relationships and short-run dynamic causal
 linkages among the five largest emerging African stock markets and the US
 market, with particular attention to the 1997-1998 global emerging market
 crisis. In general, interdependence between the African markets and the
 influence of the US on these markets was limited during 1996-2002. There
 is evidence that both long-run relationships and short-run causal linkages
 between these markets were substantially weakened after the crisis. 
Journal: Applied Economics Letters 
Pages: 527-533 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100198 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100198&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yannis Ioannides 
Author-X-Name-First: Yannis 
Author-X-Name-Last: Ioannides 
Title: Empirical nonlinearities and neighbourhood effects in the intergenerational transmission of human capital 
Abstract:
  This letter reports an empirical analysis of individuals' education as a
 function of their parents' education and of education in the census tract
 of their upbringing. The analysis is conducted with data from the Panel
 Study of Income Dynamics, including confidential geocoded data that links
 individuals to contextual data from the 1980 and 1990 US Census. The
 results validate those of Kremer's on the role of neighbourhood effects,
 but also confirm, using both parametric and nonparametric methods, that
 parents' education and neighbours' education have nonlinear effects that
 are broadly consistent with theoretical predictions. 
Journal: Applied Economics Letters 
Pages: 535-539 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000146017 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000146017&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. K. Sapra 
Author-X-Name-First: S. K. 
Author-X-Name-Last: Sapra 
Title: Pre-test estimation in Poisson regression model 
Abstract:
  Pre-test estimation has been studied extensively for linear regression
 and simultaneous equation models. Recently attention has turned to
 pre-test estimation in non-linear models. This article studies pre-test
 maximum likelihood estimation in Poisson regression model. It presents its
 risk characteristics and compare them with those of restricted and
 unrestricted maximum likelihood estimators based on squared error loss
 function in a Monte Carlo experiment. 
Journal: Applied Economics Letters 
Pages: 541-543 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100215 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100215&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: I. M. Dobbs 
Author-X-Name-First: I. M. 
Author-X-Name-Last: Dobbs 
Title: Demand, cost elasticities and pricing benchmarks in the hypothetical monopoly test: the consequences of a simple SSNIP 
Abstract:
  The hypothetical monopoly test for market power is translated into an
 operational 'formula' involving cost and demand elasticities. The
 importance of the choice of the pricing benchmark is emphasized - and of
 why it is important to incorporate an assessment of cost structure when
 conducting such tests. Recent work in the EU and the UK (notably in
 Telecoms) has ignored cost structures when making assessments of market
 power. It is shown in this article that ignoring cost structure leads to
 bias in that market power will often be found when in fact none is
 present. 
Journal: Applied Economics Letters 
Pages: 545-548 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100242 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100242&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. A. Molina 
Author-X-Name-First: J. A. 
Author-X-Name-Last: Molina 
Author-Name: R. Ortega 
Author-X-Name-First: R. 
Author-X-Name-Last: Ortega 
Title: Effects of employee training on the performance of North-American firms 
Abstract:
  This article analyses the impact of employee training on the performance,
 measured in terms of Tobin's Q and total returns to shareholders, of
 North-American firms, by using a survey of senior executives in human
 capital management carried out in 2000. The results indicate that higher
 training can have a positive effect on firm performance through factors
 such as employee satisfaction and customer loyalty. Overall, it is found
 that higher levels of training are associated with significant benefits
 which can increase firm value. 
Journal: Applied Economics Letters 
Pages: 549-552 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100297 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100297&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: F. J. G. Gisbert 
Author-X-Name-First: F. J. G. 
Author-X-Name-Last: Gisbert 
Title: Further convergence accounting 
Abstract:
  This article extends the convergence accounting framework established by
 Serrano and proposes a simple way to statistically test for the
 significance of different factors of production affecting labour
 productivity convergence. The result comes from expressing the log of
 labour productivity as a sum of different factors in a Cobb-Douglas
 production function. The end result is that a similar accounting exercise
 to that in Serrano can be done using the different factors driving
 convergence. Its application to OECD countries over the period 1965-1990
 illustrates the approach and shows that, in agreement with most of the
 literature, total factor productivity is the factor that has contributed
 most to labour convergence and that physical investment in non-residential
 capital is the second most important one. Human capital accumulation, on
 the other hand, has had little effect throughout the period, but has taken
 on an increasing importance in recent years. However, from the point of
 view of the convergence of each factor considered individually, all
 factors have converged, human capital having done so the most quickly. 
Journal: Applied Economics Letters 
Pages: 553-556 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100233 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100233&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Diebolt 
Author-X-Name-First: C. 
Author-X-Name-Last: Diebolt 
Author-Name: B. El Murr 
Author-X-Name-First: B. El 
Author-X-Name-Last: Murr 
Title: A model of glutting: human capital and labour markets in the long-run 
Abstract:
  For over a century and a half, there have been cyclical phases of
 saturation and shortage in the numbers of students enrolled at German and
 Prussian universities. Starting from this observations, this article
 constructs a neoclassical glutting theory. A twofold hypothesis is put
 forward. First, the behaviour of students in their choice of curriculum
 depends on the expected rewards. Indeed, the allocation of students to the
 various faculties depends on the comparative yields of the latter in terms
 of expected earnings and job availability in the corresponding
 professional sectors. Thus, the rewards expected by a student are
 represented by the earnings on the labour market at a given moment and
 that he or she considers to be sustainable in time. Second, an attraction
 phenomenon may appear for certain curricula when a shortage occurs in
 different professional sectors. Once the shortage has been made up, the
 demand effect continues as a result of delay in the perception of the
 situation by young people. This may gradually lead to comparative
 over-production of qualified university leavers. This unbalanced situation
 diverts new cohorts of students to other sectors of education and may
 cause a new shortage, finally resulting in a cyclical movement modulated
 according to job availability. 
Journal: Applied Economics Letters 
Pages: 557-560 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100251 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100251&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: N. Apergis 
Author-X-Name-First: N. 
Author-X-Name-Last: Apergis 
Author-Name: A. Rezitis 
Author-X-Name-First: A. 
Author-X-Name-Last: Rezitis 
Title: Housing prices and macroeconomic factors in Greece: prospects within the EMU 
Abstract:
  This article analyses the dynamic effects of specific macroeconomic
 variables, for example housing loan rates, inflation, employment and money
 supply, on the price of new houses sold in Greece. An error correction
 vector autoregressive (ECVAR) model is used in modelling the impact of the
 above macroeconomic variables on housing price. The results obtained
 through impulse response functions suggest that housing prices respond to
 all macroeconomic variables under consideration. Variance decompositions
 show that the housing loan rate is the variable with the highest
 explanatory power over the variation of housing price, followed by
 inflation and employment, while money supply does not seem to show any
 substantial impact. 
Journal: Applied Economics Letters 
Pages: 561-565 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100260 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100260&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. -W. Hung 
Author-X-Name-First: M. -W. 
Author-X-Name-Last: Hung 
Author-Name: C. -F. Lee 
Author-X-Name-First: C. -F. 
Author-X-Name-Last: Lee 
Author-Name: L. -C. So 
Author-X-Name-First: L. -C. 
Author-X-Name-Last: So 
Title: Impact of foreign-listed single stock futures on the domestic underlying stock markets 
Abstract:
  The purpose of this article is to investigate whether foreign-listed
 single stock futures (SSFs) would have any impact on their domestic
 underlying stock markets. GARCH (1,1) and GJR-GARCH (1,1) are used to
 analyse the data from the London International Financial Future and
 Options Exchange (LIFFE) in this research. Results show that the
 introduction of the foreign listed SSF contracts seems to have more
 explanatory power with respect to the higher volatility of their domestic
 spot markets than the announcement of the SSF contracts. Also, for two of
 the nine securities, the daily activity shocks of the foreign-listed SSFs
 are responsible for the higher conditional volatility of their home
 underlying stocks, while the activity that is forecastable but highly
 variable across days diminishes the conditional volatility of the
 underlying stocks. 
Journal: Applied Economics Letters 
Pages: 567-574 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100206 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100206&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Sussmuth 
Author-X-Name-First: B. 
Author-X-Name-Last: Sussmuth 
Title: Are procyclical lumpiness and asymmetry in capital adjustment dateless phenomena? the case of firms in German industrialization: 1880-1913 
Abstract:
  Based on a descriptive, non-parametric methodology, this article examines
 lumpiness and investment episodes in the capital formation process of
 firms in German industrialization. The findings are, not as necessarily
 expected, remarkably concordant with recent findings for contemporary
 plant-level data. 
Journal: Applied Economics Letters 
Pages: 575-579 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100224 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100224&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. Managi 
Author-X-Name-First: S. 
Author-X-Name-Last: Managi 
Title: Luenberger and Malmquist productivity indices in Japan, 1955-1995 
Abstract:
  The Luenberger productivity index can simultaneously contract inputs and
 expand outputs, and is dual to profit maximization. The index is a
 generalization of the Malmquist productivity index, which is commonly used
 in productivity studies. Both the Luenberger and Malmquist productivity
 indices are applied to the prefectural level data in Japan over 1955-1995.
 If profit maximization assumption is more appropriate than revenue
 maximization, Malmquist productivity index overestimates productivity
 changes, since it provides nearly twice growth rate compared to the rate
 given by the Luenberger productivity index. 
Journal: Applied Economics Letters 
Pages: 581-584 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100170 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100170&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. J. Smyth 
Author-X-Name-First: D. J. 
Author-X-Name-Last: Smyth 
Author-Name: S. W. Taylor 
Author-X-Name-First: S. W. 
Author-X-Name-Last: Taylor 
Title: Presidential popularity: what matters most, macroeconomics or scandals? 
Abstract:
  What accounts for the widely divergent impact of political scandal on the
 Nixon and Clinton administrations? This article argues that the extent to
 which an administration suffers in the public's eye from a scandal depends
 on the economic conditions prevailing at the time. Using Gallup poll data,
 it estimates a quadratic social preference function for each
 administration and finds that the impact of Watergate on Nixon's decline
 in the polls has been over-emphasized and that the Lewinsky affair had no
 impact on Clinton's popularity. The role of the economy contributed more
 to political success or failure in both cases than did scandal. 
Journal: Applied Economics Letters 
Pages: 585-588 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000100189 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000100189&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Loizides 
Author-X-Name-First: John 
Author-X-Name-Last: Loizides 
Author-Name: George Vamvoukas 
Author-X-Name-First: George 
Author-X-Name-Last: Vamvoukas 
Title: Do interest rates predict real economic activity? 
Abstract:
  This paper employs a structural VAR procedure to test some fundamental
 propositions of the business cycle using a developing economy framework.
 The focus of the paper is on KBC, MBC and RBC theories as well as on the
 alternative view, which has been propagated mainly by Sims. The empirical
 analysis intends to report extensive evidence on the dynamics between
 money, output, interest rates and prices. The results suggest that the
 effects of system shocks conform to the alternative view supporting the
 central role of interest rates. Interest rate shocks explain a majority of
 the variation in money, output and prices. The results are generally
 robust across different orderings, alternative interest rate measures and
 various sample periods. 
Journal: Applied Economics Letters 
Pages: 589-595 
Issue: 9 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000090749 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000090749&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Prieger 
Author-X-Name-First: James 
Author-X-Name-Last: Prieger 
Title: Bootstrapping the conditional moment test for parametric duration models 
Abstract:
  The performance of auxiliary regression-based specification tests for
 parametric duration models estimated with censored data is evaluated. The
 test using asymptotic critical values has poor size. Bootstrapping
 corrects the size problem but results in a biased power curve. 
Journal: Applied Economics Letters 
Pages: 597-600 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000136379 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000136379&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. H. Medoff 
Author-X-Name-First: M. H. 
Author-X-Name-Last: Medoff 
Title: Article placement and market signalling 
Abstract:
  Does article placement by journal editors influence the number of
 citations an article receives? Articles that appeared in eight top
 economics journals in 1990 were examined. Holding constant author quality,
 article length, journal quality and subject area, the empirical results
 show that the article placement position in a journal issue has a
 statistically insignificant effect on the number of citations an article
 receives. The impact of favourable article placement on citations is
 initially positive, but diminishes over time. This finding is consistent
 with the hypothesis that journal editors use favourable article placement
 as non-monetary compensation to authors. 
Journal: Applied Economics Letters 
Pages: 601-604 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000125218 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000125218&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. C. C. Kwan 
Author-X-Name-First: A. C. C. 
Author-X-Name-Last: Kwan 
Title: Sample partial autocorrelations and portmanteau tests for randomness 
Abstract:
  This article proposes a new portmanteau test based on sample partial
 autocorrelations. The test statistic is asymptotically &#x3c7;2 under the
 null hypothesis of randomness. Simulation results indicate that the
 proposed test, which utilizes Anderson's mean and variance formulae of
 sample partial autocorrelations, outperforms the Ljung-Box test in terms
 of controlling test size and minimizing dispersion bias. 
Journal: Applied Economics Letters 
Pages: 605-609 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000125245 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000125245&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: A sensitivity analysis of threshold determination for asymmetric error correction models 
Abstract:
  The properties of the Granger-Lee (Journal of Applied Econometrics, 4,
 S145-59, 1989) asymmetric error correction model under
 consistent-threshold estimation are considered, with the relationship
 between the threshold range and rejection of the symmetry hypothesis
 examined. The results of Monte Carlo experimentation show rejection of
 symmetry to depend positively upon the size of the threshold range
 employed. However, even if consistent-threshold estimation is employed
 with a relatively small threshold range, the resulting test exhibits a
 substantial increase in power relative to the use of the Granger-Lee test
 is its original form using an imposed deterministic threshold. This
 increase in power and its dependence upon the size of the threshold range
 are further illustrated by application to the data of the seminal study of
 Granger and Lee. 
Journal: Applied Economics Letters 
Pages: 611-616 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133327 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133327&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Acharya 
Author-X-Name-First: R. 
Author-X-Name-Last: Acharya 
Author-Name: M. Daly 
Author-X-Name-First: M. 
Author-X-Name-Last: Daly 
Title: Tariffs in the 'Quad': some unfinished business for WTO negotiations 
Abstract:
  Despite low average rates, the tariff remains an important instrument of
 trade policy in the 'Quad'. This article presents some summary tariff
 indicators, highlighting the main features of these tariffs that warrant
 attention in the current round multilateral trade negotiations at the WTO. 
Journal: Applied Economics Letters 
Pages: 617-622 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000154559 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000154559&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Evangelia Desli 
Author-X-Name-First: Evangelia 
Author-X-Name-Last: Desli 
Author-Name: Subhash Ray 
Author-X-Name-First: Subhash 
Author-X-Name-Last: Ray 
Author-Name: Subal Kumbhakar 
Author-X-Name-First: Subal 
Author-X-Name-Last: Kumbhakar 
Title: A dynamic stochastic frontier production model with time-varying efficiency 
Abstract:
  In this paper technical efficiency is introduced via the intercept that
 evolve over time as a AR(1) process in a stochastic frontier (SF)
 framework in a panel data framework. Following are the distinguishing
 features of the model. First, the model is dynamic in nature. Second, it
 can separate technical inefficiency from fixed firm-specific effects which
 are not part of inefficiency. Third, the model allows estimation of
 technical change separate from change in technical efficiency. It is
 proposed that the ML method be used estimate the parameters of the model.
 Finally, expressions are derived to calculate/predict technical
 inefficiency (efficiency). 
Journal: Applied Economics Letters 
Pages: 623-626 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133291 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133291&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: The time series behaviour of Brazilian inflation rate: new evidence from unit root tests with good size and power 
Abstract:
  Various unit roots tests are suggested over the years. However, many of
 them suffer severe size problems as well as low power. Recently, Ng and
 Perron (Econometrica, 69, 1519-1554, 2001) propose new modelling strategy
 that yields good power and reliable size. This letter applies their
 testing method to the Brazilian inflation rate, which is contaminated by
 various government interventions to bring hyperinflation under control and
 for which standard unit root tests produce unintuitive results. The new
 method is found to yield reliable results for the current data and a
 possible explanation is also provided for its performance. 
Journal: Applied Economics Letters 
Pages: 627-631 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133309 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133309&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohamed Safouane Ben Aissa 
Author-X-Name-First: Mohamed Safouane Ben 
Author-X-Name-Last: Aissa 
Author-Name: Jamel Jouini 
Author-X-Name-First: Jamel 
Author-X-Name-Last: Jouini 
Title: Structural breaks in the US inflation process 
Abstract:
  The empirical evidence of the instability based on some selection
 procedures is explored. The focus is on the problem of choosing the number
 of structural breaks and their locations for the US inflation series. The
 obtained results give reason for thinking that they are very significant
 since they coincide with important facts and economic events. They show in
 particular that the evolution curve of inflation in the USA was flattened
 during the last 20 years since it is noted that this reduction in extent
 of inflation is stable and durable. 
Journal: Applied Economics Letters 
Pages: 633-636 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000136360 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000136360&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jen-Je Su 
Author-X-Name-First: Jen-Je 
Author-X-Name-Last: Su 
Title: On the power of the multivariate KPSS test of stationarity against fractionally integrated alternatives 
Abstract:
  It shown that the multivariate version of KPSS test of Nyblom and Harvey
 (Econometric Theory, 16, 176-199, 2000) is consistent for the null of I(0)
 against the I(d) alternative. Simulation evidence is given to show the
 gain in power that is obtained from the multivariate approach. 
Journal: Applied Economics Letters 
Pages: 637-641 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133336 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133336&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. Ben Nowman 
Author-X-Name-First: K. Ben 
Author-X-Name-Last: Nowman 
Author-Name: Burak Saltoglu 
Author-X-Name-First: Burak 
Author-X-Name-Last: Saltoglu 
Title: An empirical comparison of interest rates using an interest rate model and nonparametric methods 
Abstract:
  A continuous time interest rate model is estimated using Gaussian
 estimation methods of Nowman (Journal of Finance, 52, 1695-706, 1997; Asia
 Pacific Financial Markets, 8, 23-34, 2001) and compare forecasts of
 interest rates with nonparametric methods on a range of currencies.
 Generally it is found that the continuous time model and local linear
 regression perform the best. The results give further evidence to the
 empirical results in Saltoglu (Applied Financial Economics, 13, 169-176,
 2003). 
Journal: Applied Economics Letters 
Pages: 643-645 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133318 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133318&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Montagnoli 
Author-X-Name-First: A. 
Author-X-Name-Last: Montagnoli 
Author-Name: O. Napolitano 
Author-X-Name-First: O. 
Author-X-Name-Last: Napolitano 
Title: Dynamics of inflation in Turkey during the 1990s 
Abstract:
  This article assesses the credibility of disinflation programmes in
 Turkey during the nineties, where several programmes of reform took place.
 The empirical results show that there was a sharp loss of credibility at
 the end of the 1991 and at the beginning of the 1994 and during the Asian
 crisis. The programme that the Central Bank implemented after the crisis
 was able to increase the level of credibility of the CBRT policies. Loss
 of credibility is registered during the end of the 1995, while various
 political events took place and during the 1997 following the world
 economic conditions and the outflow of capitals. 
Journal: Applied Economics Letters 
Pages: 647-650 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000125209 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000125209&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco de Castro 
Author-X-Name-First: Francisco 
Author-X-Name-Last: de Castro 
Title: Non-Keynesian effects of public expenditure in Spain 
Abstract:
  Evidence is provided of non-Keynesian effects of fiscal policy in Spain
 within a VAR framework. Shocks to government expenditure expand activity,
 although moderately, in the short term, with output multipliers slightly
 above one. In the medium term, however, the response of output becomes
 significantly negative. The two main explanations proposed in the
 literature seem to apply here, namely higher real interest rates as a
 result of higher risk premia on the demand side and higher equilibrium
 wage reducing entrepreneurial profits and investment accordingly on the
 supply side. 
Journal: Applied Economics Letters 
Pages: 651-655 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000136397 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000136397&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gonzalo Edwards 
Author-X-Name-First: Gonzalo 
Author-X-Name-Last: Edwards 
Title: The effect of a constant or a declining discount rate on optimal investment timing 
Abstract:
  This paper shows that exponential discounting may have an advancing
 effect on the timing of investment, not captured by sensitivity analysis
 carried out for the complete range of instantaneous discount rates
 implicit in declining discounting. 
Journal: Applied Economics Letters 
Pages: 657-659 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000129106 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000129106&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Phu Nguyen Van 
Author-X-Name-First: Phu Nguyen 
Author-X-Name-Last: Van 
Title: A semiparametric analysis of determinants of a protected area 
Abstract:
  A semiparametric additive model is used to study the relationship between
 protected area, income, trade, population, education, and political
 institutions in a sample of 89 countries. The results show the
 nonexistence of an environmental Kuznets curve in the data sample. The
 study also points out the existence of nonlinearity in the relationship
 between protected area and the ratio of net secondary school enrolment. 
Journal: Applied Economics Letters 
Pages: 661-665 
Issue: 10 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000129098 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000129098&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yoshihiko Tsukuda 
Author-X-Name-First: Yoshihiko 
Author-X-Name-Last: Tsukuda 
Author-Name: Tatsuyoshi Miyakoshi 
Author-X-Name-First: Tatsuyoshi 
Author-X-Name-Last: Miyakoshi 
Title: An alternative method for predicting technical inefficiency in stochastic frontier models 
Abstract:
  The median is proposed as an alternative to the expectation of the
 conditional distribution in order to predict the technical inefficiency in
 stochastic frontier production models with panel data. Numerical
 comparison reveals that the two predictors can take different values when
 the distribution is skewed. 
Journal: Applied Economics Letters 
Pages: 667-670 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000136388 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000136388&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Title: Shocks to macroeconomic state variables and the risk premium of REITs 
Abstract:
  Following the work of Chen, Roll, and Ross (Journal of Business, 59,
 383-403, 1986), there has been considerable work examining the influence
 of macroeconomic state variables on the excess returns of REITs. While
 most of the previous research has focused on the examination of equity
 REITs, this paper examines the three broad classification of REITs:
 equity, mortgage, and hybrid. This exploratory study identifies the
 response of REIT excess returns to unexpected changes in the broader stock
 market, real output growth, inflation, term structure of interest rates,
 default risk, and the federal funds rate using the generalized impulse
 response analysis. 
Journal: Applied Economics Letters 
Pages: 671-677 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133345 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133345&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: Does information technology contribute to economic growth in developing countries? a cross-country analysis 
Abstract:
  This paper explores the impacts of information technology (IT) investment
 on economic growth using a cross-country analysis based on data from 56
 developing countries for the years 1970-1998. The results show that IT
 investment significantly contributes to economic growth in the developing
 world. 
Journal: Applied Economics Letters 
Pages: 679-682 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000138971 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000138971&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Harris 
Author-X-Name-First: Mark 
Author-X-Name-Last: Harris 
Author-Name: Mark Rogers 
Author-X-Name-First: Mark 
Author-X-Name-Last: Rogers 
Author-Name: Anthony Siouclis 
Author-X-Name-First: Anthony 
Author-X-Name-Last: Siouclis 
Title: Modelling firm innovation using panel probit estimators 
Abstract:
  Firm-level innovation is investigated using three probit panel
 estimators, which control for unobserved heterogeneity, and a standard
 probit estimator. Results indicate the standard probit model is
 misspecified and that inter-firm networks are important for innovation. 
Journal: Applied Economics Letters 
Pages: 683-686 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000138999 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000138999&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Wagner 
Author-X-Name-First: J. 
Author-X-Name-Last: Wagner 
Title: Testing Lazear's jack-of-all-trades view of entrepreneurship with German micro data 
Abstract:
  This article tests the theory recently put forward by Edward Lazear that
 individuals with competence in many skills should have a higher
 probability of being self-employed than others. The empirical results for
 Germany support this jack-of-all-trades view. 
Journal: Applied Economics Letters 
Pages: 687-689 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133273 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133273&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Sousa-Poza 
Author-X-Name-First: A. 
Author-X-Name-Last: Sousa-Poza 
Author-Name: A. A. Sousa-Poza 
Author-X-Name-First: A. A. 
Author-X-Name-Last: Sousa-Poza 
Title: Gender differences in job satisfaction in Great Britain, 1991-2000: permanent or transitory? 
Abstract:
  This article analyses job-satisfaction differences between men and women
 in Great Britain for the years 1991-2000 using data from the first 10
 waves of the British Household Panel Survey (BHPS). The results show that
 women's job satisfaction has declined substantially in the past decade,
 whereas men's job satisfaction has remained fairly constant. The positive
 job-satisfaction differential in women's favour has been halved in the
 past decade, implying that this paradoxical situation is most likely
 transitory. This result supports Clark's expectations interpretation of
 the gender differences in job satisfaction. 
Journal: Applied Economics Letters 
Pages: 691-694 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133264 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133264&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gordon Tarzwell 
Author-X-Name-First: Gordon 
Author-X-Name-Last: Tarzwell 
Title: The impact of diverse preferences on government expenditures 
Abstract:
  This article analyses the importance of cultural diversity on Canadian
 government growth. The argument for analysing culture centres on: the
 belief that agreement on provision levels of government goods and services
 will be difficult when citizens are different from one another; the belief
 that individuals would rather see transfers directed to people who are
 like themselves; and, the importance of maintaining cultural diversity as
 a societal goal. This article finds that mother tongue diversity is
 relevant in determining government expenditure levels in Canada while
 religious diversity is not. These findings represent a unique approach to
 the determination of government expenditure in Canada and point out
 consequences for immigration policy. 
Journal: Applied Economics Letters 
Pages: 695-698 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000138953 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000138953&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Smyth 
Author-X-Name-First: R. 
Author-X-Name-Last: Smyth 
Author-Name: M. Nandha 
Author-X-Name-First: M. 
Author-X-Name-Last: Nandha 
Title: Bivariate causality between exchange rates and stock prices in South Asia 
Abstract:
  This article examines the relationship between exchange rates and stock
 prices in Bangladesh, India, Pakistan and Sri Lanka using daily data over
 a six-year period from 1995 to 2001. Both the Engle-Granger two-step and
 Johansen cointegration methods suggest that there is no long-run
 equilibrium relationship between these two financial variables in any of
 the four countries. Granger causality tests find that there is
 uni-directional causality running from exchange rates to stock prices in
 India and Sri Lanka, but in Bangladesh and Pakistan exchange rates and
 stock prices are independent. 
Journal: Applied Economics Letters 
Pages: 699-704 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133282 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133282&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. P. Upadhyaya 
Author-X-Name-First: K. P. 
Author-X-Name-Last: Upadhyaya 
Author-Name: F. G. Mixon 
Author-X-Name-First: F. G. 
Author-X-Name-Last: Mixon 
Title: Merger activity and unemployment in the USA 
Abstract:
  This article presents estimates of the effect of merger activity on the
 unemployment rate in the US economy using time-series data from 1895 to
 1992. Utilizing the methodology suggested by Wickens and Breusch (Economic
 Journal, Supplement, 189-205, 1988), both the short-run and long-run
 impacts are estimated. The estimated results suggest that merger activity
 had a significant negative effect on the unemployment rate in the long
 run. Even in the short run, merger activity, at the margin, has helped to
 reduce the unemployment rate. 
Journal: Applied Economics Letters 
Pages: 705-707 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000136342 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000136342&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: San-Lin Chung 
Author-X-Name-First: San-Lin 
Author-X-Name-Last: Chung 
Author-Name: Mark Shackleton 
Author-X-Name-First: Mark 
Author-X-Name-Last: Shackleton 
Title: The simplest American and Real Option approximations: Geske-Johnson interpolation in maturity and yield 
Abstract:
  The American early exercise feature of the Real Option to invest in a new
 project is important in capital budgeting and project valuation. Closed
 form solutions for American, and therefore Real, Options are known for two
 special cases; an infinite horizon generates the Merton (Bell Journal of
 Economics, 4, 141-83, 1973) solution while a zero dividend yield on the
 project generates Black-Scholes (Journal of Political Economy, 81, 637-59,
 1973) prices since early exercise is never optimal. Geske-Johnson (Journal
 of Finance, 39, 1511-24, 1984) approximation is extended to a bivariate
 case by assuming various forms of separability for option prices as a
 function of time to maturity and yield to produce fully explicit and
 asymptotically correct approximations. These methods are compared with
 another simple approximation method due to Barone-Adesi and Whaley
 (Journal of Finance, 42, 301-20, 1987) and MacMillan (Advances in Futures
 Options and Research, 2, 117-42, 1987) and the estimated error these
 expressions contain compared to an accurate numerical benchmark technique. 
Journal: Applied Economics Letters 
Pages: 709-716 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000138980 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000138980&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Raja Kali 
Author-X-Name-First: Raja 
Author-X-Name-Last: Kali 
Title: The city as a giant component: a random graph approach to Zipf's law 
Abstract:
  The emergence of a 'city' out of a set of locations in space can be
 considered akin to the evolution of a random graph. Interaction between
 individuals who are connected to each other is at the source of the
 benefits associated with a city. If the interaction probability rises, a
 threshold is eventually crossed at which point most of the graph becomes
 connected, giving rise to a grand component. It is at this point that a
 viable 'city' emerges. This view suggests an interpretation of Zipf's law,
 which we test using US Census data. 
Journal: Applied Economics Letters 
Pages: 717-720 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000139006 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000139006&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. K. Narayan 
Author-X-Name-First: P. K. 
Author-X-Name-Last: Narayan 
Title: Macroeconomic impact of natural disasters on a small island economy: evidence from a CGE model 
Abstract:
  Natural disasters are common in the Pacific Island countries. Fiji has
 been affected by many of these disasters. The most recent cyclone exerted
 substantial damage to infrastructure, agricultural and industrial activity
 in Fiji. The aim of this article is to incorporate these damages into
 Fiji's computable general equilibrium model and examine the short-run
 macroeconomic impact. Among the key results, it is found that cyclones
 negatively impact private income, consumption, savings, real GDP and real
 national welfare. 
Journal: Applied Economics Letters 
Pages: 721-723 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133372 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133372&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kurt Brannas 
Author-X-Name-First: Kurt 
Author-X-Name-Last: Brannas 
Author-Name: Niklas Nordman 
Author-X-Name-First: Niklas 
Author-X-Name-Last: Nordman 
Title: Conditional skewness modelling for stock returns 
Abstract:
  Two approaches to modelling conditional skewness in a nonlinear model for
 stock returns are studied. It is found that a normal distribution can be
 rejected. A log-generalized gamma distribution with one time-varying
 density parameter, and a Pearson IV specification with three parameters
 are better supported by data. While the log-generalized gamma indicates
 that time-varying skewness is an important feature of the daily composite
 returns of NYSE, the Pearson IV model suggests that excess kurtosis rather
 than skewness should be accounted for. 
Journal: Applied Economics Letters 
Pages: 725-728 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000139015 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000139015&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: F. H. Smith 
Author-X-Name-First: F. H. 
Author-X-Name-Last: Smith 
Title: Historical evidence on the monocentric urban model: a case study of Cleveland, 1915-1980 
Abstract:
  Much of the empirical work in urban economics focuses on Chicago because
 of the land value data gathered by Hoyt and Olcott. This article presents
 new land value data for Cleveland, Ohio and I uses it to show that while
 the urban form of Cleveland evolved much as Chicago's did, the timing of
 the changes was quite different. These results suggest that urban
 economists must be careful about inferring too much about the evolution of
 urban form from the work that has been done on Chicago. 
Journal: Applied Economics Letters 
Pages: 729-731 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133363 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133363&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Hollingsworth 
Author-X-Name-First: B. 
Author-X-Name-Last: Hollingsworth 
Author-Name: P. Smith 
Author-X-Name-First: P. 
Author-X-Name-Last: Smith 
Title: Use of ratios in data envelopment analysis 
Abstract:
  It is often necessary to use ratios rather than absolute numbers as
 inputs and outputs in data envelopment analysis. This may be necessary in
 order to reflect accurately the underlying production function, or because
 of the nature of the data available. This note explains why the Banker,
 Charnes and Cooper formulation of DEA must be used when a ratio model is
 deployed. 
Journal: Applied Economics Letters 
Pages: 733-735 
Issue: 11 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133381 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133381&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. R. Bhatia 
Author-X-Name-First: M. R. 
Author-X-Name-Last: Bhatia 
Author-Name: J. A. Fox-Rushby 
Author-X-Name-First: J. A. 
Author-X-Name-Last: Fox-Rushby 
Title: Validity of Willingness to Pay: hypothetical versus actual payment 
Abstract:
  Questions concerning the criterion validity of contingent valuation
 studies have been raised for years. However, the few examples that exist
 concentrate on willingness to pay (WTP) for goods like chocolate bars,
 where a market exists. This article examines the criterion validity of WTP
 for treated mosquito nets (TMNs) in Gujarat, India. Three hundred
 households, in 20 villages, were interviewed twice within one month. The
 first interview ascertained maximum hypothetical WTP for one TMN using a
 bidding format with an open-ended final question, along with questions
 about the socio-economic and health factors that were likely to influence
 demand. The second interview reminded the respondents about TMNs and asked
 whether they would be willing to buy one for Rs75 (the modal value). If
 so, they were invited to buy as many TMNs as desired for their household.
 Analysis is based on a 2 &#xd7; 2 contingency table with estimates of the
 sensitivity and specificity of the hypothetical WTP. At an aggregate
 level, there is no discrepancy between hypothetical and observed WTP,
 although there was considerable variation amongst individuals. Sensitivity
 was 62% and specificity 67%. It is concluded that these WTP estimates are
 robust at the population level but less so at the individual level.
 Further research is required to examine the determinants of change in
 household behaviour between hypothetical and actual WTP. 
Journal: Applied Economics Letters 
Pages: 737-740 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000129575 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000129575&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. B. Cadsby 
Author-X-Name-First: C. B. 
Author-X-Name-Last: Cadsby 
Author-Name: V. Torbey 
Author-X-Name-First: V. 
Author-X-Name-Last: Torbey 
Title: Time-of-month anomaly: reality or mirage? 
Abstract:
  This article asks two questions concerning the robustness of Kohers and
 Patel's (1999) time-of-month pattern. First, does it appear in other
 countries, or is it unique to US markets? Second, is it independent of the
 well-known turn-of-the-month anomaly, or merely a reflection of it? It
 finds that the time-of-month pattern is largely a mirage in the post-1980
 period. For the USA, it disappears when turn-of-month days are removed
 from the sample. For three out of nine other countries in the sample, some
 elements of the time-of-month pattern remain once turn-of-month days are
 removed. However, two other countries exhibit significant effects in the
 opposite direction. Overall, these patterns do not add up to a consistent
 and robust international anomaly. 
Journal: Applied Economics Letters 
Pages: 741-745 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000129584 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000129584&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Gelan 
Author-X-Name-First: A. 
Author-X-Name-Last: Gelan 
Author-Name: G. N. Price 
Author-X-Name-First: G. N. 
Author-X-Name-Last: Price 
Title: African economies and the Kuznets curve: an exploratory investigation 
Abstract:
  This article examines the relationship between income inequality and
 economic development in a cross-section of countries. It estimates, on a
 small exploratory sample, an explicit Kuznets-type inequality relationship
 where inequality between skilled and unskilled labour is a function of the
 determinants of growth implied by a standard neoclassical growth model.
 Parameter estimates suggest that sub-Saharan African Economies are
 dualistic and are situated on the segment of the Kuznets' curve where
 inequality increases with respect to development. 
Journal: Applied Economics Letters 
Pages: 747-751 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000133255 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000133255&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kelly Maguire 
Author-X-Name-First: Kelly 
Author-X-Name-Last: Maguire 
Author-Name: Laura Taylor 
Author-X-Name-First: Laura 
Author-X-Name-Last: Taylor 
Author-Name: Shiferaw Gurmu 
Author-X-Name-First: Shiferaw 
Author-X-Name-Last: Gurmu 
Title: Do students behave like adults? Evidence from valuation experiments 
Abstract:
  The use of convenience samples in experimental economics has long been
 the standard practice. However, little evidence exists regarding
 behavioural differences between students and adults in contingent
 valuation experiments using a payment mechanism other than a referendum
 vote. Evidence is provided that students do in fact behave in a manner
 similar to adults using an open-ended willingness to pay payment question. 
Journal: Applied Economics Letters 
Pages: 753-756 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000138395 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000138395&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: A robust approach to dealing with zero expenditures on mobile communications 
Abstract:
  Conventional parametric approach to dealing with zero expenditures is not
 robust to heteroscedastic and/or non-normal error structure. This paper
 applies symmetrically censored least squares estimation as a robust
 approach to dealing with zero expenditures on mobile communications in
 Seoul, Korea. The result of specification test indicates the robust
 approach outperforms the parametric approach significantly. 
Journal: Applied Economics Letters 
Pages: 757-760 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000138962 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000138962&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Empirical evidence on the robustness of the weighted symmetric unit root test 
Abstract:
  Recent research has shown the Dickey-Fuller (Econometrica, 49, pp.
 1057-72, 1979) test to suffer severe size distortion in the presence of
 structural breaks under the unit root null hypothesis. In contrast,
 further theoretical results have suggested the weighted symmetric
 Dickey-Fuller test to be robust to such breaks. In this study, the
 empirical results of the seminal study of Leybourne et&#xa0;al. (Journal
 of Econometrics, 87, pp. 191-203, 1998) are revisited to provide an
 empirical illustration of the robustness of the weighted symmetric
 Dickey-Fuller test to structural breaks. 
Journal: Applied Economics Letters 
Pages: 761-763 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000082009 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000082009&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale 
Author-X-Name-First: Guglielmo Maria 
Author-X-Name-Last: Caporale 
Author-Name: Nikitas Pittis 
Author-X-Name-First: Nikitas 
Author-X-Name-Last: Pittis 
Author-Name: Nicola Spagnolo 
Author-X-Name-First: Nicola 
Author-X-Name-Last: Spagnolo 
Title: IGARCH models and structural breaks 
Abstract:
  Using Monte Carlo simulations, it is shown that fitting a mis-specified
 GARCH model to a true MS-GARCH process tends to produce IGARCH parameter
 estimates. In other words, the presence of structural breaks can result in
 spuriously high estimates of the degree of persistence of shocks to the
 conditional variance. 
Journal: Applied Economics Letters 
Pages: 765-768 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000138403 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000138403&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. J. Khadaroo 
Author-X-Name-First: A. J. 
Author-X-Name-Last: Khadaroo 
Title: A smooth transition regression equation of the demand for UK M0 
Abstract:
  The econometric analysis of UK M0 has, so far, been confined to linear
 models. Using quarterly data over the period 1970:4-1997:2 in a
 single-equation money demand system, this article shows that a linear
 error-correction equation of the demand for UK M0 contains significant
 non-linearity and parameter non-constancy of smooth transition regression
 (STR) type. A constant-parameter exponential STR (ESTR) equation is then
 estimated, suggesting that interest rate changes have been an important
 factor in explaining fluctuations in the demand for UK M0. 
Journal: Applied Economics Letters 
Pages: 769-773 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000136351 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000136351&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. C. Matallin-Saez 
Author-X-Name-First: J. C. 
Author-X-Name-Last: Matallin-Saez 
Title: Asymmetric relation in omitted benchmarks and market timing in mutual funds 
Abstract:
  Within portfolio management evaluation the aim of this study is to show
 the effect of omitting benchmarks with asymmetric correlation when
 measuring market timing ability. The results show the extent of this
 effect. 
Journal: Applied Economics Letters 
Pages: 775-778 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000126695 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000126695&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Emrouznejad 
Author-X-Name-First: A. 
Author-X-Name-Last: Emrouznejad 
Title: An alternative DEA measure: a case of OECD countries 
Abstract:
  Analysis of the production efficiency of industrialized countries,
 questioning whether certain countries perform better than others in
 producing more output with the same or less inputs, is an example of the
 importance of estimating production relationships. In order to estimate
 efficiency one needs an appropriate model for the two major inputs into
 production activity, namely labour and capital. A physical asset once
 installed is capable of contributing several years of output. This implies
 that investments made in previous years must be taken into account in
 order to produce a measure of the efficiency and productivity for any
 given year. The purpose of this article is to introduce a dynamic
 efficiency model and compare the results with previous work on the
 analysis of efficiency and productivity of OECD countries. The article
 proposes that dynamic models capture efficiency better than static models. 
Journal: Applied Economics Letters 
Pages: 779-782 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000126703 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000126703&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. K. Ashton 
Author-X-Name-First: J. K. 
Author-X-Name-Last: Ashton 
Author-Name: B. Gerrard 
Author-X-Name-First: B. 
Author-X-Name-Last: Gerrard 
Author-Name: R. Hudson 
Author-X-Name-First: R. 
Author-X-Name-Last: Hudson 
Title: Economic impact of national sporting success: evidence from the London stock exchange 
Abstract:
  In this article strong association is reported between the performance of
 the England football team and subsequent daily changes in the FTSE 100
 index, representing the price of shares in the 100 largest companies
 traded on the London stock exchange. 
Journal: Applied Economics Letters 
Pages: 783-785 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000126712 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000126712&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. Fjell 
Author-X-Name-First: K. 
Author-X-Name-Last: Fjell 
Title: Elasticity based pricing rules: a cautionary note 
Abstract:
  The inverse elasticity rule is all too often described in a way that
 implies a myopic application, sometimes with a numerical example with
 input values for price elasticity of demand and marginal cost thus
 determining profit maximizing price. Conversely, the rule's shortcomings
 are not given deserved attention. This is unfortunate, as the rule may be
 adopted at face value, which will lead to erroneous pricing. If marginal
 cost and price elasticity depend on price, as is usually the case, a
 myopic application of the rule will, in most cases, lead to a bypassing of
 optimal price; if the initial price were too low, then the prescribed
 price would be too high, and vice versa. Continued myopic use may even
 lead to divergence from the profit maximizing price. Only if both price
 elasticity of demand and marginal cost are constant, which is rarely the
 case, will the rule return the optimal price. 
Journal: Applied Economics Letters 
Pages: 787-791 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000126749 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000126749&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Giorgio Di Pietro 
Author-X-Name-First: Giorgio Di 
Author-X-Name-Last: Pietro 
Author-Name: Peter Urwin 
Author-X-Name-First: Peter 
Author-X-Name-Last: Urwin 
Title: Intergenerational mobility and occupational status in Italy 
Abstract:
  This study examines the intergenerational transmission of socio-economic
 status, using data from the 2000 wave of the Bank of Italy's Survey on
 Household Income and Wealth: specifically, analysing the relationship
 between the occupational status of parents and their children. Reducing
 the extent to which an individual's economic or social success is shaped
 by the economic or social position of their parents has been on the agenda
 of the Italian government for a long time and is at the root of the
 Italian centralized and egalitarian system of education. However, our
 empirical results suggest that the achievements of children continue to be
 highly dependent on the social status of their parents, especially their
 fathers. Whilst Italy's egalitarian education system may have removed some
 of the inequities in human capital accumulation arising from capital
 market imperfections, it would seem that additional measures are required
 to further facilitate intergenerational social mobility. 
Journal: Applied Economics Letters 
Pages: 793-797 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000081965 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000081965&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: N. Apergis 
Author-X-Name-First: N. 
Author-X-Name-Last: Apergis 
Author-Name: A. Rezitis 
Author-X-Name-First: A. 
Author-X-Name-Last: Rezitis 
Title: Housing prices and macroeconomic factors in Greece: prospects within the EMU 
Abstract:
  This study analyses the dynamic effects of specific macroeconomic
 variables, i.e. housing loan rates, inflation, employment, and money
 supply, on the price of new houses sold in Greece. An error correction
 vector autoregressive (ECVAR) model is used in modelling the impact of the
 above macroeconomic variables on housing price. The results obtained
 through impulse response functions suggest that housing prices respond to
 all macroeconomic variables under consideration. Variance decompositions
 show that the housing loan rate is the variable with the highest
 explanatory power over the variation of housing price, followed by
 inflation and employment, while money supply does not seem to show any
 substantial impact. 
Journal: Applied Economics Letters 
Pages: 799-804 
Issue: 12 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000126758 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000126758&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jon Nelson 
Author-X-Name-First: Jon 
Author-X-Name-Last: Nelson 
Title: Youth smoking prevalence in developing countries: effect of advertising bans 
Abstract:
  This paper examines the effect of tobacco advertising bans on youth
 smoking prevalence in developing countries. Despite little direct
 empirical analysis of this issue, public health professionals frequently
 propose advertising bans as a first step in dealing with youth smoking.
 Using a Bayesian learning model, the paper first develops a plausible
 mechanism for an effect of advertising bans on youth smoking. Advertising
 is hypothesized to alter youth perceptions of the ubiquity of smoking and
 the risks associated with this behavior. Using survey-based data, a
 cross-country linear probability model of youth smoking prevalence is
 estimated, including gender results, pooled results, and results by
 frequency of smoking (30-day, ever-smoked). Explanatory variables are
 included for income, demographics, advertising bans, and several other
 important policy variables (health warnings, prohibition of sales to
 minors, school classes, antismoking messages, access in retail stores).
 The empirical results indicate that advertising bans have no effect on
 youth smoking prevalence in developing countries. This result holds for
 complete bans as well as partial bans. Some of the results suggest that
 school classes and other education efforts would be effective as a means
 to alter or affect youth perceptions of the risks associated with smoking. 
Journal: Applied Economics Letters 
Pages: 805-811 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000158618 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000158618&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. K. Goel 
Author-X-Name-First: R. K. 
Author-X-Name-Last: Goel 
Author-Name: M. A. Nelson 
Author-X-Name-First: M. A. 
Author-X-Name-Last: Nelson 
Title: Use or abuse of highway tax revenues? An economic analysis of highway spending 
Abstract:
  This article develops a theoretical model and employs recent state-level
 data on highway finance to assess the consequences of using highway levies
 for non-highway purposes. It examines whether states that divert some of
 their highway-related levies to fund general government services spend
 systematically less on highway services than jurisdictions that do not;
 the 'displacement effect' of revenue diversion. The results show that
 states that use highway related levies to fund general government services
 do systematically spend less on highways than states that do not. 
Journal: Applied Economics Letters 
Pages: 813-819 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000129566 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000129566&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. A. Batabyal 
Author-X-Name-First: A. A. 
Author-X-Name-Last: Batabyal 
Author-Name: D. M. Lee 
Author-X-Name-First: D. M. 
Author-X-Name-Last: Lee 
Title: Aspects of land use in slash and burn agriculture 
Abstract:
  This article first constructs a theoretical model of land use by swidden
 cultivators when these cultivators can choose whether to grow a cash crop
 or a food/subsistence crop. Second, it studies the land quality
 accumulation decision faced by shifting cultivators and, in the process,
 it shows how to compute the optimal length of time during which cleared
 land is to be left fallow. Finally, it investigates the implications that
 the optimal land quality accumulation decision has for the relative price
 of the food crop in particular and slash and burn agriculture in general. 
Journal: Applied Economics Letters 
Pages: 821-824 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000148259 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000148259&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: F. Carlsson 
Author-X-Name-First: F. 
Author-X-Name-Last: Carlsson 
Author-Name: G. Gupta 
Author-X-Name-First: G. 
Author-X-Name-Last: Gupta 
Author-Name: O. Johansson-Stenman 
Author-X-Name-First: O. 
Author-X-Name-Last: Johansson-Stenman 
Title: Choosing from behind a veil of ignorance in India 
Abstract:
  Social inequality aversion is measured through a veil-of-ignorance
 experiment with Indian students. The median relative risk aversion is
 found to be quite high, about 3, and independent caste. 
Journal: Applied Economics Letters 
Pages: 825-827 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000148268 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000148268&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. Yuhong 
Author-X-Name-First: D. 
Author-X-Name-Last: Yuhong 
Author-Name: G. Johnes 
Author-X-Name-First: G. 
Author-X-Name-Last: Johnes 
Title: Influence of expected wages on occupational choice: new evidence from Inner Mongolia 
Abstract:
  Occupational choice is modelled as a function of expected wages in each
 of a number of occupational regimes, using data from a region of Inner
 Mongolia whose economy is relatively undeveloped and which remains heavily
 dominated by state activity. The results share much in common with similar
 studies conducted using data for developed Western economies, but in
 contrast to the latter there is evidence of labour market segmentation. 
Journal: Applied Economics Letters 
Pages: 829-832 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000137477 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000137477&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. J. Dawson 
Author-X-Name-First: P. J. 
Author-X-Name-Last: Dawson 
Title: Financial development and growth in economies in transition 
Abstract:
  The hypothesis that financial development promotes economic growth is
 largely supported by empirical studies. This hypothesis is tested for 13
 Central and East European Countries (CEECs) during transition using panel
 data. Results show that financial development, as measured by liquid
 liabilities as a proportion of gross domestic product, has an
 insignificant effect on economic growth: economic growth in CEECs is not
 constrained by underdeveloped financial sectors. 
Journal: Applied Economics Letters 
Pages: 833-836 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000154243 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000154243&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: T. -P. Chung 
Author-X-Name-First: T. -P. 
Author-X-Name-Last: Chung 
Title: Returns to education: updates for Malaysia 
Abstract:
  This article provides updated returns to education estimates for
 Malaysia. Current returns as presented in international updates are 32.6
 and 34.5 for the secondary and higher education levels. New estimates were
 obtained using data from the Malaysian Household Income Survey 1997, a
 nationally represented survey. The findings show that returns to education
 remain high and positive, in particular, the returns to the higher
 educational level, encompassing the pre-university qualification and
 higher education qualifications. Results also display marginal gross
 returns of 14.1 for those completing the upper secondary education level
 and 16.4 for those completing the higher education level for the overall
 sample. By gender, the marginal gross returns for males are 12.0 at the
 upper secondary level and 18.1 at the higher education level and for
 females, 15.7 and 16.4 respectively. 
Journal: Applied Economics Letters 
Pages: 837-841 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000138926 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000138926&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Pirotte 
Author-X-Name-First: A. 
Author-X-Name-Last: Pirotte 
Title: Convergence of the static estimation toward the long-run effects of dynamic panel data models: a labour demand illustration 
Abstract:
  This article focuses on the estimation of long-run effects on panel data.
 Pirotte showed that the probability limit of the between estimator of a
 static relation - whereas the true specification is a dynamic error
 components model - converges to the long-run effects. This article
 illustrates this theoretical result by an empirical study to labour
 demand. 
Journal: Applied Economics Letters 
Pages: 843-847 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000137486 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000137486&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. Cook 
Author-X-Name-First: S. 
Author-X-Name-Last: Cook 
Author-Name: C. Thomas 
Author-X-Name-First: C. 
Author-X-Name-Last: Thomas 
Title: An alternative approach to examining the ripple effect in UK house prices 
Abstract:
  This article examines the possibility of a ripple effect being present in
 the UK housing market using a previously unconsidered two-stage procedure.
 According to Drake, the ripple effect hypothesises that changes in house
 prices occurs earlier and more extensively in the South East of England
 than in other regions of the UK. Via application of non-parametric testing
 and business cycle dating techniques, evidence in favour of a ripple
 effect is derived. 
Journal: Applied Economics Letters 
Pages: 849-851 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000143119 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000143119&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Konishi 
Author-X-Name-First: M. 
Author-X-Name-Last: Konishi 
Author-Name: Y. Yasuda 
Author-X-Name-First: Y. 
Author-X-Name-Last: Yasuda 
Title: Evidence on a cause of Japan's prolonged banking crisis 
Abstract:
  This article shows that during the 1990s bank relationships tightened
 liquidity constraints when firms had good prospects, and relaxed the
 constraints when firms had poor prospects. These results suggest that both
 under- and over-investment problems were more prevalent for firms that had
 close ties to banks, providing an additional reason for the delay in
 solving the bad loan problem in Japan. Furthermore, the results cast doubt
 on the conventional view that main banks are efficient at restructuring
 financially distressed firms, at least during the 1990s when bank health
 was severely damaged by the bad loans problem. 
Journal: Applied Economics Letters 
Pages: 853-855 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000148240 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000148240&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Z. Wang 
Author-X-Name-First: Z. 
Author-X-Name-Last: Wang 
Title: Hedonic prices for crude oil 
Abstract:
  This article presents a hedonic analysis of crude oil, the price and
 quality of which varies considerably from one stream to another. Different
 from common hedonic applications in the literature, the estimated implicit
 prices for the physical characteristics of crude oil have a clear
 interpretation: it reflects the market's valuation, but not the production
 cost of the characteristics, for crude oil characteristics are determined
 by nature. Crude oil hedonic price equations are found to be non-linear in
 the major physical characteristics, indicating that a refiner's valuation
 of crude quality depends on its refining technology. The estimation
 results yield insights into the current pricing system of the world crude
 oil market. 
Journal: Applied Economics Letters 
Pages: 857-861 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000148231 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000148231&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hang Keun Ryu 
Author-X-Name-First: Hang Keun 
Author-X-Name-Last: Ryu 
Title: Choice of representation system for economic analysis 
Abstract:
  Many well-known economic assumptions and desired restrictions can be
 readily established with the proper choice of a coordinate representation
 system. For example, the homotheticity assumption can be readily
 established with the polar coordinate system, the concavity restriction
 with the Muntz-Sartz series, the convexity restriction with the polynomial
 series, the orthogonality of regression functions with the orthonormal
 bases expansion, and the covariance stationary process with the Fourier
 series expansion. To describe a backward-bending curve, the radial
 regression can be defined and utilized. Thus, many economic assumptions
 and desired properties have their own corresponding coordinate
 representation systems. 
Journal: Applied Economics Letters 
Pages: 863-866 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000160417 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000160417&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stanislav Anatolyev 
Author-X-Name-First: Stanislav 
Author-X-Name-Last: Anatolyev 
Author-Name: Sergey Korepanov 
Author-X-Name-First: Sergey 
Author-X-Name-Last: Korepanov 
Title: The term structure of Russian interest rates 
Abstract:
  Using the series of Moscow Interbank Offer Rates, this paper estimates a
 flexible parametrization of the diffusion process following the approach
 of Ait-Sahalia (1996) of matching parametric and nonparametric estimates
 of the marginal density. On the basis of the estimated model, the implied
 term structure using simulations is computed. 
Journal: Applied Economics Letters 
Pages: 867-870 
Issue: 13 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000158609 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000158609&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Djeto Assane 
Author-X-Name-First: Djeto 
Author-X-Name-Last: Assane 
Author-Name: Abbas Grammy 
Author-X-Name-First: Abbas 
Author-X-Name-Last: Grammy 
Title: An assessment of the growth and inequality causality relationship 
Abstract:
  Applying multivariate cointegration analysis to US data, we find growth
 unidirectionally and significantly Granger causes inequality. 
Journal: Applied Economics Letters 
Pages: 871-873 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850310001635249 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850310001635249&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sunil Sapra 
Author-X-Name-First: Sunil 
Author-X-Name-Last: Sapra 
Title: High-breakdown point estimation of some regression models 
Abstract:
  Common econometric estimators such as least squares, least absolute
 deviations (LAD), instrumental variables, maximum likelihood, and
 semiparametric estimators are non-robust against data contamination.
 Despite the known superiority of high-breakdown point (HBP) estimators in
 such situations, the HBP estimators have rarely been used in economics.
 This article presents some applications of an HBP estimator called the
 S-estimator (Rousseeuw and Yohai, Robust and Nonlinear Time Series
 Analysis (Eds) W.H. Franke and R.D. Martin, Springer-Verlag, NY, pp.
 256-72, 1984) to the estimation of a linear regression model and compares
 the results with those obtained by ordinary least squares (OLS) and LAD
 methods. It is found that significance of variables as well as signs of
 coefficient estimates can be quite different under HBP estimation than
 under OLS and LAD estimation. 
Journal: Applied Economics Letters 
Pages: 875-878 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000162820 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000162820&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Terry Robinson 
Author-X-Name-First: Terry 
Author-X-Name-Last: Robinson 
Title: Choosing a regulatory regime 
Abstract:
  Privately owned gas undertakings were subject to three different price
 regulation regimes during the inter-war years and were free to choose
 which regime applied to them. This paper investigates the determinants
 which caused undertakings to switch from one regime to another. Since the
 historical record gives us few clues about this, the plentiful statistical
 data is used in a probit analysis. The results suggest that larger, more
 efficient firms were more likely to switch regimes and that distribution
 costs were an important factor in the decision to switch. 
Journal: Applied Economics Letters 
Pages: 879-881 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000158627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000158627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Patrick Harvey 
Author-X-Name-First: Patrick 
Author-X-Name-Last: Harvey 
Author-Name: W. David Walls 
Author-X-Name-First: W. David 
Author-X-Name-Last: Walls 
Title: Laboratory markets in counterfeit goods: Hong Kong versus Las Vegas 
Abstract:
  &#x201c;Black markets&#x201d; represent an extreme challenge to empirical
 researchers due to the almost insurmountable obstacle of obtaining
 high-quality data. The dearth of high-precision data precludes not only
 empirical analysis&#x2014;including the quantification of various
 elasticities&#x2014;but also the informed policy analysis that results
 from the integration of empirical results with government, market, and
 social institutions. We propose and conduct a controlled laboratory market
 in counterfeit goods on several groups of subjects in Hong Kong and Las
 Vegas. The data generated in the experiments are used to estimate a
 random-effects model of individual choice behavior. The main empirical
 findings are that subjects in Hong Kong are more likely to purchase the
 counterfeit good than are subjects in Las Vegas; the price and penalty
 elasticities are substantially larger (in absolute value) in Las Vegas
 than in Hong Kong; and that in both locations the price effects of
 legitimate and counterfeit goods are asymmetrical in the monetary price
 and expected penalty cost. An equal increase in the price of an authentic
 good and the expected penalty cost of a counterfeit good increases the
 probability that a consumer will purchase the authentic good. 
Journal: Applied Economics Letters 
Pages: 883-887 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000155431 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000155431&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Guillaume Sahuc 
Author-X-Name-First: Jean-Guillaume 
Author-X-Name-Last: Sahuc 
Title: Robust European monetary policy rules 
Abstract:
  This note applies H&#x221e; methods to an estimated hybrid monetary
 policy model and derives standard and robust optimal interest rate rules.
 We find that the 'robust' central banker responds more aggressively than
 it does without concerns for robustness and that the responses of the
 state variables in this case are not necessarily always stronger than the
 standard ones. 
Journal: Applied Economics Letters 
Pages: 889-894 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/13504850310001635212 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850310001635212&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ana Maria Iregui 
Author-X-Name-First: Ana Maria 
Author-X-Name-Last: Iregui 
Author-Name: Jesus Otero 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Otero 
Title: On the dynamics of unemployment in a developing economy: Colombia 
Abstract:
  This paper estimates an asymmetric error correction model to analyse the
 dynamic behaviour of the Colombian unemployment rate. It is found that
 wages above their long-run equilibrium level do increase unemployment, but
 wages below this level do not reduce it. This finding provides evidence of
 the existence of hysteresis in the Colombian unemployment rate. 
Journal: Applied Economics Letters 
Pages: 895-898 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000162811 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000162811&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeff Desimone 
Author-X-Name-First: Jeff 
Author-X-Name-Last: Desimone 
Author-Name: Sara Markowitz 
Author-X-Name-First: Sara 
Author-X-Name-Last: Markowitz 
Title: The effect of price on counselling sessions attended by depression patients 
Abstract:
  We estimate the price elasticity of counselling sessions attended by
 outpatient depression treatment recipients. Instrumental variable
 regression indicates a significant negative price elasticity ranging
 between -0.26 and -0.35 that is not apparent from ordinary least squares
 regression. 
Journal: Applied Economics Letters 
Pages: 899-903 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000165511 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000165511&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuck Cheong Tang 
Author-X-Name-First: Tuck Cheong 
Author-X-Name-Last: Tang 
Title: Cointegration analysis for Japanese import demand: revisited 
Abstract:
  Using Xu's (2002) import demand equation, the present study
 re-investigates the presence of a cointegrating relation of Japan's
 aggregate import demand. The sample period covers quarterly data from 1973
 to 2000. The results of various cointegration techniques confirm that the
 volume of import, domestic real activity variable, and relative prices
 term are not cointegrated. 
Journal: Applied Economics Letters 
Pages: 905-908 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000164026 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000164026&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: L. B. Connelly 
Author-X-Name-First: L. B. 
Author-X-Name-Last: Connelly 
Title: The paternity of the price-quality 'value map' 
Abstract:
  In the literature on firm strategy and product differentiation, consumer
 price-quality trade-offs are sometimes represented using consumer 'value
 maps'. These involve the geometric representation of indifferent price and
 quality combinations as points along curves that are concave to the
 'quality' axis. In this paper, it is shown that the value map for
 price-quality tradeoffs may be derived from a Hicksian compensated demand
 curve for product quality. The paper provides the theoretical link between
 analytical methods employed in the existing literature on firm strategy
 and competitive advantage with the broader body of economic analysis. 
Journal: Applied Economics Letters 
Pages: 909-912 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000164035 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000164035&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nesri-super-&#x2d9;n Okay 
Author-X-Name-First: Nesri-super-&#x2d9;n 
Author-X-Name-Last: Okay 
Author-Name: U&#x11f;ur Akman 
Author-X-Name-First: U&#x11f;ur 
Author-X-Name-Last: Akman 
Title: Index tracking with constraint aggregation 
Abstract:
  A generic index tracking (IT) problem is formulated and solved using a
 constraint aggregation (CA) technique for the first time. This technique
 makes the number of constraints independent of the cardinal of the
 universe of assets and enables the handling of large IT problems with one
 constraint only. 
Journal: Applied Economics Letters 
Pages: 913-916 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000158636 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000158636&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ka-Fu Wong 
Author-X-Name-First: Ka-Fu 
Author-X-Name-Last: Wong 
Author-Name: Hai-Jun Wu 
Author-X-Name-First: Hai-Jun 
Author-X-Name-Last: Wu 
Title: Testing Fisher hypothesis in long horizons for G7 and eight Asian countries.1 
Abstract:
  Using monthly data from G7 and eight Asian countries, support is found
 for the Fisher hypothesis, as well as a positive relation between
 long-horizon nominal stock returns and expected inflation but not between
 long-horizon nominal stock returns and contemporaneous inflation. These
 empirical results complement and strengthen those of Boudoukh and
 Richardson. 1 The MATLAB program and data to compute the results in this
 paper are available from http://kafuwong.econ.hku.hk/research/fisher/. 
Journal: Applied Economics Letters 
Pages: 917-923 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000158645 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000158645&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ji Uk Kim 
Author-X-Name-First: Ji Uk 
Author-X-Name-Last: Kim 
Title: Economic growth and returns to scale for reproducible factors 
Abstract:
  A regression equation nesting a variant of Rebelo's (Journal of Political
 Economy, 99, 500-21, 1991) AK model with Solow's (1956) neoclassical model
 is developed. The null hypothesis implied by endogenous growth tests that
 individual countries face constant returns to the accumulation of
 reproducible capital and per capita incomes of these countries diverge
 against the alternative hypothesis implied by exogenous growth that
 individual countries face diminishing returns to the reproducible capital.
 These empirical results are more consistent with endogenous growth than
 exogenous growth when the regression model is examined with a large sample
 of countries including OECD countries. 
Journal: Applied Economics Letters 
Pages: 925-928 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000159031 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000159031&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rakesh Bali 
Author-X-Name-First: Rakesh 
Author-X-Name-Last: Bali 
Title: Seasonality in ex dividend day returns 
Abstract:
  It is documented that for both high- and low-yield stocks, ex day raw
 returns are systematically higher in January than for the other months of
 the year. Although such patterns are not predicted by any known
 tax-clienteles model, they are consistent with the price discreteness and
 spread models in the spirit of Bali and Hite (Journal of Financial
 Economics, 47, 127-59, 1998) and Bali (Journal of Economics and Finance,
 27, 190-210, 2003). For high-yield stocks in January, the returns are
 about one-fourth those for low-yield stocks, and for the remaining months
 they are significantly negative. The rents that arbitrageurs earn for
 supplying liquidity are higher for low-yield stocks and are significantly
 higher in January. 
Journal: Applied Economics Letters 
Pages: 929-932 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000159022 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000159022&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Edward Jones 
Author-X-Name-First: Edward 
Author-X-Name-Last: Jones 
Author-Name: Jo Danbolt 
Author-X-Name-First: Jo 
Author-X-Name-Last: Danbolt 
Title: R&D project announcements and the impact of ownership structure 
Abstract:
  This paper examines the stock market reaction to research and development
 (R&D) announcements made by listed UK companies. R&D projects on average
 are found to be associated with significant positive abnormal returns.
 However, the level of these abnormal returns varies significantly with the
 ownership structure of the firm. In particular, it is found that the level
 of abnormal returns are significantly lower for companies with large
 institutional investors. This negative relationship may be associated with
 short-term pressures on the performance of institutional investors. 
Journal: Applied Economics Letters 
Pages: 933-936 
Issue: 14 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000164017 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000164017&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sirimon Treepongkaruna 
Author-X-Name-First: Sirimon 
Author-X-Name-Last: Treepongkaruna 
Title: Quasi-maximum likelihood estimates of Kiwi short-term interest rate 
Abstract:
  This paper examines various short-term interest rate models in New
 Zealand. We estimate ten stochastic models of short-term interest rates
 using Quasi-maximum Likelihood Estimation. All models examined allow the
 conditional mean (drift) and conditional variance (diffusion) to be
 functions of the current short rate. We find no evidence of mean reversion
 but strong evidence of the need for the volatility of interest rate
 changes to be highly sensitive to the level of the Kiwi short rate.
 Specifically, we find the conditional volatility of the Kiwi short rate is
 monotonically increasing with a convex shape. We also find that the
 dependence of the conditional volatility of the Kiwi short rate on the
 level of the interest rate is significantly higher than is generally
 assumed by the traditional models. Finally, we find that the AS model
 outperforms all remaining nine models, the CKLS beats seven models, except
 for the CEV model, whereas the CEV beats the GBM, Dothan, and the CIR VR. 
Journal: Applied Economics Letters 
Pages: 937-942 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000164062 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000164062&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ambrose Leung 
Author-X-Name-First: Ambrose 
Author-X-Name-Last: Leung 
Title: Delinquency, schooling, and work: time allocation decision of youth 
Abstract:
  This paper examines the possible factors that affect the time allocation
 decision of youth between delinquency, schooling, and work. Based on a
 joint-decision model, evidence from Montreal shows that influences from
 different social institutions such as family, church, school, peers, and
 the workplace are important determinants of how young people decide to
 spend their time on various activities. The findings provided here take
 into account the joint-decision nature of the problem and therefore
 provide more precise estimates than those of the existing literature. 
Journal: Applied Economics Letters 
Pages: 943-949 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000164369 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000164369&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicolas Million 
Author-X-Name-First: Nicolas 
Author-X-Name-Last: Million 
Title: The Fisher Effect revisited through an efficient non linear unit root testing procedure 
Abstract:
  As the Fisher Effect is either rejected or accepted without a real
 consensus in empirical studies, it is interesting to test for a unit root
 in a local-to-unity framework. Moreover, given the inflation expectation
 behaviour before and after 1979, we shall let a shift occur at a
 significant time break of our sample, so as to deal with potential non
 stationarity in the real interest rates series, instead of using Markov
 switching regimes models. The main innovation is to rely on structural
 breaks in the deterministic part while combining this method with an
 efficient unit root test. Empirical results reject a stochastic trend for
 the US short-term real interest rate from 1951 to 2000. This is consistent
 with an ex ante real rate constant over time. 
Journal: Applied Economics Letters 
Pages: 951-954 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000164053 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000164053&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. Balcombe 
Author-X-Name-First: K. 
Author-X-Name-Last: Balcombe 
Author-Name: C. J. McDermott 
Author-X-Name-First: C. J. 
Author-X-Name-Last: McDermott 
Title: Testing for asymmetric price stickiness using NZ business opinion data: a bootstrap approach 
Abstract:
  The analysis of business opinion data price expectations data in NZ is
 re-evaluated. Biases induced by inaccurate measurement of population
 proportions are accounted for using simulations and bootstrapping. While
 substantial biases in the parameters are identified, prices are found to
 be relatively upwardly rigid before and after bias correction. 
Journal: Applied Economics Letters 
Pages: 955-958 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000165494 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000165494&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Arusha Cooray 
Author-X-Name-First: Arusha 
Author-X-Name-Last: Cooray 
Title: Financial integration: some evidence from Australia 
Abstract:
  This paper seeks to examine the efficiency of the Australian foreign
 exchange market by using the methods of seemingly unrelated regressions
 (SUR) and spectral analysis. Uncovered interest rate differentials for
 five countries, namely the U.S., U.K., Japan, Malaysia and Singapore, are
 examined with Australia as the 'home' country. The data covers the
 post-float period, 1984.1-2000.12. The empirical results indicate that the
 restrictions of the hypothesis of uncovered interest parity are rejected.
 The spectral densities for the interest rate differentials suggest the
 absence of systematic cyclical fluctuations. 
Journal: Applied Economics Letters 
Pages: 959-966 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000164396 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000164396&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Galip Altinay 
Author-X-Name-First: Galip 
Author-X-Name-Last: Altinay 
Title: Estimating growth rate in the presence of serially correlated errors 
Abstract:
  The aim of this study is to address the difficulties frequently
 encountered in estimating average growth rates by a log-linear time trend
 in the presence of serially correlated errors. There are a few studies in
 the literature that provide some guidance on choosing the appropriate
 method depending on the degree of first order serial correlation. However,
 the higher order serial correlation case is generally ignored. This study
 proposes the Nelder-Mead simplex method as a general solution to
 estimating linear trend in the presence of serial correlation of any
 order. The proposed method and the conventional methods are applied to the
 real GDP per capita series of 27 OECD countries. Twelve series seem to be
 better modelled by a log-linear trend with AR(2) residuals, and five of
 them yield remarkably different growth rates. 
Journal: Applied Economics Letters 
Pages: 967-970 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000165485 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000165485&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erdal Ozmen 
Author-X-Name-First: Erdal 
Author-X-Name-Last: Ozmen 
Title: Testing the quantity theory of money in Greece 
Abstract:
  This paper investigates whether the Greek data actually support the
 monetarist hypotheses as argued by Karfakis. The results based on both
 ARDL and Johansen procedures consistently suggest that money and nominal
 income (prices) are endogenous for the parameters of the long-run
 evolution of velocity (real money balances). Thus, the basic postulation
 of monetarism, the exogeneity of money, appears not to be supported by the
 Greek data. 
Journal: Applied Economics Letters 
Pages: 971-974 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000164044 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000164044&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joo Heon Park 
Author-X-Name-First: Joo Heon 
Author-X-Name-Last: Park 
Title: A test of the answering mechanisms of the double-bounded contingent valuation method 
Abstract:
  The double-bounded contingent valuation method (DBCVM) has long been
 criticized as an inappropriate estimation method because of respondents'
 inconsistent behavior during a course of DBCVM survey. Many experimental
 studies have reported that two subsequent answers are not made
 independently, but the second answer depends upon the first. There are
 many kinds of hypotheses, each of which contends a different pattern of
 dependence of the answers. In this study, it will be tested which
 hypothesis is more appropriate in explaining the dependence of the
 answers. For the test, the DBCVM under uncertainty is newly developed here
 in which some uncertainties associated with the CVM are recognized and the
 risk premium plays a criterion for respondents to answer. 
Journal: Applied Economics Letters 
Pages: 975-984 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000164378 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000164378&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Jouini 
Author-X-Name-First: J. 
Author-X-Name-Last: Jouini 
Author-Name: M. Boutahar 
Author-X-Name-First: M. 
Author-X-Name-Last: Boutahar 
Title: Structural breaks in the U.S. inflation process: a further investigation 
Abstract:
  The selection procedure of Bai and Perron (Econometrica, 1998, 66,
 47-78), based on a sequence of tests for multiple structural changes, is
 used to explore the empirical evidence of the instability by selecting the
 number of breaks and their locations for the post-war monthly U.S.
 inflation rate. The obtained results indicate that the U.S. inflation
 process is unstable after June 1982 as there is a break at the beginning
 of the 1990s. This conclusion contradicts that of Ben Aissa and Jouini
 (Applied Economics Letters, 2003, 10, 633-6), who show that using some
 information criteria, the evolution curve of U.S. inflation was flattened
 during the last 20 years, making the process stable. Hence this points to
 the fact that the procedure used is more powerful than the information
 criteria in detecting changes. 
Journal: Applied Economics Letters 
Pages: 985-988 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000164387 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000164387&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Galrao Carneiro 
Author-X-Name-First: Francisco Galrao 
Author-X-Name-Last: Carneiro 
Author-Name: Jorge Saba Arbache 
Author-X-Name-First: Jorge Saba 
Author-X-Name-Last: Arbache 
Title: Assessing the impacts of trade on poverty and inequality 
Abstract:
  This paper uses a computable general equilibrium model to simulate
 different trade liberalization policy scenarios and counterfactual
 microsimulations to assess the impacts of greater trade openness on
 household income distribution and poverty ratios. Our conclusion is that
 trade liberalization alone may not be sufficient to significantly reduce
 poverty and inequality. 
Journal: Applied Economics Letters 
Pages: 989-994 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000165421 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000165421&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Oliver Gurtler 
Author-X-Name-First: Oliver 
Author-X-Name-Last: Gurtler 
Author-Name: Matthias Krakel 
Author-X-Name-First: Matthias 
Author-X-Name-Last: Krakel 
Title: Who is declared dead lives longer 
Abstract:
  We consider a contest between a small and a large team. On the one hand,
 the large team has the advantage of more people exerting effort (quantity
 effect). On the other hand, the large team suffers from more free riding
 (free-riding effect). The results show that - depending on the convexity
 of the cost function - the small team will have a higher probability of
 winning the contest, if the free-rider effect dominates the quantity
 effect. Moreover, even if the large team has a higher winning probability,
 an individual player prefers to belong to the small team. 
Journal: Applied Economics Letters 
Pages: 995-997 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000165430 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000165430&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaesun Noh 
Author-X-Name-First: Jaesun 
Author-X-Name-Last: Noh 
Author-Name: Tae-Hwan Kim 
Author-X-Name-First: Tae-Hwan 
Author-X-Name-Last: Kim 
Title: Behaviour of cointegration tests in the presence of structural breaks in variance 
Abstract:
  In this paper, we show that spurious cointegration can occur when there
 are breaks in the variances of the innovation errors of time series,
 especially when the breaks occur early in the sample period. An empirical
 example is provided to demonstrate the case. 
Journal: Applied Economics Letters 
Pages: 999-1002 
Issue: 15 
Volume: 10 
Year: 2003 
X-DOI: 10.1080/1350485032000165449 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485032000165449&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Cole 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Cole 
Title: Economic growth and water use 
Abstract:
  In recent years the issue of global water scarcity has attracted
 increasing attention within academia, non-governmental organizations and
 the media. The aim of this short note is to ascertain whether there is a
 systematic relationship between water use and income, and particularly
 whether an inverted U-shaped relationship exists, as has been found for
 other resources and pollutants. Using a new data set of water use,
 evidence of such a relationship is provided, suggesting that water use may
 benefit from composition and technique effects. While this finding appears
 optimistic, regional forecasts are made that suggest that levels of water
 use in developing regions will continue to increase for many years to
 come. The implications of these findings are discussed. 
Journal: Applied Economics Letters 
Pages: 1-4 
Issue: 1 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000187435 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000187435&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Emre Unlu 
Author-X-Name-First: Emre 
Author-X-Name-Last: Unlu 
Author-Name: Stephen Ferris 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Ferris 
Author-Name: Gregory Noronha 
Author-X-Name-First: Gregory 
Author-X-Name-Last: Noronha 
Title: IPO underpricing over time: evidence from the UK 
Abstract:
  The changing nature of initial public offering (IPO) underpricing is
 examined using a sample of 513 IPOs launched in the UK from 1993 to 2001.
 It is found that the mean UK underpricing is initially less than that in
 the USA, reverses itself in the mid-1990s, returns to a lower level during
 the bubble period, but exceeds US underpricing for the last years of the
 sample. A growing amount of money left-on-the-table by UK underwriters is
 also observed. The analysis of IPO characteristics shows the simultaneous
 presence of changing composition and incentive realignment effects in the
 UK IPO market. These effects are most evident during the
 technology/internet equity bubble, which spans the last two subperiods of
 this study. It is concluded that although the market frenzy of the
 technology/internet bubble was present in the UK IPO market, its influence
 appears more limited than that documented for the US. 
Journal: Applied Economics Letters 
Pages: 5-9 
Issue: 1 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000187426 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000187426&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Jansen 
Author-X-Name-First: Paul 
Author-X-Name-Last: Jansen 
Author-Name: Willem Verschoor 
Author-X-Name-First: Willem 
Author-X-Name-Last: Verschoor 
Title: A note on transition stock return behaviour 
Abstract:
  This paper examines the relationship between expected stock returns and
 size, and market-to-book ratio in four transition emerging markets, namely
 the Czech Republic, Hungary, Poland, and Russia. Overall, we find a
 premium for large firms and growth stocks; factors that drive
 cross-sectional differences in expected transition stock returns are
 qualitatively different to those documented for many other emerging and
 developed equity markets. As our finding applies to the post-1996 period,
 we confirm the assertion of Black (Journal of Portfolio Management, 20,
 8-18, 1993) and MacKinlay (Journal of Financial Economics, 38, 3-28, 1995)
 that 'the value premium is sample-specific'. Thus, the higher average
 return on value stocks that has been documented for developed and emerging
 equity markets may not be considered as a local manifestation of a global
 phenomenon. 
Journal: Applied Economics Letters 
Pages: 11-13 
Issue: 1 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000187499 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000187499&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: South Koreans' willingness to pay for Korean unification 
Abstract:
  This paper analyses the willingness to pay (WTP) of South Koreans for
 Korean unification. To deal with zero WTP responses given by a large
 number of people, a mixture model is used. The mean annual WTP for Korean
 unification is 5765 Korean won (GBP 2.88) per person. The aggregate value
 to South Koreans would then be 194.62 billion Korean won (GBP 97.31
 million) annually. 
Journal: Applied Economics Letters 
Pages: 15-19 
Issue: 1 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000187408 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000187408&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuji Honjo 
Author-X-Name-First: Yuji 
Author-X-Name-Last: Honjo 
Title: Growth of new start-up firms: evidence from the Japanese manufacturing industry 
Abstract:
  This paper investigates firm growth as the post-entry performance of new
 start-up firms. Using data on Japanese manufacturing firms founded during
 1992-1996, the determinants of growth among new start-up firms are
 identified. The effect not only of firm-specific characteristics, but also
 of entrepreneur-specific, industry-specific and local characteristics on
 firm growth are examined. It is found that younger and small-sized firms
 are more likely to grow among the start-ups. It is also found that
 entrepreneur's age and educational background affect the growth of
 start-ups. It is not shown, however, that industry specialization induces
 the growth of start-ups. 
Journal: Applied Economics Letters 
Pages: 21-32 
Issue: 1 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000187417 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000187417&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Bishop 
Author-X-Name-First: Paul 
Author-X-Name-Last: Bishop 
Author-Name: Peter Gripaios 
Author-X-Name-First: Peter 
Author-X-Name-Last: Gripaios 
Title: Earnings biases and convergence in the UK: a county level analysis 
Abstract:
  Cameron and Muellbauer (Economic Journal, 110, pp. 412-19, 2000) have
 convincingly argued that problems in the methods used to compile UK
 Regional Accounts data have resulted in a misleading picture of regional
 differentials and &#x3c3; convergence. This short paper extends their
 analysis to a wider range of measures of convergence and adopts a more
 disaggregated approach by analysing data at the county level. The results
 provide general support for their hypothesis and indicate that different
 measures of income can result in different conclusions concerning
 convergence. Thus, it is essential that future studies of convergence
 investigate the implications of using different measures of income where
 possible, rather than relying upon a single data source. 
Journal: Applied Economics Letters 
Pages: 33-37 
Issue: 1 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000187444 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000187444&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Sosvilla-Rivero 
Author-X-Name-First: Simon 
Author-X-Name-Last: Sosvilla-Rivero 
Author-Name: Salvador Gil-Pareja 
Author-X-Name-First: Salvador 
Author-X-Name-Last: Gil-Pareja 
Title: Price convergence in the European Union 
Abstract:
  This study investigates the relationship between market integration and
 price convergence in international markets. Using a panel data set of
 consumer price indices (general and by groups and classes), it examines
 how European market integration has affected cross-country dispersion in
 the European Union. 
Journal: Applied Economics Letters 
Pages: 39-47 
Issue: 1 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000187453 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000187453&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Minho Kim 
Author-X-Name-First: Minho 
Author-X-Name-Last: Kim 
Author-Name: Gyeong Rok Kim 
Author-X-Name-First: Gyeong Rok 
Author-X-Name-Last: Kim 
Author-Name: Mincheol Kim 
Author-X-Name-First: Mincheol 
Author-X-Name-Last: Kim 
Title: Stock market volatility and trading activities in the KOSPI 200 derivatives markets 
Abstract:
  The relationship between the trading activities of the Korea Stock Price
 Index 200 derivatives contracts and their underlying stock market
 volatility is examined. A positive contemporaneous relationship between
 the stock market volatility and the derivatives volume is found while the
 relationship is negative between the volatility and open interest. For the
 cash volatility and derivatives volume two-way causality is found for both
 futures and options contracts, but for the cash volatility and open
 interest two-way causality is found only in options markets. 
Journal: Applied Economics Letters 
Pages: 49-53 
Issue: 1 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000187462 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000187462&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xulia Gonzalez 
Author-X-Name-First: Xulia 
Author-X-Name-Last: Gonzalez 
Author-Name: Consuelo Pazo 
Author-X-Name-First: Consuelo 
Author-X-Name-Last: Pazo 
Title: Firms' R&D dilemma: to undertake or not to undertake R&D 
Abstract:
  It is well known that in most industries a significant proportion of
 firms do not perform innovative activities. Although empirical studies on
 the determinants of R&D often have taken this fact into account by
 considering the dependent variable as a censured one, there is not an
 explicit theoretical model to explain the zeros. The concern of this
 letter is to discuss a simple theoretical model where firms simultaneously
 decide whether to undertake or not R&D activities jointly with the level
 of the R&D investment. It is shown that a firm performs R&D activities
 only when its optimal level of R&D expenditure is higher than a threshold.
 Additionally, it is shown that both the probability of undertaking R&D
 activities and the R&D expenditure increase with market power, with the
 elasticity of demand with respect to quality and with the elasticity of
 quality with respect to R&D. Finally, from this simple theoretical
 framework we discuss a suitable econometric model that threats these
 decisions simultaneously. 
Journal: Applied Economics Letters 
Pages: 55-59 
Issue: 1 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000187471 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000187471&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. Capelle-Blancard 
Author-X-Name-First: G. 
Author-X-Name-Last: Capelle-Blancard 
Author-Name: H. Raymond 
Author-X-Name-First: H. 
Author-X-Name-Last: Raymond 
Title: Empirical evidence on periodically collapsing stock price bubbles 
Abstract:
  According to the dividend discount model (DDM), a long run relationship
 should exist between stock prices and dividends. In this study, in order
 to test the validity of the DDM on the French, German, Japanese, UK and US
 stock markets from 1973 to 2002, cointegration tests corrected for
 skewness and excess kurtosis are implemented. As dividends distribution
 may be affected by stock repurchases strategies, the test is adjusted by
 taking earnings into account. It is found that the speculative bubble
 hypothesis cannot be rejected. 
Journal: Applied Economics Letters 
Pages: 61-69 
Issue: 1 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000187480 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000187480&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Insik Min 
Author-X-Name-First: Insik 
Author-X-Name-Last: Min 
Author-Name: Inchul Kim 
Author-X-Name-First: Inchul 
Author-X-Name-Last: Kim 
Title: A Monte Carlo comparison of parametric and nonparametric quantile regressions 
Abstract:
  This study compares parametric and nonparametric quantile regression
 methods using Monte Carlo simulations. Simulation results indicate that
 the nonparametric quantile regression approach is more appropriate,
 particularly when the underlying model is nonlinear or the error term
 follows a non-normal distribution. 
Journal: Applied Economics Letters 
Pages: 71-74 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200132 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200132&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gaurav Datt 
Author-X-Name-First: Gaurav 
Author-X-Name-Last: Datt 
Author-Name: Thomas Walker 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Walker 
Title: Recent evolution of inequality in East Asia 
Abstract:
  This study uses a decomposition of the Theil inequality index across
 eight countries to examine the recent evolution of inequality in East
 Asia. It is found that inequality in the region rose between 1990 and
 1997, but that the increase was driven by higher inequality within
 countries, rather than between them. The most significant contribution to
 the overall rise in regional inequality came from urban China, where
 inequality doubled between 1990 and 1997. Our analysis suggests that
 policies to tackle inequality should be aimed at national and sub-national
 levels, and particularly at addressing growing rural-urban disparities. 
Journal: Applied Economics Letters 
Pages: 75-79 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200141 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200141&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cal Muckley 
Author-X-Name-First: Cal 
Author-X-Name-Last: Muckley 
Title: Empirical asset return distributions: is chaos the culprit?  
Abstract:
  This study employs Rescaled-range analysis; the Correlation Dimension
 test, and the BDS test, to analyse lengthy daily time series of financial
 data. Two equity and two commodity indices are examined. The results
 reject the hypothesis that the series are purely random, independent and
 identically distributed. Rather, they suggest consistency with the
 Pareto-Levy family of processes. Motivated by the capacity of certain
 chaotic models to generate data consistent with these processes, evidence
 is accumulated consistent with a strange attractor, a long-term memory
 effect, and a-periodic motion. The evidence is consistent with insights
 derived from the theory of non-linear dynamics. 
Journal: Applied Economics Letters 
Pages: 81-86 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200150 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200150&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Brigitte Granville 
Author-X-Name-First: Brigitte 
Author-X-Name-Last: Granville 
Author-Name: Sushanta Mallick 
Author-X-Name-First: Sushanta 
Author-X-Name-Last: Mallick 
Title: Fisher hypothesis: UK evidence over a century 
Abstract:
  Using annual data over a long time horizon from 1900 to 2000 for the UK,
 this study finds the existence of a Fisher relation via Johansen
 cointegration tests. The cointegrating relationship between the two
 variables suggests a significant long-run equilibrium with a positive
 coefficient of more than one during the stated period. 
Journal: Applied Economics Letters 
Pages: 87-90 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200169 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200169&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pekka Ilmakunnas 
Author-X-Name-First: Pekka 
Author-X-Name-Last: Ilmakunnas 
Author-Name: Mika Maliranta 
Author-X-Name-First: Mika 
Author-X-Name-Last: Maliranta 
Title: Hiring from unemployment and separation to unemployment 
Abstract:
  Linked employer-employee data from Finland are used for studying
 plant-level worker flows, to unemployment and from unemployment. The flow
 rates are explained by various characteristics of the plants and their
 employees. 
Journal: Applied Economics Letters 
Pages: 91-95 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200178 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200178&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. A. Depken 
Author-X-Name-First: C. A. 
Author-X-Name-Last: Depken 
Author-Name: L. C. Simmons 
Author-X-Name-First: L. C. 
Author-X-Name-Last: Simmons 
Title: Social construct and the propensity for software piracy 
Abstract:
  This study offers evidence that cross-country variation in software
 piracy is a combination of both traditional economic influences and
 institutional social mores. Software piracy rates are related to various
 economic variables and two measures of social construct. The study
 includes an individualism score, which measures horizontal social
 relationships, and a measure of power distance, measuring vertical social
 relationships. It is found that economic variables do play a role in the
 decision to pirate software and that increased power-distance, or the
 further individuals feel from their superiors, for example law enforcement
 officials, the greater the propensity to pirate software. 
Journal: Applied Economics Letters 
Pages: 97-100 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200187 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200187&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. Fiaschi 
Author-X-Name-First: D. 
Author-X-Name-Last: Fiaschi 
Author-Name: Andrea Mario Lavezzi 
Author-X-Name-First: Andrea Mario 
Author-X-Name-Last: Lavezzi 
Title: Nonlinear growth in a long-run perspective 
Abstract:
  This study analyses the pattern of long-run growth of a cross-section of
 countries, adopting the distribution dynamics approach. The relationship
 between growth rates and income levels appears first increasing and then
 decreasing, indicating the existence of different growth regimes. 
Journal: Applied Economics Letters 
Pages: 101-104 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200196 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200196&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Charalambos Pattichis 
Author-X-Name-First: Charalambos 
Author-X-Name-Last: Pattichis 
Title: Budget and trade deficits in Lebanon 
Abstract:
  This study addresses one of the main problems facing the Lebanese economy
 during its recovery from many years of war: the relationship between
 budget and trade deficits. The results suggest that measures aimed at
 reducing the budget deficit may also lead to a reduction of the Lebanese
 trade deficit. 
Journal: Applied Economics Letters 
Pages: 105-108 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200204 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200204&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohamed Safouane Ben Aissa 
Author-X-Name-First: Mohamed Safouane Ben 
Author-X-Name-Last: Aissa 
Author-Name: Mohamed Boutahar 
Author-X-Name-First: Mohamed 
Author-X-Name-Last: Boutahar 
Author-Name: Jamel Jouini 
Author-X-Name-First: Jamel 
Author-X-Name-Last: Jouini 
Title: Bai and Perron's and spectral density methods for structural change detection in the US inflation process 
Abstract:
  This paper addresses the issue of estimating the number of breaks and
 their locations in the monthly US inflation series using two different
 approaches to testing for structural changes. The first approach considers
 Bai and Perron's selection procedure based on a sequence of tests. This
 approach focuses on the instability problem in time. The second method
 uses a test similar to the one based on Kolmogorov-Smirnov statistics
 applied to the evolutionary spectrum. The results obtained are similar and
 economically significant. 
Journal: Applied Economics Letters 
Pages: 109-115 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200213 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200213&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Th. Fiotakis 
Author-X-Name-First: Th. 
Author-X-Name-Last: Fiotakis 
Author-Name: N. Philippas 
Author-X-Name-First: N. 
Author-X-Name-Last: Philippas 
Title: Chasing trend and losing money: open end mutual fund investors' trading behaviour in Greece 
Abstract:
  This study examines the trading behaviour of mutual fund investors, its
 medium-term profitability and its impact on the performance of individual
 funds. An important yet thinly investigated subject is examined under the
 prism of a small emerging stock market growing to maturity, during both a
 strong bull and a violent bear market. The findings of this study are
 insightful: Mutual fund investors do not chase past returns. The empirical
 evidence also suggests that they do not hunt past superior performance.
 However, they do seem to employ a current-performance momentum screen to
 pick their funds, while their trading behaviour doesn't seem to affect the
 concurrent performance of the fund. Finally, it is claimed that mutual
 fund investors are perverse fund pickers. The suggested conclusion can
 only be that money is inefficiently invested in mutual funds. 
Journal: Applied Economics Letters 
Pages: 117-121 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200222 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200222&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Allan 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Allan 
Title: Satellite television and football attendance: the not so super effect 
Abstract:
  Previous studies of football attendance in England have produced
 contradictory results as to the effects of live satellite television
 coverage of football matches on the attendance of the televised matches.
 Using attendance data of Aston Villa Football Club's home matches in the
 Premier League from the 1995/96 season to the 2000/01 season, this note
 estimates a semi-logarithmic function of attendance. The results highlight
 a significant negative impact on attendance of live satellite television
 coverage of 7.75%, ceteris paribus, and also suggest that the England
 national team's performances are important in affecting attendance at
 Premier League games. Despite concentrating on only one club, this
 investigation brings into question what effect the new television rights
 just announced for the next three seasons may have on attendance. 
Journal: Applied Economics Letters 
Pages: 123-125 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200231 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200231&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jong-Eun Lee 
Author-X-Name-First: Jong-Eun 
Author-X-Name-Last: Lee 
Title: The effectiveness of protection through a fixed cost 
Abstract:
  This paper identifies to which extent a discriminatory protection through
 a fixed cost can protect inefficient firms. The effectiveness of a
 discriminatory device is measured by a critical market size at which a
 marginal firm can survive. 
Journal: Applied Economics Letters 
Pages: 127-130 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200240 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200240&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bing Han 
Author-X-Name-First: Bing 
Author-X-Name-Last: Han 
Title: Is the forward premium puzzle universal? 
Abstract:
  The forward premium puzzle, or violation of the uncovered interest rate
 parity (UIP), has been documented by many. Studies, using methodologies
 more sophisticated than regression analysis, tend to suggest that the
 rejection of UIP may be false, due to cointegration, biased parameter
 estimates, time-varying risk premium, etc. In this study, from data for
 the two decades (1979-1998) and nine major currencies of the developed
 world, it is shown that the forward premium puzzle is not always present
 for any arbitrary time period, or for any pair of countries, even using
 the regression analysis that established the puzzle in earlier works. 
Journal: Applied Economics Letters 
Pages: 131-134 
Issue: 2 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000200259 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000200259&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. Hichri 
Author-X-Name-First: W. 
Author-X-Name-Last: Hichri 
Title: Interior collective optimum in a voluntary contribution to a public-goods game 
Abstract:
  This study shows a public good experiment with four different treatments.
 The payoff function is chosen so that the Nash equilibrium (NE) and the
 collective optimum (CO) are both in the interior of the strategy space.
 This study tries to test the effect of varying the level of the collective
 optimum, which changes the 'social dilemma', involved in the decision as
 to how much to contribute to the public good. The results show that
 contributions increase with the level of the interior CO. There is
 overcontribution in comparison to the NE and undercontribution in
 comparison to the CO. But contributions are as far from the CO as the
 level of the former increases. An overcontribution index that takes into
 account the effective contribution relative to both the NE and the CO,
 shows that subjects adopt a constant behaviour while passing from one
 treatment to another: they contribute a constant share of the CO. 
Journal: Applied Economics Letters 
Pages: 135-140 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203724 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203724&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert-Paul Berben 
Author-X-Name-First: Robert-Paul 
Author-X-Name-Last: Berben 
Title: Exchange rate pass-through in the Netherlands: has it changed? 
Abstract:
  This study assesses whether the degree of exchange rate pass-through in
 the Netherlands has changed during the run-up to Economic and Monetary
 Union. VAR models are estimated on rolling sample periods to show that the
 pass-through of changes in the guilder-mark exchange rate has increased,
 while the pass-through of changes in the guilder-pound and guilder-dollar
 have remained more or less stable. This supports the view that the
 Netherlands and Germany have become increasingly integrated. This is in
 contrast to Taylor's (Economic Review 44, 1384-408, 2000) claim that the
 decline in inflation has been associated with a significant decline in the
 degree to which firms pass-through changes in costs. 
Journal: Applied Economics Letters 
Pages: 141-143 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203733 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203733&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Arrazola 
Author-X-Name-First: Maria 
Author-X-Name-Last: Arrazola 
Author-Name: Jose de Hevia 
Author-X-Name-First: Jose 
Author-X-Name-Last: de Hevia 
Title: More on the estimation of the human capital depreciation rate 
Abstract:
  This study formulates an alternative empirical model to that of Groot
 (Applied Economics Letters, 5, 535-8, 1998) to estimate the rate of
 depreciation of human capital, in which the post-schooling investment and
 the difference between the potential and the observed earnings of the
 individuals are taken into account. As an illustration, the model has been
 estimated for a sample of Spanish men and women. The results show
 depreciation rates of human capital of around 1-1.5% per year. 
Journal: Applied Economics Letters 
Pages: 145-148 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203742 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203742&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kajal Lahiri 
Author-X-Name-First: Kajal 
Author-X-Name-Last: Lahiri 
Author-Name: Wenxiong Yao 
Author-X-Name-First: Wenxiong 
Author-X-Name-Last: Yao 
Title: The predictive power of an experimental transportation output index 
Abstract:
  A monthly output index for the US Transportation sector over January
 1979-June 2003 is reported covering air, rail, water, truck, transit and
 pipeline activities. Separate indexes for freight and passenger are also
 constructed. The strong cyclical movements observed in the transportation
 output appear to be well synchronized with the NBER-defined recessions and
 growth slowdowns of the US economy. The series reflects the profound
 impact of 9/11 on the transportation sector, especially on the airlines.
 By December 2002 it has reached its historical peak. Given the observed
 relationship of the transportation output with the economy, the recent
 upward trend in the freight transportation strongly suggests that both the
 sector and the overall economy have recovered from their latest slump. 
Journal: Applied Economics Letters 
Pages: 149-152 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203751 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203751&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Gourlay 
Author-X-Name-First: A. 
Author-X-Name-Last: Gourlay 
Author-Name: J. Seaton 
Author-X-Name-First: J. 
Author-X-Name-Last: Seaton 
Title: Explaining the decision to export: evidence from UK firms 
Abstract:
  In this study the determinants of export probability are investigated for
 a panel of 2134 UK firms between 1988 and 2001. Firm size, product
 diversification, innovation and human-capital are all found to increase
 the probability of exporting. It is also found that the variance of the
 sterling-dollar rate has a positive effect on export probability in a
 majority of industries, lending support to stock option theories of export
 behaviour. 
Journal: Applied Economics Letters 
Pages: 153-158 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203760 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203760&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thorsten Schank 
Author-X-Name-First: Thorsten 
Author-X-Name-Last: Schank 
Author-Name: Claus Schnabel 
Author-X-Name-First: Claus 
Author-X-Name-Last: Schnabel 
Author-Name: Joachim Wagner 
Author-X-Name-First: Joachim 
Author-X-Name-Last: Wagner 
Title: Works councils - sand or grease in the operation of German firms? 
Abstract:
  Using a large panel data set it is investigated whether works councils
 act as sand or grease in the operation of German firms. Stochastic
 production frontier analysis indicates that establishments with and
 without a works council do not exhibit significant differences in
 efficiency. 
Journal: Applied Economics Letters 
Pages: 159-161 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203779 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203779&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Syed Abul Basher 
Author-X-Name-First: Syed Abul 
Author-X-Name-Last: Basher 
Author-Name: Mohammed Mohsin 
Author-X-Name-First: Mohammed 
Author-X-Name-Last: Mohsin 
Title: PPP tests in cointegrated panels: evidence from Asian developing countries 
Abstract:
  This study tests the relative version of purchasing power parity (PPP)
 for a set of ten Asian developing countries using a panel cointegration
 framework. A 'between-dimension' dynamic OLS estimator as proposed by
 Pedroni is employed. The test results overwhelmingly reject the PPP
 hypothesis. 
Journal: Applied Economics Letters 
Pages: 163-166 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203788 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203788&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. Kohers 
Author-X-Name-First: G. 
Author-X-Name-Last: Kohers 
Author-Name: N. Kohers 
Author-X-Name-First: N. 
Author-X-Name-Last: Kohers 
Author-Name: V. Pandey 
Author-X-Name-First: V. 
Author-X-Name-Last: Pandey 
Author-Name: T. Kohers 
Author-X-Name-First: T. 
Author-X-Name-Last: Kohers 
Title: The disappearing day-of-the-week effect in the world's largest equity markets 
Abstract:
  The well-documented day-of-the-week effect has shown that stock returns
 on some days of the week are often significantly higher than on other
 days. To investigate whether improvements in market efficiency may have
 caused this anomaly to disappear over time, this study examines the
 day-of-the-week effect in the world's largest developed equity markets
 over the last 22 years. The results indicate that, during the 1980s, this
 anomaly was clearly evident in the vast majority of developed markets, but
 it appears to have faded away in the 1990s. The implications of these
 findings are that long-run improvements in market efficiency may have
 diminished the effects of certain anomalies in recent periods. 
Journal: Applied Economics Letters 
Pages: 167-171 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203797 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203797&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hui Li 
Author-X-Name-First: Hui 
Author-X-Name-Last: Li 
Author-Name: R. P. Berrens 
Author-X-Name-First: R. P. 
Author-X-Name-Last: Berrens 
Author-Name: A. K. Bohara 
Author-X-Name-First: A. K. 
Author-X-Name-Last: Bohara 
Author-Name: H. C. Jenkins-Smith 
Author-X-Name-First: H. C. 
Author-X-Name-Last: Jenkins-Smith 
Author-Name: C. L. Silva 
Author-X-Name-First: C. L. 
Author-X-Name-Last: Silva 
Author-Name: L. Weimer 
Author-X-Name-First: L. 
Author-X-Name-Last: Weimer 
Title: Telephone versus Internet samples for a national advisory referendum: are the underlying stated preferences the same? 
Abstract:
  Using telephone and Internet (web-based) survey samples for a national
 advisory referendum, this study investigates whether the underlying
 preferences across two survey modes are equivalent. Results from a
 structural test support the conclusion of common preferences. 
Journal: Applied Economics Letters 
Pages: 173-176 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203805 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203805&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: F. O&#x11f;unC 
Author-X-Name-First: F. 
Author-X-Name-Last: O&#x11f;unC 
Author-Name: D. Ece 
Author-X-Name-First: D. 
Author-X-Name-Last: Ece 
Title: Estimating the output gap for Turkey: an unobserved components approach 
Abstract:
  This study specifies a basic univariate and a bivariate unobserved
 components model to estimate potential output using information from
 observable aggregates and presents results for the Turkish economy. The
 first specification used in the study, i.e. univariate approach,
 decomposes actual output into potential output that follows a random walk
 with a time-varying potential growth rate and a stationary output gap. The
 univariate specifications commonly ignore some economic content, which
 might be relevant for the measurement of the output gap. In this respect,
 the univariate model is extended by utilizing the relationship between
 inflation and the output gap, namely the Phillips curve. Whereas both
 models give similar output gap estimates, signal extraction statistics
 suggest that incorporating the supply side to the system reduces the
 parameter uncertainty and the total standard error and improves the gap
 estimate. 
Journal: Applied Economics Letters 
Pages: 177-182 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203814 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203814&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. C. Reboredo 
Author-X-Name-First: J. C. 
Author-X-Name-Last: Reboredo 
Title: A note on efficiency and solvency in banking 
Abstract:
  Banking competition induces an efficient outcome but may also induce
 risk-taking behaviour that reduces solvency. This study examines the
 relationship between efficiency and solvency in banking at the empirical
 level. The empirical findings support that greater efficiency with respect
 to a risk-return frontier leads to a greater solvency level, but solvency
 is not related to efficiency. So, an increase in banking competition
 generates both more efficiency and solvency. 
Journal: Applied Economics Letters 
Pages: 183-185 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203823 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203823&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Giorgio Di Pietro 
Author-X-Name-First: Giorgio Di 
Author-X-Name-Last: Pietro 
Title: The determinants of university dropout in Italy: a bivariate probability model with sample selection 
Abstract:
  This study analyses the determinants of university dropouts in Italy
 using a bivariate probit model with sample selection. The empirical
 findings provide some support for the appropriateness of this technique
 and hence suggest that the estimates obtained from a univariate decision
 framework are likely to be inefficient. 
Journal: Applied Economics Letters 
Pages: 187-191 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203832 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203832&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antoine Bommier 
Author-X-Name-First: Antoine 
Author-X-Name-Last: Bommier 
Author-Name: Sylvie Lambert 
Author-X-Name-First: Sylvie 
Author-X-Name-Last: Lambert 
Title: Human capital investments and family composition 
Abstract:
  This study explores how human capital investment of a child is affected
 by the number and the gender of his/her siblings. Two alternative
 explanations are tested for: competition for scarce resources versus
 direct interactions between siblings. An empirical application is provided
 using Brazilian data. 
Journal: Applied Economics Letters 
Pages: 193-196 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203841 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203841&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hahn Shik Lee 
Author-X-Name-First: Hahn Shik 
Author-X-Name-Last: Lee 
Title: International transmission of stock market movements: a wavelet analysis 
Abstract:
  This study investigates the international transmission mechanism of stock
 market movements via wavelet analysis. While GARCH-type models have mainly
 been used in most recent research in this area, the discrete wavelet
 decomposition is used in this study to propose a new methodology for
 investigating the dynamics and the potential interaction in international
 stock markets. Using the data on daily stock indices from the USA and
 Korea, strong evidence is found for price as well as volatility spillover
 effects from the developed stock market to the emerging market, but not
 vice versa. 
Journal: Applied Economics Letters 
Pages: 197-201 
Issue: 3 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000203850 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000203850&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Giles Atkinson 
Author-X-Name-First: Giles 
Author-X-Name-Last: Atkinson 
Author-Name: Brett Day 
Author-X-Name-First: Brett 
Author-X-Name-Last: Day 
Author-Name: Susana Mourato 
Author-X-Name-First: Susana 
Author-X-Name-Last: Mourato 
Author-Name: Charles Palmer 
Author-X-Name-First: Charles 
Author-X-Name-Last: Palmer 
Title: 'Amenity' or 'eyesore'? Negative willingness to pay for options to replace electricity transmission towers 
Abstract:
  A frequent scenario in public decision-making is that of choosing between
 a number of proposed changes from the status quo. In such a case, stated
 preference surveys, such as the contingent valuation method, are often
 undertaken to assess the size of the benefits associated with each
 proposed change. For certain undesirable options, respondents may prefer
 the status quo; however, it may not be credible to directly elicit
 negative willingness to pay or willingness to accept to endure the change.
 This study, using contingent valuation, outlines an indirect means of
 measuring negative willingness to pay - for the problem of visual
 disamenity arising from alternative electricity transmission tower designs
 - based on the elicitation of indicators of how inconvenienced respondents
 would feel if a less preferred option were to replace the status quo; that
 is, the time and cost respondents were prepared to commit to opposing the
 change. The results show that taking account of negative willingness to
 pay matters and this significantly changes value estimates for some of the
 least liked options. 
Journal: Applied Economics Letters 
Pages: 203-208 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674803 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674803&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sanjeev Gupta 
Author-X-Name-First: Sanjeev 
Author-X-Name-Last: Gupta 
Author-Name: Benedict Clements 
Author-X-Name-First: Benedict 
Author-X-Name-Last: Clements 
Author-Name: Emanuele Baldacci 
Author-X-Name-First: Emanuele 
Author-X-Name-Last: Baldacci 
Author-Name: Carlos Mulas-Granados 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Mulas-Granados 
Title: The persistence of fiscal adjustments in developing countries 
Abstract:
  This study assesses effects of expenditure composition and other
 variables on the duration of fiscal adjustment episodes in a sample of 29
 developing countries. Using survival analysis, the study finds that
 expenditure composition, size of the fiscal consolidation, and past
 performance on fiscal consolidation affect the persistence of adjustment. 
Journal: Applied Economics Letters 
Pages: 209-212 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674812 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674812&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Par Osterholm 
Author-X-Name-First: Par 
Author-X-Name-Last: Osterholm 
Title: Killing four unit root birds in the US economy with three panel unit root test stones 
Abstract:
  This study tests for the presence of unit roots in four US macroeconomic
 time series using panel unit root tests. The Im, Pesaran and Shin (Journal
 of Econometrics, 115, pp. 53-74, 2003) test, the Multivariate Augmented
 Dickey-Fuller test (Taylor and Sarno, Journal of International Economics,
 46, pp. 281-312, 1998) and the Johansen (Journal of Economic Dynamics and
 Control, 12, pp. 231-54, 1988) likelihood ratio test are applied to
 unemployment, the real exchange rate, the nominal interest rate and
 inflation. The three tests all have ways of controlling the obvious
 cross-sectional dependence in the panel. Using monthly data from 1960 to
 2002 there is evidence that all time series are generated by stationary
 processes. 
Journal: Applied Economics Letters 
Pages: 213-216 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674821 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674821&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Helen Higgs 
Author-X-Name-First: Helen 
Author-X-Name-Last: Higgs 
Author-Name: Andrew Worthington 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Worthington 
Title: Transmission of returns and volatility in art markets: a multivariate GARCH analysis 
Abstract:
  This study examines the transmission of returns and volatility among
 eight major art markets. The art indices included in the analysis are
 Contemporary Masters (CM), 20th Century English (TE), 19th Century
 European (NE), French Impressionist (FI), Modern European (ME), Modern US
 Paintings (US), Old Masters (OM) and Surrealists (SR). A multivariate
 generalized autoregressive conditional heteroscedasticity (MGARCH) model
 is used to identify the source and magnitude of spillovers. The results
 indicate the presence of large and predominantly positive mean return and
 volatility spillovers, though the spillovers between art markets are not
 homogeneous. 
Journal: Applied Economics Letters 
Pages: 217-222 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674830 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674830&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gary Shelley 
Author-X-Name-First: Gary 
Author-X-Name-Last: Shelley 
Author-Name: Frederick Wallace 
Author-X-Name-First: Frederick 
Author-X-Name-Last: Wallace 
Title: Inflation, money, and real GDP in Mexico: a causality analysis 
Abstract:
  The relation between inflation, M1 money, and real GDP in Mexico is
 examined using annual data from 1944 to 1991. When investigating the
 relation between changes in inflation and real GDP growth it is found that
 it is important to separate the changes in inflation into predictable and
 unpredictable components. Predictable increases in differenced inflation
 are found to have a significant, negative effect on real GDP growth.
 Unpredictable increases in differenced inflation are found to have a
 significant, positive effect on real GDP growth. In contrast, changes in
 M1 growth fail to Granger-cause real GDP growth even when the changes in
 money growth are divided into predictable and unpredictable components. 
Journal: Applied Economics Letters 
Pages: 223-225 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000193834 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000193834&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kemper Moreland 
Author-X-Name-First: Kemper 
Author-X-Name-Last: Moreland 
Title: The rise or fall of graduated income tax rates 
Abstract:
  This study constructs a wage distribution for the US from CPS data and
 then uses simulations to determine the optimal piecewise-linear-income
 tax. Previous optimal tax studies have generally found optimal marginal
 tax rates decline as income rises. This study argues this result arises
 because these previous studies assume that society will be willing to fund
 substantial guarantees. This study assumes that such a guarantee will not
 be politically acceptable, but that an exemption will be. In these
 circumstances it is found that optimal marginal tax rates rise as income
 rises. 
Journal: Applied Economics Letters 
Pages: 227-229 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674858 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674858&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Syed Mahmud 
Author-X-Name-First: Syed 
Author-X-Name-Last: Mahmud 
Author-Name: Aman Ullah 
Author-X-Name-First: Aman 
Author-X-Name-Last: Ullah 
Author-Name: Eray Yucel 
Author-X-Name-First: Eray 
Author-X-Name-Last: Yucel 
Title: Testing Marshall-Lerner condition: a non-parametric approach 
Abstract:
  In this study, non-parametric kernel estimation technique has been
 employed to estimate import and export price elasticities for six
 developed countries. Based on the estimates of these elasticities
 Marshall-Lerner condition has been examined. In general the condition is
 only partially satisfied in the sub-sample periods. The results also
 suggest that the condition is more likely to be satisfied under fixed
 exchange rate regime. 
Journal: Applied Economics Letters 
Pages: 231-236 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674867 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674867&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Darren Hudson 
Author-X-Name-First: Darren 
Author-X-Name-Last: Hudson 
Author-Name: Lee-Hong Seah 
Author-X-Name-First: Lee-Hong 
Author-X-Name-Last: Seah 
Author-Name: Diane Hite 
Author-X-Name-First: Diane 
Author-X-Name-Last: Hite 
Author-Name: Tim Haab 
Author-X-Name-First: Tim 
Author-X-Name-Last: Haab 
Title: Telephone presurveys, self-selection, and non-response bias to mail and Internet surveys in economic research 
Abstract:
  A telephone presurvey is used in conjunction with mail and Internet
 follow-up surveys to assess self-selection and item nonresponse bias.
 Findings suggest that self-selection is present, but item nonresponse bias
 is limited. The Internet version exhibited no item nonresponse bias. 
Journal: Applied Economics Letters 
Pages: 237-240 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674876 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674876&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Lin Tao 
Author-X-Name-First: Hung-Lin 
Author-X-Name-Last: Tao 
Title: The compensating wage differentials for a career at sea - an empirical study of Taiwan 
Abstract:
  Using a unique Taiwan JCEE data set, this study finds that the
 compensating wage differential for marine engineers is about one third of
 their received wage, and for nuclear engineers is about one fifth of their
 received wage. 
Journal: Applied Economics Letters 
Pages: 241-244 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674885 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674885&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Corinna Czujack 
Author-X-Name-First: Corinna 
Author-X-Name-Last: Czujack 
Author-Name: Maria Fraga Martins 
Author-X-Name-First: Maria Fraga 
Author-X-Name-Last: Martins 
Title: Do art specialists form unbiased pre-sale estimates? An application for Picasso paintings 
Abstract:
  This work investigates whether art specialists provide good predictors of
 realized prices for Picasso paintings. A sample selection model is
 proposed to represent the decision of the seller and the price equation.
 The model is applied to data on 675 Picasso paintings for the period
 1975-1994. It is found that the two auction houses, Sotheby's and
 Christie's, have given good predictions for the works that have been sold.
 However, for the unsold works, it would have been possible to give
 estimates better than those given by the salerooms. As a consequence they
 could perhaps have sold more paintings than they actually did. 
Journal: Applied Economics Letters 
Pages: 245-249 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674894 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674894&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jong-Eun Lee 
Author-X-Name-First: Jong-Eun 
Author-X-Name-Last: Lee 
Title: Two maps for the world's trade integration 
Abstract:
  This study aims to identify the position of Asia in the world's trade
 integration by the hierarchical cluster analysis. The world's 30 largest
 exporters in 2002 are the object of the investigation. 
Journal: Applied Economics Letters 
Pages: 251-253 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674902 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674902&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eduardo Jose Araujo Lima 
Author-X-Name-First: Eduardo Jose Araujo 
Author-X-Name-Last: Lima 
Author-Name: Benjamin Miranda Tabak 
Author-X-Name-First: Benjamin Miranda 
Author-X-Name-Last: Tabak 
Title: Tests of the random walk hypothesis for equity markets: evidence from China, Hong Kong and Singapore 
Abstract:
  This study tests the random walk hypothesis for China, Hong Kong and
 Singapore. Using variance ratio tests, robust to heteroskedasticity and
 employing a recently developed bootstrap technique to customize
 percentiles for inference purposes it is found that Class A shares for
 Chinese stock exchanges and the Hong Kong equity markets are weak form
 efficient. However, Singapore and Class B shares for Chinese stock
 exchanges do not follow the random walk hypothesis, which suggests that
 liquidity and market capitalization may play a role in explaining results
 of weak form efficiency tests. 
Journal: Applied Economics Letters 
Pages: 255-258 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674911 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674911&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eric Strobl 
Author-X-Name-First: Eric 
Author-X-Name-Last: Strobl 
Title: Do employers use education as a signal for ability in developing countries? Evidence from Ghana 
Abstract:
  This study investigates whether employers in developing countries use
 education as&#xa0;a&#xa0;signal for employees' productivity using data for
 Ghana manufacturing. Evidence is found supportive of this for individuals
 who were not hired through direct contacts&#xa0;in the firm, and thus for
 individuals for whom employers are likely to have relatively less
 information about their productive abilities. This result seems to rest on
 adequately controlling for on-the-job-training. 
Journal: Applied Economics Letters 
Pages: 259-261 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674920 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674920&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Y. -F. Gau 
Author-X-Name-First: Y. -F. 
Author-X-Name-Last: Gau 
Author-Name: M. Hau 
Author-X-Name-First: M. 
Author-X-Name-Last: Hau 
Title: Public information, private information, inventory control, and volatility of intraday NTD/USD exchange rates 
Abstract:
  This study uses the periodic GARCH (P-GARCH) model of Bollerslev and
 Ghysels (1996) to capture the irregularly repetitive seasonal variation in
 the volatility of 15-minute NTD/USD exchange rate changes. The
 specification of state variables enables us to test the microstructure
 hypotheses in the FX market. 
Journal: Applied Economics Letters 
Pages: 263-266 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674939 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674939&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Masasaki Fuse 
Author-X-Name-First: Masasaki 
Author-X-Name-Last: Fuse 
Title: Estimating intertemporal substitution in Japan 
Abstract:
  In this study, the intertemporal elastisity of substitution (IES) by
 consumers in Japan is estimated using the two-step estimating method used
 by Ogaki and Reinhart (Journal of Political Economy, 106, pp. 1079-98,
 1998). This method is estimating the IES in consideration of intratemporal
 substitution between durables and nondurables. Consequently, the acquired
 estimated values are larger than the US values used by Ogaki and Reinhart. 
Journal: Applied Economics Letters 
Pages: 267-269 
Issue: 4 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001674948 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001674948&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Sarmiento 
Author-X-Name-First: C. 
Author-X-Name-Last: Sarmiento 
Title: Modelling firm heterogeneity with spatial 'trends' 
Abstract:
  The hypothesis underlying this article is that firm heterogeneity can be
 captured by spatial characteristics of the firm (similar to the inclusion
 of a time trend in time series models). The hypothesis is examined in the
 context of modelling electric generation by coal powered plants in the
 presence of firm heterogeneity. 
Journal: Applied Economics Letters 
Pages: 271-274 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221517 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221517&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Sumner 
Author-X-Name-First: Michael 
Author-X-Name-Last: Sumner 
Title: A cautionary note on cointegration testing 
Abstract:
  Inferences from the Johansen procedure regarding cointegration, and the
 magnitude, significance and even the sign of the estimated parameters of a
 familiar macroeconomic relation, are shown to be extremely sensitive to
 the treatment of its deterministic components and to the assumed lag
 structure. An unrestricted error-correction model yields unambiguous
 inferences and performs better in a range of tests. 
Journal: Applied Economics Letters 
Pages: 275-278 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000191728 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000191728&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Dejuan 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Dejuan 
Author-Name: Simon Gurr 
Author-X-Name-First: Simon 
Author-X-Name-Last: Gurr 
Title: On the link between volatility and growth: evidence from Canadian Provinces 
Abstract:
  This study examines the relationship between business-cycle volatility
 and economic growth using data from 10 Canadian provinces over the
 1961-2000 period. Test results based on cross-section and panel data
 estimation indicate, at best, a weak positive volatility-growth
 relationship. 
Journal: Applied Economics Letters 
Pages: 279-282 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000189569 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000189569&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shunsuke Managi 
Author-X-Name-First: Shunsuke 
Author-X-Name-Last: Managi 
Author-Name: David Karemera 
Author-X-Name-First: David 
Author-X-Name-Last: Karemera 
Title: Input and output biased technological change in US agriculture 
Abstract:
  Data Envelopment Analysis (DEA) techniques are applied to a state-level
 data set to measure the total factor productivity in US agriculture over
 1960-1996. Total factor productivity is decomposed into input and output
 biased technological change, efficiency change, and scale change, under
 both constant return to scale (CRS) and variable return to scale (VRS).
 Assumption of Hick neutral technological change is discussed.
 Technological change is found to be the result of efficient use of inputs
 much more than the effects of output capability increase. 
Journal: Applied Economics Letters 
Pages: 283-286 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221526 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221526&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Author-Name: Russell Smyth 
Author-X-Name-First: Russell 
Author-X-Name-Last: Smyth 
Title: The relationship between the real exchange rate and balance of payments: empirical evidence for China from cointegration and causality testing 
Abstract:
  This article examines the relationship between the renminbi real exchange
 rate and China's foreign exchange reserves using cointegration and Granger
 causality testing. The main findings are that in the long run foreign
 exchange reserves Granger cause the real exchange rate. Meanwhile, in the
 short run there is unidirectional Granger causality running from foreign
 exchange reserves to the real exchange rate. 
Journal: Applied Economics Letters 
Pages: 287-291 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221535 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221535&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Marie Cardebat 
Author-X-Name-First: Jean-Marie 
Author-X-Name-Last: Cardebat 
Author-Name: Jean-Marc Figuet 
Author-X-Name-First: Jean-Marc 
Author-X-Name-Last: Figuet 
Title: What explains Bordeaux wine prices? 
Abstract:
  The aim of this article is to explain Bordeaux wine prices for the
 1996-1999 vintages. The hedonic price method is applied to determine the
 main explanatory factors of price differences. It shows that reputation
 remains an important determinant of the price. However sensory
 characteristics have greater explanatory power compared to previous
 studies. Increasing competition and reductions in information asymmetries
 on the wine market are two important factors explaining this result. 
Journal: Applied Economics Letters 
Pages: 293-296 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221544 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221544&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tai-Hsin Huang 
Author-X-Name-First: Tai-Hsin 
Author-X-Name-Last: Huang 
Title: Empirical estimation of production risk using a cost function with panel data 
Abstract:
  The purposes of this study are twofold. First, it extends production risk
 from a production function to a more general cost function. The
 theoretical model is able to account for the effects of risk on a firm's
 minimum cost and optimal input demands. Second, the present paper provides
 an estimable framework for an analysis of the impacts of the risk on firm
 behaviour. Employing the model to Taiwan's electronics and information
 industry, it is found that production risk appears to play an important
 role in production cost. Evidence is found that the vast majority of
 sample firms belong to risk-averters. 
Journal: Applied Economics Letters 
Pages: 297-301 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221553 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221553&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ata Assaf 
Author-X-Name-First: Ata 
Author-X-Name-Last: Assaf 
Title: Rescaled variance analysis of real exchange rates 
Abstract:
  The characterization of real exchange rate series as random in nature has
 been questioned in recent times by the application of new statistical
 tools. This study uses a new test proposed by Giraitis et al. (Journal of
 Econometrics, 112, pp. 265-9, 2003) and based on KPSS (Journal of
 Econometrics, 54, pp. 159-78, 1992) test. The rescaled variance (V/S)
 statistic is shown to have a simpler asymptotic distribution and achieve a
 better balance of size and power than Lo's (1991) and KPSS (1992) test.
 Application of the new test suggests that real exchange rate movements do
 not show evidence of long memory. 
Journal: Applied Economics Letters 
Pages: 303-306 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221562 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221562&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anna Dodonova 
Author-X-Name-First: Anna 
Author-X-Name-Last: Dodonova 
Author-Name: Yuri Khoroshilov 
Author-X-Name-First: Yuri 
Author-X-Name-Last: Khoroshilov 
Title: Anchoring and transaction utility: evidence from on-line auctions 
Abstract:
  This article presents empirical evidence that people use anchoring to
 form their valuation of an object. Using data from the on-line auction
 Bidz.com, we found that people bid more for an item with a higher posted
 'buy now' price than for an identical item with the lower posted 'buy now'
 price. 
Journal: Applied Economics Letters 
Pages: 307-310 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221571 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221571&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Galera 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Galera 
Author-Name: Gema Carrera-Gomez 
Author-X-Name-First: Gema 
Author-X-Name-Last: Carrera-Gomez 
Author-Name: Pablo Coto-Millan 
Author-X-Name-First: Pablo 
Author-X-Name-Last: Coto-Millan 
Title: Free to choose. A different answer to a known puzzle 
Abstract:
  Nalebuff (Journal of Economic Perspectives, 1(2), 157-63, 1987) proposes
 a puzzle and a standard solution to the mentioned puzzle based on Bayes
 theorem. After giving the standard solution to this problem, Professor
 Nalebuff asked: 'Since many if not most individuals choose to stay with
 their original choice, does this suggest we should look for alternatives
 to Bayes rule?' In this paper a right answer to that question is
 proportionated. 
Journal: Applied Economics Letters 
Pages: 311-312 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221580 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221580&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chaoshin Chiao 
Author-X-Name-First: Chaoshin 
Author-X-Name-Last: Chiao 
Author-Name: Ken Hung 
Author-X-Name-First: Ken 
Author-X-Name-Last: Hung 
Author-Name: Suresh Srivastava 
Author-X-Name-First: Suresh 
Author-X-Name-Last: Srivastava 
Title: Testing lead-lag relations between portfolio returns under price-limits 
Abstract:
  A methodology is proposed to test the lead-lag relation between portfolio
 returns under price-limit restriction. The price-limit restriction is an
 important microstructure of the Taiwan stock market. Prior research on US
 stock return found that the lagged return of large-cap portfolios are
 correlated with the current return of small-cap portfolios. The results
 provide no evidence to indicate that the price adjustments of small
 capitalization portfolios are slower than that of large capitalization
 portfolios. Further, there is no evidence to imply a positive leading role
 of large capitalization portfolio returns over small capitalization
 portfolio returns. 
Journal: Applied Economics Letters 
Pages: 313-317 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221599 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221599&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jordi Pons-Novell 
Author-X-Name-First: Jordi 
Author-X-Name-Last: Pons-Novell 
Title: Behavioural biases among interest rate forecasters? 
Abstract:
  Several studies have found evidence that views expressed by other
 forecasters in the previous period influence individuals' current
 forecasts, while other analyses have stressed that occasionally
 forecasters may have other objectives in addition to minimizing forecast
 errors. This paper presents evidence, using data from Livingston Survey,
 that these strategic behaviours are less likely to occur when the accuracy
 of the economic forecasts can be easily and quickly assessed. 
Journal: Applied Economics Letters 
Pages: 319-321 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221607 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221607&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pedro Cosme Costa Vieira 
Author-X-Name-First: Pedro Cosme Costa 
Author-X-Name-Last: Vieira 
Title: Market equilibrium with FSS search 
Abstract:
  It is acknowledged that in the trading of homogeneous goods there is
 persistent price dispersion. However, it is theoretically derived that if
 buyers are optimizers there is no price dispersion. This negative result
 motivates the emergence of alternative paths in the literature that
 studies price dispersion. In Burdett and Judd's seminal work, buyers
 follow the sub-optimal fixed sample size search strategy, FSS. These
 authors claim that under this sub-optimal strategy there are, ex ante,
 three points of Nash equilibrium, two of them associated with price
 dispersion and search. This article shows that these two points of
 equilibrium with price dispersion are not empirically relevant because
 they will not be ex post enforced, being unproductive for explaining
 equilibrium price dispersion using the FSS sub-optimal search strategy. 
Journal: Applied Economics Letters 
Pages: 323-324 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221616 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221616&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: T. Mora 
Author-X-Name-First: T. 
Author-X-Name-Last: Mora 
Title: Role of mobility in evolution of disparities: European regions evidence 
Abstract:
  A decomposition of an inequality measure is proposed in order to compute
 the role of mobility in the evolution of disparities between European
 regions. Our results confirm that economic growth when integration process
 succeeds in the European Union have decreased inequality, narrowing gaps
 rather than moving low-income regions ahead of higher-income ones. Also,
 results have revealed the importance of studies about intradistributional
 movements when we pretend to analyse a regional growth process comparison,
 although it is not the more relevant factor in the evolution of
 inequality. 
Journal: Applied Economics Letters 
Pages: 325-328 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221625 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221625&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Katsimi 
Author-X-Name-First: M. 
Author-X-Name-Last: Katsimi 
Title: Inflation divergence in the euro area: the Balassa-Samuelson effect 
Abstract:
  This study estimates the Balassa-Samuelson effect for 7 EU countries.
 According to this effect, inflation differential between the tradable and
 the non-tradable sector can be attributed to unbalanced productivity
 growth between the two sectors. For the euro area this implies that
 countries with higher relative productivity growth in the tradable sector
 will suffer from higher inflation. We test the Balassa-Samuelson effect by
 using cointegration techniques. The empirical analysis supports the
 existence of a Balassa-Samuelson effect for 6 of the sample countries. 
Journal: Applied Economics Letters 
Pages: 329-332 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221634 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221634&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Telatar 
Author-X-Name-First: E. 
Author-X-Name-Last: Telatar 
Author-Name: N. Bolatoglu 
Author-X-Name-First: N. 
Author-X-Name-Last: Bolatoglu 
Author-Name: F. Telatar 
Author-X-Name-First: F. 
Author-X-Name-Last: Telatar 
Title: A new approach on testing the behaviour of the governments towards sustainability of fiscal policy in a small-open and politically instable economy 
Abstract:
  This study extends Bohn's (1998) model to the context of a small-open
 economy suffering from political and economic instabilities. A
 Markov-switching model is developed by incorporating a Bayesian Gibbs
 sampling simulation. The model is estimated for Turkish economy over the
 period of 1980-2001 to analyse the relationship between primary surpluses
 and government total liabilities. The main result of the study is that the
 relationship might be unstable due to the changes in intentions of the
 governments towards sustainability of fiscal policy. 
Journal: Applied Economics Letters 
Pages: 333-336 
Issue: 5 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000221643 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000221643&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Gabriel 
Author-X-Name-First: Paul 
Author-X-Name-Last: Gabriel 
Title: Differences in earnings, skills and labour market experience among young black and white men 
Abstract:
  This study examines the role of racial differences in skills and labour
 market experience on recent earnings differences between young black and
 white men. Our analysis of the 2000 sample of the National Longitudinal
 Survey of Youth, 1979 Cohort (NLSY79), indicates that nearly all of the
 earnings gap between black and white men can be accounted for with a
 relatively parsimonious empirical model. In particular, it finds that
 approximately 44% of the racial earnings gap results from higher average
 skill and work experience levels of white men. 
Journal: Applied Economics Letters 
Pages: 337-341 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228150 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228150&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chris Sakellariou 
Author-X-Name-First: Chris 
Author-X-Name-Last: Sakellariou 
Author-Name: Ramin Maysami 
Author-X-Name-First: Ramin 
Author-X-Name-Last: Maysami 
Title: Lucas type external effects of human capital: strong evidence using microdata 
Abstract:
  Past evidence on the existence Lucas type external effects of education
 has been, at best, mixed. This study re-visits a two-stage
 microeconometric approach which allows for the estimation of the external
 effects of human capital on wages (and therefore productivity). Strong
 evidence is found of external effects to education - and in particular,
 years of schooling and job-related training - using microdata from
 Venezuela. 
Journal: Applied Economics Letters 
Pages: 343-346 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228169 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228169&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Cobham 
Author-X-Name-First: David 
Author-X-Name-Last: Cobham 
Author-Name: Peter Macmillan 
Author-X-Name-First: Peter 
Author-X-Name-Last: Macmillan 
Author-Name: David Mcmillan 
Author-X-Name-First: David 
Author-X-Name-Last: Mcmillan 
Title: The inflation/output variability trade-off: further evidence 
Abstract:
  The trade-off between the variability of inflation and that of output is
 estimated for the UK, using several different approaches to obtain the
 output gap, and then for a range of other countries; in all cases the
 trade-off retains the 'sharp turning point' found for the UK and US by
 other authors. 
Journal: Applied Economics Letters 
Pages: 347-350 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228178 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228178&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Title: New Zealand's trade balance: evidence of the J-curve and granger causality 
Abstract:
  This article tests for the existence of any cointegration relationship
 between trade balance and real effective exchange rate (REER), foreign
 income and domestic income for New Zealand during the period 1970-2000. It
 also examines the direction of the casual relationship between the above
 variables, and applies the impulse response analysis to determine whether
 shocks to the REER induce the trade balance to follow a J-curve pattern.
 The results indicate that there is no cointegration relationship between
 the above variables; there is a casual connection in both directions
 between trade balance and foreign income; and New Zealand's trade balance
 exhibits a J-curve pattern when there is a depreciation of the New Zealand
 dollar. 
Journal: Applied Economics Letters 
Pages: 351-354 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228187 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228187&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: I. Tzouramani 
Author-X-Name-First: I. 
Author-X-Name-Last: Tzouramani 
Author-Name: K. Mattas 
Author-X-Name-First: K. 
Author-X-Name-Last: Mattas 
Title: Employing real options methodology in agricultural investments: the case of greenhouse construction 
Abstract:
  The latest developments in investment analysis offer a number of valuable
 insights into how to evaluate investment opportunities encountering the
 weaknesses of net present value criterion. More specifically,
 irreversibility, uncertainty and the choice of timing are conditions that
 net present value does not include but they alter the investment decision
 in a determinant way. By employing contingent claims analysis in tangible
 investments better assessment results can be derived. In this work, an
 attempt is made to modify the NPV criterion by incorporating the real
 options approach, and its application is demonstrated in a greenhouse
 construction investment plan. A discounted cash flow approach indicates
 that the adoption of a new technology project under uncertainty is
 feasible while the real options approach differentiates the results. The
 corollary is that the real options approach can be proved useful when
 assessing projects with uncertainty and irreversibility and it can provide
 a new way of examining agricultural investment decisions. 
Journal: Applied Economics Letters 
Pages: 355-359 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000189550 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000189550&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ana Luisa Abras 
Author-X-Name-First: Ana Luisa 
Author-X-Name-Last: Abras 
Author-Name: Braulio Borges 
Author-X-Name-First: Braulio 
Author-X-Name-Last: Borges 
Author-Name: Rodrigo Sekkel 
Author-X-Name-First: Rodrigo 
Author-X-Name-Last: Sekkel 
Title: Breaking trend, Lagrange multiplier test statistic and the presence of a unit root in the Brazilian gross domestic product 
Abstract:
  Standard unit root tests provided mixed evidence on the stochastic
 behaviour of the Brazilian gross domestic product series. This study uses
 the minimum Lagrange multiplier statistic suggested by Lee and Strazicich
 to test for the presence of a unit root with two endogenously determined
 structural changes. Contrary to previous works utilizing endogenous break
 points, the authors were not able to reject the null of unit root. 
Journal: Applied Economics Letters 
Pages: 361-364 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228196 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228196&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiaohui Liu 
Author-X-Name-First: Xiaohui 
Author-X-Name-Last: Liu 
Author-Name: Chang Shu 
Author-X-Name-First: Chang 
Author-X-Name-Last: Shu 
Title: Consumption and stock markets in Greater China 
Abstract:
  This study investigates the causal links between stock market performance
 and consumption for Greater China using a VECM framework. Bi-directional
 causality between stock prices and consumption is found for Hong Kong and
 Taiwan. This indicates that the previous studies may have overestimated
 the wealth effect of stock markets without taking account of the reverse
 causation from consumption to the stock markets. Only one-way causality
 running from consumption to stock prices has been established for Mainland
 China. 
Journal: Applied Economics Letters 
Pages: 365-368 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228204 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228204&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Burton 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Burton 
Author-Name: Christine Helliar 
Author-X-Name-First: Christine 
Author-X-Name-Last: Helliar 
Author-Name: David Power 
Author-X-Name-First: David 
Author-X-Name-Last: Power 
Title: The benefits and costs of deeply-discounted rights issues - practitioners viewpoints 
Abstract:
  Deeply-discounted rights issues (DDRIs) remain rare on the world's
 largest stock markets, but the costs and benefits of such issues have
 attracted renewed attention in recent years as market regulators search
 for ways of driving down the cost of external fund raising. The relative
 scarcity of DDRIs presents a puzzle to researchers because the rationale
 normally suggested - concern about the diluting effect of a heavily
 discounted rights issue on earnings per share - is easily shown to be
 irrelevant in theory (Patterson and Ursel, Journal of Business Finance and
 Accounting, 20, 115-24, 1993). The present study therefore reports the
 results of a series of discussions with firms, investors and advisers in
 the UK regarding DDRIs and the extent to which concerns about the impact
 on earnings continue to hamper growth in their use. The results suggest
 that firms are fully aware of the potential cost savings associated with
 DDRIs, but concerns about investor reaction to any offer-induced earnings
 dilution continue to mitigate against any significant increase in their
 popularity. 
Journal: Applied Economics Letters 
Pages: 369-372 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228213 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228213&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariacristina Piva 
Author-X-Name-First: Mariacristina 
Author-X-Name-Last: Piva 
Author-Name: Marco Vivarelli 
Author-X-Name-First: Marco 
Author-X-Name-Last: Vivarelli 
Title: Technological change and employment: some micro evidence from Italy 
Abstract:
  Consistently with previous evidence of the microeconomic literature on
 the subject and applying GMM-SYS on a unique Italian panel dataset, this
 study finds a significant - although small in size - positive relationship
 between innovation and employment at the firm's level in the 1990s. 
Journal: Applied Economics Letters 
Pages: 373-376 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228222 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228222&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jin-Long Liu 
Author-X-Name-First: Jin-Long 
Author-X-Name-Last: Liu 
Author-Name: Ching-Chun Hsu 
Author-X-Name-First: Ching-Chun 
Author-X-Name-Last: Hsu 
Title: Economies of scale, gender discrimination, and cost of children 
Abstract:
  New empirical evidence is provided on the measurement of the cost of a
 child with emphasis on the issue of household economies of scale and
 gender bias. Most empirical results suggest the plausible conclusion that
 there are household economies of scale in rearing children. By using the
 utility-based approach with considering the gender discrimination, the
 present results show that there are diseconomies of scale in rearing a
 male child after having any female child within the household. This
 indicates a significant gender bias issue in intra-household allocation in
 Taiwan. 
Journal: Applied Economics Letters 
Pages: 377-382 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228231 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228231&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kohei Daido 
Author-X-Name-First: Kohei 
Author-X-Name-Last: Daido 
Title: Risk-averse agents with peer pressure 
Abstract:
  This article studies the effects of peer pressure on the incentives of
 risk-averse agents. It defines the peer pressure function and then assumes
 that each agent feels peer pressure not only when his effort level is
 below the standard level, but also when it is above that level. It also
 supposes that agents are heterogeneous in terms of their productivity and
 the degree to which they respond to peer pressure. It shows that a
 principal provides incentives that depend on the effects of peer pressure
 and risk-sharing. 
Journal: Applied Economics Letters 
Pages: 383-386 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228240 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228240&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:11:y:2004:i:6:p:383-386




Template-Type: ReDIF-Article 1.0
Author-Name: S. Alexiadis 
Author-X-Name-First: S. 
Author-X-Name-Last: Alexiadis 
Author-Name: J. Tomkins 
Author-X-Name-First: J. 
Author-X-Name-Last: Tomkins 
Title: Convergence clubs in the regions of Greece 
Abstract:
  Although there have been numerous studies on economic convergence, at
 both national and regional levels, the concept of club convergence has
 received far less attention. A convergence club implies the existence of a
 set of economies that in the long run are driven to a common steady-state
 position. This study contributes to the empirical literature on Greek
 regions by testing for the existence of a convergence club over the period
 1970-2000. Time series techniques and two empirical approaches to the
 common convergence point are employed. Results suggest that, while there
 is no uniform pattern across all regions, four central regions follow a
 common convergence path. One important conclusion also to emerge from the
 study is that, in the case of Greece, a measure of average economic
 performance as a proxy for the steady-state convergence point would appear
 to be more appropriate when seeking to identify the members of a
 convergence club. 
Journal: Applied Economics Letters 
Pages: 387-391 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228259 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228259&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bassam Abual-Foul 
Author-X-Name-First: Bassam 
Author-X-Name-Last: Abual-Foul 
Title: Testing the export-led growth hypothesis: evidence from Jordan 
Abstract:
  The purpose of this study is to empirically investigate the export-led
 growth hypothesis in Jordan over the period 1976-1997. The empirical
 results from three bivariate models of VAR-L, VAR-D and ECM indicate a
 unidirectional causation from exports to output. These findings lend
 support to the export-oriented growth strategy pursued by Jordan. In
 promoting faster economic growth, such government institutions as Free
 Zones Corporations, Jordan Investment Board and Jordan Export Development
 Corporation should continue pursuing their mission in attracting foreign
 investments and boosting exports. 
Journal: Applied Economics Letters 
Pages: 393-396 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228268 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228268&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zajac Jaroslav 
Author-X-Name-First: Zajac 
Author-X-Name-Last: Jaroslav 
Title: Uncertainty fluctuations and multi-agent economies with equilibrium 
Abstract:
  This article discusses some issues involved in economies composed of
 dynamically interacting agents, who makes decisions about consumption,
 transformation and exchange of information, and other resources, expand
 their facilities, formulate their strategies in order to achieve specific
 aims, and their strategies are taken in an asynchronous and distributed
 manner. Agents may combine different roles within an economic system
 undergoing rapid technological and structural change in order to find
 adequate approaches to treating non-stationarity and uncertainty, bounded
 rationality of agents, rich variety, and complexity of dynamic
 interrelations between different agents. Internal uncertainty is due to
 the fact that each agent takes decisions without full knowledge about
 states and actions of other agents, and all agents have the flexibility to
 choose different behavioural patterns. Complexity leads to the multitude
 of positive and negative feedbacks in the system. Under different values
 of system parameters, these feedbacks can lead to different equilibria,
 and even to chaotic behaviour. In certain points the system abruptly
 switches between different equilibria with arbitrarily small change of
 itself. The bounded rationality of agents implies that their decisions on
 their actions result from the set of heuristics, which vary according to
 changing of informational patterns, environment and goals. When the agents
 inject money through an open market operation, only those agents that are
 currently trading absorb these injections, and agents must pay a fixed
 cost to transfer money between the asset market and the goods market.
 Money injections are absorbed by active agents, the injections increase
 active agent's current consumption. Open markets operations have been
 thought to have liquidity effects: money injections lead initially to a
 decline in short-term nominal interest rates, in the case of segmented
 asset markets they can produce both two different features, whereas
 persistent injections increase expected inflation, but have no effects on
 real interest rates. However, in dynamic setting and in the case of the
 expected utility maximizing approach, one has to distinguish between
 individual's utility smoothing motive and his risk aversion. The effect of
 tax rate uncertainty on labour supply and savings when the agent both
 works and saves during fluctuations is analysed. 
Journal: Applied Economics Letters 
Pages: 397-400 
Issue: 6 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228277 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228277&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Author-Name: Hamid Beladi 
Author-X-Name-First: Hamid 
Author-X-Name-Last: Beladi 
Title: On the tradeoff between cultural sensitivity and aggregate size in population control policy 
Abstract:
  Recently, Batabyal proposed an unconventional population control policy
 that is sensitive to the cultural desire for male progeny in many Asian
 nations. Although the proposed policy is culturally sensitive, a potential
 problem with this policy is that the aggregate size of the national
 population that is sought to be controlled may be quite high.
 Consequently, this note addresses the tradeoff between cultural
 sensitivity and aggregate population size. Specifically, the study
 analyses the properties of a modified policy that is desirable not only
 because it is culturally sensitive but also because it caps the aggregate
 size of individual families and thereby the size of the national
 population. 
Journal: Applied Economics Letters 
Pages: 401-404 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000204697 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000204697&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Don Bredin 
Author-X-Name-First: Don 
Author-X-Name-Last: Bredin 
Author-Name: Caroline Gavin 
Author-X-Name-First: Caroline 
Author-X-Name-Last: Gavin 
Author-Name: Gerard O'Reilly 
Author-X-Name-First: Gerard 
Author-X-Name-Last: O'Reilly 
Title: International monetary policy shocks and Irish market rates 
Abstract:
  The influence of international interest rate changes on the Dublin
 interbank money market rates (Dibor) is investigated. Specifically, the
 impact of (un)expected changes in German(Euro) area and US policy rates on
 various Dibor rates between 1991 to 2002 is analysed in an event type
 study. Decomposition of (un)expected changes of policy rates are based on
 future markets and is akin to the method of Kuttner. Overall, results
 suggest that Dibor rates respond positively and significantly to
 unanticipated Euro and US policy rate changes while expected changes have
 an insignificant impact. 
Journal: Applied Economics Letters 
Pages: 409-414 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000204697 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000204697&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. M. Gross 
Author-X-Name-First: D. M. 
Author-X-Name-Last: Gross 
Title: Impact of immigrant workers on a regional labour market 
Abstract:
  This article analyses the ability of a regional labour market to absorb
 growing flows of immigrant workers with declining levels of skills in
 relatively high unemployment times. In the short-run, unemployment
 increases with larger immigration flows, however, in the longer run,
 unemployment is permanently lowered. The level as well as the composition
 of skills of immigrant workers matter. Increasing the discrepancy between
 the skill distribution of immigrants and that of the existing workforce is
 desirable to mitigate some of the adverse effects on unemployment in the
 short run as both types of labour appear to be complement. Strengthening
 the existing screening system for immigrant candidates is then a
 possibility. 
Journal: Applied Economics Letters 
Pages: 405-408 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000248950 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000248950&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Almas Heshmati 
Author-X-Name-First: Almas 
Author-X-Name-Last: Heshmati 
Author-Name: Ilham Haouas 
Author-X-Name-First: Ilham 
Author-X-Name-Last: Haouas 
Title: The effects of union wage-settings on firms' production factor decisions 
Abstract:
  This study is concerned with the development of a theoretical model of
 the interaction between firms and trade union in determining wages and
 employment. In a two-step process the union and firm determine wages and
 capital stock, conditional on which the firm decides on production factors
 of employment, working hours and capital operating time. This paper
 suggests the use of a panel data approach applied to manufacturing data. A
 dynamic model is specified in which the optimal levels of the variables of
 interest and the speed of their adjustments are modelled in terms of
 observable policy variables. 
Journal: Applied Economics Letters 
Pages: 415-420 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000207207 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000207207&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: F. G. Mixon 
Author-X-Name-First: F. G. 
Author-X-Name-Last: Mixon 
Author-Name: L. J. TreviNO 
Author-X-Name-First: L. J. 
Author-X-Name-Last: TreviNO 
Author-Name: T. C. Minto 
Author-X-Name-First: T. C. 
Author-X-Name-Last: Minto 
Title: Touchdowns and test scores: exploring the relationship between athletics and academics 
Abstract:
  This article examines the relationship between college football success
 and SAT scores using an updated data series on football winning
 percentages. The finding here of a positive and significant relationship
 supports the idea that collegiate athletics, namely football, serves the
 institution's admissions process. Selective institutions are able to
 enhance the quality of their student populations. The spinoff benefit of
 winning teams is such a well-known phenomenon among university
 administrators that they even have a name for it - 'the Flutie factor,'
 for the 33 percent increase in applications that Doug Flutie helped bring
 Boston College when he was a football star there in the early 1980s.
 (Allen, 1999: 2) 
Journal: Applied Economics Letters 
Pages: 421-424 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000201906 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000201906&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhongmin Wu 
Author-X-Name-First: Zhongmin 
Author-X-Name-Last: Wu 
Title: Wage curve for urban China: a panel data approach 
Abstract:
  The panel data evidence in this article shows that the wage curve does
 not exist in China when utilizing the provincial unemployment rate.
 However, the wage curve exists when utilizing the provincial youth
 unemployment rate. Youth unemployment data are more reliable in China, as
 they are not distorted by the exclusion of significant numbers of adult
 laid off workers from the more familiar unemployment statistics. It is
 also found that the semi-log function is a good approximation for urban
 wage curve of China. The wage unemployment relationship becomes more
 negative when utilizing fixed effects and random effects models. 
Journal: Applied Economics Letters 
Pages: 425-428 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000189523 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000189523&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: The dynamics of the real exchange rates in Europe: a comparative study across countries using fractional integration 
Abstract:
  The annual structure of the real exchange rates in sixteen European
 countries is examined in this article by means of fractional integration
 techniques. The results show that the highest degree of dependence between
 the observations is obtained for countries Finland or Spain whereas
 Switzerland and the UK present the smallest orders of integration. Thus,
 stronger policy actions are required in the former countries to bring the
 variables back to their original levels. 
Journal: Applied Economics Letters 
Pages: 429-432 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000248969 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000248969&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Patricia Chelley-steeley 
Author-X-Name-First: Patricia 
Author-X-Name-Last: Chelley-steeley 
Author-Name: Antonios Siganos 
Author-X-Name-First: Antonios 
Author-X-Name-Last: Siganos 
Title: Momentum profits and macroeconomic factors 
Abstract:
  This article tests whether macroeconomic variables and market sentiment
 influence the size of momentum profits. It finds that although returns to
 the winner and loser portfolios are influenced by a range of macroeconomic
 and market wide variables; momentum profits are influenced only by the
 scale of portfolio outflows. Thus, when investors are sending their
 capital elsewhere, reduced funds at home, dampen the profitability of the
 momentum trading strategy. It also finds that when the market closes,
 below its opening level in the previous six months, momentum profits are
 higher, which might be a reflection of mean reversion in the market. 
Journal: Applied Economics Letters 
Pages: 433-436 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000191719 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000191719&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Wang 
Author-X-Name-First: J. 
Author-X-Name-Last: Wang 
Author-Name: B. M. Burton 
Author-X-Name-First: B. M. 
Author-X-Name-Last: Burton 
Author-Name: D. M. Power 
Author-X-Name-First: D. M. 
Author-X-Name-Last: Power 
Title: Analysis of the overreaction effect in the Chinese stock market 
Abstract:
  Several recent studies have examined whether the main Chinese stock
 markets in Shanghai and Shenzhen are weak-form efficient. A consistent
 feature of the findings is that the pricing of foreign-owned B shares is
 more predictable than domestically-owned A shares. However, none of the
 earlier investigations examine the overreaction effect, one of the most
 commonly-employed tests of weak-form efficiency in developed stock
 markets. The present study therefore reports the results of such an
 analysis for a sample of more than 300 Chinese shares over a six-year
 period beginning in August 1994. In contrast to earlier evidence, the
 article finds that the overreaction effect is most pronounced in the
 market for A shares, suggesting that the normal impression of greater
 efficiency in the pricing of Chinese-owned equities may be open to further
 challenge and debate. 
Journal: Applied Economics Letters 
Pages: 437-442 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000248978 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000248978&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Evans 
Author-X-Name-First: David 
Author-X-Name-Last: Evans 
Title: The elevated status of the elasticity of marginal utility of consumption 
Abstract:
  The latest UK Treasury guidance on appraisal and evaluation in central
 government raises the status of the elasticity of marginal utility of
 consumption (e). While estimates of e are sensitive to a measurement
 approach, a case is made for placing some emphasis on a method based on
 consumer demand analysis. Alternative demand models are estimated for the
 UK and from the best results an e value of 1.6 emerges. For EU countries
 both this and other methods can be used to measure e. This, for example,
 permits a cross-country comparison of alternative measures of the social
 discount rate on a methodologically consistent basis. 
Journal: Applied Economics Letters 
Pages: 443-447 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000189541 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000189541&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sanjeev Sobhee 
Author-X-Name-First: Sanjeev 
Author-X-Name-Last: Sobhee 
Title: The environmental Kuznets curve (EKC): a logistic curve? 
Abstract:
  This study argues that the environmental Kuznets curve (EKC) can be
 shaped as a logistic curve rather than a mere quadratic equation. Instead
 of being modelled as a polynomial of degree two, the EKC can be
 characterized by a polynomial of degree three. The inverted-U shape
 remains. However, in the proposed specification, what matters, is the rate
 at which total environmental degradation (TED) occurs, that is, marginal
 environmental degradation (MED). When TED is quadratic, MED is linearly
 represented with respect to per capita output. This is considered to be
 inconsistent with real-life situations, and instead a quadratic MED is
 postulated, from which a logistic EKC is derived. Prior to a given income
 threshold, MED rises, attains a maximum at the threshold, and falls
 ultimately beyond it. This formulation of the EKC conforms to the
 probabilistic econometric models usually applied in environmental studies. 
Journal: Applied Economics Letters 
Pages: 449-452 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000207216 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000207216&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. Maris 
Author-X-Name-First: K. 
Author-X-Name-Last: Maris 
Author-Name: G. Pantou 
Author-X-Name-First: G. 
Author-X-Name-Last: Pantou 
Author-Name: K. Nikolopoulos 
Author-X-Name-First: K. 
Author-X-Name-Last: Nikolopoulos 
Author-Name: E. PagourtzI 
Author-X-Name-First: E. 
Author-X-Name-Last: PagourtzI 
Author-Name: V. Assimakopoulos 
Author-X-Name-First: V. 
Author-X-Name-Last: Assimakopoulos 
Title: A study of financial volatility forecasting techniques in the FTSE/ASE 20 index 
Abstract:
  Forecasting financial market volatility is an important task that has
 absorbed the interest of many academics in the late twentieth and early
 twenty-first centuries. This strong interest of the academic world
 reflects the importance of volatility in several financial and business
 activities. Volatility forecast, crucially affects investment choice and
 is the most important parameter affecting prices of market listed options,
 of which trading volume has proliferated in the last years. The purpose of
 this article is to compare various volatility forecasting approaches using
 data on the Greek FTSE/ASE 20 stock index. 
Journal: Applied Economics Letters 
Pages: 453-457 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000189532 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000189532&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Hansen 
Author-X-Name-First: Jan 
Author-X-Name-Last: Hansen 
Author-Name: Carsten Schmidt 
Author-X-Name-First: Carsten 
Author-X-Name-Last: Schmidt 
Author-Name: Martin Strobel 
Author-X-Name-First: Martin 
Author-X-Name-Last: Strobel 
Title: Manipulation in political stock markets - preconditions and evidence 
Abstract:
  Political stock markets (PSM) are sometimes seen as substitutes for
 opinion polls. On the bases of a behavioural model, specific preconditions
 were drawn out under which manipulation in PSM can weaken this argument.
 Evidence for manipulation is reported from the data of two separate PSM
 during the Berlin 1999 state elections. 
Journal: Applied Economics Letters 
Pages: 459-463 
Issue: 7 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000191700 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000191700&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: William Gruben 
Author-X-Name-First: William 
Author-X-Name-Last: Gruben 
Author-Name: Darryl Mcleod 
Author-X-Name-First: Darryl 
Author-X-Name-Last: Mcleod 
Title: The openness-inflation puzzle revisited 
Abstract:
  Dynamic panel estimates show the negative relation between trade openness
 and inflation found by Romer (Quarterly Journal of Economics, (VIII,
 869-903, 1993) but questioned by Terra (Quarterly Journal of Economics,
 (XIII, 641-48, 1998) became more robust in the 1990s, both among high
 income OECD and developing countries. Trade openness was also associated
 with less variable inflation during the 1990s and had a stronger
 disinflation effect in economies with floating exchange rates. 
Journal: Applied Economics Letters 
Pages: 465-468 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000244477 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000244477&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeffrey Mills 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Mills 
Author-Name: Sourushe Zandvakili 
Author-X-Name-First: Sourushe 
Author-X-Name-Last: Zandvakili 
Title: Analysis of gender-based family income inequality in Canada 
Abstract:
  Using decomposable measures of inequality and applying bootstrapping
 methods in order to draw statistical inference, gender-based earnings
 inequality in conjunction with education and immigration status in Canada
 is investigated. 
Journal: Applied Economics Letters 
Pages: 469-472 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000244486 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000244486&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Title: Meetings and exposure before an arranged marriage: a probabilistic analysis 
Abstract:
  It is now common for parents and relatives of an individual seeking to
 have an arranged marriage to set up one or more meetings between this
 individual and prospective spouses. As a result of these meetings,
 prospective spouses get exposed to this marrying individual. Even though
 this exposure level has a significant bearing on the eventual likelihood
 of marriage, as best as can be told, the economics literature has paid no
 attention to the probabilistic attributes of meetings and the resultant
 level of exposure. As such, this note has three objectives. First, a
 simple stochastic model is analysed that focuses on the links between the
 trinity of meetings, exposure levels, and an arranged marriage. Next, the
 conditional density function of the exposure level random variable is
 derived under two assumptions about the eventual likelihood of marriage.
 Finally, an interesting property of a specific ratio of densities that is
 related to the above mentioned trinity is commented on. 
Journal: Applied Economics Letters 
Pages: 473-476 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000244495 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000244495&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Depken 
Author-X-Name-First: Craig 
Author-X-Name-Last: Depken 
Title: Market structure and ad valorem taxes: cross-country evidence from the magazine industry 
Abstract:
  Using data describing the magazine industries of 23 countries it is shown
 that specific ad valorem taxes on magazines reduce the number of magazines
 published in a country. This result is consistent with previously
 developed theories about the impact of ad valorem taxes on market
 structure. However, limitations on magazine ownership seem to have little
 impact on the number of magazines published, perhaps indicating that
 reduced limitations on cross-media ownership may not have the deleterious
 effects many predict. 
Journal: Applied Economics Letters 
Pages: 477-481 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000244503 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000244503&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hakan Berument 
Author-X-Name-First: Hakan 
Author-X-Name-Last: Berument 
Author-Name: Zubeyir Kilinc 
Author-X-Name-First: Zubeyir 
Author-X-Name-Last: Kilinc 
Title: The effect of foreign income on economic performance of a small-open economy: evidence from Turkey 
Abstract:
  The effect of a shock in the foreign economic performance on the domestic
 economy is an attractive research area. It has consistently been found
 that this effect is non-negligible. However, the countries examined are
 mostly developed countries. In this study, the effects of a shock in
 foreign economy on the economic performance of Turkey are examined. The
 estimates suggest that a positive shock in the foreign economy positively
 affects Turkish output, increases the inflation rate, and appreciates the
 real exchange rate. 
Journal: Applied Economics Letters 
Pages: 483-488 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000244512 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000244512&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Byung In Lim 
Author-X-Name-First: Byung In 
Author-X-Name-Last: Lim 
Author-Name: Jason Shogren 
Author-X-Name-First: Jason 
Author-X-Name-Last: Shogren 
Title: Unilateral delegation and reimbursement systems in an environmental conflict 
Abstract:
  How unilateral delegation by a citizens' group with lower ability than a
 firm affects individual and total effort and the contest favourite under
 the two reimbursement systems are examined. A citizens' group that
 unilaterally hires a delegate to represent them causes the firm to
 increase its effort level so that it always exceeds the group's delegate -
 irrespective of the relative strength of the two parties. In contrast to
 earlier work without either delegation or reimbursement, a citizens' group
 that hires a delegate could now be the contest favourite; although it is
 more likely to occur under the asymmetric reimbursement rule. 
Journal: Applied Economics Letters 
Pages: 489-493 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000207252 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000207252&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Min-Hsien Chiang 
Author-X-Name-First: Min-Hsien 
Author-X-Name-Last: Chiang 
Author-Name: Cheng-Hsiang Wang 
Author-X-Name-First: Cheng-Hsiang 
Author-X-Name-Last: Wang 
Title: Intradaily relationship between information revelation and trading duration under market trends: the evidence of MSCI Taiwan stock index futures 
Abstract:
  This paper investigates the duration dynamics and relationship between
 price volatility and durations under different market trends for the
 Morgan Stanley Taiwan stock index futures traded on the Singapore Exchange
 (SGX). It is found that conditional durations are related to durations and
 conditional expected durations as found in previous studies. The price
 volatility is related to duration related variables. Moreover, the
 intradaily price dynamics will vary according to the size of the
 observation interval, the size of price changes, and the market trend. 
Journal: Applied Economics Letters 
Pages: 495-501 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000244521 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000244521&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephane Mussard 
Author-X-Name-First: Stephane 
Author-X-Name-Last: Mussard 
Title: The bidimensional decomposition of the Gini ratio. A case study: Italy 
Abstract:
  This research is based on the decompositions of the Gini index. The two
 existing procedures of decomposition are connected: subgroup decomposition
 and income source decomposition. This bidimensional decomposition enables
 the computation of some new determinants of inequalities. It is possible
 to reckon the contribution of each source to the within-group and the
 between-group components of the overall inequality. This bidimensional
 decomposition is applied to the Italian consumption in 1989 and 2000. 
Journal: Applied Economics Letters 
Pages: 503-505 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000244530 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000244530&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Elias Mantzouneas 
Author-X-Name-First: Elias 
Author-X-Name-Last: Mantzouneas 
Author-Name: George Mergos 
Author-X-Name-First: George 
Author-X-Name-Last: Mergos 
Author-Name: Chrysostomos Stoforos 
Author-X-Name-First: Chrysostomos 
Author-X-Name-Last: Stoforos 
Title: Modelling food consumption patterns in Greece 
Abstract:
  Modelling consumption patterns is of interest for both theoretical and
 policy reasons. This paper presents a methodology for modelling
 consumption patterns combining a theory-based with a data-based approach
 and it continues with an application to Greek data. The adopted AIDS-ECM
 quantitative methodology aims to estimate the expected trends in
 consumption patterns in Greece following an increase in available income
 over the 2001-2010 period. Three scenarios are examined: the first
 scenario considers the EU projections for private consumption expenditure,
 3% per annum, the second scenario assumes a higher growth of 5% per annum
 and the third scenario a 1% increase. The results of the first stage
 expenditure aggregation show a decrease in the budget share for the food
 group in all scenarios under consideration while the opposite is true for
 'transportation and communication' and 'others'. Finally, the second stage
 expenditure aggregation estimates show an increase in the budget share for
 meat, fruits and vegetables and oils and fats, while the opposite is true
 for bread and cereals and other food. 
Journal: Applied Economics Letters 
Pages: 507-512 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000244549 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000244549&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Heinz Welsch 
Author-X-Name-First: Heinz 
Author-X-Name-Last: Welsch 
Title: Skill intensity and export growth in West German manufacturing 
Abstract:
  This paper examines the relationship between the skill-structure and the
 export performance of 26 West German manufacturing sectors in the second
 half of the 1980s. Using several sets of controls it is found that export
 growth is inversely linked to the high-skill intensity of labour.
 Implications of and possible explanations for this finding are discussed. 
Journal: Applied Economics Letters 
Pages: 513-515 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000244558 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000244558&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Adolfo Maza 
Author-X-Name-First: Adolfo 
Author-X-Name-Last: Maza 
Author-Name: Jose Villaverde 
Author-X-Name-First: Jose 
Author-X-Name-Last: Villaverde 
Title: Regional disparities in the EU: mobility and polarization 
Abstract:
  The aim of this paper is to analyse some relevant aspects of regional
 disparities in the EU. The paper departs from standard analysis of
 convergence by tracking the evolution of the entire distribution, both by
 using nonparametric techniques and spatial econometric techniques. The
 main results confirm that: (a) regional disparities across the EU are
 large and persistent; (b) the ranking among the European regions is very
 stable; (c) there is a noticeable regional income polarization in Europe. 
Journal: Applied Economics Letters 
Pages: 517-522 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000207225 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000207225&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Panagiotis Lazaridis 
Author-X-Name-First: Panagiotis 
Author-X-Name-Last: Lazaridis 
Title: Demand elasticities derived from consistent estimation of Heckman-type models 
Abstract:
  As proved lately, the use of the Inverse Mill's Ratio as a correction
 factor in the second step of Heckman-type models leads to inconsistent
 estimates. One area where this type of model has been extensively used is
 the applied food demand analysis. As a consequence the derived demand
 elasticities are no longer valid. In this paper the appropriate
 expressions for demand elasticities are derived and are applied to 23 food
 items using family budget survey data. 
Journal: Applied Economics Letters 
Pages: 523-527 
Issue: 8 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000207234 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000207234&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gary Madden 
Author-X-Name-First: Gary 
Author-X-Name-Last: Madden 
Author-Name: Grant Coble-Neal 
Author-X-Name-First: Grant 
Author-X-Name-Last: Coble-Neal 
Author-Name: Scott Savage 
Author-X-Name-First: Scott 
Author-X-Name-Last: Savage 
Title: United States internet penetration 
Abstract:
  United States (US) Department of Commerce data suggests a necessary
 precursor to the success of electronic commerce (e-commerce) is active
 engagement in Internet activities by the population at large. However,
 without empirical assessment it is difficult to determine the relative
 importance of the drivers of Internet access, and ultimately e-commerce
 development. This study provides empirical estimates of the factors that
 impact on Internet access. A statistical model relates US Internet host
 penetration to information processing costs (a proxy for the price of
 Internet access), income, technology change, and the size of the network.
 Model estimates suggest that affordable access to information technology
 and telecommunications, technology change, and the network externality are
 driving rapid Internet take-up. Endogenous Internet growth, generated by
 the network externality, becomes important to e-commerce retailers
 (e-tailers) as their potential market size increases with each additional
 subscriber to the Internet. 
Journal: Applied Economics Letters 
Pages: 529-532 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000218016 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000218016&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Arnade 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Arnade 
Author-Name: Daniel Pick 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Pick 
Author-Name: Mark Gehlhar 
Author-X-Name-First: Mark 
Author-X-Name-Last: Gehlhar 
Title: Locating seasonal cycles in demand models 
Abstract:
  An approach is offered that lets data determine the exact location of
 seasonal cycles. Rather than use deterministic variables that define the
 season, it allows seasonal cycles to be identified and modelled as
 dictated by the data in demand modelling framework. 
Journal: Applied Economics Letters 
Pages: 533-535 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000230724 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000230724&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Title: Cigarette demand in Canada and the US-Canadian cigarette smuggling 
Abstract:
  Using annual data from Canadian provinces, this paper studies the effects
 of a drastic reduction in Canadian cigarette taxes in 1994 on cross-border
 smuggling. The results show that the policy was successful in that the
 border prices seem to not have had a statistically significant impact on
 cigarette sales. The own price elasticity of cigarette demand in Canada is
 estimated to be around -0.7. The elasticity is slightly lower when the
 border-price effects are taken into account and is larger than the
 corresponding estimates for the USA, implying that dollar-for-dollar there
 might be greater opportunities for reducing smoking in Canada through
 higher taxes than the USA. 
Journal: Applied Economics Letters 
Pages: 537-540 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000263043 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000263043&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Costas Karfakis 
Author-X-Name-First: Costas 
Author-X-Name-Last: Karfakis 
Title: Testing the quantity theory of money in Greece: reply to Ozmen 
Abstract:
  Ozmen (Applied Economics Letters, 10, 971-4, 2003) re-examines money
 exogeneity in Greece using data from Karfakis (Applied Economics, 34,
 583-7, 2002) and claims, contrary to Karfakis, that money exogeneity is
 rejected. This reply demonstrates that money exogeneity is sensitive to
 lag length specification. 
Journal: Applied Economics Letters 
Pages: 541-543 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228790 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228790&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ali Ataullah 
Author-X-Name-First: Ali 
Author-X-Name-Last: Ataullah 
Author-Name: Hang Le 
Author-X-Name-First: Hang 
Author-X-Name-Last: Le 
Title: Financial repression and liability of foreignness in developing countries 
Abstract:
  Using non-parametric Data Envelopment Analysis, this paper suggests that
 the era of financial repression in developing countries, by providing
 policy-induced competitive advantages to domestic banks, may create
 liability of foreignness for foreign banks that impeded their resource
 utilization. Implementation of financial liberalization programme, which
 endeavours to create a more market-oriented financial sector, may enable
 foreign banks to overcome the liability of foreignness and enhance their
 resource utilization. 
Journal: Applied Economics Letters 
Pages: 545-549 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000263034 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000263034&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nasri Harb 
Author-X-Name-First: Nasri 
Author-X-Name-Last: Harb 
Title: Money demand function: a heterogeneous panel application 
Abstract:
  An aggregate data panel is constructed for the GCC's six countries and
 the cointegration hypothesis among the variables of the money demand
 function is verified using Pedroni's heterogeneous panel cointegration
 tests. The idiosyncratic, panel and group-mean cointegrating vectors are
 then estimated using FMOLS and a modified version of FMOLS developed by
 Pedroni. The idiosyncratic elasticities have the expected signs in general
 but are significant only in the case of the scale variable. However, when
 the power of the test is increased, and allowance made for heterogeneous
 cointegrating vectors, the group-mean estimator shows a significant
 negative semi-elasticity of money demand with respect to interest rate. 
Journal: Applied Economics Letters 
Pages: 551-555 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000225739 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000225739&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Evans 
Author-X-Name-First: David 
Author-X-Name-Last: Evans 
Author-Name: Haluk Sezer 
Author-X-Name-First: Haluk 
Author-X-Name-Last: Sezer 
Title: Social discount rates for six major countries 
Abstract:
  Social discount rates are estimated for six major economies: Australia,
 France, Germany, Japan, the UK and the USA. A common methodology based on
 social time preference is employed and the information required is taken
 from the same OECD database. The main policy implications of applying
 consistently measured discount rates in the context of social project
 appraisal are then discussed. This is an important matter because, up to
 now, these countries have set their official discount rates using
 strikingly different methods and such disparities may have resulted in
 inconsistent decision-making in relation to the allocation of funds to
 long-term social projects. 
Journal: Applied Economics Letters 
Pages: 557-560 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/135048504200028007 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048504200028007&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ling Jiang 
Author-X-Name-First: Ling 
Author-X-Name-Last: Jiang 
Author-Name: Lu Han 
Author-X-Name-First: Lu 
Author-X-Name-Last: Han 
Author-Name: Daivd Jiang 
Author-X-Name-First: Daivd 
Author-X-Name-Last: Jiang 
Title: Theories of target zones and realignment of RMB (currency of China) exchange rate 
Abstract:
  On the basis of introducing the theory of Target Zones and Exchange Rate,
 this paper tests for the significant to reform Chinese currency Renmingbi
 (RMB) exchange regime, and the possibility to build a target zone. It is
 pointed out that, under the tendency of economic globalization and entered
 WTO, it is necessary and urgent for China to realign and innovate its
 present exchange arrangement; target zones and its exchange rate mechanism
 is feasible for the reality of contemporary global economy and the
 situation of China. The authors analysis how to determine equilibrium of
 exchange rate and border of RMB target zones, and what kind of actions the
 Chinese government should do in such procedure. 
Journal: Applied Economics Letters 
Pages: 561-568 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228808 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228808&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jian Yang 
Author-X-Name-First: Jian 
Author-X-Name-Last: Yang 
Author-Name: David Bessler 
Author-X-Name-First: David 
Author-X-Name-Last: Bessler 
Author-Name: Hung-Gay Fung 
Author-X-Name-First: Hung-Gay 
Author-X-Name-Last: Fung 
Title: The informational role of open interest in futures markets 
Abstract:
  This study examines the long-run information role of open interest in
 futures markets. It is found that open interest of the futures markets for
 storable commodities shares the same long-run information as the futures
 prices, but not for the nonstorable futures markets. Furthermore, the
 futures prices tend to drive open interest for storable commodities in the
 long run, but not the other way around. 
Journal: Applied Economics Letters 
Pages: 569-573 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/13504850410001692795 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850410001692795&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anisul Islam 
Author-X-Name-First: Anisul 
Author-X-Name-Last: Islam 
Author-Name: M. Kabir Hassan 
Author-X-Name-First: M. Kabir 
Author-X-Name-Last: Hassan 
Title: An econometric estimation of the aggregate import demand function for Bangladesh: some further results 
Abstract:
  This study empirically estimates some critical parameters of the
 aggregate import demand function for Bangladesh for Bangladesh using
 quarterly time series data and by applying the Johansen-Juselius
 multivariate cointegration technique. Cointegration results indicate that
 the import demand function is dominated by income and relative prices. The
 income elasticity is significantly positive and exceeds unity indicating
 that aggregate imports are to be considered as 'luxury' goods. The effect
 of the relative price variable is significantly negative but its
 elasticity coefficient is less than unity. 
Journal: Applied Economics Letters 
Pages: 575-580 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000217990 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000217990&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wipon Aiew 
Author-X-Name-First: Wipon 
Author-X-Name-Last: Aiew 
Author-Name: Rodolfo Nayga 
Author-X-Name-First: Rodolfo 
Author-X-Name-Last: Nayga 
Author-Name: Richard Woodward 
Author-X-Name-First: Richard 
Author-X-Name-Last: Woodward 
Title: The treatment of income variable in willingness to pay studies 
Abstract:
  This paper evaluates income variable specification and functional form
 issues in contingent-valuation studies using the utility-theoretic
 approach. Applying data from a study of willingness to pay for irradiated
 beef, results suggest that functional form does affect the estimates, but
 variable specification does not introduce statistically significant
 differences. 
Journal: Applied Economics Letters 
Pages: 581-585 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228817 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228817&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sambit Bhattacharyya 
Author-X-Name-First: Sambit 
Author-X-Name-Last: Bhattacharyya 
Title: Deep determinants of economic growth 
Abstract:
  A survey of the recent literature on cross country development reveals
 that there is an agreement on the key role played by institutions in
 explaining variation in the level of income per capita. Rodrik et al.
 (NBER Working Paper No. w8119, February, 2002) goes further to argue the
 primacy of institutions over integration and geography in a level
 accounting framework. The robustness of this result is checked by changing
 the dependent variable from level to growth and find that the same holds
 true. 
Journal: Applied Economics Letters 
Pages: 587-590 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000228826 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000228826&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Leila Nouira 
Author-X-Name-First: Leila 
Author-X-Name-Last: Nouira 
Author-Name: Ibrahim Ahamada 
Author-X-Name-First: Ibrahim 
Author-X-Name-Last: Ahamada 
Author-Name: Jamel Jouini 
Author-X-Name-First: Jamel 
Author-X-Name-Last: Jouini 
Author-Name: Alain Nurbel 
Author-X-Name-First: Alain 
Author-X-Name-Last: Nurbel 
Title: Long-memory and shifts in the unconditional variance in the exchange rate euro/US dollar returns 
Abstract:
  In this paper two characteristics a priori contradictory and yet
 coexistent in the daily returns of exchange rate euro/US dollar are drawn.
 The non-stationarity of the covariance structure of the series is shown
 and, after the extraction of the unstable variance using the algorithm
 based on the cumulative sums of squares of Inclan and Tiao (Journal of the
 American Statistical Association, 1994, 89(427), 913-23), the existence of
 long-memory in the filtered series. Does the non-stationarity of the
 unconditional variance explain the phenomenon of long-memory? Thus a
 classic debate is found of which the exit does not again elucidate. 
Journal: Applied Economics Letters 
Pages: 591-594 
Issue: 9 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000230733 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000230733&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kajal Lahiri 
Author-X-Name-First: Kajal 
Author-X-Name-Last: Lahiri 
Author-Name: Wenxiong Yao 
Author-X-Name-First: Wenxiong 
Author-X-Name-Last: Yao 
Title: A dynamic factor model of the coincident indicators for the US transportation sector 
Abstract:
  This paper studies the business cycle features of the transportation
 sector using dynamic factor models. The transportation reference cycles
 peak ahead of the economic cycles, but lag by a few months at troughs. The
 asymmetric relationship between these two suggests the usefulness of
 transportation in monitoring business cycles. 
Journal: Applied Economics Letters 
Pages: 595-600 
Issue: 10 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000271125 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000271125&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Author-Name: I. Paya 
Author-X-Name-First: I. 
Author-X-Name-Last: Paya 
Author-Name: I. Venetis 
Author-X-Name-First: I. 
Author-X-Name-Last: Venetis 
Title: Estimates of US monetary policy rules with allowance for changes in the output gap 
Abstract:
  This article estimates a reduced form Taylor rule for the Pre-Volcker and
 Volcker-Greenspan periods. A novelty is that it follows a suggestion of
 Walsh and includes changes in the output gap as an explanatory variable.
 Either this variable or an interaction term between inflation and changes
 in the output gap are highly significant in both periods. The response to
 inflation and the interaction term are higher in the Volcker-Greenspan
 period of office. 
Journal: Applied Economics Letters 
Pages: 601-605 
Issue: 10 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000227287 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000227287&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dilip Dutta 
Author-X-Name-First: Dilip 
Author-X-Name-Last: Dutta 
Author-Name: Nasiruddin Ahmed 
Author-X-Name-First: Nasiruddin 
Author-X-Name-Last: Ahmed 
Title: An aggregate import demand function for India: a cointegration analysis 
Abstract:
  This paper investigates the behaviour of Indian aggregate imports during
 the period 1971-1995. In the empirical analysis of the aggregate import
 demand function for India, cointegration and error correction modelling
 approaches have been used. In the aggregate import demand function for
 India, import volume is found to be cointegrated with relative import
 price and real GDP. The econometric estimates of the import-demand
 function for India suggest that import-demand is largely explained by real
 GDP, and is generally less sensitive to import price changes. Import
 liberalization is found to have had little impact on import demand. 
Journal: Applied Economics Letters 
Pages: 607-613 
Issue: 10 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350455042000271134 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350455042000271134&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jamie Gascoigne 
Author-X-Name-First: Jamie 
Author-X-Name-Last: Gascoigne 
Author-Name: Paul Turner 
Author-X-Name-First: Paul 
Author-X-Name-Last: Turner 
Title: Asymmetries in Bank of England monetary policy 
Abstract:
  This article estimates limited dependent variable models for Bank of
 England monetary policy using monthly data over the period June 1997-March
 2003. During this period the Bank had operational independence to set the
 interest rate in order to meet the inflation target set by the government.
 The study finds evidence that the Bank has responded to current output
 growth rather than inflation, which is consistent with targeting future
 inflation when there is a lag in the response of inflation to the output
 gap. It also finds evidence of an asymmetry in the sense that the link
 between the interest rate and output growth is stronger when an increase
 in the interest rate is required than when circumstances dictate it should
 be cut. On the other hand there is considerably more inertia for interest
 rate cuts, in the sense that a cut in the rate in one month significantly
 increases the probability of a cut in the next month which is not the case
 for increases. 
Journal: Applied Economics Letters 
Pages: 615-618 
Issue: 10 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000227296 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000227296&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Huber 
Author-X-Name-First: Peter 
Author-X-Name-Last: Huber 
Title: Inter-regional mobility in Europe: a note on the cross-country evidence 
Abstract:
  This paper uses data on 11 EU countries to explain cross-national
 differences in internal migration rates. It is found that 89% of the
 variance in gross migration in current member states can be explained by
 variations in employment protection, international migration, the share of
 ownership occupied housing and the average region size of a country.
 Results concerning net migration rates suggest that although disparities
 in unemployment are important determinants of net migration, so are
 employment protection, long-term unemployment and the share of owner
 occupied housing. 
Journal: Applied Economics Letters 
Pages: 619-624 
Issue: 10 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000235684 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000235684&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Susan Parker 
Author-X-Name-First: Susan 
Author-X-Name-Last: Parker 
Author-Name: Emmanuel Skoufias 
Author-X-Name-First: Emmanuel 
Author-X-Name-Last: Skoufias 
Title: The added worker effect over the business cycle: evidence from urban Mexico 
Abstract:
  This paper investigates whether the added worker effect is an important
 determinant of the increased labour force participation by women and
 whether the magnitude of the added worker effect differs between the peak
 and trough of the business cycle. Use is made of repeated observations
 from spouses in urban Mexico, collected during the Peso crisis
 (1994:4-1995:4) and during the period of economic prosperity
 (1998:4-1999:4). Significant added worker effects are found in both
 periods. The magnitude of the added worker effect during the crisis period
 is found to be twice as large as that observed during the period of
 economic prosperity. 
Journal: Applied Economics Letters 
Pages: 625-630 
Issue: 10 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000235693 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000235693&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Youngjun Kim 
Author-X-Name-First: Youngjun 
Author-X-Name-Last: Kim 
Title: Market structure and technology licensing: evidence from US manufacturing 
Abstract:
  This paper empirically investigates how market structure, including firm-
 and industry-level variables, influences the incentives of companies to
 license out their technology. Empirical analysis is provided with the help
 of a panel data set of observed licensing transactions worldwide involving
 manufacturing companies publicly traded in the USA. The findings show that
 dominant firms with bigger market shares are actively involved in granting
 technology licenses. It was also found that company's prior involvement in
 licensing, the concentration and the market size of its primary industry,
 and the propensity to receive patents (i.e. strength of the intellectual
 property protection) in that industry are important determinants of the
 propensity to transfer technology through licensing agreements. Results
 suggest that transaction costs, strategic considerations, and knowledge
 appropriability weigh in heavily in explaining firms' licensing behaviour. 
Journal: Applied Economics Letters 
Pages: 631-637 
Issue: 10 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000235675 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000235675&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Maddison 
Author-X-Name-First: David 
Author-X-Name-Last: Maddison 
Title: Increasing returns to information and the survival of broadway theatre productions 
Abstract:
  Many similarities exist between films and live theatre. Examination of
 the relationship between the log rank of a Broadway show and the number of
 performances reveals a significant departure from the Pareto distribution.
 This matches findings made for the corresponding relationship between log
 rank and film revenues. Using models of duration it is shown that a
 variety of characteristics, including genre, determine the number of
 performances on Broadway and whether the show is in receipt of prestigious
 awards. These findings are also similar to those for films except for the
 fact that as the duration of a run increases, the hazard rate declines.
 This is consistent with a situation when individuals base decisions on
 which show to attend partially on the observed length of a theatrical run.
 Over time theatrical productions are tending to survive longer in the
 market place and original shows tend to outlast revivals. 
Journal: Applied Economics Letters 
Pages: 639-643 
Issue: 10 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000227304 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000227304&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Haluk Erlat 
Author-X-Name-First: Haluk 
Author-X-Name-Last: Erlat 
Title: Unit roots or nonlinear stationarity in Turkish real exchange rates 
Abstract:
  The objective of this paper is to test if Turkish real exchange rates
 have a linear unit root or are generated by an Exponential Smooth
 Transition Autoregressive Model for the post-1980 period. Using two real
 exchange rates, one with the USA and the other with Germany, strong
 evidence of nonlinear stationarity was found for the US CPI-based series
 but no such evidence for the DM CPI-based series. When compared with
 earlier results in a previous paper where the alternative of the linear
 unit root test was stationarity with multiple shifts in the deterministic
 terms, it was found that similar results were obtained for the US
 CPI-based series but not for the DM CPI-based one, possibly implying that
 the multiple shifts approach may be more appropriate for the Turkish
 series. 
Journal: Applied Economics Letters 
Pages: 645-650 
Issue: 10 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000238870 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000238870&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. Jurajda 
Author-X-Name-First: S. 
Author-X-Name-Last: Jurajda 
Title: Recalls and unemployment insurance taxes 
Abstract:
  The US unemployment insurance (UI) system draws its funds from a payroll
 tax on employers. The tax rate varies directly with an employer's layoff
 history. There exists extensive evidence on the effect of this so-called
 experience rated tax on layoff decisions. However, since firms are
 typically liable for each dollar of regular UI benefits paid to laid off
 former employees, experience rating may also affect recall behaviour. This
 note therefore measures the effect of the UI financing system on the
 duration of unemployment. This article finds some evidence that higher
 layoff tax costs shorten the duration of recall unemployment. 
Journal: Applied Economics Letters 
Pages: 651-656 
Issue: 10 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000238861 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000238861&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rolf Fare 
Author-X-Name-First: Rolf 
Author-X-Name-Last: Fare 
Author-Name: Shawna Grosskopf 
Author-X-Name-First: Shawna 
Author-X-Name-Last: Grosskopf 
Author-Name: Valentin Zelenyuk 
Author-X-Name-First: Valentin 
Author-X-Name-Last: Zelenyuk 
Title: Aggregation bias and its bounds in measuring technical efficiency 
Abstract:
  The discussion about the bias due to input (or output) aggregation in
 efficiency measurement based on data envelopment analysis, recently
 revisited by Tauer (2001) and Fare and Zelenyuk (2002) is continued.
 Attention is focused on the direction and the bounds of the aggregation
 bias. 
Journal: Applied Economics Letters 
Pages: 657-660 
Issue: 10 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000207243 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000207243&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyun Jin 
Author-X-Name-First: Hyun 
Author-X-Name-Last: Jin 
Author-Name: Darren Frechette 
Author-X-Name-First: Darren 
Author-X-Name-Last: Frechette 
Title: A new t-test for the R/S analysis and long memory in agricultural commodity prices 
Abstract:
  This article tests for long memory in daily and weekly agricultural cash
 price returns, using the modified rescaled range (R/S) test. A new
 corrected t-test is constructed for the R/S test to measure statistical
 significance properly. Empirical results indicate evidence of long memory
 in more than half of the agricultural commodities analysed. However, the
 values of estimated H statistics are less than 0.6, indicating relatively
 weak memory. The corrected t-test reduces type-I error for H statistics on
 the persistent long memory side and increases the power of the test for H
 statistics on the anti-persistent side. 
Journal: Applied Economics Letters 
Pages: 661-667 
Issue: 11 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000240093 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000240093&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Manez 
Author-X-Name-First: Juan 
Author-X-Name-Last: Manez 
Author-Name: Maria Rochina 
Author-X-Name-First: Maria 
Author-X-Name-Last: Rochina 
Author-Name: Juan Sanchis 
Author-X-Name-First: Juan 
Author-X-Name-Last: Sanchis 
Title: The decision to export: a panel data analysis for Spanish manufacturing 
Abstract:
  This paper aims to empirically analyse the determinants of the decision
 to export using a sample of Spanish manufacturing firms during the 1990s.
 The data are drawn from the Encuesta sobre Estrategias Empresariales. A
 panel data probit model is used that is estimated using maximum-likelihood
 techniques. The results show that regional and local spillovers and firm
 characteristics such as age, size, productivity, corporation, foreign
 ownership, R&D and advertising intensity, have a positive and significant
 influence on the probability of exporting. Furthermore, public sector
 oriented sales have a significant and negative impact. 
Journal: Applied Economics Letters 
Pages: 669-673 
Issue: 11 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000236601 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000236601&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gabe de Bondt 
Author-X-Name-First: Gabe 
Author-X-Name-Last: de Bondt 
Author-Name: Jung-Duk Lichtenberger 
Author-X-Name-First: Jung-Duk 
Author-X-Name-Last: Lichtenberger 
Title: Empirical estimates of the impact of the euro on the corporate bond market in the euro area 
Abstract:
  Empirical estimates of an error-correction model, nested in a partial
 adjustment framework, show that the euro had a temporary impact, via
 mergers and acquisitions activity, on corporate bond issuance in the euro
 area. In addition, a permanent effect is found for corporate bonds issued
 by non-monetary financial corporations. For the first five years of the
 single currency, these effects are estimated to have been up to 2&#xbd;
 and around 5&#xbd; percentage points, respectively, of the annual bond
 market growth. Other significant determinants of corporate bond issuance
 are economic activity, the cost of bond issuance relative to other sources
 of external finance and mergers and acquisitions. 
Journal: Applied Economics Letters 
Pages: 675-678 
Issue: 11 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000236520 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000236520&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ming-Yuan Leon Li 
Author-X-Name-First: Ming-Yuan Leon 
Author-X-Name-Last: Li 
Author-Name: Hsiou-wei William Lin 
Author-X-Name-First: Hsiou-wei William 
Author-X-Name-Last: Lin 
Title: Estimating value-at-risk via Markov switching ARCH models - an empirical study on stock index returns 
Abstract:
  This paper estimates the Value-at-Risk (VaR) on returns of stock market
 indexes including Dow Jones, Nikkei, Frankfurt Commerzbank index, and FTSE
 via Markov Switching ARCH (SWARCH) models. It is conjectured that
 structural changes contribute to non-normality in stock return
 distributions. SWARCH models, which admit parameters based on various
 states to control structural changes in the estimating periods, may thus
 help mitigate kurtosis, tail-fatness and skewness problems in estimating
 VaR. Significant kurtosis and skewness in return distributions of Dow
 Jones, Nikkei, FCI and FTSE and significant tail-fatness (tail-thinness)
 in the 1% (5%) region critical probability are documented. Moreover, it is
 shown that the more generalized SWARCH outshines both ARCH and GARCH in
 capturing non-normalities with respect to both in- and out-sample VaR
 violation rate tests. 
Journal: Applied Economics Letters 
Pages: 679-691 
Issue: 11 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000236539 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000236539&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carmen Alvarez-Albelo 
Author-X-Name-First: Carmen 
Author-X-Name-Last: Alvarez-Albelo 
Title: Endogenous versus exogenous efficiency units of labour for the quantitative study of social security: two examples 
Abstract:
  This paper explores the role of endogenous versus exogenous efficiency
 units of labour for the quantitative evaluation of the impact of
 pay-as-you-go Social Security on labour supply. Pension response to a
 population growth rate change is also studied. Two dynamic general
 equilibrium models are used: one with human capital accumulation through
 learning-by-doing, and a second with exogenous efficiency units of labour.
 The main differences in the results are the following: (a) the shift in
 the working time-age profile induced by the elimination of Social Security
 considerably differs in both models. The increase in average hours worked
 is 4% higher under human capital accumulation than in the alternative
 model; and (b) the pension falls by a similar percentage in both models
 when the population growth rate is set to zero. This occurs because the
 capital-labour ratio changes less under learning-by-doing than with
 exogenous efficiency units of labour. 
Journal: Applied Economics Letters 
Pages: 693-697 
Issue: 11 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000236548 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000236548&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chien-Hsun Chen 
Author-X-Name-First: Chien-Hsun 
Author-X-Name-Last: Chen 
Title: Fiscal decentralization, collusion and government size in China's transitional economy 
Abstract:
  This paper examines the public sector in China's transitional economy,
 with the aim of testing the validity of a variety of hypotheses, namely
 the Brennan and Buchanan (1980, The Power to Tax: Analytical Foundations
 of a Fiscal Constitution, CUP, Cambridge); Oates-Wallis (1985, American
 Economic Review, 75(4) 748-57) version of the decentralization hypothesis
 and the Brennan and Buchanan collusion hypothesis, on the impact of fiscal
 decentralization at the provincial level. Pooled cross-section (province)
 and time-series data are employed with the period under consideration
 being 1986-1998. An error components technique is also used for the
 empirical testing. The empirical results provide evidence to support both
 the Oates-Wallis hypothesis and the collusion hypothesis that an increase
 in fiscal decentralization leads to a higher level of provincial
 government expenditure. The study also finds that the central and
 provincial governments are provided with an incentive to form collusive
 agreements through extra-budgetary funds. 
Journal: Applied Economics Letters 
Pages: 699-705 
Issue: 11 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000236557 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000236557&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Author-Name: Russell Smyth 
Author-X-Name-First: Russell 
Author-X-Name-Last: Smyth 
Title: Is South Korea's stock market efficient? 
Abstract:
  This letter applies the Zivot and Andrews (Journal of Business and
 Economic Statistics, 10, 251-70, 1992) one break and the Lumsdaine and
 Papell (Review of Economic and Statistics, 79, 212-8, 1997) two break unit
 root tests to examine the random walk hypothesis for stock prices in South
 Korea. The results provide strong evidence that stock prices in South
 Korea are characterized by a unit root, which is consistent with the
 efficient market hypothesis. 
Journal: Applied Economics Letters 
Pages: 707-710 
Issue: 11 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000236566 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000236566&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: Public R&D expenditure and private R&D expenditure: a causality analysis 
Abstract:
  This paper examines the long-run and short-run causality issues between
 public R&D expenditure and private R&D expenditure in Korea by using the
 cointegration and error-correction models. The overall results show that
 there exists bidirectional causality between public R&D expenditure and
 private R&D expenditure. This means that increasing public R&D expenditure
 has a direct effect on private R&D expenditure and vice versa. 
Journal: Applied Economics Letters 
Pages: 711-714 
Issue: 11 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000236575 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000236575&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Agustin Garcia 
Author-X-Name-First: Agustin 
Author-X-Name-Last: Garcia 
Author-Name: Julian Ramajo 
Author-X-Name-First: Julian 
Author-X-Name-Last: Ramajo 
Title: Budget deficit and interest rates: empirical evidence for Spain 
Abstract:
  Evidence, whether international or national, of the significance of the
 links between budget deficits and interest rates, is in general terms
 inconclusive. The aim of the present work is to contribute new findings
 for the Spanish economy using annual data for the period 1964-2000. It is
 found that budget deficits did not appear to raise long-run nominal
 interest rates during our sample period. 
Journal: Applied Economics Letters 
Pages: 715-718 
Issue: 11 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000236593 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000236593&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hildegart Ahumada 
Author-X-Name-First: Hildegart 
Author-X-Name-Last: Ahumada 
Author-Name: Maria Lorena Garegnani 
Author-X-Name-First: Maria Lorena 
Author-X-Name-Last: Garegnani 
Title: An estimation of deep parameters describing Argentine consumer behaviour 
Abstract:
  This paper investigates the microfoundation of consumer decisions in
 Argentina (1980:1-2001:3). Structural parameters are estimated following
 the Euler Equation-GMM approach. Attention is focused on parameter
 instability, an empirical difficulty for applying this method often
 pointed out in the literature. The rates of return on assets are
 approximated by the real interest rate and the rate of growth of real
 exchange rate as they have been considered as the main variables
 explaining variations of Argentine 'wealth'. The results show that
 parameter estimates have the expected values and the correct signs.
 Overidentifying restrictions are tested and the null hypothesis of
 validity of instruments is not rejected. Estimates are also robust for
 different specifications of the weighting matrix. However, parameter
 constancy is jointly rejected. Recursive estimates show that the risk
 aversion coefficient appears as more unstable than the impatience
 parameter, which is also the less uncertain within sample. Observed
 changes in estimates seem to be an expected response to different
 macroeconomic frameworks. 
Journal: Applied Economics Letters 
Pages: 719-723 
Issue: 11 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000240084 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000240084&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Author-Name: Jared Loftus 
Author-X-Name-First: Jared 
Author-X-Name-Last: Loftus 
Author-Name: Windy Keenel 
Author-X-Name-First: Windy 
Author-X-Name-Last: Keenel 
Title: The decay of norms and the production of social order: conceptual and empirical models 
Abstract:
  This note explores the decay of social norms using a model of the
 production of social order in the context of 'rules' employed by
 cities/municipalities to 'govern' activities during Halloween. The
 empirical results suggest that population homogeneity, the upper class'
 scope for 'purchasing' norm conformity from middle and lower classes, the
 abundance of social capital and the cohesiveness of family units are all
 important determinants of the likelihood that a city or locale will employ
 formal order-producing mechanisms during the Halloween period. The results
 are supportive of the seminal work on norms by Becker (1996) and others. 
Journal: Applied Economics Letters 
Pages: 725-730 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000249797 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000249797&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Todd Idson 
Author-X-Name-First: Todd 
Author-X-Name-Last: Idson 
Author-Name: Leo Kahane 
Author-X-Name-First: Leo 
Author-X-Name-Last: Kahane 
Title: Teammate effects on pay 
Abstract:
  This paper explores the question of whether a worker's pay is affected by
 the attributes of co-workers. Using data from the NBA on players who have
 switched teams, it is found that teammate attributes do influence an
 individual's pay. Comparisons to the NHL suggest that differential
 co-worker effects reflect the nature of complementarity in different
 production environments. 
Journal: Applied Economics Letters 
Pages: 731-733 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254872 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254872&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vijay Gondhalekar 
Author-X-Name-First: Vijay 
Author-X-Name-Last: Gondhalekar 
Author-Name: R. Raymond Sant 
Author-X-Name-First: R. Raymond 
Author-X-Name-Last: Sant 
Author-Name: Stephen Ferris 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Ferris 
Title: The price of corporate acquisition: determinants of cash takeover premia 
Abstract:
  A sample of cash-only acquisitions of Nasdaq targets during 1973-1999 is
 examined. It is found that the mean (median) percentage premia declines
 from 74% (65%) during the 1970s to 47% (42%) in the 1990s. Consistent with
 recent research on the value reduction associated with diversification, it
 is observed that acquirers generally will not pay higher prices to acquire
 firms operating in different industries. It is found that over-invested
 firms pursue acquisitions more aggressively by paying higher premia while
 under-invested firms pay less, on average. Finally, the evidence suggests
 that agency rather than synergistic or hubris effects influence the level
 of merger premia. 
Journal: Applied Economics Letters 
Pages: 735-739 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254601 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254601&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Kakes 
Author-X-Name-First: Jan 
Author-X-Name-Last: Kakes 
Author-Name: Jan Willem Van Den End 
Author-X-Name-First: Jan Willem Van Den 
Author-X-Name-Last: End 
Title: Do stock prices affect house prices? Evidence for the Netherlands 
Abstract:
  The relationship between stock prices and house prices is investigated by
 comparing different segments of the Dutch housing market. This connection
 is strongest for the most expensive segment, and is also related to
 homeowners' stock market exposure. These findings support the idea that
 equity is a determinant of house prices. 
Journal: Applied Economics Letters 
Pages: 741-744 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254863 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254863&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Petri Bockerman 
Author-X-Name-First: Petri 
Author-X-Name-Last: Bockerman 
Title: Does labour market reorganization reduce unemployment? 
Abstract:
  This study addresses the connection between reorganization and
 unemployment in the labour market. Reorganization of regional labour
 markets measured by simultaneous gross migration flows lowers the
 unemployment rate, based on evidence from a panel of Finnish regions.
 However, reorganization is shown to be unrelated to long-term
 unemployment. 
Journal: Applied Economics Letters 
Pages: 745-748 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254610 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254610&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nikolaos Veraros 
Author-X-Name-First: Nikolaos 
Author-X-Name-Last: Veraros 
Author-Name: Evangelia Kasimati 
Author-X-Name-First: Evangelia 
Author-X-Name-Last: Kasimati 
Author-Name: Peter Dawson 
Author-X-Name-First: Peter 
Author-X-Name-Last: Dawson 
Title: The 2004 Olympic Games announcement and its effect on the Athens and Milan stock exchanges 
Abstract:
  Through an event study methodology, the effect of the nomination of
 Athens as the hosting city for the Olympics of 2004 on the stock exchanges
 of Greece (winner) and Italy (loser), the two primary candidates for the
 Games is examined. Academic literature suggests that sporting mega events
 have a positive contribution to the host area economy. This implies that
 the stock exchange should react positively to the announcement of such
 events. Berman et al. (2000), in a similar study on the announcement of
 the Sydney 2000 Olympics, found no significant effect on the overall
 market and only limited effect on infrastructure-related companies based
 in the specific area hosting the Games. This study reveals a significantly
 positive effect on the Athens Stock Exchange (ASE) as a whole, as well as
 on infrastructure-related industries. No significant effect was identified
 on the Milan Stock Exchange (MSE). The differences in the impact of the
 announcement to economy size differences between the two countries and to
 the assessment is attributed to the fact that due to the highly
 competitive nature of the bidding process the financial markets assign
 higher probability to losing instead of winning. 
Journal: Applied Economics Letters 
Pages: 749-753 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254584 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254584&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan Wang 
Author-X-Name-First: Alan 
Author-X-Name-Last: Wang 
Author-Name: Sheng-Yung Yang 
Author-X-Name-First: Sheng-Yung 
Author-X-Name-Last: Yang 
Title: Foreign exchange risk, world diversification and Taiwanese ADRs 
Abstract:
  This study tries to answer the following question: Should the US
 investors purchase American depository receipts (ADRs) issued by Taiwanese
 multinationals? The conditional international asset pricing model of Dumas
 and Solnik (Journal of Finance, 50, 445-79, 1995) is applied to price
 these Taiwanese American depository receipts (ADRs). Empirical results
 show that foreign exchange risk is priced in Taiwanese ADRs. Moreover,
 Taiwanese ADRs are shown to help US investors diversify their portfolios
 globally. These findings suggest that Taiwanese ADRs are valid investment
 tools for US investors who seek international diversifications. 
Journal: Applied Economics Letters 
Pages: 755-758 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254629 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254629&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Elmer Sterken 
Author-X-Name-First: Elmer 
Author-X-Name-Last: Sterken 
Title: Demand for money and shortages in Ethiopia 
Abstract:
  The paper discusses the long-run monetary conditions in Ethiopia in the
 last three decades. These decades can be characterized by large political
 changes, leading to shocks on income and population growth, and two
 serious periods of drought. Both affected inflation and real demand for M1
 through shortages of food. Shortage due to drops in rainfall might have
 long-run monetary consequences. Despite regime shifts we find support for
 stability of Ethiopian narrow money demand. 
Journal: Applied Economics Letters 
Pages: 759-769 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000245511 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000245511&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cheolbeom Park 
Author-X-Name-First: Cheolbeom 
Author-X-Name-Last: Park 
Author-Name: Pei Fang Lim 
Author-X-Name-First: Pei Fang 
Author-X-Name-Last: Lim 
Title: Excess sensitivity of consumption, liquidity constraints, and mandatory saving 
Abstract:
  Using Singapore mandatory saving system, it is examined whether liquidity
 constraint is a major reason for the excess-sensitivity of consumption to
 predictable income growth. Although the mandatory saving rate for
 employees could be a good measure for the financial condition of a
 liquidity-constrained consumer, it is found, through the nonlinear
 instrumental variable estimation, that consumption growth is not sensitive
 to changes in the mandatory saving rate for employees. This finding
 suggests that liquidity constraints would not be a major reason for the
 excess-sensitivity puzzle. 
Journal: Applied Economics Letters 
Pages: 771-774 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000240101 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000240101&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuck Cheong Tang 
Author-X-Name-First: Tuck Cheong 
Author-X-Name-Last: Tang 
Title: Does financial variable(s) explain the Japanese aggregate import demand? A cointegration analysis 
Abstract:
  This study is an extension of the study by Tang (Japan and the World
 Economy, 15, 419-36, 2003b), which has documented no long-run equilibrium
 relationship among the Japanese aggregate imports, real income and
 relative price of imports. This finding, however, is probably due to the
 bias of variable(s) omission. To fill this gap, financial variable(s) has
 been empirically incorporated into the Japan's import demand analysis.
 Using a cointegration approach, this study has provided empirical support
 for the inclusion of financial variable(s) into the Japanese aggregate
 import demand function. This is an important finding from the viewpoint of
 policymakers upon the implications of momentary policies on the Japanese
 trade balance. 
Journal: Applied Economics Letters 
Pages: 775-780 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000236584 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000236584&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Aaron Smallwood 
Author-X-Name-First: Aaron 
Author-X-Name-Last: Smallwood 
Author-Name: Stefan Norrbin 
Author-X-Name-First: Stefan 
Author-X-Name-Last: Norrbin 
Title: Estimating cointegrating vectors using near unit root variables 
Abstract:
  This paper argues that the predominant method of estimating equilibrium
 relationships in macroeconometric models, namely the VECM system of
 Johansen, is severely flawed if the underlying variables are distributed
 as near unit root processes. Researchers may apply cointegration
 techniques to these processes, as the power of rejecting near unit roots
 using standard unit root tests is extremely low. Using Monte Carlo
 analysis, problematic behaviour of cointegration analysis is found in
 detecting the true underlying form of the connection between the near unit
 root processes. Furthermore the connecting vector is imprecisely
 estimated, resulting in problematic inference for error correction models. 
Journal: Applied Economics Letters 
Pages: 781-784 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000245520 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000245520&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alfredo Pereira 
Author-X-Name-First: Alfredo 
Author-X-Name-Last: Pereira 
Author-Name: Jorge Andraz 
Author-X-Name-First: Jorge 
Author-X-Name-Last: Andraz 
Title: Public highway spending and state spillovers in the USA 
Abstract:
  The empirical results reported in this paper suggest that only about 20%
 of the aggregate effects of public investment in highways in the US are
 captured by the direct effects on each state output of public investment
 in the state itself. The remaining 80% correspond to the spillover effects
 from public investment in highways in other states. This result may
 provide an answer to the paradox in the literature that the findings of
 large effects at the aggregate level have not been matched at the regional
 level. This is because regional analysis has typically ignored the
 possible existence of spillover effects. 
Journal: Applied Economics Letters 
Pages: 785-788 
Issue: 12 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254593 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254593&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yasuhide Tanaka 
Author-X-Name-First: Yasuhide 
Author-X-Name-Last: Tanaka 
Title: On the equity aspect of the 'quasi-market' in educational services: the case of the North-West region in England 
Abstract:
  This paper considers the equity aspect of the educational reform in
 English secondary education. By using data from the School Performance
 Tables in the North West region of England, two indices of equity
 measurement, the 'dissimilarity index' and the Gini coefficient, are
 calculated. From the results, it is found out that the disparity between
 schools in the region has not been a serious problem so far. 
Journal: Applied Economics Letters 
Pages: 789-791 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000258292 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000258292&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eric Neumayer 
Author-X-Name-First: Eric 
Author-X-Name-Last: Neumayer 
Title: The super-rich in global perspective: a quantitative analysis of the Forbes list of billionaires 
Abstract:
  Why are there more super-rich people in some countries than in others?
 Extra-ordinary wealth is often regarded with envy and might raise the
 suspicion that it can only be accumulated with the help of a minimalist
 state that does not concern itself with the plight of the many. This
 raises the issue whether a high number of billionaires can co-exist with a
 high-taxing, interventionist, social and welfare spending government?
 These two questions are at the heart of this paper's analysis. To answer
 them a quantitative analysis of the global Forbes list of billionaires is
 undertaken. 
Journal: Applied Economics Letters 
Pages: 793-796 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000258283 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000258283&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ivan Paya 
Author-X-Name-First: Ivan 
Author-X-Name-Last: Paya 
Author-Name: Kent Matthews 
Author-X-Name-First: Kent 
Author-X-Name-Last: Matthews 
Title: Term spread and real economic activity in Korea: was the crisis predictable? 
Abstract:
  This paper has three objectives. First, it examines the link between the
 term spread (difference between long-term and short-term rate of interest)
 and GDP growth in the Korean economy for the period 1980-1999. Second, it
 tests for the independent information content of the term spread by
 including current and expected monetary policy indicators. Third, it
 explores the usefulness of the spread as a leading indicator of recessions
 and poses the question, was the crisis of 1997-1998 predictable? 
Journal: Applied Economics Letters 
Pages: 797-801 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254908 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254908&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Evans 
Author-X-Name-First: David 
Author-X-Name-Last: Evans 
Title: A social discount rate for France 
Abstract:
  Each of the member countries of the European Union should, ideally,
 employ the same approach to measuring a discount rate for application in
 the appraisal of social projects. This, however, is far from the case! The
 German rate is based on financial market data, the British measure
 reflects social time preference and the French rate is usually based on
 the marginal product of capital. While the German and British rates are
 similar in value, the French rate of 8% is over twice as high! In this
 paper, a discount rate based on social time preference is estimated for
 France and the policy implications of the result are then considered. The
 main finding is that the real rate of discount would fall to less than
 half its current level. 
Journal: Applied Economics Letters 
Pages: 803-808 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254638 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254638&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitris Christopoulos 
Author-X-Name-First: Dimitris 
Author-X-Name-Last: Christopoulos 
Title: Currency devaluation and output growth: new evidence from panel data analysis 
Abstract:
  Using panel data unit root tests and panel cointegration tests including
 Johansen maximum likelihood cointegration tests, as well as estimation
 techniques appropriate for heterogeneous panels such as fully modified
 OLS, this study examines the effect of currency devaluation on output
 expansion in a sample of eleven Asian countries over the period 1968-1999.
 The results suggest that, in the long run, output growth is affected by
 currency devaluation in the majority of countries under examination and in
 the panel as a whole. This finding stands at variance with other recent
 studies, which concluded that devaluation does not exert any important
 influence on aggregate output. 
Journal: Applied Economics Letters 
Pages: 809-813 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254647 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254647&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sunday Osaretin Iyare 
Author-X-Name-First: Sunday Osaretin 
Author-X-Name-Last: Iyare 
Author-Name: Troy Lorde 
Author-X-Name-First: Troy 
Author-X-Name-Last: Lorde 
Title: Co-integration, causality and Wagner's law: tests for selected Caribbean countries 
Abstract:
  In this paper, six versions of Wagner's Law were empirically tested
 employing aggregate annual time-series data on nine Caribbean countries.
 The results indicate that a long-run equilibrium relationship between
 income and government expenditure does not exist for the countries
 studied, with the exceptions of Grenada, Guyana and Jamaica for a
 particular formulation of Wagner's Law. However, the direction of
 causality runs from income to government expenditure only for Guyana,
 while for the other two, the causality runs in the other direction.
 Results for short-run causality are mixed, but the predominant causal
 relationship appears to run from income to government expenditure. In
 light of the empirical results in this paper, one may tentatively conclude
 that Wagner's Law finds broad support in these islands. These results run
 counter to what has been previously reported for a subset of the islands
 studied in this paper. 
Journal: Applied Economics Letters 
Pages: 815-825 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254881 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254881&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Guillaume Sahuc 
Author-X-Name-First: Jean-Guillaume 
Author-X-Name-Last: Sahuc 
Title: Partial indexation and inflation dynamics: what do the data say? 
Abstract:
  New evidence is provided on the fit of the hybrid Phillips curve based on
 indexation of prices to lagged inflation and trend inflation for the Euro
 area and the USA over the period 1970-2002. The GMM-West estimates suggest
 that (i) a full indexation scheme is not data consistent whereas a partial
 indexation scheme allows a good fit and (ii) forgetting trend inflation
 induces overestimating by approximately 3-4% of the probability to not
 change the price, for reasonable values of trend inflation. 
Journal: Applied Economics Letters 
Pages: 827-832 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000261306 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000261306&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Fernandez De Guevara 
Author-X-Name-First: Juan Fernandez 
Author-X-Name-Last: De Guevara 
Author-Name: Joaquin Maudos 
Author-X-Name-First: Joaquin 
Author-X-Name-Last: Maudos 
Title: Measuring welfare loss of market power: an application to European banks 
Abstract:
  From a model of imperfect competition among banking firms, this study
 derives an analytical expression that allows empirical quantification of
 the welfare loss associated with imperfect competition. Its application to
 the specific case of the European banking system shows that in spite of
 the process of deregulation, market power increased during the 1990s in 10
 out of the 15 countries of the EU. The welfare loss associated with market
 power represents close to 2.5% of EU GDP. 
Journal: Applied Economics Letters 
Pages: 833-836 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000263908 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000263908&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Claudio Morana 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Morana 
Title: Frequency domain principal components estimation of fractionally cointegrated processes 
Abstract:
  This study introduces a new frequency domain principal components
 estimator of the cointegration space and the loading matrix for the common
 factors for fractionally cointegrated long memory processes. A Monte Carlo
 simulation exercise reveals that the proposed estimator has already good
 properties with relatively small sample sizes. 
Journal: Applied Economics Letters 
Pages: 837-842 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000261298 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000261298&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Llop 
Author-X-Name-First: Maria 
Author-X-Name-Last: Llop 
Author-Name: Antonio Manresa 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Manresa 
Title: The general equilibrium effects of social security contributions under alternative incidence assumptions 
Abstract:
  This study deals with the economic effects of a firm's social security
 taxes in the Catalan economy, using an applied general equilibrium model.
 A novel aspect of the analysis is that it hypothesizes about the incidence
 of firm's contributions on both employers and employees. The results of a
 reduction in firm's social security taxation are sensitive to the
 incidence assumption. In particular, the study shows that the effects on
 regional unemployment, income distribution and relative prices of factors
 depend considerably on the incidence hypothesis assumed. 
Journal: Applied Economics Letters 
Pages: 847-850 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000258265 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000258265&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fernando Merino 
Author-X-Name-First: Fernando 
Author-X-Name-Last: Merino 
Title: Firms' productivity and internationalization: a statistical dominance test 
Abstract:
  The literature on firm's internationalization establishes a direct
 relationship between productivity and foreign activities. This paper
 extends the usual tests on this relationship in two areas: first, it
 distinguishes the main stages in the internationalization process
 (multinationals and exporters); second, as tests of difference of means
 may be insufficient, statistical dominance tests of the productivity
 distribution have been formulated. 
Journal: Applied Economics Letters 
Pages: 851-854 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000254890 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000254890&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Irvin Tucker 
Author-X-Name-First: Irvin 
Author-X-Name-Last: Tucker 
Title: Pigskins and publications revisited 
Abstract:
  Using a sample of US universities, Shugart et al. (Atlantic Economic
 Journal, 14, pp. 45-50, 1986) reported a regression model estimation that
 the winning percentage of a football team was inversely related to the
 average number of pages published in top economics journals by an
 economics department faculty. To re-examine this finding, a similar
 empirical model was applied to more recent data and this investigation
 found that the football winning percentage has no statistically
 significant impact on the per capita number of pages published in top
 economics journals. 
Journal: Applied Economics Letters 
Pages: 843-845 
Issue: 13 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000261270 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000261270&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kazuhiro Ohtani 
Author-X-Name-First: Kazuhiro 
Author-X-Name-Last: Ohtani 
Title: Exact distribution and critical values of a unit root test in the presence of change in variance  
Abstract:
  This paper, using the Imhof (1961) method, shows the method of evaluating
 numerically the exact distribution of a unit root test statistic when the
 error variance changes. Based on the method, the effect of the change in
 variance on the exact distribution is examined, and we tabulate
 numerically exact critical values when the sample size is small and
 moderate. 
Journal: Applied Economics Letters 
Pages: 855-860 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000261270 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000261270&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andreea Andronescu 
Author-X-Name-First: Andreea 
Author-X-Name-Last: Andronescu 
Author-Name: Hassan Mohammadi 
Author-X-Name-First: Hassan 
Author-X-Name-Last: Mohammadi 
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Title: Long-run estimates of money demand in Romania 
Abstract:
  This paper estimates the long-run demand for money in Romania using
 monthly data from January 1994 to August 2003. The Johansen-Juselius
 cointegration procedure provides evidence of one cointegrating vector for
 both narrowly and broadly defined money demand functions. Real money
 balances are not only sensitive to real income, but also the domestic
 interest rate and the depreciation of the domestic currency. 
Journal: Applied Economics Letters 
Pages: 861-864 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000263881 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000263881&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Feinberg 
Author-X-Name-First: Robert 
Author-X-Name-Last: Feinberg 
Title: Does more time improve test scores in micro principles? 
Abstract:
  This note reports on an empirical exercise designed to examine the
 connection between a student's decision on test-taking time and resulting
 test scores. Based on a small sample of microeconomics principles students
 observed over several tests, evidence is found supporting a positive
 impact of added time. 
Journal: Applied Economics Letters 
Pages: 865-867 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000282277 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000282277&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gi Choon Kang 
Author-X-Name-First: Gi Choon 
Author-X-Name-Last: Kang 
Author-Name: Sonya Kostova Huffman 
Author-X-Name-First: Sonya Kostova 
Author-X-Name-Last: Huffman 
Author-Name: Helen Jensen 
Author-X-Name-First: Helen 
Author-X-Name-Last: Jensen 
Title: An empirical analysis of joint decisions on labour supply and welfare participation 
Abstract:
  Economic and welfare programme factors affect the wellbeing of low-income
 families and their labour supply decisions. This study uses recent data
 from the US Survey of Income and Programme Participation. A nested logit
 model is estimated to explain the joint decisions to participate in
 Temporary Assistance for Needy Families (TANF) and the labour market for
 the population of families potentially eligible for TANF. The empirical
 findings indicate that higher wages increase labour and decrease welfare
 programme participation; an increase in non-labour income decreases both
 labour market and welfare participation. 
Journal: Applied Economics Letters 
Pages: 869-872 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000269885 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000269885&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sotiris Staikouras 
Author-X-Name-First: Sotiris 
Author-X-Name-Last: Staikouras 
Title: A chronicle of the banking and currency crises 
Abstract:
  The research undertaken in the area of banking and currency crises is
 surveyed. The causes and implications of the twin crises are discussed,
 along with the theoretical and empirical framework for investigating them.
 The overview has highlighted a number of interesting aspects. A consistent
 set of economic indicators is identified as being able to predict possible
 financial jitters. Non-quantified factors such as expectations, herding
 behaviour and contagion are also crucial beyond and above economic
 fundamentals. The direction of the twin crises' causality is not clearly
 established yet. It is usually a banking crisis that precedes a currency
 downfall, with the latter creating a vicious spiral. Finally, a few other
 points are identified as issues of future concern. 
Journal: Applied Economics Letters 
Pages: 873-878 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000282240 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000282240&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Spurious rejection by cointegration tests incorporating structural change in the cointegrating relationship 
Abstract:
  In recent research, Leybourne and Newbold have shown commonly employed
 tests of cointegration to exhibit spurious rejection when applied to
 independent unit root processes subject to breaks in either level or
 trend. In the present paper, this research is extended to consider the
 finite-sample properties of cointegration tests which explicitly
 incorporate structural change. It is shown that when applied to
 independent unit root processes subject to regime shifts, cointegration
 tests permitting structural change in the cointegrating relationship can
 spuriously reject the null of no cointegration more frequently than the
 standard tests considered by Leybourne and Newbold. 
Journal: Applied Economics Letters 
Pages: 879-884 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485040000267012 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485040000267012&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Sim 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Sim 
Title: International production sharing and economic development: moving up the value-chain for a small-open economy 
Abstract:
  This study theoretically examines the factors required by a small-open
 economy to move up the value-chain. To carry out the study, a framework of
 production sharing involving a large developed country and a less
 developed small-open economy is used. Service bundles are modelled as
 inputs for coordinating the manufacturing activities located across the
 countries. It is found that the small-open economy can move up the
 value-chain when the size of its skilled labour force increases and the
 production cost of its service bundles decreases. 
Journal: Applied Economics Letters 
Pages: 885-889 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000285841 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000285841&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Claudio Morana 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Morana 
Title: Some frequency domain properties of fractionally cointegrated processes 
Abstract:
  The paper shows that the multiple squared coherence at the zero frequency
 for fractionally differenced (fractionally) cointegrated processes is
 equal to one, while the simple squared coherences assume a value greater
 than zero but lower than one. In the bivariate case the multiple and
 simple squared coherence coincide and, therefore, the simple squared
 coherence at the zero frequency assumes a unitary value. It is also found
 that processes that are not fractionally cointegrated show, in general,
 positive, but lower than one, multiple and simple squared coherences at
 the zero frequency. In the case the dependent and independent variables
 are driven by different long memory factors, i.e. in the case when the
 dependent variable is orthogonal at the zero frequency to any of the
 regressors, the squared multiple coherence will assume a zero value, as
 any of the squared simple coherences. It is finally shown that all the
 above results also hold for the series in levels, as the frequency tends
 to zero. 
Journal: Applied Economics Letters 
Pages: 891-894 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000261289 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000261289&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Steeley 
Author-X-Name-First: James 
Author-X-Name-Last: Steeley 
Title: Information processing and the UK weekend effect: do investors cut their losses on Mondays? 
Abstract:
  This paper complements earlier work by the author that shows that the
 pattern of information arrivals into the UK stock market may explain the
 behaviour of returns. It is argued that delays or other systematic
 behaviour in the processing of this information could compound the impact
 of information arrival patterns. It is found, however, that this does not
 happen, and so it is the arrival and not the processing of news that is
 most important. 
Journal: Applied Economics Letters 
Pages: 895-899 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000263890 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000263890&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julio Pindado 
Author-X-Name-First: Julio 
Author-X-Name-Last: Pindado 
Author-Name: Chabela De La Torre 
Author-X-Name-First: Chabela 
Author-X-Name-Last: De La Torre 
Title: Why is ownership endogenous? 
Abstract:
  A recently published paper by Gugler and Weigand (2003) addresses the
 problem of the endogeneity of ownership, but an unresolved question
 remains. Where does this endogeneity come from? It is shown that the main
 source of endogeneity is the simultaneity between ownership and value. 
Journal: Applied Economics Letters 
Pages: 901-904 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000267003 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000267003&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marie-Estelle Binet 
Author-X-Name-First: Marie-Estelle 
Author-X-Name-Last: Binet 
Author-Name: Jean-Sebastien Pentecote 
Author-X-Name-First: Jean-Sebastien 
Author-X-Name-Last: Pentecote 
Title: Tax degression and the political budget cycle in French municipalities 
Abstract:
  This paper explores local incumbent behaviour during office. First,
 empirical evidence is given about the fiscal policy instruments by which
 French municipalities try to influence election outcome. Special care is
 taken about the econometric issues raised by the dynamic panel data
 setting. Secondly, a theoretical framework is built to investigate the
 political budget cycle when local taxation is degressive as in France. Its
 main results help understanding of the empirical findings. 
Journal: Applied Economics Letters 
Pages: 905-908 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000268642 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000268642&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaebeom Kim 
Author-X-Name-First: Jaebeom 
Author-X-Name-Last: Kim 
Title: Short run real exchange rate dynamics: a SUR approach 
Abstract:
  This paper examines the convergence question by contrasting the
 half-lives of deviations across the producer price index (PPI) and
 consumer price index (CPI) in a bivariate error correction model. To
 improve efficiency, the models are estimated jointly using a seemingly
 unrelated regressions approach. 
Journal: Applied Economics Letters 
Pages: 909-913 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000269876 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000269876&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ya-Ming Liu 
Author-X-Name-First: Ya-Ming 
Author-X-Name-Last: Liu 
Title: An application of adverse selection: rural agricultural production in China since the 1950s 
Abstract:
  Asymmetric information problems in collective rural agricultural
 production in China after 1955 is examined by applying the theory of
 adverse selection. This application shows the movement of equilibrium
 stages from a pooling contract to a separating one can explain the process
 of rural reform in China from the collective institution arrangement to
 the household responsibility system. 
Journal: Applied Economics Letters 
Pages: 915-917 
Issue: 14 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000282213 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000282213&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Par Osterholm 
Author-X-Name-First: Par 
Author-X-Name-Last: Osterholm 
Title: Size properties of cointegration tests in misspecified systems 
Abstract:
  The small sample size properties of three frequently used cointegration
 tests when a system has been misspecified are investigated. Specifically,
 the misspecification consists of one relevant variable being omitted from
 a system with one cointegrating vector. A Monte Carlo study shows that the
 Johansen (1991) trace test, adjusted by a simple finite sample correction,
 has the most robust behaviour when lag length in the test equations is
 chosen according to traditional information criteria. 
Journal: Applied Economics Letters 
Pages: 919-924 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000282286 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000282286&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sami Jarvinen 
Author-X-Name-First: Sami 
Author-X-Name-Last: Jarvinen 
Author-Name: Harri Toivonen 
Author-X-Name-First: Harri 
Author-X-Name-Last: Toivonen 
Title: Pricing European commodity swaptions 
Abstract:
  In this paper, formulas for commodity swaptions are presented. By
 utilizing the forward price based approach a simple closed form solution
 for European swaptions is derived based on the assumption of deterministic
 volatility for lognormal variables. The formulas result from applying the
 Margrabe (1978) exchange option concept to the present problem. A special
 case of constant volatility yields the Black (1976) formula that has been
 the market standard in the interest rate swaption markets for many years. 
Journal: Applied Economics Letters 
Pages: 925-929 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000291394 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000291394&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: Determinants of subscription time for portable internet service 
Abstract:
  This paper analyses the determinants of the subscription time for
 portable Internet service (PIS). To this end, a two-equation model, which
 incorporates a two-level decision structure: a decision on whether to
 subscribe for the PIS and a decision on the subscription time conditional
 on deciding to subscribe for it, is proposed. The two-equation model is
 appropriate for analysing the determinants of the subscription time for
 PIS. 
Journal: Applied Economics Letters 
Pages: 931-934 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000282268 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000282268&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jens Kruger 
Author-X-Name-First: Jens 
Author-X-Name-Last: Kruger 
Title: Productivity transitions in the US manufacturing sector 
Abstract:
  This note investigates productivity dynamics of US manufacturing
 industries during the period 1958-1996. Nonparametric methods are used to
 calculate total factor productivity relative to a frontier production
 function and to estimate the transition density. The shape of the
 transition density leads to the conclusion that persistence relative to
 the frontier function plays a substantial role in sectoral productivity
 development, thereby contradicting the existence of strong intertemporal
 spillover effects between sectors as supposed in recent growth models. 
Journal: Applied Economics Letters 
Pages: 935-937 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000285823 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000285823&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Walkenhorst 
Author-X-Name-First: Peter 
Author-X-Name-Last: Walkenhorst 
Title: EU exporter-concerns about non-tariff measures 
Abstract:
  As customs tariffs have been reduced in subsequent rounds of trade
 negotiations, increasing attention has focused on the impacts of domestic
 policies on international trade and the use of non-tariff measures (NTMs).
 According to evidence from an inventory of business complaints, natural
 resource based industries, such as agriculture and food, mining, and
 textiles, are most strongly affected by NTMs relative to their export
 volumes. Certification procedures, quantity control measures, and
 technical regulations are the types of NTM most frequently complained
 about. Concerns about domestic governance practices, such as impediments
 related to government procurement, investment restrictions, or
 insufficient intellectual property rights protection account for almost a
 third of all NTM observations and are in most cases not sector-specific,
 but of a general nature. These complaints are frequently associated with
 discriminatory practices or inappropriate regulations, while delays and
 obstructions are repeatedly mentioned in relation to customs and
 certification procedures and technical regulations. 
Journal: Applied Economics Letters 
Pages: 939-944 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000285805 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000285805&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pedro Cosme Costa Vieira 
Author-X-Name-First: Pedro Cosme Costa 
Author-X-Name-Last: Vieira 
Title: Statistical variability of top ranking economics journals impact 
Abstract:
  Four issues concerning the quality of scientific economics papers are
 addressed. First, the ex-ante procedure of computing the average impact of
 economic papers are validated by comparing its results with the ex post
 values. Second, an estimator of papers normalized impact is calibrated.
 Third, the ranking variability of journals is computed using a bootstrap
 procedure. Fourth, the statistical hypothesis that journals' ranking did
 not change over the time interval between 1980 and 2000 is tested. It is
 concluded that this hypothesis is rejected only for the Quarterly Journal
 of Economics and Econometrica, which saw their citation impact improved. 
Journal: Applied Economics Letters 
Pages: 945-948 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000282231 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000282231&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kenji Wada 
Author-X-Name-First: Kenji 
Author-X-Name-Last: Wada 
Title: Informational content of stock exchanges versus over-the-counter markets: the behaviour of stock indices around the Asian financial crisis in Japan and Korea 
Abstract:
  The daily returns of the stock exchange index and the over-the counter
 (OTC) index in Japan and Korea around the Asian financial crisis are
 investigated. The stock exchange index contains information on relatively
 old technology sectors, while the OTC index contains information on
 relatively new technology sectors. Although previous studies focused only
 on the performance of the former, the behaviour of these two indices
 around the crisis is shown to be different. Thus, additional insight is
 obtained by considering these two market indices at the same time 
Journal: Applied Economics Letters 
Pages: 949-955 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000291358 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000291358&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Deergha Raj Adhikari 
Author-X-Name-First: Deergha Raj 
Author-X-Name-Last: Adhikari 
Title: Measuring market power of the US cigarette industry 
Abstract:
  The US cigarette industry is attributed to have been involved in cartel
 practices from time to time. Such practice undermines the actual purpose
 of deregulation. So far, there have been sparse studies on measuring their
 market power. The studies done so far have mostly found that the US
 cigarette industry has not been perfectly competitive. Most of the studies
 were done a long time ago and the industry has undergone substantial
 structural changes since then (in the late 1980s and 1990s). Therefore,
 this study attempts to measure their market power in recent years.
 Evidence that the US cigarette industry is competitive is found. 
Journal: Applied Economics Letters 
Pages: 957-959 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000282222 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000282222&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rodolfo Aquino 
Author-X-Name-First: Rodolfo 
Author-X-Name-Last: Aquino 
Title: A multifactor model of Philippine stock returns using latent macro risk factors 
Abstract:
  This study addresses the measurement problem inherent in using published
 macroeconomic data to proxy for unobservable macro risk factors. Using a
 structural equation modelling framework, four latent risk factors are
 identified in addition to the exchange rate and market timing risk
 factors. The latter two are proxied one-for-one by fluctuations in the
 nominal peso-dollar exchange rate and the excess return on the portfolio
 represented by the Phisix. Using transformations of published
 macroeconomic data as indicator variables, the measurement part of the
 model appears to capture the essence of the unobservable risk factors they
 are supposed to measure. The betas or factor loadings generated by the
 structural model indicate that fluctuations in the risk factors have
 significant effects on the time variation of stock returns. However, the
 effects are more pronounced after the onset of the Asian financial crisis
 than before. Tests of model fit do not reject the hypothesis that the
 returns are consistent with the six-factor model for the entire period
 covered by the study, although individual factors are priced only during
 the 1997-2001 sub-period. 
Journal: Applied Economics Letters 
Pages: 961-968 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000285832 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000285832&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Weaver 
Author-X-Name-First: Robert 
Author-X-Name-Last: Weaver 
Author-Name: Justus Wessler 
Author-X-Name-First: Justus 
Author-X-Name-Last: Wessler 
Title: Monopolistic pricing power for transgenic crops when technology adopters face irreversible benefits and costs 
Abstract:
  Pricing of biotechnology innovation under a patent grant is reconsidered
 in a model with uncertain returns and irreversible costs and benefits.
 Past results on restricted monopoly pricing in the presence of competing
 technologies showed that pricing power is reduced. The timing of adoption
 of an innovation is delayed and the pricing power of the restricted
 monopolist is further reduced when uncertainty and irreversibility is
 considered. The presence of irreversible benefits results in increased
 willingness-to-pay for the innovation, accelerating adoption, and
 increasing the innovator's restricted monopolist pricing power. Using
 Monte-Carlo simulation, the quantitative effects were approximated by a
 linear function through the hyper-plane. 
Journal: Applied Economics Letters 
Pages: 969-973 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000285814 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000285814&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Lynn 
Author-X-Name-First: Michael 
Author-X-Name-Last: Lynn 
Title: Restaurant tips and service quality: a commentary of Bodvarsson, Luksetich and McDermott (2003) 
Abstract:
  Bodvarsson et al. (2003) argue that a non-recursive relationship between
 service and tipping has led researchers to underestimate the strength of
 the causal impact of service on tipping. In this paper, their arguments,
 analyses, and conclusions are criticized. Then, their data is re-analysed
 to draw more appropriate conclusions as to what the data say concerning
 the effects of service on tipping. 
Journal: Applied Economics Letters 
Pages: 975-978 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000291376 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000291376&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Y. -Y. Kim 
Author-X-Name-First: Y. -Y. 
Author-X-Name-Last: Kim 
Title: Gresham's law in the late Chosun Korea 
Abstract:
  The issue of Gresham's law in the late Chosun Korea is addressed.
 Available historical records are interpreted to provide evidence that
 undervalued money was taken out of circulation because of both the legal
 tender law and Rolnick and Weber's law. Later, however, undervalued money
 replaced overvalued money because of the inflationary effect of the
 latter. 
Journal: Applied Economics Letters 
Pages: 979-984 
Issue: 15 
Volume: 11 
Year: 2004 
X-DOI: 10.1080/1350485042000291385 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000291385&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Author-Name: Jared Loftus 
Author-X-Name-First: Jared 
Author-X-Name-Last: Loftus 
Author-Name: Windy Keene 
Author-X-Name-First: Windy 
Author-X-Name-Last: Keene 
Title: The decay of norms and the production of social order: conceptual and empirical models 
Abstract:
  This note explores the decay of social norms using a model of the
 production of social order in the context of 'rules' employed by
 cities/municipalities to 'govern' activities during Halloween. The
 empirical results suggest that population homogeneity, the upper class'
 scope for 'purchasing' norm conformity from middle and lower classes, the
 abundance of social capital and the cohesiveness of family units are all
 important determinants of the likelihood that a city or locale will employ
 formal order-producing mechanisms during the Halloween period. The results
 are supportive of the seminal work on norms by Becker (1996) and others. 
Journal: Applied Economics Letters 
Pages: 1-6 
Issue: 1 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000249797 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000249797&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Elias Mossialos 
Author-X-Name-First: Elias 
Author-X-Name-Last: Mossialos 
Author-Name: Joan Costa-Font 
Author-X-Name-First: Joan 
Author-X-Name-Last: Costa-Font 
Author-Name: Konstantina Davaki 
Author-X-Name-First: Konstantina 
Author-X-Name-Last: Davaki 
Author-Name: Konstantinos Karras 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Karras 
Title: Is there 'patient selection' in the demand for private maternity care in Greece? 
Abstract:
  The influence of private health insurance (PHI) and gynaecologists'
 demand for leisure in determining a caesarean section (CS) delivery is
 examined. A database collected in January 2002 is exploited which contains
 records on women who attended the second largest private hospital in
 Greece. A joint maximum-likelihood probit estimation for the PHI
 subscription and the decision to undertake CS is employed. Results suggest
 that the obstetrician's decision to undertake CS is not independent of the
 women having PHI coverage. The probability of a CS taking place increases
 by about 20% if mothers have PHI. Furthermore, CS deliveries were more
 likely to take place between 12.00 and 16.00 pm and on working week days
 and Saturdays. The results support the hypothesis of patient selection on
 the basis of holding PHI and exhibit evidence of gynaecologists' 'demand
 for leisure'. 
Journal: Applied Economics Letters 
Pages: 7-12 
Issue: 1 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850420007099 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850420007099&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dale Belman 
Author-X-Name-First: Dale 
Author-X-Name-Last: Belman 
Author-Name: Kristen Monaco 
Author-X-Name-First: Kristen 
Author-X-Name-Last: Monaco 
Title: Are truck drivers underpaid? 
Abstract:
  There is an emerging debate over whether truck drivers are 'underpaid'
 given their human capital and working conditions. Using data from the 2000
 Current Population Survey, the pay differentials between truck drivers and
 other blue collar occupations are investigated. While truck drivers appear
 to receive a small premium in their hourly wage compared to workers with
 similar skill requirements, they receive substantial premium in their
 weekly wage. This weekly wage differential is primarily the result of a
 substantially longer work week. 
Journal: Applied Economics Letters 
Pages: 13-18 
Issue: 1 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000291411 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000291411&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Salvatore Terregrossa 
Author-X-Name-First: Salvatore 
Author-X-Name-Last: Terregrossa 
Title: On the efficacy of constraints on the linear combination forecast model 
Abstract:
  Combination forecasting has been demonstrated to be a successful
 technique for enhanced forecast accuracy of economic and financial
 variables. An established method to generate the component-forecast
 weights is the ordinary-least-squares (OLS) regression technique: Actual
 values of a variable are regressed on within-sample values of forecasts
 generated by alternative forecast sources. The estimated regression
 coefficients then serve as weights for out-of-sample combination
 forecasts. The present study addresses the controversy regarding the
 efficacy of placing restrictions on the combining model when generating
 weights for out-of-sample forecasts. Combinations are formed of component
 earnings-growth forecasts generated separately by financial analysts and a
 statistical model. Both restricted and unrestricted OLS are used in turn
 to generate the component-forecast weights. The findings suggest that
 combinations formed with weights generated by OLS with the constant
 suppressed and the sum-of-the-coefficients constrained to equal one, lead
 to enhanced forecast-accuracy and generally perform best. This study
 differs from a previous related study appearing in Applied Financial
 Economics1 in at least three main ways: (1) Combination forecasts are
 formed using actual regression-coefficients as forecast weights; (2)
 Forecast weights are generated using unrestricted OLS, as well as
 restricted OLS; (3) All combination forecasts are strictly ex-ante
 simulated. 
Journal: Applied Economics Letters 
Pages: 19-28 
Issue: 1 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000307062 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000307062&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tung Liang Liao 
Author-X-Name-First: Tung Liang 
Author-X-Name-Last: Liao 
Author-Name: Mei-Chu Ke 
Author-X-Name-First: Mei-Chu 
Author-X-Name-Last: Ke 
Author-Name: Hsiang-Tai Yu 
Author-X-Name-First: Hsiang-Tai 
Author-X-Name-Last: Yu 
Title: Anomalous price behaviour around stock repurchases on the Taiwan stock exchange 
Abstract:
  This study examines the impact of stock repurchases on a repurchasing
 firm's stock returns on the Taiwan Stock Exchange (TWSE). It is clear that
 significant negative abnormal returns are observed most days prior to the
 announcement day and that significant positive abnormal returns are
 detected on the announcement day and during the first few days of the
 post-announcement period. The total sample is further divided into various
 sub samples on the basis of the purpose of repurchasing, the industrial
 sector, firm size and the size of the repurchase. On account of the
 feature of industrial development in the last ten years in Taiwan, the
 peculiar finding is that the book-to-market ratio, which has been used to
 partition the repurchasing sample in the USA and Canada in previous
 studies, may be more appropriately substituted by the industrial sector.
 This finding indicates that the stock repurchase announcements of
 financial firms or conventional firms generate a greater impact on stock
 returns than do electronics firms. 
Journal: Applied Economics Letters 
Pages: 29-39 
Issue: 1 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000291402 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000291402&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Ezcurra 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Ezcurra 
Author-Name: Pedro Pascual 
Author-X-Name-First: Pedro 
Author-X-Name-Last: Pascual 
Title: Cross-country disparities in welfare, 1970-1998 
Abstract:
  In this study we explore the evolution and origin of international
 welfare inequality in a sample of 39 countries between 1970 and 1998. To
 achieve this aim, different theoretical results taken from the literature
 on personal income distribution have been applied to an additive
 decomposition of Sen's welfare index. In relation to the evolution of
 international disparities in welfare, the conclusions obtained vary
 depending on the inclusion in the analysis of population shares. In
 addition, cross-country productivity differences emerge as playing the
 major role in accounting for observed patterns of welfare inequality. 
Journal: Applied Economics Letters 
Pages: 41-44 
Issue: 1 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000293112 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000293112&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Manh Vu Le 
Author-X-Name-First: Manh Vu 
Author-X-Name-Last: Le 
Author-Name: Terukazu Suruga 
Author-X-Name-First: Terukazu 
Author-X-Name-Last: Suruga 
Title: Foreign direct investment, public expenditure and economic growth: the empirical evidence for the period 1970-2001 
Abstract:
  The simultaneous impact of public expenditures and foreign direct
 investment (FDI) on economic growth is studied. To the best of the
 authors' knowledge, this is the first study that takes into account the
 interaction between FDI and public expenditures in determining the
 economic growth rate. Using a sample of 105 developing and developed
 countries for the period 1970-2001, the main findings are (i) FDI, public
 capital, and private investment play important roles in promoting economic
 growth, (ii) public non-capital expenditure has a negative impact on
 economic growth, and (iii) excessive spending in public capital
 expenditure can hinder the beneficial effects of FDI. 
Journal: Applied Economics Letters 
Pages: 45-49 
Issue: 1 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000293130 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000293130&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ruhul Amin Salim 
Author-X-Name-First: Ruhul Amin 
Author-X-Name-Last: Salim 
Title: Modelling entrepreneurship in small-scale enterprises 
Abstract:
  In the small-scale enterprises, the entrepreneurs and managers are often
 one and the same. This paper attempts to estimate the entrepreneurial
 competence in small-scale enterprises decomposing into entrepreneurial
 ability and managerial efficiency using the frontier production function.
 The empirical results show that most of the sample enterprises fail to
 realize their full entrepreneurial potential. The important implication of
 these results is that small enterprises should generate a different set of
 rules than large enterprises in the decision-making process that best
 conduces them to move toward their potential frontier. 
Journal: Applied Economics Letters 
Pages: 51-57 
Issue: 1 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000307071 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000307071&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lanier Nalley 
Author-X-Name-First: Lanier 
Author-X-Name-Last: Nalley 
Author-Name: Darren Hudson 
Author-X-Name-First: Darren 
Author-X-Name-Last: Hudson 
Author-Name: Gregory Parkhurst 
Author-X-Name-First: Gregory 
Author-X-Name-Last: Parkhurst 
Title: The initial endowment effect in experimental auctions revisited: further evidence 
Abstract:
  This analysis employs a uniform 4th price sealed-bid auction to test the
 impact of endowment heterogeneity on participant bids. A mechanism to
 legitimize the wealth of participants consistent with prior research on
 endowments is employed. Second, unlike some previous literature, a
 mechanism to endogenously induce endowment heterogeneity is employed.
 Results from a Tobit analysis of participant bids indicate that endowment
 heterogeneity has no significant impact on bidding behaviour. Therefore,
 it is concluded that when wealth is legitimized within an experiment,
 bidding behaviour is more likely rational leading to more robust
 experimental results. 
Journal: Applied Economics Letters 
Pages: 59-63 
Issue: 1 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000307080 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000307080&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Siegler 
Author-X-Name-First: Mark 
Author-X-Name-Last: Siegler 
Title: International growth and volatility in historical perspective 
Abstract:
  This paper studies the relationship between the volatility and growth of
 real GDP using a newly constructed panel data set from twelve countries
 over the 1870 to 1929 period. In addition, many other variables are
 examined that are related to economic growth. The goal has been to uncover
 robust empirical regularities on this issue for the period prior to the
 Great Depression - a period which has been relatively neglected in
 previous empirical work. The main finding is that there is a robust
 negative partial correlation between volatility and growth, after
 controlling for other factors. This result is consistent with recent
 empirical evidence on the post-World War II period. 
Journal: Applied Economics Letters 
Pages: 67-71 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000314361 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000314361&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vaughan Dickson 
Author-X-Name-First: Vaughan 
Author-X-Name-Last: Dickson 
Title: Price-cost margins, prices and concentration in US manufacturing: a panel study 
Abstract:
  This study tries to separate the efficiency and market power effects of
 higher concentration for a panel of 253 US manufacturing industries
 covering the years 1963 to 1992. To do so, two fixed effects estimations
 of price equations are introduced. The first includes, among the
 independent variables, average variable cost and a mark-up term dependent
 on the four firm concentration ratio and isolates the partial effect of
 concentration on price holding cost constant (the market power effect).
 The second omits average cost and uses the bias induced to make inferences
 about the efficiency effect. The results suggest both market power and
 efficiency effects exist, with the latter dominating. Specifically, for
 given average cost, higher concentration leads to higher prices, but when
 average cost are relegated to the error term, higher concentration leads
 to lower prices. 
Journal: Applied Economics Letters 
Pages: 79-83 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000307161 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000307161&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hiroshi Yamada 
Author-X-Name-First: Hiroshi 
Author-X-Name-Last: Yamada 
Title: Wavelet-based beta estimation and Japanese industrial stock prices 
Abstract:
  This paper applies the multi-scale beta estimation approach based on
 wavelet analysis proposed in Gencay et al. (2002) to Japanese industrial
 stock prices. Betas are calculated based on the wavelet rough and smooth
 from the discrete wavelet transform (DWT) and it is argued that the
 conventional beta estimate is an 'average' of the wavelet-based beta
 estimates. Some empirical evidence is shown that implies that the
 multi-scale beta estimation approach is useful. 
Journal: Applied Economics Letters 
Pages: 85-88 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000307152 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000307152&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saurabh Ghosh 
Author-X-Name-First: Saurabh 
Author-X-Name-Last: Ghosh 
Title: The post-offering performance of IPOs in the Indian banking industry 
Abstract:
  In the literature, the underperformance of IPOs is a well-documented
 empirical anomaly. This study concentrates on IPOs from the banking sector
 of an emerging economy, India. In a developing country, the role of the
 banking sector for economic development is undisputed. In view of its
 importance in economic resource allocation and its distinction from other
 industries in general, this paper analyses the post offering performance
 of banking sector IPOs in detail. The performance evaluation on the basis
 of stock returns did not find significant evidences of underperformance
 for the IPOs from the banking sector. Moreover, the study, based on key
 accounting parameters, found improvement in the performance of the banks
 in the post-listing period. There were no significant differences across
 ownership groups (public sector banks vis-a-vis their private counterpart)
 in the IPO performance. 
Journal: Applied Economics Letters 
Pages: 89-94 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000307143 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000307143&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Millimet 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Millimet 
Title: Job search skills, employer size and wages 
Abstract:
  Many theories concerning the underlying cause of the observed positive
 correlation between employer size and wages have been evaluated
 empirically, with a sizeable residual remaining unexplained. This study
 presents and tests a new theory: successful applicants for vacancies in
 larger employers possess greater job search skills and therefore are able
 to obtain a wage closer to their maximum potential wage. Empirical results
 confirm that differential job search abilities can account for
 approximately 20% of the difference in average observed wages across large
 and small employers. 
Journal: Applied Economics Letters 
Pages: 95-100 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000314316 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000314316&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ossama Mikhail 
Author-X-Name-First: Ossama 
Author-X-Name-Last: Mikhail 
Author-Name: Curtis Eberwein 
Author-X-Name-First: Curtis 
Author-X-Name-Last: Eberwein 
Author-Name: Jagdish Handa 
Author-X-Name-First: Jagdish 
Author-X-Name-Last: Handa 
Title: On the evidence of non-linear structure in Canadian unemployment 
Abstract:
  This study focuses on and examines the empirical evidence of
 non-linearity in aggregate Canadian unemployment. Contrary to the
 conclusion reached in many studies, and using a corrected for bias simple
 non-parametric test (SNT), the null hypothesis of a linear structure for
 Canadian unemployment is rejected. 
Journal: Applied Economics Letters 
Pages: 101-104 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000314325 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000314325&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jai Mah 
Author-X-Name-First: Jai 
Author-X-Name-Last: Mah 
Title: Export expansion, economic growth and causality in China 
Abstract:
  This paper examines the causality between export expansion and economic
 growth in China using data covering the period from 1979 to 2001. A model
 allowing for different orders of integration reveals that they are
 cointegrated. The results of the error correction model show a
 bi-directional causality between them, supporting previous findings. 
Journal: Applied Economics Letters 
Pages: 105-107 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000314343 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000314343&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariano Matilla-Garcia 
Author-X-Name-First: Mariano 
Author-X-Name-Last: Matilla-Garcia 
Author-Name: Paloma Sanz 
Author-X-Name-First: Paloma 
Author-X-Name-Last: Sanz 
Author-Name: Francisco Vazquez 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Vazquez 
Title: The BDS test and delay time 
Abstract:
  One of the most popular tests for detecting non-linear structure is the
 BDS test. This test is based on the correlation integral, and some studies
 have proved the sensitivity of this concept in relation to the choice of
 one particular parameter: delay time. However, the BDS test considers
 fixed delay time equal to one. In this paper it is investigated whether a
 flexible choice of delay time might improve the capacity of the BDS test.
 It is shown that the BDS-G test (generalized BDS test, including delay
 time choice) can capture non-linearities that are undetected by the
 classical BDS test. Finally, the robustness of the BDS-G test in the
 presence of noise is analysed. 
Journal: Applied Economics Letters 
Pages: 109-113 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000307116 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000307116&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Rubb 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Rubb 
Title: Overeducation, undereducation, and the theory of career mobility: a comment and a note on underemployment 
Abstract:
  Overeducated workers are commonly defined as having more schooling than
 required and more schooling than others in their occupations. Accordingly,
 the concept of overeducation compares the educational levels of workers
 within occupational categories. In subtle contrast, underemployed workers
 are employed in occupations requiring less education than the individuals
 have, comparing the occupational levels of workers with similar
 educational attainment. This subtle difference potentially leads to
 interpretation flaws. For example, Buchel and Mertens (2004) claim
 'overeducated workers in Germany have markedly lower relative wage growth
 rates than adequately educated workers.' Since Buchel and Mertens control
 for educational attainment and not occupational levels, this statement and
 others are shown to be potentially flawed and subject to
 misinterpretation. Such statements need to clearly indicate that similarly
 educated individuals are being compared across occupational levels. This
 is because the common definition of overeducation suggests the opposite -
 that individuals with similar occupation levels are being compared across
 levels of schooling. 
Journal: Applied Economics Letters 
Pages: 115-118 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485052000337770 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485052000337770&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ujo Goto 
Author-X-Name-First: Ujo 
Author-X-Name-Last: Goto 
Title: A test of the credibility of temporary protection: evidence from the Japanese oil industry 
Abstract:
  The purpose of this paper is to examine whether the temporary protection
 policy for the Japanese oil industry provided by the Provisional Law on
 Importation of Specific Petroleum Products (Tokusekiho) between 1986 and
 1996 was a credible policy. This policy plays a role as an incentive
 device forcing competition, but whether it functions effectively depends
 on whether the oil industry regarded the 'Temporariness' of the policy as
 being credible. The effectiveness of the law is analysed by measuring
 changes in the cost structure of four oil firms in the oil industry
 before, during and after the period of protection. It is found that the
 cost function of each firm shifted upwards during the period of
 protection, suggesting that the incentives did not work effectively. This
 implies that the temporary protection policy lacked credibility. 
Journal: Applied Economics Letters 
Pages: 119-123 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000318457 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000318457&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Panayotis Kapopoulos 
Author-X-Name-First: Panayotis 
Author-X-Name-Last: Kapopoulos 
Author-Name: Fotios Siokis 
Author-X-Name-First: Fotios 
Author-X-Name-Last: Siokis 
Title: Stock and real estate prices in Greece: wealth versus 'credit-price' effect 
Abstract:
  An attempt is made to clarify the relationship between price fluctuations
 of two major assets in Greece, real estate and stocks. Two mechanisms have
 been proposed to interpret this relationship. The first one is well known
 as 'wealth effect', which claims that households with unanticipated gains
 in share prices tend to increase the amount of housing. The second one is
 the credit price effect, which claims that a rise in real estate prices
 can stimulate economic activity, future profitability of firms and, as a
 consequence, stock market prices by raising the value of collateral and
 reducing the cost of borrowing for both firms and households. To test the
 above transmission, channel tests of Granger causality are employed.
 Empirical findings are in favour of the wealth effect hypothesis for
 Athens real estate prices but not for other urban real estate prices.
 Since real estate at the Athens Metropolitan area could be considered as
 an investment vehicle, it is reasonable to argue that higher stock prices
 increase the share of households' portfolios in the stock market and cause
 a rebalancing of their portfolios by selling stocks and purchasing other
 assets like houses. 
Journal: Applied Economics Letters 
Pages: 125-128 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000307107 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000307107&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Darren Filson 
Author-X-Name-First: Darren 
Author-X-Name-Last: Filson 
Author-Name: Bunchon Songsamphant 
Author-X-Name-First: Bunchon 
Author-X-Name-Last: Songsamphant 
Title: Horizontal mergers and exit in declining industries 
Abstract:
  Previous work on exit in declining industries has neglected mergers. This
 paper examines a simple model that illustrates how mergers can affect the
 order of exit. The model also predicts which declining industries
 experience horizontal mergers. Mergers are more likely if (1) the inverse
 demand curve is steep at high levels of output and flat at low levels of
 output; (2) the industry declines slowly early on and rapidly later on;
 and (3) market concentration is high. The conditions that make mergers
 privately profitable also tend to make them socially optimal. 
Journal: Applied Economics Letters 
Pages: 129-132 
Issue: 2 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000314334 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000314334&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andy Kwan 
Author-X-Name-First: Andy 
Author-X-Name-Last: Kwan 
Author-Name: Yangru Wu 
Author-X-Name-First: Yangru 
Author-X-Name-Last: Wu 
Title: On the use of the sample partial autocorrelation for order determination in a pure autoregressive process: a Monte Carlo study and empirical example 
Abstract:
  Sample partial autocorrelations are one of the main statistical tools of
 time series analysis. They are especially useful in identifying the order
 of an AR(p) process. In this note, we show via a simulation experiment
 that normalizing each sample partial autocorrelation with Anderson's
 (1993a) means and variances, instead of the large-sample moments, can
 yield asymptotic distributions that are better approximated by the N(0,1)
 distribution. The important implication of this result is that the true
 order of a pure autoregressive process can be incorrectly identified due
 to use of the large-sample mean and variance of sample partial
 autocorrelations. An empirical example given in Box and Jenkins (1976) is
 used to highlight this problem. 
Journal: Applied Economics Letters 
Pages: 133-139 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000319195 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000319195&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alain Hecq 
Author-X-Name-First: Alain 
Author-X-Name-Last: Hecq 
Title: Should we really care about building business cycle coincident indexes! 
Abstract:
  Quite often, the goal of the game when developing new coincident indexes
 of the economic activity is the comparison with NBER turning points. Using
 Monte Carlo simulations, this note illustrates that for the USA, any
 random linear combination of the four coincident variables would do the
 job as good as other more complicated methods. 
Journal: Applied Economics Letters 
Pages: 141-144 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000338608 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000338608&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Sephton 
Author-X-Name-First: Peter 
Author-X-Name-Last: Sephton 
Title: Predicting the equity premium with dividend ratios: a matter of balance 
Abstract:
  Goyal and Welch (2003) used recursive residuals and plots of cumulative
 sum-squared errors to examine the predictive accuracy of dividend ratios
 in forecasting the equity premium. After a thorough specification search,
 Goyal and Welch were unable to find evidence in favour of dividend ratios
 as predictors of the equity premium. This note extends their analysis,
 further demonstrating the empirical fallacy. 
Journal: Applied Economics Letters 
Pages: 145-147 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000318439 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000318439&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariano Matilla-Garcia 
Author-X-Name-First: Mariano 
Author-X-Name-Last: Matilla-Garcia 
Title: A SVAR model for estimating core inflation in the Euro zone 
Abstract:
  A traditional role of central banks has been to protect the purchasing
 power of money by keeping a roof on inflation. Recently, several central
 banks have explicitly assumed an inflation control target. This is the
 case, among others, of the European Central Bank (ECB) whose monetary
 policy goal is to keep an annual inflation rate below 2% over a
 medium-term horizon (ECB, 2001). In practice, inflation is often measured
 in terms of the Consumer Price Index (CPI). However, the headline
 inflation rate is not totally under the control of the ECB. In this study
 core inflation is measured by means of the structural VAR approach, in
 particular it is based on long-run restrictions over crucial macroeconomic
 variables: inflation, money and output. Core inflation is estimated and
 compared with the standard measured inflation. 
Journal: Applied Economics Letters 
Pages: 149-154 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000307125 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000307125&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Prazmowski 
Author-X-Name-First: Peter 
Author-X-Name-Last: Prazmowski 
Title: A recursive cointegration test using the Kalman filter and its application to fiscal equilibrium in the Dominican Republic 
Abstract:
  This letter puts forward a recursive version of the Engle and Granger
 cointegration test, using the Kalman filter, for the analysis of fiscal
 equilibrium in the Dominican Republic. The method employs a
 time-varying-coefficient augmented Dickey and Fuller test and finds that
 government income and spending display movements both toward and away from
 equilibrium that can be associated to various policy reforms and shocks to
 the economy. 
Journal: Applied Economics Letters 
Pages: 155-160 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000318411 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000318411&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Sim 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Sim 
Title: Service liberalization, endogenous industrial composition and modernization 
Abstract:
  This paper presents a simple two-sector two-factor model with
 endogenously determined industrial composition. It is shown that by
 shrinking the cone of diversification, service liberalization may enable
 the economy to switch from equilibrium where both traditional and modern
 goods are produced to another where specialization in the modern good
 takes place. 
Journal: Applied Economics Letters 
Pages: 161-163 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000323677 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000323677&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Apostolos Serletis 
Author-X-Name-First: Apostolos 
Author-X-Name-Last: Serletis 
Author-Name: Kazem Yavari 
Author-X-Name-First: Kazem 
Author-X-Name-Last: Yavari 
Title: The welfare cost of inflation in Italy 
Abstract:
  This paper follows Lucas (2000), and Serletis and Yavari (2004) and
 estimates the welfare cost of inflation in Italy. It uses recent advances
 in the field of applied econometrics to estimate the interest elasticity
 of money demand in Italy and reports welfare cost estimates close to those
 reported by Serletis and Yavari for Canada and the USA, but an order of
 magnitude smaller than those reported by Bullard and Russell (2004) for
 the US economy. 
Journal: Applied Economics Letters 
Pages: 165-168 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000318402 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000318402&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jay Squalli 
Author-X-Name-First: Jay 
Author-X-Name-Last: Squalli 
Title: Do consumers have imperfect recollection about airline safety? 
Abstract:
  The inquiry examines whether consumers exhibit imperfect recollection
 about airline accidents. The state of the world is modelled with a Poisson
 distribution that updates over time. It is found that passengers of small
 carriers forget about accidents over time, thus leading to a 539%
 cumulative increase in enplanement while passengers of large carriers do
 not exhibit such a behaviour. 
Journal: Applied Economics Letters 
Pages: 169-176 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000323631 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000323631&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. C. Mamatzakis 
Author-X-Name-First: E. C. 
Author-X-Name-Last: Mamatzakis 
Title: The dynamic responses of growth to tax structure for Greece 
Abstract:
  This paper estimates how output growth responds to shocks in the tax mix
 and tax burden over a long period of time. In particular, the underlying
 dynamic interactions between output growth, tax mix and tax burden are
 considered. To this purpose, Impulse Response Function analysis is
 applied. The chosen specification suggests that an appropriate tax-mix is
 one that would give weight to indirect taxation. 
Journal: Applied Economics Letters 
Pages: 177-180 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000318420 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000318420&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marshall Gramm 
Author-X-Name-First: Marshall 
Author-X-Name-Last: Gramm 
Author-Name: Douglas Owens 
Author-X-Name-First: Douglas 
Author-X-Name-Last: Owens 
Title: Determinants of betting market efficiency 
Abstract:
  Previous studies of efficient markets in parimutuel betting isolated only
 one race characteristic, determining efficiency by comparing subjective to
 objective probabilities of different groupings. By incorporating
 regression analysis and looking at a wide range of race specific
 variables, this study is able to isolate various factors which influence
 efficiency. Using a data set of 5020 races at 18 US racetracks, a standard
 favourite-longshot bias was found, which diminishes for races with larger
 pools and more horses in a field, and increases for races with higher
 quality fields and maiden races. When track-specific characteristics are
 factored out, similar results occur and it is also found that races on
 grass reduce the bias. 
Journal: Applied Economics Letters 
Pages: 181-185 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000314352 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000314352&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bradley Ewing 
Author-X-Name-First: Bradley 
Author-X-Name-Last: Ewing 
Author-Name: Yongsheng Wang 
Author-X-Name-First: Yongsheng 
Author-X-Name-Last: Wang 
Title: Single housing starts and macroeconomic activity: an application of generalized impulse response analysis 
Abstract:
  Most studies that have examined the relationship between the housing
 market and the macroeconomy have focused on how changes in housing supply
 affect real activity and the like. In this paper, the possibility that
 housing starts respond to sudden changes or shocks to macroeconomic
 factors is explicitly accounted for. The empirical methodology employs the
 recently developed technique of generalized impulse response analysis
 Pesaran and Shin (1998). The results highlight the endogeneity that exists
 among the housing market and macroeconomic activity. 
Journal: Applied Economics Letters 
Pages: 187-190 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485052000337806 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485052000337806&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vani Borooah 
Author-X-Name-First: Vani 
Author-X-Name-Last: Borooah 
Title: How to assess happiness? A tale of three measures 
Abstract:
  A growing literature in economics points to the importance of targeting
 policy towards making people happy rather than towards making them
 well-off. Empirical work in this area relies, however, on a simple direct
 question to survey respondents on how happy they feel. This study shows,
 using three different measures of happiness/unhappiness, that while there
 was a commonality in the factors making for happiness (or unhappiness),
 the quantitative strength of the factors, in terms of their effects on the
 various outcomes, differed according to the definition used. Moreover,
 some factors influenced particular measures of happiness but did not
 influence others. 
Journal: Applied Economics Letters 
Pages: 191-194 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000323686 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000323686&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jin Kwon Hyun 
Author-X-Name-First: Jin Kwon 
Author-X-Name-Last: Hyun 
Author-Name: Byung-In Lim 
Author-X-Name-First: Byung-In 
Author-X-Name-Last: Lim 
Title: Redistributive effect of Korea's income tax: equity decomposition 
Abstract:
  The redistributive effect of Korea's income tax is relatively low as it
 has too low an average tax rate irrespective of high progressivity. The
 most serious problem is the excessively high level of horizontal inequity
 with unequal tax treatment of equal income groups. By examining changes
 over three research periods (1991, 1996, 2000), it was discovered that
 horizontal inequity with classical notion was the most serious in 1996 as
 it allowed extremely generous deductions and exemptions at that time. It
 is illustrated that Korea's income tax system can have a greater
 redistributive effect while increasing the level of horizontal equity. 
Journal: Applied Economics Letters 
Pages: 195-198 
Issue: 3 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000323703 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000323703&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Sephton 
Author-X-Name-First: Peter 
Author-X-Name-Last: Sephton 
Title: Forecasting inflation using the term structure and MARS 
Abstract:
  This study revisits the issue of forecasting changes in inflation using
 non-linear non-parametric methods. The results indicate the presence of
 threshold effects in the relationship between the information in the term
 structure and changes in the rate of inflation. 
Journal: Applied Economics Letters 
Pages: 199-202 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000318448 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000318448&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Estimating the autoregressive parameter: recursive mean adjustment and the initial condition 
Abstract:
  The simulation results of Shin and So (2001) are revisited. It is shown
 that the properties of the initial condition of a time series have a
 substantial impact on the ability of recursive mean adjustment to reduce
 the negative bias associated with estimation of the autoregressive
 parameter. Interestingly, it is found that recursive mean adjustment can
 generate positive bias for a range of values of the initial condition. 
Journal: Applied Economics Letters 
Pages: 203-206 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485052000337761 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485052000337761&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Pfeiffer 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Pfeiffer 
Author-Name: Louis Velthuis 
Author-X-Name-First: Louis 
Author-X-Name-Last: Velthuis 
Title: On the optimality of linear contracts to induce goal-congruent investment behaviour 
Abstract:
  It has become increasingly popular in practice to implement incentive
 systems that create goal-congruent investment behaviour between central
 and divisional management. In the following paper, it is shown that only
 linear contracts enable goal-congruent investment decisions if central
 management does not have information about the investment project. This
 might cast a new light on why linear compensation schemes are often used
 in practice. 
Journal: Applied Economics Letters 
Pages: 207-211 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000329095 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000329095&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hamid Baghestani 
Author-X-Name-First: Hamid 
Author-X-Name-Last: Baghestani 
Title: On the rationality of professional forecasts of corporate bond yield spreads 
Abstract:
  In evaluating the multiperiod forecasts of the corporate bond yield
 spread from the Survey of Professional Forecasters (SPF), it is shown that
 the consensus forecasts are generally unbiased and consistently outperform
 the comparable ARIMA forecasts and are thus, at least, weakly rational. 
Journal: Applied Economics Letters 
Pages: 213-216 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000338635 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000338635&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Niaz Asadullah 
Author-X-Name-First: M. Niaz 
Author-X-Name-Last: Asadullah 
Title: The effect of class size on student achievement: evidence from Bangladesh 
Abstract:
  This study examines the effect of class size on student achievement in
 Bangladesh using national secondary school survey data. A Ministry of
 Education rule regarding allocation of teachers to secondary grades is
 exploited to construct an instrument for class size. This rule causes a
 discontinuity between grade enrolment and class size thereby generating
 exogenous variation in the latter. It is found that OLS and IV estimates
 of class size effects have perverse signs: both yield a positive
 coefficient on the class size variable. The results suggest that reduction
 in class size in secondary grades is not efficient in a developing country
 like Bangladesh. Last, as by-product, some evidence is found suggesting
 that greater competition among schools improve student achievement. 
Journal: Applied Economics Letters 
Pages: 217-221 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000323608 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000323608&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jay Squalli 
Author-X-Name-First: Jay 
Author-X-Name-Last: Squalli 
Title: Optimal fares under uncertainty about airline safety 
Abstract:
  This paper models consumers as expected utility maximizers in order to
 provide a theoretical assessment of the optimal fares that consumers are
 willing to pay when faced with uncertainty about airline safety. It is
 found that under an unsafe state of the world, consumers are willing to
 pay higher fares and under a safe state of the world, they are willing to
 pay lower fares. In addition, it is also found that consumers are willing
 to pay higher fares to maximize the compensation received from airlines in
 reaction to accidents. 
Journal: Applied Economics Letters 
Pages: 223-226 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000323640 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000323640&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Clement 
Author-X-Name-First: David 
Author-X-Name-Last: Clement 
Author-Name: Christophe Hurlin 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Hurlin 
Author-Name: Fabien Serres 
Author-X-Name-First: Fabien 
Author-X-Name-Last: Serres 
Title: Downgrading in the first job: who and why? 
Abstract:
  The study estimates the probability of being downgraded at the time of
 the first employment according to individual socio-demographic,
 professional and education characteristics. This study, based on a very
 large French database, reveals the influence of the subjective or
 objective definitions of over-education. 
Journal: Applied Economics Letters 
Pages: 227-233 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000323659 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000323659&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariano Matilla-Garcia 
Author-X-Name-First: Mariano 
Author-X-Name-Last: Matilla-Garcia 
Title: A note on cointegrated relationships estimated with genetic algorithms 
Abstract:
  Estimation techniques based on Genetic Algorithms (GA) have been studied
 in the presence of cointegrated variables. Several applications of GA to
 time-series have ignored the fact that the equation estimated by GA might
 be spurious. In this line, in this study it is shown that: (1) GA robustly
 detects this kind of relationship when the process contains a linear
 cointegrated relationship, (2) estimated models provide real fitness
 instead of spurious fitness. The well known cointegrated relation between
 income and consumption is estimated using GA. 
Journal: Applied Economics Letters 
Pages: 235-238 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000329112 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000329112&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Dimitropoulos 
Author-X-Name-First: John 
Author-X-Name-Last: Dimitropoulos 
Author-Name: Lester Hunt 
Author-X-Name-First: Lester 
Author-X-Name-Last: Hunt 
Author-Name: Guy Judge 
Author-X-Name-First: Guy 
Author-X-Name-Last: Judge 
Title: Estimating underlying energy demand trends using UK annual data 
Abstract:
  Employing the Structural Time Series Model (STSM) approach suggested by
 Harvey (1997), and based on annual data for the UK from 1967-2002, this
 paper reiterates the importance of using a stochastic rather than a linear
 deterministic trend formulation when estimating energy demand models, a
 practice originally established by Hunt et al. (2003a, 2003b) using
 quarterly UK data. The findings confirm that important non-linear and
 stochastic trends are present as a result of technical change and other
 exogenous factors driving demand, and that a failure to account for these
 trends will lead to biased estimates of the long-run price and income
 elasticities. The study also establishes that, provided these effects are
 allowed for, the estimated long-run elasticities are robust to the
 different data frequencies used in the modelling. 
Journal: Applied Economics Letters 
Pages: 239-244 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485052000337789 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485052000337789&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Title: Testing Hall's permanent income hypothesis for a developing country: the case of Fiji 
Abstract:
  Hall (1978) has stimulated considerable controversy and empirical work on
 testing the validity of the permanent income hypothesis (PIH). Much of
 this work is on the developed countries. In the developing countries per
 capita incomes show larger fluctuations and for the majority,
 opportunities for intertemporal substitution are limited. This paper uses
 the extended framework of Campbell and Mankiw (1989) and finds that
 current consumption is determined by current income for more than two
 thirds of the consumers in Fiji. 
Journal: Applied Economics Letters 
Pages: 245-248 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485052000337798 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485052000337798&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yener Altunbas 
Author-X-Name-First: Yener 
Author-X-Name-Last: Altunbas 
Author-Name: Blaise Gadanecz 
Author-X-Name-First: Blaise 
Author-X-Name-Last: Gadanecz 
Author-Name: Alper Kara 
Author-X-Name-First: Alper 
Author-X-Name-Last: Kara 
Title: Key factors affecting internationally active banks' decisions to participate in loan syndications 
Abstract:
  The impact of banks' financial characteristics on their decisions to
 participate in loan syndications is assessed. From the analysis, it
 appears that poorly performing banks tend, on average, to be more involved
 in syndications. Policymakers should perhaps monitor more closely the
 concentration of credit risk associated with syndicated loans held on the
 books of under-performing banks. 
Journal: Applied Economics Letters 
Pages: 249-253 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000338617 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000338617&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Haitham A. Al Zoubi 
Author-X-Name-First: Haitham A. Al 
Author-X-Name-Last: Zoubi 
Author-Name: Aktham Maghyereh 
Author-X-Name-First: Aktham 
Author-X-Name-Last: Maghyereh 
Title: Examining complex unit roots in the MENA countries industrial production indices 
Abstract:
  An estimation of complex unit roots is presented based on the
 standardized periodogram of the Jordanian and Israeli Industrial
 Production indices over the period 1982-2003. Both indices are found to
 have six complex cyclical unit roots contents. In contrast, the
 propagation mechanism rather than impulse tends to drive the business
 cycles in those economies. Propagation consists of those forces which
 carry the influences of the shock forward over time and cause deviation
 from the steady state to be persistent. The periodogram-based cycle
 duration analysis reveals that both Kitchin and Juglar cycles exist in the
 Israeli economy. However, no investment cycles are found in the Jordanian
 economy. 
Journal: Applied Economics Letters 
Pages: 255-259 
Issue: 4 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000338644 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000338644&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lennart Flood 
Author-X-Name-First: Lennart 
Author-X-Name-Last: Flood 
Author-Name: Nizamul Islam 
Author-X-Name-First: Nizamul 
Author-X-Name-Last: Islam 
Title: A Monte Carlo evaluation of discrete choice labour supply models 
Abstract:
  This paper is based on a Monte Carlo simulation in order to evaluate the
 properties of the discrete labour supply model. The data is generated by a
 continuous model and a discrete choice model is estimated assuming a
 translog utility function. The robustness of the results for different
 number of points in the discrete choice set, as well as for measurement
 errors in income and hours are compared. The discrete model produces
 similar results as the 'true' continuous model and apart from large
 measurement errors in hours these results are robust. 
Journal: Applied Economics Letters 
Pages: 263-266 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500042488 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500042488&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Andersson 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Andersson 
Author-Name: Par Osterholm 
Author-X-Name-First: Par 
Author-X-Name-Last: Osterholm 
Title: Forecasting real exchange rate trends using age structure data - the case of Sweden 
Abstract:
  Theory predicts that life cycle saving and consumption behaviour could
 cause real exchange rate variations as the age structure varies. Time
 series regressions show that the Swedish demographic structure has
 significant explanatory power on the real exchange rate during 1960 to
 2002. A model using age shares as regressors is used for medium-term
 out-of-sample forecasts, which perform well both compared to naive
 forecasts and forecasts based on an autoregressive model. 
Journal: Applied Economics Letters 
Pages: 267-272 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500042959 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500042959&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Volodymyr Bilotkach 
Author-X-Name-First: Volodymyr 
Author-X-Name-Last: Bilotkach 
Title: Two results for asymmetric multiproduct duopoly 
Abstract:
  A case of multiproduct duopoly is considered with a different number of
 products produced by each firm. Given logit and nested logit
 substitutability patterns, it is shown that a firm offering more products
 charges higher price in equilibrium. 
Journal: Applied Economics Letters 
Pages: 273-276 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500042561 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500042561&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: William Maloney 
Author-X-Name-First: William 
Author-X-Name-Last: Maloney 
Author-Name: Gabriel V. Montes Rojas 
Author-X-Name-First: Gabriel V. Montes 
Author-X-Name-Last: Rojas 
Title: How elastic are sea, sand and sun? Dynamic panel estimates of the demand for tourism 
Abstract:
  This paper employs recent advances in dynamic panel data analysis to
 study the determinants of tourist flows to the Caribbean. Consistent with
 the theoretical literature, the results are found to be highly sensitive
 to estimation technique. The preferred GMM system suggests income and
 price elasticities substantially above those found in the literature. 
Journal: Applied Economics Letters 
Pages: 277-280 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000338626 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000338626&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Shelton Brown 
Author-X-Name-First: H. Shelton 
Author-X-Name-Last: Brown 
Author-Name: Luke Connelly 
Author-X-Name-First: Luke 
Author-X-Name-Last: Connelly 
Title: Market failure in long-term private health insurance markets: a proposed solution 
Abstract:
  Recently, private health insurance rates have declined in many countries.
 In places requiring community rating in their health insurance premiums, a
 major cause is age-based adverse selection. However, even in countries
 without community rating, a de facto type of partial community rating
 tends to occur. In this note, a modified version of Pauly et al.'s
 guaranteed renewability model, which addresses the problem of age-based
 adverse selection (Pauly et al., 1995) is presented. Their model is
 extended from three to 35 periods. Also, probabilities are allowed to
 increase by age for low-risk types using actual age-based probabilities.
 This extension of their work shows that private health insurance contracts
 available stray far from optimal contracts that deal with age-based
 adverse selection. This suggests that government actions to affect private
 insurance options are warranted. 
Journal: Applied Economics Letters 
Pages: 281-284 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500041944 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500041944&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Scott Malcolm 
Author-X-Name-First: Scott 
Author-X-Name-Last: Malcolm 
Author-Name: Joshua Duke 
Author-X-Name-First: Joshua 
Author-X-Name-Last: Duke 
Author-Name: John Mackenzie 
Author-X-Name-First: John 
Author-X-Name-Last: Mackenzie 
Title: Valuing rights of first refusal for farmland preservation policy 
Abstract:
  The economic literature has failed to derive an explanation for the
 current value of rights of first refusal (ROFR) that may or may not
 manifest at some future time. A model explains this ex ante value in the
 context of agricultural land that may be converted to developed uses in
 the future. The results should help governments decide what prices should
 be paid to farmers for ROFR in urbanizing areas. ROFR ensure that
 governments have the opportunity to match a land developer's price for
 important agricultural parcels. Governments can then impose a conservation
 easement and market the land to farmers. Compared to traditional
 conservation easement policy, the ROFR variant should be cost effective
 because only parcels truly threatened with conversion are preserved. 
Journal: Applied Economics Letters 
Pages: 285-288 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000338671 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000338671&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stuart Hyde 
Author-X-Name-First: Stuart 
Author-X-Name-Last: Hyde 
Author-Name: Mohamed Sherif 
Author-X-Name-First: Mohamed 
Author-X-Name-Last: Sherif 
Title: Don't break the habit: structural stability tests of consumption asset pricing models in the UK 
Abstract:
  This paper investigates the structural stability of four alternative
 consumption based asset pricing models, the traditional power utility
 consumption based capital asset pricing model (C-CAPM), the recursive
 preferences model proposed by Epstein and Zin (1989, 1991), and two habit
 formation specifications, the form proposed by Abel (1990) and the model
 of Campbell and Cochrane (1999), using the tests of Hall and Sen (1999).
 The ability of the models to price stocks and stocks and a short-term
 interest rate (i.e., the equity premium) is assessed. Evidence is found
 supportive of both the habit formation specifications and the traditional
 C-CAPM. The preferred specification based on parameter estimates and
 structural stability is that of Campbell and Cochrane. 
Journal: Applied Economics Letters 
Pages: 289-296 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000338662 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000338662&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: Analysing household bottled water and water purifier expenditures: simultaneous equation bivariate Tobit model 
Abstract:
  Household bottled water and water purifier expenditures are examined by
 taking into account three important characteristics: expenditures may be
 censored at zero, may be interdependent across expenditure type, and may
 be endogenously and jointly determined. Censoring, interdependence, and
 endogeneity of the two expenditures are examined through simultaneous
 equation bivariate Tobit model using household survey data. 
Journal: Applied Economics Letters 
Pages: 297-301 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000293121 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000293121&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariano Matilla-Garcia 
Author-X-Name-First: Mariano 
Author-X-Name-Last: Matilla-Garcia 
Author-Name: Carlos Arguello 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Arguello 
Title: A hybrid approach based on neural networks and genetic algorithms to the study of profitability in the Spanish Stock Market 
Abstract:
  This paper studies predictability and profitability of using neural
 networks (NN) in the Spanish security market. This is carried out through
 a hybrid approximation which entails evolving a genetic algorithm in order
 to obtain an optimal NN's architecture. To that end, (NNs) forecasts are
 transformed into a simple trading strategy, whose profitability is
 evaluated against a simple buy-and-hold strategy. 
Journal: Applied Economics Letters 
Pages: 303-308 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000329103 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000329103&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gilbert Cette 
Author-X-Name-First: Gilbert 
Author-X-Name-Last: Cette 
Author-Name: Jimmy Lopez 
Author-X-Name-First: Jimmy 
Author-X-Name-Last: Lopez 
Author-Name: Pierre-Alexandre Noual 
Author-X-Name-First: Pierre-Alexandre 
Author-X-Name-Last: Noual 
Title: Investment in ICTs: an empirical analysis 
Abstract:
  This paper addresses the question of whether differences in the price
 elasticity of demand for Information and Communication Technologies (ICTs)
 could explain why Europe lags behind the USA in terms of ICT diffusion.
 Annual macroeconomic data covering the period 1975-2001 is used and five
 countries considered: France, Germany, the Netherlands, the UK and the
 USA. Europe's lag in ICT diffusion does not appear to be linked to
 cross-country differences in the price elasticity of demand for ICT
 products. The results suggest that at least part of the gap in ICT
 diffusion should be ascribed to more structural cross-country differences.
 The estimated value of the price-elasticity of computer hardware and
 software is generally lower than -1 which, given the decline in the
 relative price of these products, explains the increase in their share of
 investment expenditure and GDP. This situation is characteristic of a
 diffusion stage and is necessarily temporary. 
Journal: Applied Economics Letters 
Pages: 309-312 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500042280 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500042280&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jamie Emerson 
Author-X-Name-First: Jamie 
Author-X-Name-Last: Emerson 
Author-Name: Chihwa Kao 
Author-X-Name-First: Chihwa 
Author-X-Name-Last: Kao 
Title: Bootstrapping and hypothesis testing in non-stationary panel data 
Abstract:
  This paper uses the wild bootstrap to compute empirically relevant
 critical values for the test statistics proposed by Emerson and Kao
 (2001). Monte Carlo simulations were then performed to evaluate the size
 and power properties of the bootstrapped tests. 
Journal: Applied Economics Letters 
Pages: 313-318 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500043965 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500043965&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Bautista 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Bautista 
Title: How volatile are East Asian stocks during high volatility periods? 
Abstract:
  This study reports estimates of the magnitude of volatility during
 abnormal times relative to normal periods for seven East Asian economies
 using a rudimentary univariate Markov-switching ARCH method. The results
 show that global and regional events such as the 1990 Gulf War and the
 1997 Asian currency crisis led to high volatility episodes whose magnitude
 relative to normal times differ from country to country. Country-specific
 events such as the opening up of country borders in the mid-1990s are also
 observed to lead to high volatility periods. Additional insights are
 obtained when volatility is assumed to evolve according to a three-state
 Markov regime switching process. 
Journal: Applied Economics Letters 
Pages: 319-326 
Issue: 5 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500044138 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500044138&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Petropoulos 
Author-X-Name-First: C. 
Author-X-Name-Last: Petropoulos 
Author-Name: K. Nikolopoulos 
Author-X-Name-First: K. 
Author-X-Name-Last: Nikolopoulos 
Author-Name: A. Patelis 
Author-X-Name-First: A. 
Author-X-Name-Last: Patelis 
Author-Name: V. Assimakopoulos 
Author-X-Name-First: V. 
Author-X-Name-Last: Assimakopoulos 
Title: A technical analysis approach to tourism demand forecasting 
Abstract:
  Tourism demand forecasts are of great economic value both for the public
 and private sector. Any information concerning the future evolution of
 tourism flows, is of great importance to hoteliers, tour operators and
 other industries concerned with tourism or transportation, in order to
 adjust their policy and corporate finance. In the last few decades,
 numerous researchers have studied international tourism demand and a wide
 range of the available forecasting techniques have been tested. Major
 focus has been given to econometric studies that involve the use of least
 squares regression to estimate the quantitative relationship between
 tourism demand and its determinants. However, econometric models usually
 fail to outperform simple time series extrapolative models. This article
 introduces a new approach to tourism demand forecasting via incorporating
 technical analysis techniques. The proposed model is evaluated versus a
 range of classic univariate time series methods in terms of forecasting
 and directional accuracy. 
Journal: Applied Economics Letters 
Pages: 327-333 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500065745 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500065745&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Connor 
Author-X-Name-First: John 
Author-X-Name-Last: Connor 
Title: Collusion and price dispersion 
Abstract:
  While there are suggestions in applied cartel studies that price
 dispersion changes when cartelization of a market occurs, there are few
 theoretical or empirical analyses of this effect. This article surveys the
 thin economic literature on the link between overt collusion and price
 dispersion. Formal theories and observation of cartel behaviour suggest
 that during successfully collusive periods prices become less variable and
 more negatively skewed compared to relatively competitive periods. Four
 empirical studies of cartels verify these predictions. 
Journal: Applied Economics Letters 
Pages: 335-338 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500068061 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500068061&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yung-Ming Shiu 
Author-X-Name-First: Yung-Ming 
Author-X-Name-Last: Shiu 
Title: The determinants of solvency in the United Kingdom life insurance market 
Abstract:
  This paper examines the solvency determinants, including economic and
 firm-specific factors, in the United Kingdom life insurance market. Using
 panel data for 1986-1999, it is found that solvency was positively related
 to bonds-to-total assets, equities-to-total assets, and level of new
 business, but negatively related to unexpected inflation, market
 competition, assets held to cover linked liabilities-to-total assets, life
 and general annuity reserves-to-total reserves, pension reserves-to-total
 reserves, permanent health reserves-to-total reserves, other
 reserves-to-total reserves, firm size, and insurance leverage. Based on
 panel data for the three subperiods, 1986-1990, 1990-1994, and 1994-1999,
 it was further found that solvency determinants changed from one epoch to
 another. 
Journal: Applied Economics Letters 
Pages: 339-344 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500092640 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500092640&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: &#x150;rn Bodvarsson 
Author-X-Name-First: &#x150;rn 
Author-X-Name-Last: Bodvarsson 
Title: Restaurant tips and service quality: a reply to Lynn 
Abstract:
  In his 'Comment' in this journal on a recent article in Applied Economics
 by myself and two coauthors (Bodvarsson, &#x150;. B., Luksetich, W. A. and
 McDermott, S. (2003), Lynn (forthcoming) makes three criticisms of the
 study on the relationship between service quality and tips. In one of
 these criticisms, he reanalyses the data and concludes that the two stage
 least squares estimate of the marginal effect of service quality on tips
 is invalid and should be replaced with his own ordinary least squares
 estimate. The purpose of this 'Reply' is to address each criticism and, in
 particular, to explain why Lynn's ordinary least squares estimate is not
 valid. 
Journal: Applied Economics Letters 
Pages: 345-346 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500076981 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500076981&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takaaki Aoki 
Author-X-Name-First: Takaaki 
Author-X-Name-Last: Aoki 
Title: Proposed modified probit model incorporating non-parametric density estimation: how to measure asymmetric information in the health insurance market? 
Abstract:
  On the basis of the theory of Chiappori and Salanie (2000), this paper
 proposes a simple modified bivariate Probit model incorporating
 non-parametric kernel density estimation. The model is applied to test
 asymmetric information in a health insurance market, using MEPS96 data.1
 Results show that asymmetric information (whether moral hazard or adverse
 selection) exists between the contract of insurance coverage, and some
 non-emergency visits services, which appear to support the conclusions of
 Cardon and Hendel (2001). It is also shown how this non-parametric
 approach plays an important role in the delicate task of correctly
 testing, by computing generalized residuals, the existence of asymmetric
 information. 
Journal: Applied Economics Letters 
Pages: 347-350 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500044104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500044104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steve Lawford 
Author-X-Name-First: Steve 
Author-X-Name-Last: Lawford 
Title: Finite-sample quantiles of the Jarque-Bera test 
Abstract:
  The finite-sample null distribution of the Jarque-Bera Lagrange
 multiplier test for normality differs considerably from the asymptotic
 &#x3c7;2(2). However, asymptotic critical values are commonly used in
 applied work, even for relatively small sample sizes. Here, very accurate
 response surface approximations are developed for the 10% and 5% critical
 values of the test, which enable correct practical implementation. 
Journal: Applied Economics Letters 
Pages: 351-354 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000338653 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000338653&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Camilo Sarmiento 
Author-X-Name-First: Camilo 
Author-X-Name-Last: Sarmiento 
Title: A mean squared error estimator of market size in hedonic price analysis 
Abstract:
  This paper presents a spatial kernel estimator that allows coefficients
 and market size to be estimated at the observation of interest. In
 economic terms, the bandwidth length of the spatial kernel estimator
 captures the size of the market incorporated in estimation at the location
 of interest, and this optimal size of the market included in regression
 minimizes mean square error (MSE). 
Journal: Applied Economics Letters 
Pages: 355-359 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500044187 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500044187&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. A. Al Mamun 
Author-X-Name-First: K. A. Al 
Author-X-Name-Last: Mamun 
Author-Name: H. K. Nath 
Author-X-Name-First: H. K. 
Author-X-Name-Last: Nath 
Title: Export-led growth in Bangladesh: a time series analysis 
Abstract:
  This article examines time series evidence to investigate the link
 between exports and economic growth in Bangladesh. Using quarterly data
 for a period from 1976 to 2003 the article finds that industrial
 production and exports are cointegrated. The results of an error
 correction model (ECM) suggest that there is a long-run unidirectional
 causality from exports to growth in Bangladesh. 
Journal: Applied Economics Letters 
Pages: 361-364 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500068194 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500068194&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: The number of working hours a salary earner is willing to reduce for leisure activities 
Abstract:
  This paper analyses the number of working hours a salary earner is
 willing to reduce for more time for leisure activities (henceforth, WH)
 based on data collected from a nationwide survey conducted on 1259 salary
 earners in Korea. To deal with zero WH responses given by a considerable
 number of respondents in the survey, the author uses a mixture model of WH
 distributions. The mean of the WH for the respondents who gave a positive
 value of WH was estimated as 3.04 hours per week, and that for all the
 respondents as 0.67 hour per week. 
Journal: Applied Economics Letters 
Pages: 365-368 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485042000338680 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000338680&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kosei Fukuda 
Author-X-Name-First: Kosei 
Author-X-Name-Last: Fukuda 
Title: Did the bubble burst cause structural breaks in the Japanese economy? Evidence from 84 manufacturing industries 
Abstract:
  This paper examines the existence of structural breaks in the output time
 series of 84 Japanese manufacturing industries. The main result is that
 the effect of the bubble burst in the early 1990s was so limited that on
 the basis of value added, only 28% of production had structural breaks. 
Journal: Applied Economics Letters 
Pages: 369-373 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500044278 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500044278&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Author-Name: Seema Narayan 
Author-X-Name-First: Seema 
Author-X-Name-Last: Narayan 
Title: Are exports and imports cointegrated? Evidence from 22 least developed countries 
Abstract:
  The aim of this article is to investigate whether there is a long-run
 relationship (cointegration) between exports and imports for 22 least
 developed countries (LDCs). This is an important issue, for evidence of
 cointegration will ensure that trade imbalances are sustainable. The
 article explores this issue using the bounds testing approach to
 cointegration. The results indicate that exports and imports are
 cointegrated only for six out of the 22 countries, and the coefficient on
 exports is less than one. 
Journal: Applied Economics Letters 
Pages: 375-378 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500067774 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500067774&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joan-Ramon Borrell 
Author-X-Name-First: Joan-Ramon 
Author-X-Name-Last: Borrell 
Title: Patents and the faster introduction of new drugs in developing countries 
Abstract:
  This paper finds that product patent regimes spur faster introduction of
 new HIV/AIDS drugs only in those developing countries with relatively
 equally distributed incomes. 
Journal: Applied Economics Letters 
Pages: 379-382 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500042744 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500042744&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vani Borooah 
Author-X-Name-First: Vani 
Author-X-Name-Last: Borooah 
Title: Bridging the gap between the measurement of poverty and of deprivation 
Abstract:
  One way of measuring the deprivation or poverty of persons is to use
 monetary-based measures: a person is regarded as 'poor' if his/her income
 (or expenditure) falls below a poverty line value. Such an approach -
 usually termed poverty analysis - has spawned a large literature embodying
 several sophisticated measures of poverty. The downside to this is that
 low income or expenditure may not be very good indicators of deprivation.
 Another way, usually termed deprivation analysis, is to define an index
 whose value, for each person, is the number (or proportion) of items, from
 a prescribed list, that he/she possesses: persons are then regarded as
 'deprived' if their index value is below some threshold value. This offers
 an alternative method of identifying deprived persons. The downside of
 deprivation analysis is that it measures deprivation exclusively in terms
 of the proportion of deprived persons in the total number of persons. The
 purpose of this article is to bridge the gap between poverty and
 deprivation analysis by constructing a wider set of deprivation measures
 and showing, with data for Northern Ireland, how they might be applied. 
Journal: Applied Economics Letters 
Pages: 383-389 
Issue: 6 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500068095 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500068095&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Anderson 
Author-X-Name-First: John 
Author-X-Name-Last: Anderson 
Author-Name: Orn Bodvarsson 
Author-X-Name-First: Orn 
Author-X-Name-Last: Bodvarsson 
Title: Do higher tipped minimum wages boost server pay? 
Abstract:
  Do tipped servers in states with higher tipped minimum wages earn more,
 ceteris paribus, than servers elsewhere? Using 1999 data on waitpersons
 and bartenders, little evidence is found of a premium to servers in states
 with more generous minimum wages. 
Journal: Applied Economics Letters 
Pages: 391-393 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500092459 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500092459&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pekka Ilmakunnas 
Author-X-Name-First: Pekka 
Author-X-Name-Last: Ilmakunnas 
Author-Name: Mika Maliranta 
Author-X-Name-First: Mika 
Author-X-Name-Last: Maliranta 
Author-Name: Jari Vainiomaki 
Author-X-Name-First: Jari 
Author-X-Name-Last: Vainiomaki 
Title: Worker turnover and productivity growth 
Abstract:
  Total factor productivity growth is positively related to the worker
 inflow rate and negatively related to the worker outflow rate in Finnish
 manufacturing. The churning rate, which measures separations that lead to
 replacement hiring, speeds up productivity growth. 
Journal: Applied Economics Letters 
Pages: 395-398 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109790 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109790&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Moritz Cruz 
Author-X-Name-First: Moritz 
Author-X-Name-Last: Cruz 
Title: A three-regime business cycle model for an emerging economy 
Abstract:
  A three-regime business cycle model is proposed based on Minsky financial
 instability hypothesis. Using this framework and a Markov switching
 autoregressive model Mexico's business cycle turning points are identified
 published by the Economic Cycle Research Institute (ECRI). 
Journal: Applied Economics Letters 
Pages: 399-402 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500118775 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500118775&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Radha Shiwakoti 
Author-X-Name-First: Radha 
Author-X-Name-Last: Shiwakoti 
Author-Name: Robert Hudson 
Author-X-Name-First: Robert 
Author-X-Name-Last: Hudson 
Author-Name: Helen Short 
Author-X-Name-First: Helen 
Author-X-Name-Last: Short 
Title: A study of the initial returns and the aftermarket performance of initial public offerings of demutualized building societies in the UK 
Abstract:
  This article examines the initial returns and the aftermarket performance
 of initial public offerings (IPOs) of demutualized building societies in
 the UK. The size of the IPOs and the unusual features of the process
 involved allow for the testing of a number of hypotheses developed from
 established theories regarding IPOs and mutual to stock conversions. In
 broad terms, the findings of the study are in accordance with the previous
 literature. 
Journal: Applied Economics Letters 
Pages: 403-409 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109808 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109808&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Scott Hacker 
Author-X-Name-First: R. Scott 
Author-X-Name-Last: Hacker 
Author-Name: Abdulnasser Hatemi-J 
Author-X-Name-First: Abdulnasser 
Author-X-Name-Last: Hatemi-J 
Title: A test for multivariate ARCH effects 
Abstract:
  This paper extends Engle's LM test for ARCH affects to multivariate
 cases. The size and power properties of this multivariate test for ARCH
 effects in VAR models are investigated based on asymptotic and bootstrap
 distributions. Using the asymptotic distribution, deviations of actual
 size from nominal size do not appear to be very excessive. Nevertheless,
 there is a tendency for the actual size to overreject the null hypothesis
 when the nominal size is 1% and underreject the null when the nominal size
 is 5% or 10%. It is found that using a bootstrap distribution for the
 multivariate LM test is generally superior in achieving the appropriate
 size to using the asymptotic distribution when (1) the nominal size is 5%;
 (2) the sample size is small (40 observations) and/or the VAR system is
 stable. With a small sample, the power of the test using the bootstrap
 distribution also appears better at the 5% nominal size. 
Journal: Applied Economics Letters 
Pages: 411-417 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500092129 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500092129&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ann Owen 
Author-X-Name-First: Ann 
Author-X-Name-Last: Owen 
Author-Name: Christopher Fogelstrom 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Fogelstrom 
Title: Monetary policy implications of electronic currency: an empirical analysis 
Abstract:
  Using the 2001 Survey of Consumer Finances, evidence is found that
 electronic currency is not a substitute for demand deposits: electronic
 currency ownership is associated with holding higher balances in checking
 accounts. These findings allay concerns that private sector issuance of
 electronic currency will inhibit the ability of central banks to conduct
 monetary policy. 
Journal: Applied Economics Letters 
Pages: 419-423 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500092509 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500092509&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Monzur Hossain 
Author-X-Name-First: Monzur 
Author-X-Name-Last: Hossain 
Title: Can Japan avert any future banking crisis? 
Abstract:
  This paper suggests that the weaknesses of corporate governance are
 enough to explain the Japanese banking crisis in the 1990s. Bank size and
 lack of operating and management efficiency contributes to low return,
 thereby lead to the failure of the banks. Emergence and burst of the
 bubble in the late 1980s just accelerated the situation to an early crisis
 in the 1990s. 
Journal: Applied Economics Letters 
Pages: 425-429 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109840 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109840&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ji Kim 
Author-X-Name-First: Ji 
Author-X-Name-Last: Kim 
Title: Convergence hypothesis of regional income in Korea 
Abstract:
  Using data on per capita income among 13 regions in Korea over the period
 1985-2002, regional convergence is evaluated. This study uses panel
 cointegration tests and a random coefficient model that allows both
 regional differences and similarities to estimate the Solow growth model.
 The model also corrects for heteroscedasticity and serial correlation.
 Evidence is found in favour of regional convergence in Korea, with a rate
 of convergence of around 8% a year. The results also indicate that the
 investment rate in physical capital has a significantly positive effect
 and the population growth has a significantly negative effect on the
 growth rate of per capita income, holding its initial level constant. 
Journal: Applied Economics Letters 
Pages: 431-435 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109824 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109824&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Massimo Filippini 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Filippini 
Author-Name: Marika Zola 
Author-X-Name-First: Marika 
Author-X-Name-Last: Zola 
Title: Economies of scale and cost efficiency in the postal services: empirical evidence from Switzerland 
Abstract:
  This paper investigates the scale and cost efficiency of the Swiss Post
 using an econometric approach. Our empirical analysis considers a sample
 of postal offices operating in the Italian-speaking part of Switzerland.
 The paper considers estimation of a log-log cost function employing a data
 set for the year 2001 with information on 47 small local post offices. The
 empirical evidence indicates the existence of economies of scale. Further,
 the outcome of this analysis shows that approximately 50% of the postal
 offices operate close to the regional standard for efficiency. 
Journal: Applied Economics Letters 
Pages: 437-441 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109709 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109709&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anthony Rezitis 
Author-X-Name-First: Anthony 
Author-X-Name-Last: Rezitis 
Title: Agricultural productivity convergence across Europe and the United States of America 
Abstract:
  This paper applies time series techniques to test for convergence in
 agricultural total factor productivity among the USA and a sample of nine
 European countries for the period 1973-1993. The data set used in this
 paper obtained from Ball et al. (2001). The wide spectrum of unit root
 test results obtained in the present study support the presence of
 convergence among the sample countries. 
Journal: Applied Economics Letters 
Pages: 443-446 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109691 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109691&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gregory Parkhurst 
Author-X-Name-First: Gregory 
Author-X-Name-Last: Parkhurst 
Author-Name: Jason Shogren 
Author-X-Name-First: Jason 
Author-X-Name-Last: Shogren 
Title: Does complexity reduce coordination? 
Abstract:
  Herein it is shown that increased complexity does not necessarily imply
 more coordination failure. Experienced people playing a 4-player spatial
 grid game with over 68 000 strategy choices and (68 000)4 potential
 outcomes were as likely to find the Pareto dominant Nash equilibrium as in
 a corresponding normal form game. 
Journal: Applied Economics Letters 
Pages: 447-452 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500092400 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500092400&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsuyoshi Toshimitsu 
Author-X-Name-First: Tsuyoshi 
Author-X-Name-Last: Toshimitsu 
Title: Quality choice, the Coase problem, and a fixed cost function of quality: a note 
Abstract:
  Chi (1999) shows that the durable-good monopolist facing the Coase
 problem not only over-supplies, but decreases the price per unit of
 quality, so that the high-demanded consumers do not postpone their
 purchase. The results derived by Chi are re-examined in the case of a
 fixed cost function of quality and it is shown that his results are
 sensitive to the cost function of quality. 
Journal: Applied Economics Letters 
Pages: 453-455 
Issue: 7 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109717 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109717&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Grund 
Author-X-Name-First: Christian 
Author-X-Name-Last: Grund 
Author-Name: Oliver Gurtler 
Author-X-Name-First: Oliver 
Author-X-Name-Last: Gurtler 
Title: An empirical study on risk-taking in tournaments 
Abstract:
  Individuals faced by a tournament can often not only choose their effort
 level, but also the risk level of their strategy. There are some
 theoretical contributions on risk-taking in tournaments, which mainly
 point out disadvantages with respect to exerted effort. Empirical evidence
 is rare. This letter analyses the risk-taking behaviour of professional
 soccer coaches. It is found that risk-taking concerning the kind of
 observed substitutions is, indeed, relevant. However, risk-taking does not
 pay off. 
Journal: Applied Economics Letters 
Pages: 457-461 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109881 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109881&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. Geoffrey Booth 
Author-X-Name-First: G. Geoffrey 
Author-X-Name-Last: Booth 
Author-Name: Cetin Ciner 
Author-X-Name-First: Cetin 
Author-X-Name-Last: Ciner 
Title: German dominance in the European Monetary System: a reprise using robust Wald tests 
Abstract:
  This study re-examines the German dominance hypothesis in the EMS. A VAR
 in levels approach is adopted and modified Wald tests, which are robust to
 cointegration properties of the variables, are used. The findings indicate
 that, although Germany played a measurable role, the extent of monetary
 cooperation in the system was greater than previously detected. 
Journal: Applied Economics Letters 
Pages: 463-466 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120359 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120359&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: Impacts of macroeconomic policies on the Latvian output and policy implications 
Abstract:
  The author applies the IS-MP-IA model (Romer, 2000) to examine short run
 economic fluctuations for Latvia. The results show that equilibrium GDP is
 negatively associated with the expected inflation rate and the US federal
 funds rate and positively influenced by real depreciation and stock prices
 due to the wealth effect, Tobin's q theory, and the balance-sheet effect.
 The impact of the government deficit/GDP ratio on output is positive but
 insignificant. 
Journal: Applied Economics Letters 
Pages: 467-471 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120136 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120136&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Partridge 
Author-X-Name-First: Mark 
Author-X-Name-Last: Partridge 
Author-Name: Dan Rickman 
Author-X-Name-First: Dan 
Author-X-Name-Last: Rickman 
Title: Why some US nonmetropolitan counties moved out of persistent high-poverty status in the 1990s 
Abstract:
  Nearly one-third of US nonmetropolitan counties that began the 1990s with
 persistent high poverty were not high-poverty counties by the end of the
 decade. Aside from the poverty rate at the beginning of the decade, it is
 found that employment growth, along with indicators of the initial quality
 of the labour force and level of human-capital, increased the probability
 of counties moving out of persistent high-poverty status. 
Journal: Applied Economics Letters 
Pages: 473-478 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120250 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120250&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marta Bengoa 
Author-X-Name-First: Marta 
Author-X-Name-Last: Bengoa 
Author-Name: Blanca Sanchez-Robles 
Author-X-Name-First: Blanca 
Author-X-Name-Last: Sanchez-Robles 
Title: Does equality reduce growth? Some empirical evidence 
Abstract:
  This study intends to provide some empirical evidence on the connection
 between equality and growth. Accordingly, two different samples of
 countries have been explored over the last three decades using panel data.
 In the first subsample, encompassed by medium income nations, the
 relationship between equality (proxied by the Gini index) and growth seems
 to be hump shaped. In the second subsample, made up by high-income
 countries, the connection is unambiguously negative - more equality is
 detrimental for growth. These results suggest that the impact of equality
 on growth may be different at the various stages of development. 
Journal: Applied Economics Letters 
Pages: 479-483 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120177 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120177&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Ryan 
Author-X-Name-First: Michael 
Author-X-Name-Last: Ryan 
Title: Applications of a more for less result to labour markets and to auctions 
Abstract:
  A general more for less result is established. A labour-market
 application then shows, how, by connecting previously unconnected labour
 markets, costs of skilling or reskilling labour may be reduced. Another
 application shows how auction proceeds may increase if certain bidders are
 removed from the bidding process. An example relating to auctions of
 categories of access to airport ramps illustrates this case. 
Journal: Applied Economics Letters 
Pages: 485-488 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109758 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109758&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Cotter 
Author-X-Name-First: John 
Author-X-Name-Last: Cotter 
Title: Extreme risk in futures contracts 
Abstract:
  This article uses Extreme Value Theory (EVT) to measure extreme risk in
 futures contracts with diverging underlying assets. The approach provides
 a framework for analysing the distributional properties of extreme
 returns. EVT is statistically robust at estimating Value at Risk (VaR) for
 different asset classes and at very low probabilities. By way of contrast,
 the estimation bias by relying on the thin-tailed normal distribution for
 measuring extreme price movements is illustrated. Back-tests confirm the
 relative accuracy of the approaches. 
Journal: Applied Economics Letters 
Pages: 489-492 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109816 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109816&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Les Coleman 
Author-X-Name-First: Les 
Author-X-Name-Last: Coleman 
Title: Why explore for oil when it is cheaper to buy? 
Abstract:
  This article uses results of independent US oil companies to examine
 their decisions in a high-risk environment. When these companies seek to
 replace oil production, the available choices fall into two broad
 classifications, each with its own distribution of expected costs and
 returns: explore for oil; or buy proven oil reserves. Firms prove
 risk-sensitive in their decisions as the balance struck between building
 reserves by acquisition and by exploration responds to firm
 characteristics. The crossover from risk embrace (exploration) to risk
 aversion (acquisition) occurs when the probability of success from the
 more risky strategy drops below about 15%. This matches the behaviour of
 decision makers when facing risks as diverse as acquisitions and racetrack
 betting. Shareholders, however, do not support risk-taking for its own
 sake, although they bid up the price of successful risk-takers. This
 reveals a divergence in goals between principals and agents; and an
 inverse relationship between risk-taking and return as measured by
 shareholder value. 
Journal: Applied Economics Letters 
Pages: 493-497 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109733 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109733&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lokman Gunduz 
Author-X-Name-First: Lokman 
Author-X-Name-Last: Gunduz 
Author-Name: Abdulnasser Hatemi-J 
Author-X-Name-First: Abdulnasser 
Author-X-Name-Last: Hatemi-J 
Title: Is the tourism-led growth hypothesis valid for Turkey? 
Abstract:
  Like many developing countries, Turkey has also given priority to the
 development of tourism industry as a part of its economic growth strategy.
 This study intends to investigate whether tourism has really contributed
 to the economic growth in Turkey. The interaction between tourism and
 economic growth is investigated by making use of leveraged bootstrap
 causality tests. This method is robust to the existence of non-normality
 and ARCH effects. Special attention is given to the choice of the optimal
 lag order of the empirical model. It is found that the tourism-led growth
 hypothesis is supported empirically in the case of Turkey. 
Journal: Applied Economics Letters 
Pages: 499-504 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109865 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109865&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Cabral Vieira 
Author-X-Name-First: Jose Cabral 
Author-X-Name-Last: Vieira 
Author-Name: Antonio Menezes 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Menezes 
Author-Name: Patricia Gabriel 
Author-X-Name-First: Patricia 
Author-X-Name-Last: Gabriel 
Title: Low pay, higher pay and job quality: empirical evidence for Portugal 
Abstract:
  This paper examines to what extent low pay jobs can be considered of low
 quality. For this purpose, we use three waves (1997-1999) of the European
 Community Household Panel (ECHP) for Portugal. The results indicate that
 low pay workers report a lower level of job satisfaction when compared
 with their higher paid counterparts. Moreover, some of the determinants of
 job satisfaction differ between these two types of workers. This supports
 the idea that low wage employment mainly comprises low quality jobs and is
 consistent with the segmented labour market theory, which claims the
 existence of good and bad jobs. This is, however, at odds with some
 empirical evidence recently reported for the British labour market where
 low pay individuals report a higher level of satisfaction, which is more
 in line with the notion that these workers obtain compensating differences
 in the form of non-pecuniary benefits. 
Journal: Applied Economics Letters 
Pages: 505-511 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500109907 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500109907&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ming-Yuan Leon Li 
Author-X-Name-First: Ming-Yuan Leon 
Author-X-Name-Last: Li 
Author-Name: Hsiou-Wei William Lin 
Author-X-Name-First: Hsiou-Wei William 
Author-X-Name-Last: Lin 
Author-Name: Rau Hsiu-hua 
Author-X-Name-First: Rau 
Author-X-Name-Last: Hsiu-hua 
Title: The performance of the Markov-switching model on business cycle identification revisited 
Abstract:
  This study examines the performance of Markov-switching model on business
 cycle by applying the model to various economies. Specifically, three
 comparison groups are used: (1) the USA and Japan serving as the
 representatives for the industrialized economies (or IEs hereafter); (2)
 Taiwan and South Korea serving as the representatives for newly
 industrialized economies (or NIEs hereafter); and (3) Malaysia and
 Indonesia serving as the representatives for the developing economies (or
 DEs hereafter). The empirical results are consistent with the following
 notions. First, the Markov-switching model serves well to depict the
 business cycles for IEs and DEs. Nevertheless, the model is ineffective
 for the two NIEs, which underwent structural economic shifts to slower
 growth during our sample period of 1970-1998. Second, the two-period
 Markov-switching by dividing the sample periods into two sub-periods thus
 more effectively measures the two NIEs' business cycles. 
Journal: Applied Economics Letters 
Pages: 513-520 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500119963 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500119963&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Lin Tao 
Author-X-Name-First: Hung-Lin 
Author-X-Name-Last: Tao 
Title: The effects of income and children on marital happiness &#x2014; evidence from middle- and old-aged couples 
Abstract:
  This study finds that marital happiness initially increases with income
 and then remains more or less constant. It is likely that there exists an
 optimal number of children. 
Journal: Applied Economics Letters 
Pages: 521-524 
Issue: 8 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120045 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120045&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fabio Augusto Reis Gomes 
Author-X-Name-First: Fabio Augusto Reis 
Author-X-Name-Last: Gomes 
Author-Name: Lourenco Senne Paz 
Author-X-Name-First: Lourenco Senne 
Author-X-Name-Last: Paz 
Title: Can real exchange rate devaluation improve the trade balance? The 1990-1998 Brazilian case 
Abstract:
  The Brazilian Trade Balance deficit in the 1990s was blamed on the
 adopted crawling-peg exchange rate regime in which the real exchange rate
 was supposedly appreciated. The purpose in this letter is to assess this
 relationship by using VEC-M model to check if Marshall-Lerner condition
 and J-curve phenomenon hold. The results indicate that the Marshall-Lerner
 condition holds and the J-curve would be present in the aftermath of a
 real exchange rate devaluation. 
Journal: Applied Economics Letters 
Pages: 525-528 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500076908 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500076908&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeremy Forster 
Author-X-Name-First: Jeremy 
Author-X-Name-Last: Forster 
Author-Name: Sherrill Shaffer 
Author-X-Name-First: Sherrill 
Author-X-Name-Last: Shaffer 
Title: Bank efficiency ratios in Latin America 
Abstract:
  Previous literature has shown a strong association between the financial
 sector and economic growth, but theory predicts ambiguous associations
 between banking efficiency and size or market share. The relationships
 among efficiency ratios, absolute scale, and rank category are explored
 for a relevant subset of banks in each of four Latin American countries.
 The results indicate a robust association between efficiency and absolute
 scale but not between efficiency and relative scale, which suggests that
 the observed efficiency of larger banks is not an artefact of market power
 among dominant banks. 
Journal: Applied Economics Letters 
Pages: 529-532 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120623 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120623&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julie Le Gallo 
Author-X-Name-First: Julie Le 
Author-X-Name-Last: Gallo 
Author-Name: Catherine Baumont 
Author-X-Name-First: Catherine 
Author-X-Name-Last: Baumont 
Author-Name: Sandy Dall'erba 
Author-X-Name-First: Sandy 
Author-X-Name-Last: Dall'erba 
Author-Name: Cem Ertur 
Author-X-Name-First: Cem 
Author-X-Name-Last: Ertur 
Title: On the property of diffusion in the spatial error model 
Abstract:
  The aim of this paper is to illustrate the property of global spillover
 effects in the first-order spatial autoregressive error model and the
 associated diffusion process of spatial shocks. An application is provided
 on a sample of 145 regions over 1989-1999 and highlights the most
 influential regions. 
Journal: Applied Economics Letters 
Pages: 533-536 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120722 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120722&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeffrey Jarrett 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Jarrett 
Author-Name: Eric Kyper 
Author-X-Name-First: Eric 
Author-X-Name-Last: Kyper 
Title: Evidence on the seasonality of stock market prices of firms traded on organized markets 
Abstract:
  Studies of capital market efficiency are important because they infer
 that there are predictable properties of the time series of prices of
 traded securities on organized markets. The weak form of the efficient
 markets hypothesis is put in dispute by the results of this study.
 Furthermore, this study of individual securities prices of US traded
 securities corroborates previous findings of studies of stock market
 indexes both in the USA and for foreign stock exchanges that seasonality
 is present in the times of securities prices. 
Journal: Applied Economics Letters 
Pages: 537-543 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500123288 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500123288&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Fritsch 
Author-X-Name-First: Michael 
Author-X-Name-Last: Fritsch 
Author-Name: Pamela Mueller 
Author-X-Name-First: Pamela 
Author-X-Name-Last: Mueller 
Author-Name: Antje Weyh 
Author-X-Name-First: Antje 
Author-X-Name-Last: Weyh 
Title: Direct and indirect effects of new business formation on regional employment 
Abstract:
  The impact of new business formation on regional employment has been
 investigated. The main effects occur after a considerable time lag.
 Obviously, a large part of the effect is not due to job creation by the
 newcomers but rather is of indirect nature. This implies that a large part
 of the debate about job creation by new business so far has been
 misleading. 
Journal: Applied Economics Letters 
Pages: 545-548 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500142346 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500142346&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lambert Schoonbeek 
Author-X-Name-First: Lambert 
Author-X-Name-Last: Schoonbeek 
Author-Name: Peter Kooreman 
Author-X-Name-First: Peter 
Author-X-Name-Last: Kooreman 
Title: No cure, be paid: super-contingent fee contracts 
Abstract:
  A general principal-agent problem with two possible outputs, high or low
 is considered. The agent's utility function is additively separable in
 wealth and effort. It is shown that under the optimal contract, the agent
 should pay a penalty fee to the principal if the low output occurs. 
Journal: Applied Economics Letters 
Pages: 549-551 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500142544 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500142544&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Ferruz Agudo 
Author-X-Name-First: Luis Ferruz 
Author-X-Name-Last: Agudo 
Author-Name: Luis A. Vicente Gimeno 
Author-X-Name-First: Luis A. Vicente 
Author-X-Name-Last: Gimeno 
Title: Effects of multicollinearity on the definition of mutual funds' strategic style: the Spanish case 
Abstract:
  This study is an approach to the strategic styles followed by Spanish
 mutual funds investing in domestic equities. The methodology applied is
 based on Sharpe's suggested Style Analysis. The study highlights the
 distortion of results caused by the phenomenon of multicollinearity in the
 benchmarks proposed. 
Journal: Applied Economics Letters 
Pages: 553-556 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120698 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120698&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erdal Ozmen 
Author-X-Name-First: Erdal 
Author-X-Name-Last: Ozmen 
Title: Macroeconomic and institutional determinants of current account deficits 
Abstract:
  This study empirically investigates the effects of institutional and
 macroeconomic policy variables on current account deficits (CAD). Based on
 cross-section data for a broad number of countries, the results suggest
 that better governance increases whilst 'original sin' decreases the
 ability of an economy to sustain CAD. Exchange rate flexibility and
 openness appear to put a discipline on CAD. Consistent with the equity
 home bias and Feldstein-Horioka puzzle, CAD decrease with country size.
 The net impacts of the financial deepening and monetary credibility on CAD
 are found to be insignificant. 
Journal: Applied Economics Letters 
Pages: 557-560 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120714 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120714&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Garcia-Feijoo 
Author-X-Name-First: Luis 
Author-X-Name-Last: Garcia-Feijoo 
Author-Name: John Howe 
Author-X-Name-First: John 
Author-X-Name-Last: Howe 
Author-Name: Tie Su 
Author-X-Name-First: Tie 
Author-X-Name-Last: Su 
Title: Completely predictable and fully anticipated? Step ups in warrant exercise prices 
Abstract:
  Some warrants are issued with a scheduled increase in their exercise
 price. This increase, referred to as a 'step up' in exercise price, occurs
 after the warrant is issued but prior to its expiration. The price
 behaviour of warrants and common stock at the scheduled step up date is
 examined. The evidence suggests that the market correctly anticipates this
 event, and that warrant holders exercise (actually, refrain from
 exercising) rationally. 
Journal: Applied Economics Letters 
Pages: 561-565 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120664 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120664&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Requena Silvente 
Author-X-Name-First: Francisco Requena 
Author-X-Name-Last: Silvente 
Title: Changing export status and firm performance: evidence from UK small firms 
Abstract:
  The export premium is measured for a sample of 1940 small-sized UK
 manufacturing firms over the period 1994-2000 by evaluating the
 performance of entrants versus exiters in the foreign markets. It is found
 that new exporters witnessed a substantial increase in their employment,
 wages, sales and productivity growth rates compared to non-exporters. On
 average the estimated export premium coefficient varied from 5% in
 productivity to 1% in wages. Companies that interrupt the exporting
 activity suffered significant losses in employment, employees' wages,
 director's wages, sales and productivity. The negative estimated impact on
 the growth rates vary from -7% for director's wage to -3% in employment
 and productivity. 
Journal: Applied Economics Letters 
Pages: 567-571 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120649 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120649&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ercan Balaban 
Author-X-Name-First: Ercan 
Author-X-Name-Last: Balaban 
Author-Name: Jamal Ouenniche 
Author-X-Name-First: Jamal 
Author-X-Name-Last: Ouenniche 
Author-Name: Danae Politou 
Author-X-Name-First: Danae 
Author-X-Name-Last: Politou 
Title: A note on return distribution of UK stock indices 
Abstract:
  The aim of this paper is to provide empirical evidence on the statistical
 distributions of returns on 32 UK sector indices as well as the FTSE-All
 and the FTSE-100 indices. These data are modelled for several holding
 periods, ranging from one day to one quarter, using symmetric stable
 Paretian distributions and their characteristic exponents are estimated.
 Numerical results suggest that both short and long horizon returns are
 non-normal and that deviation from normality is stronger for short horizon
 returns, with the exception of few sectors. In sum, these results suggest
 that asset pricing and risk management models, among others, should be
 modified to take into account departures form normality. 
Journal: Applied Economics Letters 
Pages: 573-576 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120383 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120383&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Arusha Cooray 
Author-X-Name-First: Arusha 
Author-X-Name-Last: Cooray 
Title: Capital mobility: evidence from four South Asian economies 
Abstract:
  This paper examines the degree of capital mobility in four South Asian
 economies, namely, India, Sri Lanka, Pakistan and Bangladesh. The paper
 extends the Shibata and Shintani (1988) model to incorporate the interest
 rate differential. While the empirical results appear to be country
 specific, in general, capital does not appear to be mobile in South Asia.
 The results suggest that the interest rate differential is not related to
 changes in consumption in South Asia. 
Journal: Applied Economics Letters 
Pages: 577-581 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500142296 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500142296&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vladimir Teles 
Author-X-Name-First: Vladimir 
Author-X-Name-Last: Teles 
Title: The role of human capital in economic growth 
Abstract:
  This study presents stylized facts for economic growth for the second
 half of the 20th century, and evaluates the explanatory capacity of these
 facts by two of the main theoretical approaches that deal with the
 relation between human capital and growth: the Lucas (1988) model, and the
 Nelson and Phelps (1966) model. The results obtained indicate that the
 Lucas (1988) model satisfactorily explains the growth of 'rich' countries,
 but does not explain the poverty traps in which poor countries found
 themselves during the period under study. Conversely, the simulations
 conducted according to the Nelson-Phelps approach (1966) adequately
 replicate the poverty traps, but the approach is unable to do so for rich
 country dynamics. 
Journal: Applied Economics Letters 
Pages: 583-587 
Issue: 9 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500077013 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500077013&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Bernard 
Author-X-Name-First: John 
Author-X-Name-Last: Bernard 
Author-Name: William Schulze 
Author-X-Name-First: William 
Author-X-Name-Last: Schulze 
Author-Name: Timothy Mount 
Author-X-Name-First: Timothy 
Author-X-Name-Last: Mount 
Title: Bidding behaviour in the multi-unit Vickrey and uniform price auctions 
Abstract:
  Theory provides limited understanding of auctions in complex, multi-unit
 settings. This absence became apparent when performance concerns were
 raised over wholesale electric power auctions in England and California.
 This research used experiments involving 234 subjects to partially bridge
 the gap in knowledge with regard to bidding behaviour. Using a complex
 procurement setting motivated by power markets, bidding in the last
 accepted and first rejected uniform price auctions and the multi-unit
 Vickrey were examined across group sizes of 2, 4, and 6. To allow
 opportunity for tacit collusion, constant cost and demand conditions were
 maintained for 75 periods. Group size and experience were found to be most
 significant in explaining the differences between bids and costs. For
 groups of 2, this difference was significantly higher than with the other
 sizes, suggesting market power. Across sizes, after experience there was
 no significant difference in bidding behaviour between the uniform price
 auctions, with subjects in both bidding well above costs. Differences in
 the multi-unit Vickrey decreased after experience but, unexpectedly, bids
 were often below costs. Under no combinations did bids equal costs as
 would be desired by market designers. Results should give concern to
 policy analysts, and research suggestions to theorists. 
Journal: Applied Economics Letters 
Pages: 589-595 
Issue: 10 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500181807 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500181807&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Okmyung Bin 
Author-X-Name-First: Okmyung 
Author-X-Name-Last: Bin 
Title: A semiparametric hedonic model for valuing wetlands 
Abstract:
  A semiparametric hedonic price function is estimated to examine the
 effects of proximity to wetlands on property values using extensive
 wetland inventory and housing market data from Portland-Oregon, USA. The
 semiparametric method used in this study allows for estimation of the
 hedonic price function with flexible functional form and is
 computationally easier than most non-parametric models. Four general
 categories of wetlands - open water, emergent vegetation, forested and
 scrub shrub wetlands - are differentiated. The results indicate that
 proximity to open water wetlands has a positive association with property
 values, while the other types of wetlands have either a negative or
 insignificant relationship. 
Journal: Applied Economics Letters 
Pages: 597-601 
Issue: 10 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500188505 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500188505&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ercan Balaban 
Author-X-Name-First: Ercan 
Author-X-Name-Last: Balaban 
Author-Name: Asl&#x131; Bayar 
Author-X-Name-First: Asl&#x131; 
Author-X-Name-Last: Bayar 
Title: Stock returns and volatility: empirical evidence from fourteen countries 
Abstract:
  This is a pioneering effort to test in 14 countries the relationship
 between stock market returns and their forecast volatility derived from
 the symmetric and asymmetric conditional heteroscedasticity models. Both
 weekly and monthly returns and their volatility are investigated. An
 out-of-sample testing methodology is employed using volatility forecasts
 instead of investigating the relation between stock returns and their
 in-sample volatility estimates. Expected volatility is derived from the
 ARCH(p), GARCH(1,1), GJR-GARCH(1,1) and EGARCH(1,1) forecast models.
 Expected volatility is found to have a significant negative or positive
 effect on country returns in a few cases. Unexpected volatility has a
 negative effect on weekly stock returns in six to seven countries and on
 monthly returns in nine to eleven countries depending on the volatility
 forecasting model. However, it has a positive effect on weekly and monthly
 returns in none of the countries investigated. It is concluded that the
 return variance may not be an appropriate measure of risk. 
Journal: Applied Economics Letters 
Pages: 603-611 
Issue: 10 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120607 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120607&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samiran Banerjee 
Author-X-Name-First: Samiran 
Author-X-Name-Last: Banerjee 
Author-Name: James Murphy 
Author-X-Name-First: James 
Author-X-Name-Last: Murphy 
Title: The scope test revisited 
Abstract:
  Sensitivity to scope has become an acid test for the validity of
 responses to non-market valuation scenarios. The theoretical relationship
 between whether a subject's responses exhibit sensitivity to scope and
 whether consistent preferences underlie those responses is examined. It is
 found that sensitivity to scope is neither necessary nor sufficient for
 preference consistency. Moreover, while continuous, strongly monotonic and
 total preferences yield scope, the converse fails to hold. The results
 suggest caution in scope's application as a survey validation tool. 
Journal: Applied Economics Letters 
Pages: 613-617 
Issue: 10 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500166253 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500166253&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. D. Walls 
Author-X-Name-First: W. D. 
Author-X-Name-Last: Walls 
Title: Demand stochastics, supply adaptation, and the distribution of film earnings 
Abstract:
  A market is analysed in which demand is a stochastic process and supply
 is contingent on the expected level of demand - a model that provides a
 realistic depiction of the motion picture market where consumer demand is
 a process of discovery and information sharing, and the supply of theatre
 screens expands through contingent contracts to accommodate demand. This
 model predicts that motion picture earnings will deviate from a power law
 and instead be distributed according to an exponential of a power law due
 to finite-size effects in demand. Empirical analysis on a large sample of
 motion pictures finds significant deviation from the power law
 distribution and a remarkably good fit for the stretched exponential
 distribution. 
Journal: Applied Economics Letters 
Pages: 619-623 
Issue: 10 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500166246 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500166246&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francesco Aiello 
Author-X-Name-First: Francesco 
Author-X-Name-Last: Aiello 
Author-Name: Paola Cardamone 
Author-X-Name-First: Paola 
Author-X-Name-Last: Cardamone 
Title: R&D spillovers and productivity growth: evidence from Italian manufacturing microdata 
Abstract:
  Recently the focus of R&D impact on productivity moves from internal to
 external innovation. This paper assesses the link between R&D spillovers
 and productivity of 1017 Italian manufacturing firms over 1995-2000.
 Different proxies of R&D spillovers and several specification tests are
 used to select a well-behaved fixed effect model. As predicted by various
 new growth theory models, external R&D exerts a positive and highly
 significant effect on firms' productivity growth. 
Journal: Applied Economics Letters 
Pages: 625-631 
Issue: 10 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500119112 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500119112&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kalyan Chakraborty 
Author-X-Name-First: Kalyan 
Author-X-Name-Last: Chakraborty 
Title: Consumers' attitude towards hormone-free milk: what have we learned? 
Abstract:
  Consumers' negative attitude and perception about bST-treated milk has
 not changed much since its first introduction in 1994 in the USA. The
 objectives of this study are to measure consumers' willing to pay for
 bST-free milk and to explore the factors influencing their
 willingness-to-pay. The empirical application uses consumers' survey data
 from the state of Kansas and applied to a probit model for
 willingness-to-pay. The results show consumers prefer mandatory labeling
 for bST-treated milk and milk products, and are willing to pay a premium
 for bST-free milk. 
Journal: Applied Economics Letters 
Pages: 633-637 
Issue: 10 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500119914 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500119914&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kwangsuck Lee 
Author-X-Name-First: Kwangsuck 
Author-X-Name-Last: Lee 
Author-Name: In-Moo Kim 
Author-X-Name-First: In-Moo 
Author-X-Name-Last: Kim 
Title: Estimating the value of leisure time in Korea 
Abstract:
  To estimate the value of leisure time, this paper suggests the
 enodogenous switching model which incorporates individual's willingness to
 take more leisure time. The empirical results show that the value of
 leisure time in terms of willingly give-up shadow wage is greater than the
 market wage by 9% in Korea. The Korea economic crisis in 1997 seems to
 reduce the value of leisure time nearly 14%. 
Journal: Applied Economics Letters 
Pages: 639-641 
Issue: 10 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500166295 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500166295&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeong-Joon Lee 
Author-X-Name-First: Jeong-Joon 
Author-X-Name-Last: Lee 
Title: Persistent wage differential and its implications on the Balassa-Samuelson hypothesis 
Abstract:
  The objective of the study is to empirically examine the wage
 equalization assumption in the Balassa-Samuelson (BS) hypothesis. The wage
 equalization between the traded and the non-traded sectors is tested
 primarily based on resampling methods, permutation tests. The results show
 that the assumption does not hold uniformly. This study argues that a more
 general condition, which allows for wage differential between the sectors,
 can be used in the BS hypothesis as long as the wage differential is
 persistent. The persistent wage differential condition is empirically
 supported in this study. 
Journal: Applied Economics Letters 
Pages: 643-648 
Issue: 10 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500166204 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500166204&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hon-Kwong Lui 
Author-X-Name-First: Hon-Kwong 
Author-X-Name-Last: Lui 
Author-Name: Yui-Tim Wong 
Author-X-Name-First: Yui-Tim 
Author-X-Name-Last: Wong 
Title: Do loyal subordinates get higher wages? Experience from China 
Abstract:
  This paper classifies loyalty to supervisor into five dimensions, namely
 identification, internalization, dedication, effort and following
 supervisor. The results show that the 'effort' dimension has a positive
 effect on wage whereas the 'following supervisor' dimension has a negative
 effect on wage. Contrary to common perception, loyal subordinates may not
 get higher wages. 
Journal: Applied Economics Letters 
Pages: 649-652 
Issue: 10 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500183639 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500183639&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hongbin Li 
Author-X-Name-First: Hongbin 
Author-X-Name-Last: Li 
Author-Name: Qian Wang 
Author-X-Name-First: Qian 
Author-X-Name-Last: Wang 
Title: Partial privatization and screening 
Abstract:
  It is shown that the government, in privatizing state owned enterprises,
 can use partial privatization as a screening mechanism to elicit private
 information from the manager about the firm's value. Although some new
 owners do not have maximum incentives, this screening contract allows the
 government to maximize its privatization revenues. 
Journal: Applied Economics Letters 
Pages: 653-655 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500184215 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500184215&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joocheol Kim 
Author-X-Name-First: Joocheol 
Author-X-Name-Last: Kim 
Title: An investigation of the relationship between bond market volatility and trading activities: Korea treasury bond futures market 
Abstract:
  This study proposes a new proxy variable for the speculative trading
 activities in the analysis of relationship between volatility and trading
 activities. With the new variable, the dynamic interaction among
 underlying bond market volatility, futures trading volume, open interest
 and speculation ratio in Korea treasury bond and futures markets is
 examined under the vector autoregressive analysis (VAR) framework. A
 positive relationship is found between the bond market volatility and the
 speculation ratio. The result implies that the new variable could be a
 good candidate, reflecting the speculative trading activities in
 derivative markets. 
Journal: Applied Economics Letters 
Pages: 657-661 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500142403 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500142403&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Gour Gobinda Goswami 
Author-X-Name-First: Gour Gobinda 
Author-X-Name-Last: Goswami 
Title: Military spending as another cause of the failure of the PPP 
Abstract:
  In a recent article, with a strong theoretical argument but poor
 empirical support, military spending was identified to be a determinant of
 real exchange rate or a factor causing the PPP to deviate from equilibrium
 exchange rate. The poor empirical results were mostly due to a small
 number of observations (21 cross-sectional). This article employs pooled
 data from across 37 developing countries over the 1985-1998 period and
 provides very strong empirical support for the notion that indeed
 increased military spending could cause the PPP to deviate from
 equilibrium exchange rate. 
Journal: Applied Economics Letters 
Pages: 663-667 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500188380 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500188380&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Fournier 
Author-X-Name-First: Martin 
Author-X-Name-Last: Fournier 
Title: Exploiting information from path dependency in Oaxaca-Blinder decomposition procedures 
Abstract:
  This article addressed the issue of path dependency in Oaxaca-Blinder
 decomposition procedures. It shows that obtaining different results from
 decompositions computed on different base models and population structures
 should not be considered as a limitation but as valuable information about
 the underlying discrimination processes. Illustration is provided for the
 evaluation of racial discrimination in health in South Africa for 1999. 
Journal: Applied Economics Letters 
Pages: 669-672 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500191152 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500191152&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chien-Liang Chiu 
Author-X-Name-First: Chien-Liang 
Author-X-Name-Last: Chiu 
Author-Name: Chun-Da Chen 
Author-X-Name-First: Chun-Da 
Author-X-Name-Last: Chen 
Author-Name: Wan-Wei Tang 
Author-X-Name-First: Wan-Wei 
Author-X-Name-Last: Tang 
Title: Political elections and foreign investor trading in South Korea's financial markets 
Abstract:
  This article investigates the relationship between foreign investors'
 trading behaviour and political election events in South Korea and the
 effect of the relationship on the financial markets via a bivariate GARCH
 (1,1) model analysis. The empirical results show that the KOSPI 200 index
 return (total trading volumes of spot) and the derivatives volume have a
 negative (positive) relationship for foreign investors. South Korea
 shifted to a free floating exchange rate system, however, it did not have
 an effect on foreign investors' trading behaviour. In particular, foreign
 investors showed significant decrease in trading options contracts during
 the parliamentary election periods and the parliamentary elections
 stabilized derivatives trading volatility. It is evident from the results
 that the presidential elections create far more financial uncertainty in
 comparison to parliamentary elections. 
Journal: Applied Economics Letters 
Pages: 673-677 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500190097 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500190097&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Par Osterholm 
Author-X-Name-First: Par 
Author-X-Name-Last: Osterholm 
Title: The Taylor rule and real-time data - a critical appraisal 
Abstract:
  In a number of recent papers, it has been argued that the use of ex post
 data can distort the picture when trying to analyse monetary policy
 reaction functions. This paper aims to establish whether the Taylor rule
 has been a reasonable representation of US monetary policy using both ex
 post and real-time output gap data. Results show that real-time data
 generate only minor differences to ex post data and, more interestingly,
 that the Taylor rule appears to be a questionable tool for evaluation of
 the Federal Reserve during the investigated samples. 
Journal: Applied Economics Letters 
Pages: 679-685 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500181849 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500181849&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Bernard 
Author-X-Name-First: John 
Author-X-Name-Last: Bernard 
Title: Evidence of affiliation of values in a repeated trial auction experiment 
Abstract:
  Most auction experiments designed to determine subjects' values use
 repeated trials. This is primarily to give subjects a chance to understand
 the auction and to learn from market feedback. However, concerns exist
 that repetition could lead to affiliation of values with subjects
 following final prices over trials. This could be especially true for
 items consumers are unfamiliar with. To test these hypotheses, the current
 research employed repeated auction trials for conventional, organic, and
 non-GM chocolate bars, with each respectively considered less familiar to
 subjects. The auction results were first analysed to determine whether the
 premiums, calculated as the differences in bids between bar types, were
 statistically significant over each trial. A tobit regression analysis was
 then conducted to determine which factors statistically influenced
 premiums over each trial. Analysis showed that the premium for the non-GM
 bar over the conventional and most of the factors explaining the premiums
 in the first trial became insignificant after repetition. This suggested
 strong evidence of affiliation and demonstrated how it can lead to loss of
 information about subjects' initial formulation of values. It is
 recommended that, depending on the focus of the study, single trials
 should be used to avoid these problems. 
Journal: Applied Economics Letters 
Pages: 687-691 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500181823 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500181823&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Titus Awokuse 
Author-X-Name-First: Titus 
Author-X-Name-Last: Awokuse 
Title: Exports, economic growth and causality in Korea 
Abstract:
  Using recent developments in econometric techniques, this article
 re-examines the export-led growth (ELG) hypothesis for Korea over
 1963-2001. The Granger-causality tests was based on two testing
 approaches: vector error correction modelling (VECM) approach outlined in
 Toda and Philips; and the augmented levels VAR modelling with integrated
 and cointegrated processes (of arbitrary orders) separately introduced by
 Toda and Yamamoto (1995) and Dolado and Lutkepohl (1996). Empirical
 evidence from causality tests based on the two alternative approaches
 indicates that the causal link between real exports and real GDP growth is
 bi-directional. Additional determinants of growth are also found to be
 significant. 
Journal: Applied Economics Letters 
Pages: 693-696 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500188265 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500188265&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Villaverde 
Author-X-Name-First: Jose 
Author-X-Name-Last: Villaverde 
Title: Provincial convergence in Spain: a spatial econometric approach 
Abstract:
  This article examines the process of provincial convergence in labour
 productivity that has taken place in Spain between 1985 and 2002. In order
 to quantify the influence of space on the convergence process, it applies
 a spatial econometric approach, concluding that although spatial effects
 do indeed exist, they do not seem to be too relevant for the
 aforementioned process. 
Journal: Applied Economics Letters 
Pages: 697-700 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500190030 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500190030&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Alba 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Alba 
Author-Name: Donghyun Park 
Author-X-Name-First: Donghyun 
Author-X-Name-Last: Park 
Title: Non-linear mean reversion of real exchange rates and purchasing power parity: some evidence from Turkey 
Abstract:
  Evidence was found of non-linear mean reversion in Turkey's real exchange
 rates. This suggests that a more complete examination of the empirical
 validity of PPP requires a joint examination of the non-linearity and
 non-stationarity of the real exchange rate. 
Journal: Applied Economics Letters 
Pages: 701-704 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500188133 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500188133&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Agesa 
Author-X-Name-First: Richard 
Author-X-Name-Last: Agesa 
Author-Name: Jacqueline Agesa 
Author-X-Name-First: Jacqueline 
Author-X-Name-Last: Agesa 
Title: Sources of gender difference in rural to urban migration in Kenya: does human capital matter? 
Abstract:
  Using data from Kenya this article estimates the urban to rural gender
 gap in the rate of migration and then decomposes the gap into the
 explained portion and the portion due to gender differences in
 coefficients. The former is further decomposed to unveil the relative
 influence of each explanatory variable on the explained portion of the
 gender gap in the rate of migration. A non-trivial finding suggests that
 human capital variables may exert the strongest influence on gender
 differences in migration, partially explaining the higher incidence of
 male migration. 
Journal: Applied Economics Letters 
Pages: 705-709 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500188000 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500188000&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Hasan 
Author-X-Name-First: Mohammad 
Author-X-Name-Last: Hasan 
Title: The information content of M0 in the United Kingdom 
Abstract:
  This paper examines the empirical characteristics of target-goal
 relationships between M0 on the one hand, and output, prices, interest
 rates and the current account balance on the other hand, in terms of a
 good intermediate target and informational variable. The results of a
 five-variate vector error correction model are indicative of feedback
 relationships between M0 and output, prices and output, and prices and M0,
 which is consistent with the Keynesian 'monetary accommodation'
 hypothesis. The finding of a reverse causality from output, prices and
 interest rates to M0 suggests that M0 may not serve well as a good
 intermediate target and informational variable of British monetary policy.
 The evidence therefore suggests the reduced effectiveness of monetary
 targeting strategy as a stabilization tool. 
Journal: Applied Economics Letters 
Pages: 711-717 
Issue: 11 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500243904 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500243904&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hugo Mialon 
Author-X-Name-First: Hugo 
Author-X-Name-Last: Mialon 
Author-Name: Sue Mialon 
Author-X-Name-First: Sue 
Author-X-Name-Last: Mialon 
Title: Sinful indulgences, soft substitutes, and self-control 
Abstract:
  For several harmful goods (e.g., junk food and cigarettes), less-harmful
 substitutes are available (e.g., light cigarettes and reduced-fat junk
 food). A simple individual-decision model is developed to analyse the
 effects of less-harmful substitutes on consumption and health outcomes. 
Journal: Applied Economics Letters 
Pages: 719-722 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500193034 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500193034&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Gerasimou 
Author-X-Name-First: George 
Author-X-Name-Last: Gerasimou 
Title: Price substitutes: the case of entrance to Greek universities 
Abstract:
  This note provides evidence that the equilibrium between supply and
 demand in higher education in Greece is determined by what is argued to be
 the substitute for the non-existing market prices: the academic
 departments' entrance grades. This leads to the investigation of some
 implications of a policy change in Greek higher education. 
Journal: Applied Economics Letters 
Pages: 723-728 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500191723 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500191723&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Murat Isik 
Author-X-Name-First: Murat 
Author-X-Name-Last: Isik 
Title: Incorporating decision makers' risk preferences into real options models 
Abstract:
  This study develops a framework to link the expected utility analysis to
 real options models in order to capture the joint effects of risk aversion
 and irreversibility. It aims at modifying the theory of investment under
 uncertainty by incorporating decision makers' risk preferences and allows
 explicitly analysing the impacts of risk aversion, uncertainty and
 irreversibility on decisions such as investment and resource allocations.
 It addresses the shortcomings of the commonly used expected utility and
 investment under uncertainty models by generalizing the theory of
 irreversible investment to allow for risk-averse investors. It was found
 that uncertainty, irreversibility and risk aversion are important
 determinants of the optimal timing of irreversible decisions. Ignoring
 risk preferences in real options models would lead to overestimation or
 underestimation of the magnitude of investments. 
Journal: Applied Economics Letters 
Pages: 729-734 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500192523 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500192523&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jared Cahan 
Author-X-Name-First: Jared 
Author-X-Name-Last: Cahan 
Author-Name: Christopher Malone 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Malone 
Author-Name: John Powell 
Author-X-Name-First: John 
Author-X-Name-Last: Powell 
Author-Name: Udomsak Wong Choti 
Author-X-Name-First: Udomsak Wong 
Author-X-Name-Last: Choti 
Title: Stock market political cycles in a small, two-party democracy 
Abstract:
  Real stock market returns in New Zealand are lower when the left-leaning
 Labour party is in power than under National party governments, in
 contrast to the USA where returns are higher under Democratic presidents
 than under right-leaning Republicans. The difference in real stock market
 returns between National and Labour is not reversed even when account is
 taken of the effect of the US political cycle and returns on New Zealand.
 The results of the study therefore suggest that the presidential puzzle
 does not transfer directly to other countries with two similar party
 democracies. 
Journal: Applied Economics Letters 
Pages: 735-740 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500192895 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500192895&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wuyang Hu 
Author-X-Name-First: Wuyang 
Author-X-Name-Last: Hu 
Title: Logit models: smallest versus largest extreme value error distributions 
Abstract:
  The general term 'type I extreme value distribution' underlying the logit
 model is not fully precise. Through a case study, this study compares two
 models based on the distribution - one with the smallest specification and
 one with the largest. Results show these two models are different. 
Journal: Applied Economics Letters 
Pages: 741-744 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500192457 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500192457&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Martin 
Author-X-Name-First: David 
Author-X-Name-Last: Martin 
Author-Name: Vikram Kumar 
Author-X-Name-First: Vikram 
Author-X-Name-Last: Kumar 
Title: Detecting outliers and influential observations with heteroscedasticity-corrected models 
Abstract:
  Heteroscedasticity-correction masks signals from standardized residuals,
 so analysts should examine the residuals to identify outliers and should
 use likelihood dispersion to identify influential observations. These
 points are demonstrated with a model that examines the effect of exchange
 rate volatility on intra-industry trade. 
Journal: Applied Economics Letters 
Pages: 745-748 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500192994 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500192994&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ken-ichi Ishiyama 
Author-X-Name-First: Ken-ichi 
Author-X-Name-Last: Ishiyama 
Author-Name: Yoshitaka Saiki 
Author-X-Name-First: Yoshitaka 
Author-X-Name-Last: Saiki 
Title: Unstable periodic orbits embedded in a chaotic economic dynamics model 
Abstract:
  We numerically find unstable periodic solutions embedded in a chaotic
 attractor in a generalized Goodwin model with an interaction between two
 countries and focus on a class of simple periodic orbits extracted from
 them. We confirm that chaotic behaviour represented by the model is
 qualitatively and quantitatively related to the unstable periodic
 solutions. The viewpoint in this article is based on recent work in
 physics. The result implies significance and usefulness of unstable
 periodic solutions embedded in chaotic economic dynamics. 
Journal: Applied Economics Letters 
Pages: 749-753 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500120318 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500120318&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Morteza Haghiri 
Author-X-Name-First: Morteza 
Author-X-Name-Last: Haghiri 
Author-Name: Alireza Simchi 
Author-X-Name-First: Alireza 
Author-X-Name-Last: Simchi 
Title: An application of the residual deviance analysis in testing input separability restrictions 
Abstract:
  Using the analysis of residual deviance, the separability of input in the
 Quebec dairy industry between 1990 and 1998 is examined. A nonparametric
 production regression function based on the theory of generalized additive
 models is estimated by using the spline smoothing approach. Results
 support that all additive inputs are separable. 
Journal: Applied Economics Letters 
Pages: 755-758 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500192424 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500192424&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Antonio Duro 
Author-X-Name-First: Juan Antonio 
Author-X-Name-Last: Duro 
Title: International income polarization: a note 
Abstract:
  International income polarization is mainly analysed through the use of
 EGR (Esteban et al., 1999). The main empirical results can be summarized
 as follows: first, polarization followed a curvilinear trajectory over
 time, with a slight increase up until the mid-1970s followed by a
 significant decrease; secondly, the evidence indicates that distributive
 inequality followed a similar pattern; and finally, the data suggest that
 the best simplified description of international income distribution,
 based on this approach, would be one structured around three income
 groups. 
Journal: Applied Economics Letters 
Pages: 759-762 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500184298 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500184298&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Ezcurra 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Ezcurra 
Author-Name: Pedro Pascual 
Author-X-Name-First: Pedro 
Author-X-Name-Last: Pascual 
Title: Is there convergence in income inequality levels among the European regions? 
Abstract:
  The regional distribution of income inequality in the European Union
 between 1993 and 1998 is examined. The results obtained reveal the
 existence of a process of convergence in regional inequality levels over
 the period analysed. This was due basically to the reduction in income
 dispersion that took place in regions registering relatively high levels
 of inequality in 1993. Polarization in the distribution under study is
 also found to decrease, irrespective of the number of groups considered.
 Nevertheless, since the observed level of intradistributional mobility is
 low, the European regions tend, over time, to maintain their relative
 positions in terms of inequality. Finally, the analysis carried out
 highlights the relevance of the national component in explaining the
 dynamics of regional inequality distribution. 
Journal: Applied Economics Letters 
Pages: 763-767 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500245669 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500245669&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R.Andrew Luccasen 
Author-X-Name-First: R.Andrew 
Author-X-Name-Last: Luccasen 
Author-Name: R. Morris Coats 
Author-X-Name-First: R. Morris 
Author-X-Name-Last: Coats 
Author-Name: G. Karahan 
Author-X-Name-First: G. 
Author-X-Name-Last: Karahan 
Title: Cigarette smuggling mitigates the public health benefits of cigarette taxes 
Abstract:
  Merriman (2002) argues that cigarette smuggling does not reduce the
 health benefits of cigarette taxation, because, in addition to the
 purchase price of smuggled cigarettes, those purchasing smuggled
 cigarettes have to pay a higher inconvenience price for their cigarettes,
 so that smuggled cigarettes no more than replace legal cigarettes. Here,
 it is argued that Merriman is incorrect, that while smuggled cigarettes
 have the same full cost as legal cigarettes at the margin, they have a
 lower inframarginal full price, which has the effect of increasing smoking
 behaviour. 
Journal: Applied Economics Letters 
Pages: 769-773 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500278264 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500278264&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sergio Bianchi 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Bianchi 
Title: A cautionary note on the detection of multifractal scaling in finance and economics 
Abstract:
  The scaling properties of the multifractional Brownian motion (mBm), a
 generally not multifractal process is investigated, and it is argued that,
 when calibrated on actual financial time series, its partition function as
 well as its spectrum behave as those of genuine multifractal processes.
 The examples here provided, based on the analysis of two major stock
 indexes, are intended to solicit a prudent evaluation of the recent
 findings about the multifractal behaviour in finance and economics. 
Journal: Applied Economics Letters 
Pages: 775-780 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500142494 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500142494&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Herve Queneau 
Author-X-Name-First: Herve 
Author-X-Name-Last: Queneau 
Title: Changes in occupational segregation by race and ethnicity in the USA 
Abstract:
  This paper analyses changes in segregation by race and ethnicity in the
 USA across 13 broad occupational groups over the period 1983-2002. It is
 found that overall segregation between Blacks and Non-Blacks modestly
 declined while overall segregation between Hispanics and Non-Hispancis
 significantly increased during this period. It is also found that Blacks
 and Hispanics remained underrepresented in higher-paying occupations and
 overrepresented in lower-paying occupations. However, Blacks tended to be
 less underrepresented in the former occupations and less overrepresented
 in the latter occupations than Hispanics. 
Journal: Applied Economics Letters 
Pages: 781-784 
Issue: 12 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485052000345384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485052000345384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Darold Barnum 
Author-X-Name-First: Darold 
Author-X-Name-Last: Barnum 
Author-Name: John Gleason 
Author-X-Name-First: John 
Author-X-Name-Last: Gleason 
Title: Technical efficiency bias caused by intra-input aggregation in data envelopment analysis 
Abstract:
  The study shows that technical efficiency scores in Data Envelopment
 Analysis are biased by linear aggregation of the quantities of the same
 type of input that are used by all outputs (intra-input aggregation). Fare
 et al. 's (2004) models are expanded to account for this additional bias,
 and the extent of its impact on reported technical efficiency scores is
 commented on. 
Journal: Applied Economics Letters 
Pages: 785-788 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500365624 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500365624&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joan Costa-Font 
Author-X-Name-First: Joan 
Author-X-Name-Last: Costa-Font 
Author-Name: Joan Rovira 
Author-X-Name-First: Joan 
Author-X-Name-Last: Rovira 
Title: When do smokers 'underestimate' smoking related mortality risks? 
Abstract:
  This article examines the role of relative mortality risk perceptions in
 explaining smoking decision making. Some studies have provided evidence
 that perceptions of risks of smoking are overestimated. However, estimates
 tend to be sensitive to the estimate it is compared to. Using the same
 representative survey for Spain, as in other studies, this article finds
 that though relative mortality risk perceptions explain the decision to
 smoke and perceived life expectancy loss associated with smoking in Spain
 was not underestimated, smokers' mortality risk perceptions seem to
 underestimate the risks. 
Journal: Applied Economics Letters 
Pages: 789-794 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500190279 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500190279&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ferdi Aarts 
Author-X-Name-First: Ferdi 
Author-X-Name-Last: Aarts 
Author-Name: Thorsten Lehnert 
Author-X-Name-First: Thorsten 
Author-X-Name-Last: Lehnert 
Title: On style momentum strategies 
Abstract:
  Barberis and Shleifer (2003) suggest that US investors classify assets
 into different styles based on, for example, market capitalization or B/M
 ratios. They find that prices can deviate substantially from fundamental
 values as a style's popularity changes over time. In this paper, we
 discuss implications of this prediction and empirically investigate the
 profitability of style momentum strategies for the UK stock market.
 Results suggest that a simple trading rule can generate significant
 positive returns, but for our sample of FTSE 350 stocks those strategies
 are less profitable and more risky compared to regular momentum
 strategies. 
Journal: Applied Economics Letters 
Pages: 795-799 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500373602 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500373602&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gulnur Muradoglu 
Author-X-Name-First: Gulnur 
Author-X-Name-Last: Muradoglu 
Author-Name: Morten Bakke 
Author-X-Name-First: Morten 
Author-X-Name-Last: Bakke 
Author-Name: Gyrid Kvernes 
Author-X-Name-First: Gyrid 
Author-X-Name-Last: Kvernes 
Title: An investment strategy based on gearing ratio 
Abstract:
  This study investigates the predictive ability of gearing in the long
 term for UK firms. Robustness tests are carried out to examine the returns
 in excess of that attainable using book to market, price earnings and size
 as risk factors. It is shown that by pursuing an investment strategy based
 on gearing ratios and a holding period of three years, returns of 9.9% in
 excess of market return are attainable. Excess returns, up to 21% are
 attainable when portfolios are constructed based on price earnings ratio
 and gearing ratio. 
Journal: Applied Economics Letters 
Pages: 801-804 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500365780 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500365780&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Elisa Alvarez Lopez 
Author-X-Name-First: Elisa Alvarez 
Author-X-Name-Last: Lopez 
Author-Name: Rafael Myro Sanchez 
Author-X-Name-First: Rafael Myro 
Author-X-Name-Last: Sanchez 
Title: Specialization and openness to foreign trade in the European Union 
Abstract:
  This study explores the relations between inter-industry specialization
 and openness to foreign competition in the European countries. By
 controlling for other variables influencing specialization, the study
 found a negative relationship between openness and inter-industry
 specialization, meaning that the closer the countries become in their
 degree of openness to trade, the closer are their industrial structures,
 as is expected from the Hecksher-Olhin-Vanek framework with equalization
 of factor prices. Nevertheless, control variables powerful influence
 specialization, claiming for a more complete theoretical framework. 
Journal: Applied Economics Letters 
Pages: 805-810 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500363579 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500363579&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shawn Ulrick 
Author-X-Name-First: Shawn 
Author-X-Name-Last: Ulrick 
Title: A nonparametric analysis of the black/white wage gap 
Abstract:
  This article estimates a nonparametric model of earnings to examine the
 black/white wage gap. This article extends the Oaxaca decomposition and
 adjusted wage ratios to a nonlinear form, to allow the use of this
 nonparametric approach. It finds that the results obtained
 nonparametrically are very similar to those obtained with variants of the
 (misspecified) Mincer model, suggesting that the parametric models may be
 appropriate in situations where the nonparametric estimator could not be
 applied. 
Journal: Applied Economics Letters 
Pages: 811-815 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500193166 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500193166&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Rousu 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Rousu 
Author-Name: Katherine Kosa 
Author-X-Name-First: Katherine 
Author-X-Name-Last: Kosa 
Title: Allowing options in experimental auctions 
Abstract:
  Experimental auctions are a popular method to examine economic issues.
 However, given a fixed budget, a concern among experimental economists is
 maximizing the number of usable bids. A new experimental auction method
 has the potential to increase the number of usable responses. The options
 in auctions method allows the winning participant(s) to choose the product
 they most prefer to purchase from multiple products in the auction. The
 results of the experimental auction show that allowing options in auctions
 can increase the number of usable bids, especially when products are
 substitutes. 
Journal: Applied Economics Letters 
Pages: 817-821 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500193059 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500193059&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nasser Al-Mawali 
Author-X-Name-First: Nasser 
Author-X-Name-Last: Al-Mawali 
Title: Bilateral intra-industry trade flows and intellectual property rights protection: first empirical evidence 
Abstract:
  This study provides the first empirical evidence on the effects of
 intellectual property rights (IPRs) protection on bilateral intra-industry
 trade (IIT) flows. The empirical investigation is based on pooled South
 African data and takes advantage of the theoretical distinction between
 horizontal and vertical IIT. A gravity equation of international trade is
 estimated in the context of fixed and random effects models. The principal
 findings suggest that IPRs and imitation abilities separately are not
 important factors in determining IIT flows. However, the interaction
 between them is important. 
Journal: Applied Economics Letters 
Pages: 823-828 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500358751 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500358751&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ping-Huang Chou 
Author-X-Name-First: Ping-Huang 
Author-X-Name-Last: Chou 
Author-Name: Huimin Chung 
Author-X-Name-First: Huimin 
Author-X-Name-Last: Chung 
Author-Name: Erh-Yin Sun 
Author-X-Name-First: Erh-Yin 
Author-X-Name-Last: Sun 
Title: Detecting mutual fund timing ability using the threshold model 
Abstract:
  This paper proposes a new method based on threshold regression to test
 mutual fund market-timing abilities. The traditional Henriksson and Merton
 model is shown to represent only a special case within the proposed model.
 The potential bias of using the traditional model is demonstrated and it
 is argued that the proposed model provides more accurate inferences on the
 market-timing effects of mutual funds. The empirical results for a set of
 randomly-selected US mutual funds indicate the superior performance of the
 proposed method in detecting the market-timing ability. 
Journal: Applied Economics Letters 
Pages: 829-834 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500358850 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500358850&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tian-Shyr Dai 
Author-X-Name-First: Tian-Shyr 
Author-X-Name-Last: Dai 
Author-Name: Yuh-Yuan Fang 
Author-X-Name-First: Yuh-Yuan 
Author-X-Name-Last: Fang 
Author-Name: Yuh-Dauh Lyuu 
Author-X-Name-First: Yuh-Dauh 
Author-X-Name-Last: Lyuu 
Title: Analytics for geometric average trigger reset options 
Abstract:
  The geometric average trigger reset option resets the strike price based
 on the geometric average of the underlying asset's prices over a
 monitoring window. Similar contracts have been traded on exchanges in
 Asia. This paper derives an analytic formula for pricing this option with
 multiple monitoring windows. The analytic formula in fact is a corollary
 of a general formula that holds for a large class of path-dependent
 options: It prices any option whose value can be written as a linear
 combination of &#xa0;[image omitted], where X is a multinormal random
 vector and b is some constant vector. Numerical experiments suggest that
 the pricing formula approximates the values of arithmetic average trigger
 reset options accurately. Thus pricing the arithmetic average trigger
 reset option can benefit from using this formula as the control variate in
 Monte Carlo simulation. Numerical results also suggest that the geometric
 average trigger reset option does not have significant delta jump as the
 standard reset option, and this useful property reduces the hedging risk
 dramatically. 
Journal: Applied Economics Letters 
Pages: 835-840 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485052000345500 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485052000345500&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thierno Balde 
Author-X-Name-First: Thierno 
Author-X-Name-Last: Balde 
Author-Name: Gabriel Rodriguez 
Author-X-Name-First: Gabriel 
Author-X-Name-Last: Rodriguez 
Title: Finite sample effects of additive outliers on the Granger-causality test with an application to money growth and inflation in Peru 
Abstract:
  We established, via finite sample simulations, that additive outliers
 have important effects on the exact size of the statistic for testing for
 Granger causality. An empirical application illustrates the effects of
 neglecting for additive outliers. 
Journal: Applied Economics Letters 
Pages: 841-844 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500372992 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500372992&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sheng-Kai Chang 
Author-X-Name-First: Sheng-Kai 
Author-X-Name-Last: Chang 
Title: The approximate slopes and the power of the GMM overidentifying restrictions test 
Abstract:
  The concept of approximate slopes is employed to study the power
 properties of the Generalized Method of Moments (GMM) overidentifying
 restrictions test. Two versions of the overidentifying restrictions test
 are compared globally by means of the approximate slopes approach. With no
 autocorrelation in the moment functions, it is found that the GMM
 overidentifying test with the mean deviation covariance matrix is more
 powerful than the test using the conventional non-mean deviation one. 
Journal: Applied Economics Letters 
Pages: 845-848 
Issue: 13 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500282324 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500282324&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nikos Vafeas 
Author-X-Name-First: Nikos 
Author-X-Name-Last: Vafeas 
Author-Name: Catherine Shenoy 
Author-X-Name-First: Catherine 
Author-X-Name-Last: Shenoy 
Title: An empirical investigation of capital expenditure announcements 
Abstract:
  The market reaction to capital expenditure announcements is studied in
 the backdrop of Jensen's (1986) free cash flow hypothesis. Initial results
 confirm McConnell and Muscarella's (1985) original findings suggesting
 that announcement-period returns follow in sign announced changes in
 capital spending. Moreover, estimating regressions similar to Lang et al.
 (1991) provides evidence that is somewhat weak, supportive of the free
 cash flow hypothesis in explaining announcement-period returns. Finally,
 an alternative information-signalling explanation for the market reaction
 cannot be ruled out entirely. 
Journal: Applied Economics Letters 
Pages: 907-911 
Issue: 14 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/1350485052000345564 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485052000345564&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ossama Mikhail 
Author-X-Name-First: Ossama 
Author-X-Name-Last: Mikhail 
Author-Name: Curtis Eberwein 
Author-X-Name-First: Curtis 
Author-X-Name-Last: Eberwein 
Author-Name: Jagdish Handa 
Author-X-Name-First: Jagdish 
Author-X-Name-Last: Handa 
Title: Testing for persistence in aggregate and sectoral Canadian unemployment 
Abstract:
  Persistence in aggregate and sectoral Canadian unemployment is tested
 for. Using the corrected for short-range dependency modified
 rescaled-range test, it is concluded that the fluctuations in aggregate
 and sectoral Canadian unemployment exhibit persistence. Policies aimed at
 reducing inflation should embody and account for the extra cost of
 sustained unemployment due to its persistence. 
Journal: Applied Economics Letters 
Pages: 893-898 
Issue: 14 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500282407 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500282407&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Titus Awokuse 
Author-X-Name-First: Titus 
Author-X-Name-Last: Awokuse 
Title: Export-led growth and the Japanese economy: evidence from VAR and directed acyclic graphs 
Abstract:
  This paper explores the causal relationship between real exports and GDP
 growth in Japan using two recently developed causal modelling approaches.
 Using Japanese time series, the paper employed the augmented VAR
 methodology developed by Toda and Yamamoto to test for Granger
 non-causality. Then, a more recently developed technique of directed
 acyclic graphs (DAG) was also used in providing over-identifying
 restrictions on the innovations from a vector autoregression (VAR). In
 contrast to prior analyses, the application of DAG techniques allows for
 the examination of both contemporaneous and dynamic causal structure of
 the exports-productivity nexus. The empirical results reveal that the
 causal path between exports and GDP growth in Japan is bi-directional.
 Furthermore, other variables such as capital and foreign output are also
 significant determinants of productivity growth in Japan. 
Journal: Applied Economics Letters 
Pages: 849-858 
Issue: 14 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500358801 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500358801&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abbas Valadkhani 
Author-X-Name-First: Abbas 
Author-X-Name-Last: Valadkhani 
Title: Cross-country analysis of high employment-generating industries 
Abstract:
  The objective of this paper is to identify high employment industries in
 Australia, Japan and the USA using input-output (IO) analysis. It is found
 that (1) the high and low employment-generating industries in 1980 and/or
 1990 are almost the same as those in 1997. Thus on a relative basis, there
 is no evidence that high employment-generating industries have changed
 since 1980; and (2) the high and low employment-generating industries are
 very similar across these three countries. Four of the consistently high
 employment-generating industries in these countries are Food, Beverage and
 Tobacco; Chemicals, Petroleum, Coal, Rubber & Non-Metallic Minerals; Basic
 Metals/Fabricated Products; and Electricity, Gas and Water, with the first
 three industries being part of manufacturing. 
Journal: Applied Economics Letters 
Pages: 865-869 
Issue: 14 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500358942 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500358942&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matti Viren 
Author-X-Name-First: Matti 
Author-X-Name-Last: Viren 
Title: Suicide and business cycles: new empirical evidence 
Abstract:
  This paper provides an empirical test for the hypothesis that suicides
 are related to economic determinants. More precisely a hypothesis is
 tested that changes in the suicide rate are determined by changes in the
 expected growth rate of income. This hypothesis is tested with an
 error-correction model which also takes into account various demographic
 and socioeconomic variables. Empirical results with Finnish data covering
 the period 1878-1999 provide strong support for this hypothesis. 
Journal: Applied Economics Letters 
Pages: 887-891 
Issue: 14 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500359411 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500359411&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kristian Jonsson 
Author-X-Name-First: Kristian 
Author-X-Name-Last: Jonsson 
Title: Cross-sectional and serial correlation in a small-sample homogeneous panel data unit root test 
Abstract:
  In this paper, response surface parameters are provided that can be used
 to obtain critical values for an augmentation of an existing homogeneous
 panel data unit root test. The augmentation is performed to account for
 serial correlation in the disturbances. As the existing panel data unit
 root test is robust against cross-sectional correlation, the augmented
 test is robust against both cross-sectional and serial correlation. By
 running a Monte Carlo simulation study, the small-sample properties of the
 augmented test are shown to be good. 
Journal: Applied Economics Letters 
Pages: 899-905 
Issue: 14 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500359510 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500359510&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samer Al-Rjoub 
Author-X-Name-First: Samer 
Author-X-Name-Last: Al-Rjoub 
Title: The adjustments of stock prices to information about inflation: evidence from MENA countries 
Abstract:
  This study extends the empirical evidence by analysing the reaction of
 monthly stock returns to the unexpected portion of CPI inflation rate and
 by capturing the asymmetric shocks to volatility of unexpected inflation
 in five MENA countries. Both Threshold GARCH and Exponential GARCH are
 used to catch the news affect that unexpected inflation may have on stock
 returns. Results document a negative and strongly significant relationship
 between unexpected inflation and stock returns in MENA countries. Results
 also indicate that the stock markets of the listed MENA countries do not
 feel the high up and down movements in the markets and as such the
 volatilities. The asymmetric news effect is absent. 
Journal: Applied Economics Letters 
Pages: 871-879 
Issue: 14 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500365806 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500365806&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joan Costa-Font 
Author-X-Name-First: Joan 
Author-X-Name-Last: Costa-Font 
Author-Name: Elias Mossialos 
Author-X-Name-First: Elias 
Author-X-Name-Last: Mossialos 
Title: Is dread of Genetically Modified food associated with the consumers' demand for information? 
Abstract:
  We argue that the dread of Genetically Modified (GM) food is an
 expression of the individual's demand for information as a self-protective
 action. This study empirically examines the determinants of the demand for
 information on Genetically Modified Food and tests whether this demand is
 jointly determined with the individual's dread of GM food. A UK
 representative sample of the 1999 Eurobarometer Survey is employed and the
 study undertakes multivariate analysis of information-related survey
 responses. The results provide some evidence for the hypothesis that
 demand for information stands as a self-protective attitude that occurs in
 the absence of information. Furthermore, knowledge of science and
 information channels are both associated with a larger demand for
 information and lower dread of GM food. 
Journal: Applied Economics Letters 
Pages: 859-863 
Issue: 14 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500365830 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500365830&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Kuei-Chiu Lee 
Author-X-Name-First: Kuei-Chiu 
Author-X-Name-Last: Lee 
Author-Name: Chien-Chung Nieh 
Author-X-Name-First: Chien-Chung 
Author-X-Name-Last: Nieh 
Author-Name: Ching-Chun Wei 
Author-X-Name-First: Ching-Chun 
Author-X-Name-Last: Wei 
Title: An empirical note on testing hysteresis in unemployment for ten European countries: panel SURADF approach 
Abstract:
  The hysteresis hypothesis in unemployment for ten European countries are
 tested using newly developed Panel SURADF tests of Breuer et al. (2001)
 for the 1961-1999 period. While the other Panel-based unit root tests are
 joint tests of a unit root for all members of the panel and are incapable
 of determining the mix of I(0) and I(1) series in the panel setting, the
 Panel SURADF tests a separate unit-root null hypothesis for each
 individual panel member and, therefore identifies how many and which
 series in the panel are stationary processes. The hysteresis hypothesis is
 confirmed for all the European countries except Belgium and the
 Netherlands when Breuer et al.'s Panel SURADF tests are conducted. 
Journal: Applied Economics Letters 
Pages: 881-886 
Issue: 14 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500365871 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500365871&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saibal Ghosh 
Author-X-Name-First: Saibal 
Author-X-Name-Last: Ghosh 
Title: Does leverage influence banks' non-performing loans? Evidence from India 
Abstract:
  The study examines the association between corporate leverage and banks'
 non-performing loans. Using data on Indian manufacturing sector in India
 for 1993-2004, the findings indicate lagged leverage to be an important
 determinant of bad loans of banks. In terms of magnitudes, a 10 percentage
 point rise in the corporate leverage is, on average, associated with 1.3
 percentage point rise in sticky loans relative to loans, after a one
 period lag. In terms of policy implications, the analysis suggests that
 the leverage ratio can serve as a useful signpost of asset quality and
 second, the analysis points to the need to improve the collection of data
 from the corporate sector. 
Journal: Applied Economics Letters 
Pages: 913-918 
Issue: 15 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500378064 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378064&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roman Horvath 
Author-X-Name-First: Roman 
Author-X-Name-Last: Horvath 
Title: Exchange rate variability, pressures and optimum currency area criteria: some empirical evidence from the 1990s 
Abstract:
  This paper estimates the medium-term determinants of the bilateral
 exchange rate variability and exchange rate pressures for 20 developed
 countries in the 1990s. The results suggest that optimum currency area
 criteria explain the dynamics of bilateral exchange rate variability and
 pressures, to a large extent. 
Journal: Applied Economics Letters 
Pages: 919-922 
Issue: 15 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500119096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500119096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kosei Fukuda 
Author-X-Name-First: Kosei 
Author-X-Name-Last: Fukuda 
Title: Forecasting economic time series with measurement error 
Abstract:
  Many variables used in economic forecasting are recorded with measurement
 error (ME). It is therefore found that an autoregressive model without
 exclusion of ME from observed time series may fail to correctly detect any
 periodicity contained and this results in poor forecasting performances.
 The purpose of this paper is to propose a model-selection method for
 forecasting economic time series with ME. In this method the existence or
 nonexistence of ME is determined by evaluating the values of the Akaike
 information criterion (AIC) of a battery of alternative models with and
 without ME. The results of forecasting 26 business cycle indicators in
 Japan are shown in order to demonstrate the efficacy of the proposed
 method. 
Journal: Applied Economics Letters 
Pages: 923-927 
Issue: 15 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500119161 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500119161&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Heaney 
Author-X-Name-First: Richard 
Author-X-Name-Last: Heaney 
Author-Name: Kerry Pattenden 
Author-X-Name-First: Kerry 
Author-X-Name-Last: Pattenden 
Title: Change in unconditional foreign exchange rate volatility: an analysis of the GBP and USD price of the Euro from 2002 to 2003 
Abstract:
  Unconditional foreign exchange rate variance is generally assumed to be
 constant in analysis of foreign exchange rates. It is noted that there is
 evidence of a change in unconditional foreign exchange rate variance
 during the two-year period surrounding the Iraq war, January 2002 to
 December 2003, for the GBP price of the Euro, although not for the USD
 price of the Euro. This has implications for the indiscriminate use of
 models that assume constant unconditional variance, such as the GARCH
 family of models, in the analysis of foreign exchange rates. 
Journal: Applied Economics Letters 
Pages: 929-932 
Issue: 15 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500378189 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378189&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ralf Fendel 
Author-X-Name-First: Ralf 
Author-X-Name-Last: Fendel 
Author-Name: Michael Frenkel 
Author-X-Name-First: Michael 
Author-X-Name-Last: Frenkel 
Title: Monetary policy rules and the information content of the term structure of interest rates 
Abstract:
  The study incorporates information on the term structure of interest
 rates into empirical reaction functions for the Bundesbank and the
 European Central Bank. The results suggest that the term structure played
 a statistically significant role for the monetary policy of both central
 banks. 
Journal: Applied Economics Letters 
Pages: 933-936 
Issue: 15 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500378049 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378049&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Toni Mora 
Author-X-Name-First: Toni 
Author-X-Name-Last: Mora 
Title: Evidencing European regional convergence clubs with optimal grouping criteria 
Abstract:
  Growth literature has considered the existence of groups of economies
 that have been termed convergence clubs. This paper groups European
 regions in order to detect whether the existence of convergence clubs can
 be defended in this context. To this end, we define optimum criteria using
 an inequality measure. Our classification shows stability for extreme
 groups based on a stratification index. Results show evidence in favour of
 the presence of convergence clubs for the backward European regions. 
Journal: Applied Economics Letters 
Pages: 937-940 
Issue: 15 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500119120 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500119120&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Chameni Nembua 
Author-X-Name-First: C. Chameni 
Author-X-Name-Last: Nembua 
Title: A three components subgroup decomposition of the Hirschman-Herfindahl index and household's income inequalities in Cameroon 
Abstract:
  This research proposes a new subgroup decomposition of the
 Hirschman-Herfindahl index (or half the square of the coefficient of
 variation) into three components: the within group, the net between group
 and the transvariational (or overlapping) between group. The approach here
 is similar to the one used by Dagum (1997a, b) when decomposing the Gini
 index. This method is applied to analyse the incomes inequalities in the
 distribution of income among Cameroonian households according to their
 matrimonial status. 
Journal: Applied Economics Letters 
Pages: 941-947 
Issue: 15 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500377959 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500377959&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ben-David Nissim 
Author-X-Name-First: Ben-David 
Author-X-Name-Last: Nissim 
Title: The separation rate cannot be exogenous 
Abstract:
  Many articles that used the matching frame model considered the
 separation rate as an exogenous variable and concentrated on the matching
 process. This assumption is inconsistent with the findings of many
 empirical studies, which indicate that business cycles are driven
 primarily by changes in the separation rate. This study demonstrates that,
 within the matching frame model, given uncertain productivity of newly
 employed workers the separation rate cannot be constant. Any change in the
 asset value of occupied jobs will lead to a change of the separation rate. 
Journal: Applied Economics Letters 
Pages: 949-951 
Issue: 15 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500377918 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500377918&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julio Videras 
Author-X-Name-First: Julio 
Author-X-Name-Last: Videras 
Title: Luck and giving 
Abstract:
  This study finds that individuals who consider themselves lucky in
 finances donate more than individuals who do not consider themselves lucky
 even after controlling for income, wealth and relevant socio-demographic
 variables. 
Journal: Applied Economics Letters 
Pages: 953-956 
Issue: 15 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500366267 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500366267&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Huseyin Kalyoncu 
Author-X-Name-First: Huseyin 
Author-X-Name-Last: Kalyoncu 
Title: Fiscal policy sustainability: test of intertemporal borrowing constraints 
Abstract:
  This paper examines sustainability of the fiscal stances of South Korea,
 Mexico, the Philippines, South Africa and Turkey. Using the usual
 intertemporal borrowing constraint, we have tested for a long-run
 relationship between revenue and expenditure plus interest payments. In
 our empirical analysis of the sustainability of fiscal stances,
 cointegration approaches have been used. Empirical results suggest that
 there exists a unique long-run or equilibrium relationship among variables
 for South Korea and Turkey. The cointegration results suggest that the
 Turkish and South Korean fiscal stances satisfy the weak sustainability
 condition. In the case of Mexico, the Philippines and South Africa
 cointegration results suggest that in these countries the fiscal stance is
 not sustainable (and violates their intertemporal budget constraints) in
 the long run. 
Journal: Applied Economics Letters 
Pages: 957-962 
Issue: 15 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500119104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500119104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Cantarero 
Author-X-Name-First: David 
Author-X-Name-Last: Cantarero 
Title: Decentralization and health care expenditure: the Spanish case 
Abstract:
  This study analyses the evolution of health care expenditure in Spain. A
 panel data model is used to explain the main factors which affect health
 care expenditure in the period 1993-1999. The empirical results show that
 the most important determinant in the explanation of the regional health
 care expenditure is ageing population while other factors such as income
 differences and structural characteristics of the supply variables have
 less importance. 
Journal: Applied Economics Letters 
Pages: 963-966 
Issue: 15 
Volume: 12 
Year: 2005 
X-DOI: 10.1080/13504850500377926 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500377926&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ana Mauleon 
Author-X-Name-First: Ana 
Author-X-Name-Last: Mauleon 
Author-Name: Vincent Vannetelbosch 
Author-X-Name-First: Vincent 
Author-X-Name-Last: Vannetelbosch 
Title: Strategic union delegation and incentives for merger 
Abstract:
  A unionized duopoly model to analyse how unions affect the incentives for
 merger is considered. It is found that both firms will merge if and only
 if unions are weak. However, once surplus-maximizing unions have the
 option to delegate the wage bargaining to wage-maximizing delegates (such
 as senior union members), both firms may have incentives to merge even if
 the union bargaining power is strong. Moreover, the option of strategic
 delegation may harm both the unions and the firms. 
Journal: Applied Economics Letters 
Pages: 1-5 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392206 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392206&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuck Cheong Tang 
Author-X-Name-First: Tuck Cheong 
Author-X-Name-Last: Tang 
Title: The influences of economic openness on Japan's balancing item: an empirical note 
Abstract:
  Exploring the factors influencing the balancing item of balance of
 payments accounts has seldom been a subject of research in international
 economics. Following Brooks and Fausten (1998), and using Japan's data,
 this study has empirically examined the influences of economic openness on
 balancing item. The results of subset VAR (Vector Autoregression)
 approach, Granger causality test, impulse responses function, and variance
 decomposition have showed that, to a certain extent, economic openness
 does influence the behaviour of Japan's balancing item. 
Journal: Applied Economics Letters 
Pages: 7-10 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500119146 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500119146&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Author-Name: Russell Smyth 
Author-X-Name-First: Russell 
Author-X-Name-Last: Smyth 
Title: Do governments lead or lag in fighting crime? 
Abstract:
  We examine the Granger causal relationship between police strength and a
 variety of different types of crime for South Australia. We find that with
 the exception of assault and homicide in the long run, the crime rate and
 police strength are neutral. 
Journal: Applied Economics Letters 
Pages: 11-15 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500119179 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500119179&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Fritsch 
Author-X-Name-First: Michael 
Author-X-Name-Last: Fritsch 
Author-Name: Andreas Stephan 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Stephan 
Title: Measuring performance heterogeneity within groups - a two-dimensional approach 
Abstract:
  We introduce a two-dimensional measure for the heterogeneity of
 performance within groups. It leads to a much more differentiated
 description of heterogeneity than alternative measures and it is
 relatively robust with regard to extreme values of small units
 ('outliers'). 
Journal: Applied Economics Letters 
Pages: 17-20 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500119187 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500119187&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Murat Isik 
Author-X-Name-First: Murat 
Author-X-Name-Last: Isik 
Title: Implications of alternative stochastic processes for investment in agricultural technologies 
Abstract:
  Considerable research and analyses exist concerning applying the option
 value to investment decisions. A model has been developed to examine the
 extent to which two alternative stochastic processes, geometric Brownian
 motion (GBM) and mean reversion, have impacts on investment decisions. The
 results show that the impacts of uncertainty and irreversibility on
 investment decisions differ under GBM and mean reversion. Studies that
 assume the returns evolve as GBM without drift would overestimate the
 value of the investment opportunity, while they would underestimate it if
 they assume the returns follow GBM with drift. The magnitude of error one
 could make by using GBM when the returns follow mean reversion is high. 
Journal: Applied Economics Letters 
Pages: 21-27 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500378205 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378205&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Bishop 
Author-X-Name-First: Paul 
Author-X-Name-Last: Bishop 
Author-Name: Peter Gripaios 
Author-X-Name-First: Peter 
Author-X-Name-Last: Gripaios 
Title: Earnings convergence in UK counties: a distribution dynamics approach 
Abstract:
  This study applies a distribution dynamics approach to examining the
 evolution of average earnings of UK counties. An analysis of both
 transition probability matrices and stochastic kernels suggests
 considerable persistence in the overall distribution rather than economic
 convergence. However, there is evidence of a large number of counties
 congregating at the lower end of the distribution reflecting some downward
 mobility from the middle. Spatial effects are also important with counties
 in the South East appearing to gravitate towards the upper end of the
 distribution. The analysis reveals a more complex pattern of dynamics than
 is typically apparent from &#x3b2; regression approaches. 
Journal: Applied Economics Letters 
Pages: 29-33 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500188588 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500188588&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sheila Amin Gutierrez de Pineres 
Author-X-Name-First: Sheila Amin Gutierrez 
Author-X-Name-Last: de Pineres 
Title: What a difference a source makes! An analysis of export data 
Abstract:
  This study examines real export data from two common sources: IMF and UN
 Commodity Trade Statistics to determine the comparability of these data in
 level and percentage change form, and if the export-led growth models are
 robust to the data source. Additionally, the comparability of the data
 deflated at a disaggregated level data or by a single export unit price
 index is examined. The results reveal that the data are neither comparable
 nor in a number of cases, correlated, suggesting that much of the debate
 regarding export led growth is fuelled by data choice and methodology of
 deflation. 
Journal: Applied Economics Letters 
Pages: 35-39 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500378122 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378122&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yun-Huan Lee 
Author-X-Name-First: Yun-Huan 
Author-X-Name-Last: Lee 
Author-Name: Tsai-Hung Fan 
Author-X-Name-First: Tsai-Hung 
Author-X-Name-Last: Fan 
Title: Bootstrapping prediction intervals on stochastic volatility models 
Abstract:
  The parametric bootstrap method is applied to derive the prediction
 intervals for stochastic volatility models. The study adopts the
 parameters estimation developed by So et al. (1997) and proves the
 validity of the proposed bootstrap procedure for this process. The basic
 stochastic volatility model specifies the mean equation with standard
 normal error. It is found, via simulation study, that the same algorithm
 can be employed to the model with heavy-tailed innovations, which
 demonstrates the potential of the bootstrap techniques. This methodology
 is also applied to a real data example to predict the daily observations
 on the S&P 500 index and the results confirm that our interval predictions
 are satisfactory. 
Journal: Applied Economics Letters 
Pages: 41-45 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500377967 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500377967&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Granero 
Author-X-Name-First: Luis 
Author-X-Name-Last: Granero 
Author-Name: Juan Carlos Reboredo 
Author-X-Name-First: Juan Carlos 
Author-X-Name-Last: Reboredo 
Title: Competition and R&D in retail banking under expense preference behaviour 
Abstract:
  Cost-reducing R&D activities are examined in the context of a retail
 banking sector where some entities exhibit an expense preference. The
 results reveal that the effects from R&D interact with the effects in the
 previous literature in shaping the equilibrium configuration. 
Journal: Applied Economics Letters 
Pages: 47-50 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500378098 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378098&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Meng-Shiuh Chang 
Author-X-Name-First: Meng-Shiuh 
Author-X-Name-Last: Chang 
Author-Name: Teng-Yuan Hu 
Author-X-Name-First: Teng-Yuan 
Author-X-Name-Last: Hu 
Title: Scale of variance, unit of data and the power of unit root tests under structural changes - a strategy for analysing Nelson-Plosser data 
Abstract:
  Lee and Strazicich (LS) designed a state-of-the-art statistic for testing
 for a unit root under structural changes. Using Monte Carlo experiments on
 the Nelson and Plosser data, this present study analyses the effects of
 scale of variance and data unit on the size-adjusted power of the LS unit
 root test. It is found that under the null and the alternative hypotheses
 of unit root shifts from right to left, the goodness of fit of the
 statistic worsens, and the power increases systematically when the scale
 of variance increases from 0.01 w to w and from w to 100 w (w being a
 weighting factor). The power increases when the data unit is reduced to
 one tenth and per cent (i.e. one hundredth) except for the Industrial
 Production Index, Total Unemployment Rate and Nominal Wages. To achieve
 the goal of higher power and better goodness of fit in the LS test,
 results suggest using the original variance rather than the best
 goodness-of-fit variance, changing the data unit to per cent, or using a
 mixed strategy selecting the data unit corresponding to a higher power for
 each data series. 
Journal: Applied Economics Letters 
Pages: 51-56 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500378213 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378213&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Georg Muller 
Author-X-Name-First: Georg 
Author-X-Name-Last: Muller 
Author-Name: Mark Bergen 
Author-X-Name-First: Mark 
Author-X-Name-Last: Bergen 
Author-Name: Shantanu Dutta 
Author-X-Name-First: Shantanu 
Author-X-Name-Last: Dutta 
Author-Name: Daniel Levy 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Levy 
Title: Private label price rigidity during holiday periods 
Abstract:
  Using weekly retail transaction scanner price data from a large US
 supermarket chain, significantly higher retail price rigidity is found for
 private label products than for nationally branded products during the
 Christmas and Thanksgiving holiday periods relative to the rest of the
 year. The finding cannot be explained by changes in holiday period
 promotional practices because it is found that private label promotions
 appear to diminish at least as much as national brands. The increased
 rigidity of private label products relative to national brands is only
 partially accounted for by increased rigidity of wholesale prices. After
 ruling out other potential explanations, it is suggested that the higher
 private label price rigidity might be due to the increased emphasis on
 social consumption during holiday periods, raising the customers' value of
 nationally branded products relative to the private labels. 
Journal: Applied Economics Letters 
Pages: 57-62 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500378247 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378247&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. Badri Narayanan 
Author-X-Name-First: G. Badri 
Author-X-Name-Last: Narayanan 
Title: Effects of trade liberalization on firm profits and social welfare: the role of technology 
Abstract:
  The objective of this study is to analyse the effects of trade
 liberalization on profits of a capital-intensive exporting country and a
 labour-intensive one with different cost functions and the welfare of the
 importing country under an oligopolistic competition framework. The
 results show that output is increasing in the degree of trade
 liberalization and price falls with it. However, the effects of freer
 trade on profits of the exporting countries are ambiguous and depend on
 the net gains in profit from free trade. Given the same level of output
 for both countries, a suffciently high output would bring more profits to
 the capital-intensive country than to the labour-intensive country.
 Welfare of the importing country, at least within this framework, is
 increasing in the degree of trade liberalization, provided that the
 initial level of restrictions in trade are not too high. 
Journal: Applied Economics Letters 
Pages: 63-66 
Issue: 1 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392263 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392263&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Murat Isik 
Author-X-Name-First: Murat 
Author-X-Name-Last: Isik 
Title: An experimental analysis of impacts of uncertainty and irreversibility on willingness-to-pay 
Abstract:
  Several empirical studies demonstrated large discrepancies between
 willingness-to-accept and willingness-to-pay measures. This paper uses an
 experimental method to determine the extent to which uncertainty about the
 value of the environmental improvement and the irreversibility of the
 decision affects the willingness-to-pay to preserve an endangered species.
 The results show that risk preferences, uncertainty about environmental
 improvements, and irreversibility significantly influence the
 willingness-to-pay measure. These results have implications for design and
 implementation of contingent valuation surveys. 
Journal: Applied Economics Letters 
Pages: 67-72 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/135054850500119203 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135054850500119203&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jai Mah 
Author-X-Name-First: Jai 
Author-X-Name-Last: Mah 
Title: ITC decisions on antidumping duties under the WTO 
Abstract:
  This study reveals the determinants of injury decisions on antidumping
 duties under the WTO system using US data. The empirical evidence reveals
 that all commissioners consider the changes in profits of concerned
 industries seriously. Changes in profits/sales ratio influence the
 behaviour of a few commissioners. Changes in other factors illustrated in
 the Antidumping Code, the macroeconomic situation and the President's term
 do not influence commissioners' voting behaviour; nor are country effects
 found. 
Journal: Applied Economics Letters 
Pages: 73-76 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500378288 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378288&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeremy Verlinda 
Author-X-Name-First: Jeremy 
Author-X-Name-Last: Verlinda 
Title: A comparison of two common approaches for estimating marginal effects in binary choice models 
Abstract:
  Two approaches for estimating marginal effects are examined: conditioning
 on sample means and averaging across observations. The difference between
 the two quantities are signed and it is found that the magnitude increases
 with both the slope parameters and the covariates' variability. 
Journal: Applied Economics Letters 
Pages: 77-80 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392149 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392149&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuck Cheong Tang 
Author-X-Name-First: Tuck Cheong 
Author-X-Name-Last: Tang 
Title: Japan's balancing item: do timing errors matter? 
Abstract:
  This study aims to answer the question of whether Japan's balancing item
 patterns are a matter of timing errors or not. Using time series
 econometrics techniques, and the components of balance of payments
 accounts, this study provides an empirical answer that Japan's balancing
 item pattern is essentially due to timing errors. 
Journal: Applied Economics Letters 
Pages: 81-87 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500378718 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378718&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank Westerhoff 
Author-X-Name-First: Frank 
Author-X-Name-Last: Westerhoff 
Title: Samuelson's multiplier-accelerator model revisited 
Abstract:
  As demonstrated by Samuelson, the interplay between the multiplier
 analysis and the principle of acceleration may generate temporary business
 cycles. We extend Samuelson's seminal framework in the sense that
 investors now apply a nonlinear mix of extrapolative and regressive
 expectation formation rules to predict changes in national income. As it
 turns out, the emergence of booms and slumps may depend on the sentiment
 of the investors. If they are optimistic (pessimistic), the economy
 performs well (badly). Moreover, the model produces sustained and
 intricate fluctuations in economic activity for realistic values of the
 marginal propensity to consume and the capital to output ratio. 
Journal: Applied Economics Letters 
Pages: 89-92 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500390663 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500390663&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zouhaier M'Chirgui 
Author-X-Name-First: Zouhaier 
Author-X-Name-Last: M'Chirgui 
Author-Name: Walid Hichri 
Author-X-Name-First: Walid 
Author-X-Name-Last: Hichri 
Title: Horizontal merger in bilaterally duopolistic industries with differentiated products 
Abstract:
  The purpose of this paper is to focus on the strategic decision as to
 whether or not merger is profitable according to the degree of final
 product differentiation in bilaterally duopolistic industries. We find
 that, under some conditions on the factor of substitution, a horizontal
 merger is profitable. 
Journal: Applied Economics Letters 
Pages: 93-95 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500390747 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500390747&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Florine Livat 
Author-X-Name-First: Florine 
Author-X-Name-Last: Livat 
Author-Name: Nicolas Vaillant 
Author-X-Name-First: Nicolas 
Author-X-Name-Last: Vaillant 
Title: Expert opinion and brand reputation: an analysis from a French Cuban cigars guidebook 
Abstract:
  The role of expert opinion and its ability to reflect true quality are
 discussed. If the expert is theoretically expected to make objective
 decisions, the empirical evidence does not enable clear answers to be
 established. Using data from the 32 Cuban brands commercialized in France
 in the years 2000 to 2003, we estimate experts' rating hedonic equations.
 Our results show that the quality of the cigar, measured with a note coded
 on a scale of 1 to 5, is independent of its price but is linked to its
 physical attributes. Moreover, these 'objective' characteristics play an
 increasing role over time. Finally, it appears that some brands are
 favourably considered. 
Journal: Applied Economics Letters 
Pages: 97-100 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500390564 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500390564&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Rodriguez Andres 
Author-X-Name-First: Antonio Rodriguez 
Author-X-Name-Last: Andres 
Title: Software piracy and income inequality 
Abstract:
  We investigate the extent to which income inequality influences national
 piracy rates across a sample of 34 countries. Economic inequality seems to
 have a negative significant effect on national rates of piracy. Consistent
 with previous studies, we also find that judicial efficiency affects
 piracy rates. Additionally, research results show that income and
 education are not important determinants of piracy rates. 
Journal: Applied Economics Letters 
Pages: 101-105 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500390374 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500390374&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Massimiliano Mazzanti 
Author-X-Name-First: Massimiliano 
Author-X-Name-Last: Mazzanti 
Author-Name: Anna Montini 
Author-X-Name-First: Anna 
Author-X-Name-Last: Montini 
Title: The determinants of residential water demand: empirical evidence for a panel of Italian municipalities 
Abstract:
  We present empirical evidence on the determinants of residential water
 demand for one Italian region, Emilia-Romagna, by using municipal panel
 data. The estimated water demand price elasticity is negative, showing
 values between -0.99 and -1.33, never significantly different from one, if
 we consider different specifications without and with additional
 socio-economic factors. Income results associated to a positive
 elasticity, though lower than one. The role of other socio-economic
 territory-specific determinants is less relevant, with the exception of
 altitude. The relative high value of price elasticity is deemed consistent
 with the higher level of regional water prices compared to the national
 average. 
Journal: Applied Economics Letters 
Pages: 107-111 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500390788 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500390788&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephane Mussard 
Author-X-Name-First: Stephane 
Author-X-Name-Last: Mussard 
Author-Name: Nicolas Peypoch 
Author-X-Name-First: Nicolas 
Author-X-Name-Last: Peypoch 
Title: On multi-decomposition of the aggregate Luenberger productivity index 
Abstract:
  The purpose of this note is twofold. First, it proposes a
 multi-decomposition of the Luenberger productivity index, that is, a
 combined decomposition both by attribute, which is characterized by
 technical change or efficiency change, and by firm. Second, it applies
 this technique to the European Union to measure the most important
 contributions to European productivity. 
Journal: Applied Economics Letters 
Pages: 113-116 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500378312 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378312&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Byung In Lim 
Author-X-Name-First: Byung In 
Author-X-Name-Last: Lim 
Author-Name: Jin Kwon Hyun 
Author-X-Name-First: Jin Kwon 
Author-X-Name-Last: Hyun 
Title: Comparative analysis of the effective income tax function: empirical evidence using LIS data 
Abstract:
  The effective income tax function is a useful and practical method to
 analyse the relationship between income and tax amounts. It includes
 measures of tax progressivity, the maximum effective tax rate, and the
 horizontal inequity. The effective income tax function was estimated
 statistically using the seven countries of LIS datasets and Korean data.
 The estimated maximum effective tax rate is less than or very close to its
 maximum statutory marginal tax rate, except for Norway and Korea. This
 implies that estimation of the effective tax function is of great use and
 significance in evaluating the charateristics of income tax law. The mean
 squared error from the effective income tax function can be used to
 represent the degree of horizontal inequity as a 'quick' measure. 
Journal: Applied Economics Letters 
Pages: 117-121 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500378262 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378262&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariano Matilla-Garcia 
Author-X-Name-First: Mariano 
Author-X-Name-Last: Matilla-Garcia 
Title: Are trading rules based on genetic algorithms profitable? 
Abstract:
  In this letter the profitability of a simple trading rule based upon
 genetic algorithms has been investigated. The referred technical trading
 rule has been contrasted in four different sample periods of the Spanish
 stock market index known as IBEX-35. Results suggest that in general the
 profitability of the simple trading rule is superior to the buy-and-hold
 strategy. This conclusion is clearer in 'bull', 'bear' and 'volatile'
 market episodes. These results can be compared with those that apply
 artificial neural networks as simple trading strategies to the general
 index of Madrid. 
Journal: Applied Economics Letters 
Pages: 123-126 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392321 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392321&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Geisler 
Author-X-Name-First: Michael 
Author-X-Name-Last: Geisler 
Author-Name: Harald Wiese 
Author-X-Name-First: Harald 
Author-X-Name-Last: Wiese 
Title: Entry deterrence in the Schmalensee-Salop model 
Abstract:
  The question of entry deterrence in a Schmalensee type product
 differentiation market, that is in a market that can be depicted by a
 circle with circumference of 1, is investigated. It is normally assumed
 that incumbent firms or brands locate equidistantly whereas an entrant
 settles exactly in the middle between two firms. For questions of entry
 deterrence it has become customary to treat the n + 1 model with n
 incumbents and one entrant as if there were 2n firms located
 equidistantly. For this to hold, strong assumptions are needed. Using the
 Salop specification of the Schmalensee model, but without these strong
 assumptions, the number of entry deterring firms is calculated. 
Journal: Applied Economics Letters 
Pages: 127-130 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Cajueiro 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Cajueiro 
Author-Name: Benjamin Tabak 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Tabak 
Title: The long-range dependence phenomena in asset returns: the Chinese case 
Abstract:
  This paper studies the segmented structure of the Chinese stock market,
 which is a unique opportunity to investigate the possible sources of the
 long-range dependence phenomena in asset returns. Using the Hurst's
 exponent evaluated by the Local Whittle method as the measure of
 long-range dependence, evidence is found supporting that while type B
 shares present strong evidence of the long-range dependence phenomena,
 type A shares present only weak evidence of such dependence. This result
 suggests that liquidity and information transmission play a role in
 explaining results of market efficiency tests. 
Journal: Applied Economics Letters 
Pages: 131-133 
Issue: 2 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392214 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392214&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Davide Furceri 
Author-X-Name-First: Davide 
Author-X-Name-Last: Furceri 
Title: Does labour respond to cyclical fluctuations? The case of Italy 
Abstract:
  The aim of this paper is to analyse whether labour mobility is likely to
 act as a sufficient adjustment mechanism in the face of asymmetric shocks
 in Italy. In particular, the paper examines if the interregional migration
 responds, among other factors, also to the GDP's regional cyclical
 component. The results show that interregional labour mobility appears to
 respond adequately to current and past cyclical fluctuations. 
Journal: Applied Economics Letters 
Pages: 135-139 
Issue: 3 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392925 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392925&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Author-Name: John Byrne 
Author-X-Name-First: John 
Author-X-Name-Last: Byrne 
Title: A citation analysis of ARC Discovery and Linkage grant investigators in economics and finance 
Abstract:
  This study has explored whether recipients of 2004 ARC grants have
 different citation track records across Discovery and Linkage grants.
 Consistent with track record having a higher weighting in the Discovery
 grants the results indicate that Discovery grant recipients have
 statistically significantly higher citation counts than Linkage grant
 recipients. 
Journal: Applied Economics Letters 
Pages: 141-146 
Issue: 3 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500394244 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500394244&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Connie Bayudan 
Author-X-Name-First: Connie 
Author-X-Name-Last: Bayudan 
Title: Portfolio decomposition and intrahousehold environments: evidence from Bangladesh 
Abstract:
  Using a survey data from Bangladesh, this paper employs a simple
 decomposition method to investigate the possible role of inequality in
 husband and wife's portfolio holdings to various intrahousehold issues.
 Results indicate that wives' intrahousehold environments are affected more
 by their portfolio than by their husband's asset and income holdings.
 Wives who have inherited plots from their parents-in-law appear to belong
 to the better off group as well. 
Journal: Applied Economics Letters 
Pages: 147-152 
Issue: 3 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500393295 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500393295&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saralees Nadarajah 
Author-X-Name-First: Saralees 
Author-X-Name-Last: Nadarajah 
Author-Name: Samuel Kotz 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Kotz 
Title: On the ratio of gamma and levy random variable 
Abstract:
  The exact distribution of the ratio X/Y is derived when X and Y are gamma
 and Levy random variables distributed independently of each other.
 Extensive tabulations of the associated percentage points are also given. 
Journal: Applied Economics Letters 
Pages: 153-157 
Issue: 3 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392297 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392297&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariam Camarero 
Author-X-Name-First: Mariam 
Author-X-Name-Last: Camarero 
Author-Name: Josep Lluis Carrion-i-Silvestre 
Author-X-Name-First: Josep Lluis 
Author-X-Name-Last: Carrion-i-Silvestre 
Author-Name: Cecilio Tamarit 
Author-X-Name-First: Cecilio 
Author-X-Name-Last: Tamarit 
Title: Short-term modified Phillips curves for the accession countries 
Abstract:
  This study uses NAIRU short-term measures obtained using univariate
 methods as a basis to analyse inflation developments in the eight Central
 and Eastern European Countries (CEECs) that joined the European Union in
 2004 during the transition process. The results point to the role of
 short-term NAIRU as an attractor and support a shifting natural rate
 hypothesis for unemployment in these countries. 
Journal: Applied Economics Letters 
Pages: 159-162 
Issue: 3 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500394277 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500394277&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkan Erdil 
Author-X-Name-First: Erkan 
Author-X-Name-Last: Erdil 
Title: Demand systems for agricultural products in OECD countries 
Abstract:
  This study concerned with the estimation of demand systems for
 agricultural products in OECD countries. Three representatives demand
 systems with their extensions, namely the Rotterdam Model, An Almost Ideal
 Demand System (AIDS), and CBS model are used. These models are estimated
 by Seemingly Unrelated Regression (SUR) method. The procedures to estimate
 demand systems suggest significant empirical regularities for agricultural
 products in OECD countries. The study also applies a procedure for model
 selection. This procedure implies the superiority of AIDS and CBS models
 over the Rotterdam model. The main contribution of this study is to model
 demand for agricultural products over a wide array of items and across
 large number of countries. 
Journal: Applied Economics Letters 
Pages: 163-169 
Issue: 3 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500393386 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500393386&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Halloran 
Author-X-Name-First: John 
Author-X-Name-Last: Halloran 
Title: The 2002 Farm Bill commodity programs: a tool for improving rotation crop profitability and reducing risk in potato cropping systems 
Abstract:
  The Farm Security and Rural Investment Act ('Farm Bill') of 2002 has
 modified the provisions under Title 1 (Commodity Programs) regarding
 commodity eligibility. Concurrently, potato producers in Maine have
 expanded their use of program crops as rotations in potato cropping
 systems. These changes could affect the economic viability of the potato
 cropping system. An economic simulation model using budgeting techniques
 that incorporate stochastic elements to measure risk was developed to
 evaluate profitability and income risk of four cropping systems with and
 without participation in the 2002 Farm Bill. The four systems modeled were
 barley-potato, canola-potato, corn-potato, and soybean-potato.
 Participation in the 2002 Farm Act's commodity support programs increases
 the profitability of each cropping system, ranging from $26.00/acre for
 canola-potato to $122.00/acre for corn-potato. The use of stochastic
 dominance criteria shows that participation is more risk-efficient than
 non-participation. Furthermore, two measures of income risk - coefficient
 of variation and probability of loss - are also reduced with
 participation. For those growers using program crops in rotation with
 potatoes, participation in the commodity programs is a valuable tool to
 improve economic viability and reduce risk. 
Journal: Applied Economics Letters 
Pages: 171-175 
Issue: 3 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500393188 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500393188&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyeon-Seung Huh 
Author-X-Name-First: Hyeon-Seung 
Author-X-Name-Last: Huh 
Title: A forecast based NAIRU measure of the US 
Abstract:
  This paper proposes a method to estimate the NAIRU for the U.S. It shares
 the notion of Estrella and Mishkin (1999) that defines the NAIRU as a
 leading indicator of inflation changes over the policy horizon. Our
 alternative construction offers a more theoretically sound and practically
 useful estimate of the NAIRU. 
Journal: Applied Economics Letters 
Pages: 177-182 
Issue: 3 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392941 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392941&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jerome Creel 
Author-X-Name-First: Jerome 
Author-X-Name-Last: Creel 
Title: The 'price puzzle', once more 
Abstract:
  The VAR monetary literature has long exhibited a 'price puzzle': after a
 positive innovation on the policy interest rate, the price level tends to
 increase rather than to decrease. This paper shows that introducing fiscal
 data (primary surplus and net debt) proves fruitful in a VAR model also
 featuring the output gap, the inflation rate and the nominal short-term
 interest rate: the 'price puzzle' vanishes. 
Journal: Applied Economics Letters 
Pages: 183-187 
Issue: 3 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392867 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392867&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kam-Ki Tang 
Author-X-Name-First: Kam-Ki 
Author-X-Name-Last: Tang 
Title: The wealth effect of housing on aggregate consumption 
Abstract:
  This study measures the effect of changes in net housing and financial
 wealth on household consumption using Australian data over the period
 Q2:1988-Q1:2003. It is found a permanent one dollar rise in housing wealth
 leads to a six cent increase in consumption, three times the effect of
 financial wealth. The result speaks strongly against the notion of assets
 fungibility, and suggests that a sharp movement in house prices is
 potentially more disruptive than a corresponding movement in financial
 asset prices. 
Journal: Applied Economics Letters 
Pages: 189-193 
Issue: 3 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500391075 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500391075&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Claudio Bonilla 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Bonilla 
Author-Name: Rafael Romero-Meza 
Author-X-Name-First: Rafael 
Author-X-Name-Last: Romero-Meza 
Author-Name: Melvin Hinich 
Author-X-Name-First: Melvin 
Author-X-Name-Last: Hinich 
Title: Episodic nonlinearity in Latin American stock market indices 
Abstract:
  This letter applies the Hinich portmanteau bicorrelation test jointly
 with the windowed testing procedure to detect nonlinear behaviour in the
 rate of returns series for seven Latin American stock market indices. Our
 results suggest that the nonlinear serial dependencies are episodic in
 nature. All the stock returns series are characterized by few brief
 periods of highly significant nonlinearity, followed by long time periods
 in which the returns follow a pure noise process. Our findings help
 explain why there are difficulties in forecasting asset returns. 
Journal: Applied Economics Letters 
Pages: 195-199 
Issue: 3 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392750 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392750&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Johnson 
Author-X-Name-First: Paul 
Author-X-Name-Last: Johnson 
Title: Is it really the Fisher effect? 
Abstract:
  Many researchers have used a cointegration approach to test for the
 Fisher effect. This note argues that the cointegration of the nominal
 interest rate and the inflation rate is consistent with any theory
 implying a stationary ex post real interest rate and so is not a
 sufficient condition for the Fisher effect to hold. The sufficient
 condition is the unpredictability of the inflation forecast error implied
 by the nominal interest rate and this condition may be tested using the
 signal extraction framework of Durlauf and Hall (1988, 1989). 
Journal: Applied Economics Letters 
Pages: 201-203 
Issue: 4 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500396264 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500396264&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Evangelia Papapetrou 
Author-X-Name-First: Evangelia 
Author-X-Name-Last: Papapetrou 
Title: The unequal distribution of the public-private sector wage gap in Greece: evidence from quantile regression 
Abstract:
  Quantile regression analysis is used to estimate the public-private
 sector wage differential in Greece. The results suggest that wage
 differences between sectors are mainly attributed to the employee's
 endowment. The decomposition of the wage differential shows that the
 endowment component (characteristics differential) increases as we move up
 to the upper quantiles and the unobserved components decrease at higher
 quantiles. (The views expressed in this paper are those of the author and
 not those of the Bank of Greece.) 
Journal: Applied Economics Letters 
Pages: 205-210 
Issue: 4 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500393063 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500393063&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christophe Blot 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Blot 
Author-Name: Francisco Serranito 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Serranito 
Title: Convergence of fiscal policies in EMU: a unit-root tests analysis with structural break 
Abstract:
  The aim of this study is first to determine whether the fiscal policy
 among EMU countries have converged and then to identify the source of the
 convergence process. The convergence of fiscal policies was at the core of
 the fiscal criteria imposed by the Maastricht treaty but it may also have
 resulted from the economic and financial integration that preceded the
 Treaty. Some unit-root tests are implemented on the cross-country variance
 for various fiscal policy indicators where a break in the intercept and
 the trend is allowed to catch whether the convergence is due to
 institutional arrangements or to economic integration. We conclude that
 the fiscal position has converged but the break date, selected before
 1992, indicates that the convergence process preceded the Maastricht
 treaty. Considering the fiscal receipts, the hypothesis of convergence is
 accepted only when they are adjusted from the cyclical component. The
 convergence of fiscal expenditures is finally clearly rejected. 
Journal: Applied Economics Letters 
Pages: 211-216 
Issue: 4 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500396009 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500396009&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Title: A game theoretic analysis of tariffs, dynamic inconsistency, resource conservation, and trade 
Abstract:
  Batabyal and Beladi (2004) have used a game model to study trade in a
 renewable resource between a single buyer and a single seller. The buyer
 uses a unit tariff to obliquely encourage conservation of the renewable
 resource and the entire harvest from the resource is exported to the
 importing nation. In this setting, it is shown that the efficacy of the
 unit tariff in promoting conservation depends crucially on whether
 harvesting costs are stock dependent or independent. When harvesting costs
 are stock independent (dependent), the optimal open loop unit tariff is
 time consistent (inconsistent). Does this result hold when the buyer and
 the seller consume a portion of the harvest from this resource? It is
 shown that the Batabyal and Beladi result holds even when there is
 domestic consumption of a portion of the harvest in the exporting country.
 The study concludes by discussing the implications of this finding for
 renewable resource conservation in general. 
Journal: Applied Economics Letters 
Pages: 217-222 
Issue: 4 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500395969 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500395969&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nezir Kose 
Author-X-Name-First: Nezir 
Author-X-Name-Last: Kose 
Author-Name: Nuri Ucar 
Author-X-Name-First: Nuri 
Author-X-Name-Last: Ucar 
Title: Effect of cross correlations in error terms on the model selection criteria for the stationary VAR process 
Abstract:
  In this paper we investigate the finite sample properties of several
 model selection criteria in case of bivariate Vector AutoRegressions
 (VARs) of order one and two by a simulation study, particularly focusing
 on the effects of the degree of cross correlation in the error terms in
 combination with the values of more or less extreme values of the
 characteristic roots of the VAR-process. The Monte Carlo experiments show
 that the degree of cross correlation has an influence on the model
 selection criteria. 
Journal: Applied Economics Letters 
Pages: 223-228 
Issue: 4 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500392974 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500392974&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yoshihiko Tsukuda 
Author-X-Name-First: Yoshihiko 
Author-X-Name-Last: Tsukuda 
Author-Name: Tatsuyoshi Miyakoshi 
Author-X-Name-First: Tatsuyoshi 
Author-X-Name-Last: Miyakoshi 
Title: Practical illustrations of the two recent contributions to stochastic frontier models 
Abstract:
  In a recent year, the conditional expectation for technical inefficiency
 (i.e., the predictor) in stochastic frontier production models and its
 confidence interval are proved to be increasing in the individual firm's
 inefficiency effect, which is defined as the mean of the normal
 distribution that is truncated at zero. This paper illustrates how the two
 recent contributions work in practice and how these findings are
 significant, by using the Battese and Coelli (1995) type specification and
 giving an empirical study on the Japanese pharmaceutical industry. 
Journal: Applied Economics Letters 
Pages: 229-233 
Issue: 4 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500393022 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500393022&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imed Drine 
Author-X-Name-First: Imed 
Author-X-Name-Last: Drine 
Author-Name: Christophe Rault 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Rault 
Title: Testing for inflation convergence between the Euro Zone and its CEE partners 
Abstract:
  Inflation convergence between the Euro Zone and its CEE partners is
 investigated using panel data methods that incorporate structural shifts.
 Strong rejections of the unit root hypothesis are found, and therefore
 evidence of PPP, in the East-European countries for the 1995:1 to 2000:4
 period. 
Journal: Applied Economics Letters 
Pages: 235-240 
Issue: 4 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500396322 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500396322&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chanjin Chung 
Author-X-Name-First: Chanjin 
Author-X-Name-Last: Chung 
Title: Quality bias in price elasticity 
Abstract:
  This article examines the potential quality bias in price elasticities in
 cross-sectional demand analysis and develops a framework that can be used
 to avoid this problem. Both analytical and empirical results indicate that
 ignoring quality adjustment in either prices or quantities can cause
 biased price elasticities, which may lead to erroneous marketing decisions
 and policy implications. 
Journal: Applied Economics Letters 
Pages: 241-245 
Issue: 4 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500395316 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500395316&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsungwu Ho 
Author-X-Name-First: Tsungwu 
Author-X-Name-Last: Ho 
Author-Name: Ho-Chuan Huang 
Author-X-Name-First: Ho-Chuan 
Author-X-Name-Last: Huang 
Title: The smooth-saving-retention-coefficient with country-size 
Abstract:
  The study uses data on 14 countries (Taylor, 1994) to investigate if the
 saving-retention coefficient varies with country size. A novel
 semiparametric smooth-coefficient approach of Koop and Tobias (2005) is
 employed to make posterior inference via the Gibbs sampler algorithm.
 Empirical results show an overwhelming evidence in support of a positive
 (nonlinear) relationship between the saving-retention coefficient and
 country size. 
Journal: Applied Economics Letters 
Pages: 247-250 
Issue: 4 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500396165 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500396165&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Haan 
Author-X-Name-First: Peter 
Author-X-Name-Last: Haan 
Title: Much ado about nothing: conditional logit vs. random coefficient models for estimating labour supply elasticities 
Abstract:
  This study compares several specifications of discrete choice labour
 supply estimations on basis of the German Socio Economic Panel. The
 results suggest that despite the restrictive assumptions of the error
 terms the conditional logit model provides an adequate model choice for
 the analysis of labour supply functions. Significance tests, which are
 based on bootstrapped confidence intervals, show that labour supply
 elasticities derived within the conditional logit model do not
 significantly differ from elasticities derived in flexible random
 coefficient models. 
Journal: Applied Economics Letters 
Pages: 251-256 
Issue: 4 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500396348 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500396348&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. C. -L. Chian 
Author-X-Name-First: A. C. -L. 
Author-X-Name-Last: Chian 
Author-Name: E. L. Rempel 
Author-X-Name-First: E. L. 
Author-X-Name-Last: Rempel 
Author-Name: F. A. Borotto 
Author-X-Name-First: F. A. 
Author-X-Name-Last: Borotto 
Author-Name: C. Rogers 
Author-X-Name-First: C. 
Author-X-Name-Last: Rogers 
Title: An example of intermittency in nonlinear economic cycles 
Abstract:
  Intermittent behaviour of economic dynamics is studied by a nonlinear
 model of business cycles. Numerical simulations show that after an
 economic system evolves from order to chaos, the system keeps its memory
 before the transition and its time series alternates episodically between
 periods of low-level (quiescent) and high-level (bursting) activities.
 This model of economic intermittency exhibits power-law spectrum similar
 to the nonlinear time series observed in financial markets. 
Journal: Applied Economics Letters 
Pages: 257-263 
Issue: 4 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500394335 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500394335&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: The power of single equation tests for cointegration 
Abstract:
  In recent research, Kanioura and Turner (2005) have proposed an F-test
 for cointegration based upon the joint significance of the level terms in
 an error correction model. In the present study, the analysis of this test
 is extended via comparison with the GLS-based cointegration test of Perron
 and Rodriguez (mimeo, 2001). The simulation evidence presented indicates
 that for the data generation process considered by Kanioura and Turner,
 the F-test possesses greater power than both the Engle-Granger and the
 GLS-based cointegration tests. An empirical examination of the
 relationship between UK non-durable consumers' expenditure and disposable
 income illustrates the findings of the simulation analysis, with the
 F-test alone able to reject the null of no cointegration between the
 series. 
Journal: Applied Economics Letters 
Pages: 265-267 
Issue: 5 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500398534 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500398534&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jorg Borrmann 
Author-X-Name-First: Jorg 
Author-X-Name-Last: Borrmann 
Author-Name: Jorg Finsinger 
Author-X-Name-First: Jorg 
Author-X-Name-Last: Finsinger 
Title: An alternative way of determining the range of Averch and Johnson's Lagrange multiplier: a note 
Abstract:
  In this note, an alternative method is developed for determining the
 range of values assumed by the Lagrange multiplier of Averch and Johnson's
 constrained maximization problem. By assuming that the regulated firm's
 profit function is single-peaked, the approach is rather general. 
Journal: Applied Economics Letters 
Pages: 269-271 
Issue: 5 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500393907 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500393907&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mari Kan 
Author-X-Name-First: Mari 
Author-X-Name-Last: Kan 
Author-Name: Wataru Suzuki 
Author-X-Name-First: Wataru 
Author-X-Name-Last: Suzuki 
Title: The demand for medical care in Japan: initial findings from a Japanese natural experiment 
Abstract:
  This study examines the effect of the 1997 increase in the coinsurance
 rate for household heads on the demand for medical care and estimates the
 price elasticity of demand using the change as a natural experiment. It
 analyses both outpatient and inpatient utilization by using health
 insurance claim data from 111 insurance associations. A
 differences-in-differences type estimator is employed with household heads
 as the treatment group and dependents as the control group. This
 represents the first comprehensive analysis of medical care demand in
 Japan using a natural experiment. The results indicate a price elasticity
 of outpatient care ranging from -0.05 to -0.06 but no significant effects
 on inpatient care of the increase in cost sharing. The price elasticity
 for outpatient care is lower than those from previous studies that have
 used observational comparisons of individuals in Japan and also smaller
 than those derived from a randomized experiment in the USA. 
Journal: Applied Economics Letters 
Pages: 273-277 
Issue: 5 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500398583 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500398583&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Magnus Gustavsson 
Author-X-Name-First: Magnus 
Author-X-Name-Last: Gustavsson 
Title: The evolution of the Swedish wage structure: new evidence for 1992-2001 
Abstract:
  Changes in the Swedish wage structure from 1992 to 2001 are investigated
 and placed in a longer-term perspective. The results show that the
 increase in overall wage dispersion that began in the early 1980s have
 continued during the 1990s, and that the increase during the 1990s is
 driven by increased wage differentials in both the lower and upper half of
 the wage distribution. The results also show that the university wage
 premium in Sweden has exhibited a clearly positive trend since the early
 1980s whilst the returns to lower levels of education have been constant
 since the mid 1970s. Unlike the 1980s, relative supply changes do not
 appear to have been responsible for the rise in the university wage
 premium over the most recent decade. 
Journal: Applied Economics Letters 
Pages: 279-286 
Issue: 5 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600581906 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600581906&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuck Cheong Tang 
Author-X-Name-First: Tuck Cheong 
Author-X-Name-Last: Tang 
Title: A new approach to examining the sustainability of external imbalances: the case of Japan 
Abstract:
  This study aims to solve the puzzle of the conventional practice of
 examining the sustainability of external accounts by initially looking for
 cointegration between imports and exports. This study proposes a new
 approach to examine this thesis using unit root tests (with unknown break
 date) on trade balance series rather than testing the cointegration
 relationships between imports and exports. In contrast to previous
 findings, this study has shown empirically that Japan's trade balances are
 unsustainable. This finding has important policy implications for Japan's
 external accounts. 
Journal: Applied Economics Letters 
Pages: 287-292 
Issue: 5 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500378726 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378726&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdulnasser Hatemi-J 
Author-X-Name-First: Abdulnasser 
Author-X-Name-Last: Hatemi-J 
Author-Name: Eduardo Roca 
Author-X-Name-First: Eduardo 
Author-X-Name-Last: Roca 
Title: Calculating the optimal hedge ratio: constant, time varying and the Kalman Filter approach 
Abstract:
  A crucial input in the hedging of risk is the optimal hedge ratio -
 defined by the relationship between the price of the spot instrument and
 that of the hedging instrument. Since it has been shown that the expected
 relationship between economic or financial variables may be better
 captured by a time varying parameter model rather than a fixed coefficient
 model, the optimal hedge ratio, therefore, can be one that is time varying
 rather than constant. This study suggests and demonstrates the use of the
 Kalman Filter approach for estimating time varying hedge ratio - a
 procedure that is statistically more efficient and with better forecasting
 properties. 
Journal: Applied Economics Letters 
Pages: 293-299 
Issue: 5 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500365848 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500365848&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samir Saadi 
Author-X-Name-First: Samir 
Author-X-Name-Last: Saadi 
Author-Name: Devinder Gandhi 
Author-X-Name-First: Devinder 
Author-X-Name-Last: Gandhi 
Author-Name: Khaled Elmawazini 
Author-X-Name-First: Khaled 
Author-X-Name-Last: Elmawazini 
Title: On the validity of conventional statistical tests given evidence of non-synchronous trading and non-linear dynamics in returns generating process 
Abstract:
  Based on the recent developments in market microstructure and
 applications of nonlinear dynamics and chaos theory to financial time
 series, the subsequent article questions the validity of traditional
 methods used to test the efficient market hypothesis. In particular, it
 emphasizes the invalidity of unit roots tests since they are not
 predictability tests. 
Journal: Applied Economics Letters 
Pages: 301-305 
Issue: 5 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500393402 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500393402&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wong Hock Tsen 
Author-X-Name-First: Wong Hock 
Author-X-Name-Last: Tsen 
Title: Is there a long-run relationship between trade balance and terms of trade? The case of Malaysia 
Abstract:
  This study investigates the relationship between trade balance and terms
 of trade in Malaysia. It employs commodity terms of trade and income terms
 of trade. The results show that there is a long-run relationship between
 trade balance and commodity terms of trade. However, there is no long-run
 relationship between trade balance and income terms of trade. Commodity
 terms of trade and income terms of trade are found respectively to Granger
 cause trade balance and not vice versa. Thus, a change in terms of trade
 will have an impact on trade balance in Malaysia. In the long run, the
 impact of terms of trade on trade balance is depending on the measure of
 terms of trade. 
Journal: Applied Economics Letters 
Pages: 307-311 
Issue: 5 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500393428 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500393428&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ming-Cheng Wu 
Author-X-Name-First: Ming-Cheng 
Author-X-Name-Last: Wu 
Author-Name: Chun-Yao Tseng 
Author-X-Name-First: Chun-Yao 
Author-X-Name-Last: Tseng 
Title: Valuation of patent - a real options perspective 
Abstract:
  Both the theoretical model and the empirical analysis methods are
 examined for valuing patents from the real options perspective. This study
 not only sets up a real options approach for evaluating patent to conform
 to the main sensitivity analysis of patent activities, but also
 establishes an empirical method about valuing patents by a panel data.
 Cross-sectional and time-series data from 101 Taiwanese electronic firms
 between 1993 and 2002 are employed for the fixed effects analysis in the
 panel data model. This study concludes the consist results from the
 theoretical model and empirical analysis. That is, the patent value
 increases with increasing the underlying asset, time to maturity and
 risk-free rate. 
Journal: Applied Economics Letters 
Pages: 313-318 
Issue: 5 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500393477 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500393477&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Boriss Siliverstovs 
Author-X-Name-First: Boriss 
Author-X-Name-Last: Siliverstovs 
Author-Name: Dierk Herzer 
Author-X-Name-First: Dierk 
Author-X-Name-Last: Herzer 
Title: Export-led growth hypothesis: evidence for Chile 
Abstract:
  This study examines the export-led growth hypothesis using annual time
 series data from Chile. It addresses the problem of specification bias
 under which previous studies have suffered and focuses on the impact of
 manufactured and primary exports on the economic growth. In order to
 investigate if and how manufactured and primary exports affect economic
 growth via increases in productivity, the study uses the Toda and Yamamoto
 (1995) procedure for testing for Granger non-causality in Vector
 Autoregressive models that involve variables that are integrated in an
 arbitrary order and that are possibly cointegrated. The estimation results
 support the export-led growth hypothesis for Chile and at the same time
 point out to the differentiated impact of manufactured and primary exports
 on the economic growth. 
Journal: Applied Economics Letters 
Pages: 319-324 
Issue: 5 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500407293 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500407293&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ho-Chuan Huang 
Author-X-Name-First: Ho-Chuan 
Author-X-Name-Last: Huang 
Author-Name: Shu-Chin Lin 
Author-X-Name-First: Shu-Chin 
Author-X-Name-Last: Lin 
Title: A flexible nonlinear inference to Okun's relationship 
Abstract:
  The study implements the flexible nonlinear inference approach of
 Hamilton (2001) to assess the validity of Okun's law. Using US quarterly
 data from 1948:1 to 2004:2, overwhelming evidence is found of nonlinearity
 between cyclical components of unemployment and output. However, the
 relationship is still negative and provides strong support of (nonlinear)
 Okun's law. 
Journal: Applied Economics Letters 
Pages: 325-331 
Issue: 5 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500398625 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500398625&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Darold Barnum 
Author-X-Name-First: Darold 
Author-X-Name-Last: Barnum 
Author-Name: John Gleason 
Author-X-Name-First: John 
Author-X-Name-Last: Gleason 
Title: Measuring efficiency in allocating inputs among outputs with DEA 
Abstract:
  Building on Data Envelopment Analysis technical efficiency models
 developed by Fare et al. (2004) and Barnum and Gleason (2005), a procedure
 is illustrated for estimating a firm's efficiency in allocating inputs
 among the production technologies producing its outputs. 
Journal: Applied Economics Letters 
Pages: 333-336 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500395340 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500395340&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takaaki Aoki 
Author-X-Name-First: Takaaki 
Author-X-Name-Last: Aoki 
Title: Some notes on informational coalition in a vertical market structure 
Abstract:
Journal: Applied Economics Letters 
Pages: 337-340 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500397387 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500397387&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michelle Trawick 
Author-X-Name-First: Michelle 
Author-X-Name-Last: Trawick 
Author-Name: Roy Howsen 
Author-X-Name-First: Roy 
Author-X-Name-Last: Howsen 
Title: Crime and community heterogeneity: race, ethnicity, and religion 
Abstract:
  Prior studies have explored the relationship between race and religion
 and their effect on various crimes. In the USA race is typically defined
 as the proportion of a community that is African-American or nonwhite.
 Likewise, religion is defined as the proportion of a community that
 adheres to any religious denomination. This study extends earlier work by
 employing Herfindahl indices as measures of community homogeneity with
 respect to race and ethnicity as well as religious denominations. It also
 measures religiosity based on four different denominational groups, rather
 than religiosity as an aggregate. Results indicate that as a community's
 degree of homogeneity increases, in terms of both race/ethnicity and
 religion, crime decreases; and that the effects of religion on crime may
 vary by denomination. 
Journal: Applied Economics Letters 
Pages: 341-345 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500395324 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500395324&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joachim Wagner 
Author-X-Name-First: Joachim 
Author-X-Name-Last: Wagner 
Title: Exports, foreign direct investment, and productivity: evidence from German firm level data 
Abstract:
  This study presents the first empirical test with German establishment
 level data of a hypothesis derived by Helpman et al. (2004) in a model
 that explains the decision of heterogeneous firms to serve foreign markets
 either through exports or foreign direct investment: only the more
 productive firms choose to serve the foreign markets, and the most
 productive among this group will further choose to serve these markets via
 foreign direct investments. Using a non-parametric test for first order
 stochastic dominance it is shown that, in line with this hypothesis, the
 productivity distribution of foreign direct investors dominates that of
 exporters, which in turn dominates that of national market suppliers. 
Journal: Applied Economics Letters 
Pages: 347-349 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500393667 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500393667&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence Brunner 
Author-X-Name-First: Lawrence 
Author-X-Name-Last: Brunner 
Author-Name: Michael Shields 
Author-X-Name-First: Michael 
Author-X-Name-Last: Shields 
Title: Estimates of learning by watching and endogenous technical progress in six OECD countries 
Abstract:
  A testable model of 'learning by watching', where the rate of technical
 progress is related to the investment rate, is formulated and estimated. 
Journal: Applied Economics Letters 
Pages: 351-354 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500393584 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500393584&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ashok Mishra 
Author-X-Name-First: Ashok 
Author-X-Name-Last: Mishra 
Author-Name: Charles Moss 
Author-X-Name-First: Charles 
Author-X-Name-Last: Moss 
Title: Adapting a nonparametric pooling test for use in panel cointegration models 
Abstract:
  Baltagi and Kao (2000) chronicle the emergence of panel applications of
 the cointegration approach. This study builds on this literature by
 proposing a reformulation of the pooling statistic proposed by Baltagi et
 al. (1996) that can be used to test for the appropriateness of this panel
 specification. 
Journal: Applied Economics Letters 
Pages: 355-357 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500394327 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500394327&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wasseem Mina 
Author-X-Name-First: Wasseem 
Author-X-Name-Last: Mina 
Title: Does contract enforcement matter for international lending? 
Abstract:
  Contract enforcement plays an important role in international lending.
 The hypotheses that better contract enforcement increases the level and
 lengthens the maturity of international debt are examined. Panel data are
 used for 83 developing and emerging market economies for the period
 1982-1997 to examine these hypotheses. The empirical evidence supports
 these hypotheses. 
Journal: Applied Economics Letters 
Pages: 359-364 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500394350 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500394350&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Camilo Sarmiento 
Author-X-Name-First: Camilo 
Author-X-Name-Last: Sarmiento 
Author-Name: Richard Just 
Author-X-Name-First: Richard 
Author-X-Name-Last: Just 
Title: A note on commodity price aggregation bias without separability 
Abstract:
  This study identifies sources of price aggregation bias when separability
 restrictions do not apply. It shows that even though the assumption of the
 generalized composite commodity theorem guarantees aggregate
 integrability, it does not guarantee consistent price aggregation except
 in the homothetic translog model. 
Journal: Applied Economics Letters 
Pages: 365-368 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500395290 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500395290&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joachim Zietz 
Author-X-Name-First: Joachim 
Author-X-Name-Last: Zietz 
Title: Detecting neglected parameter heterogeneity with Chow tests 
Abstract:
  The paper demonstrates through a number of Monte Carlo experiments that,
 for the type of cross-section data sets typically encountered in applied
 economics, Chow tests on sorted variations of the data matrix can detect
 neglected parameter heterogeneity. The paper focuses on heterogeneity in
 the behavioural responses of economic actors that belong to different
 economically meaningful groups, such as the young, middle-aged, and old.
 Since the suggested methodology is easy to implement yet powerful, its
 routine use by applied economists would be desirable given the very
 significant estimation bias that can result from neglecting parameter
 heterogeneity. 
Journal: Applied Economics Letters 
Pages: 369-374 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500378759 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500378759&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Lopez-Rodriguez 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Lopez-Rodriguez 
Author-Name: J. Andres Faina 
Author-X-Name-First: J. Andres 
Author-X-Name-Last: Faina 
Title: Does distance matter for determining regional income in the European Union? An approach through the market potential concept 
Abstract:
  This paper focuses on the relationship between market potential and
 income for the European Union (EU) regions over the period 1982-1999. It
 is proved that closeness to large consumer markets or in other words,
 market potential, is an important explanatory variable for regional income
 in the early 1980s, but it has decreased its significance in determining
 EU regions income in the 1990s. Thus dynamic income regions have also
 emerged in the EU periphery, and need not necessarily be close to rich
 regions. 
Journal: Applied Economics Letters 
Pages: 385-390 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600650073 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600650073&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Moawia Alghalith 
Author-X-Name-First: Moawia 
Author-X-Name-Last: Alghalith 
Title: Price and output risk: empirical analysis 
Abstract:
  Without relying on duality theory and the indirect utility function, an
 estimation method is devised that accommodates both price and output
 uncertainty. This method enables easy testing for risk neutrality.
 Moreover, it enables empirical comparative statics results to be derived
 that can be compared to the theoretical findings. 
Journal: Applied Economics Letters 
Pages: 391-393 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600685079 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600685079&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Terry Barker 
Author-X-Name-First: Terry 
Author-X-Name-Last: Barker 
Author-Name: Sebastian de-Ramon 
Author-X-Name-First: Sebastian 
Author-X-Name-Last: de-Ramon 
Title: Testing the representative agent assumption: the distribution of parameters in a large-scale model of the EU 1972-1998 
Abstract:
  This study considers the validity of an assumption of the representative
 agent often made in economic models, that the behaviour of an economic
 group is adequately represented by each member of the group having the
 identical characteristics of the average. It can be tested whenever
 sufficient data are available to estimate sets of parameters of a model
 with and without the assumption that they are equal to some average. The
 specific test of the assumption is done for a set of 720 estimated
 parameters associated with the effects of technological change on
 industrial employment for 18 regions of Europe. The main finding is that
 the parameters are significantly different across industries and across
 regions and that an assumption that all responses to technological change
 are the same is not justified. Similar results are found for other
 parameters studied. This finding implies that the assumption that each
 industry has the same responses as an average, chosen from a literature
 review, is likely to be misleading. The data strongly suggest that
 behaviour is differentiated by industry and region. 
Journal: Applied Economics Letters 
Pages: 395-398 
Issue: 6 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600650115 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600650115&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jin Zhang 
Author-X-Name-First: Jin 
Author-X-Name-Last: Zhang 
Author-Name: David Bessler 
Author-X-Name-First: David 
Author-X-Name-Last: Bessler 
Author-Name: David Leatham 
Author-X-Name-First: David 
Author-X-Name-Last: Leatham 
Title: Does consumer debt cause economic recession? Evidence using directed acyclic graphs 
Abstract:
  This study investigates the relationship between consumer debt and
 aggregate economic activity based on time series methods and directed
 acyclic graphs (DAG). Quarterly US data, measured over the period 1980 to
 2003, on consumer debt, gross domestic product (GDP), interest rates,
 housing starts, and domestic auto sales, are analysed in an Error
 Correction Model (ECM). Contemporaneous innovations from this ECM are
 given a structural representation, using recent developments in DAG
 modelling. The ECM and DAG components are summarized using innovation
 accounting techniques (impulse response functions and forecast error
 variance decomposition). The DAG causal pattern reveals a causal flow from
 GDP to consumer debt; the subsequent innovation accounting results also
 show that consumer debt is not exogenous in contrast to GDP and other
 indicators. This result concurs with a previous study based on Granger
 causality, but contradicts other works that claim consumer debt is a root
 cause of aggregate economic performance. 
Journal: Applied Economics Letters 
Pages: 401-407 
Issue: 7 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500398658 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500398658&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Masako Oyama 
Author-X-Name-First: Masako 
Author-X-Name-Last: Oyama 
Title: Measuring cost of children using equivalence scale on Japanese panel data 
Abstract:
  In this study, the cost of child rearing is estimated in order to examine
 the hypothesis that the recent fertility decline in Japan has been caused
 by increases in the cost of child rearing. Although there are various ways
 to estimate the cost of children, the research uses an equivalence scale.
 The results of the traditional Rothbarth estimation showed that the cost
 of child raising in Japan is not very high. However, the results of the
 equivalence scale estimation using 'satisfaction for the income' as the
 utility measure showed that the cost of child raising is much higher than
 calculated in the Rothbarth model. The latter subjective scale approach is
 now said to have more advantages. Thus, the cost of child raising in Japan
 is much higher than was believed to be the case, and this could be one of
 the reasons for the decline in the fertility rate in Japan. 
Journal: Applied Economics Letters 
Pages: 409-415 
Issue: 7 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500193042 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500193042&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Konstantin Kholodilin 
Author-X-Name-First: Konstantin 
Author-X-Name-Last: Kholodilin 
Author-Name: Vincent Wenxiong Yao 
Author-X-Name-First: Vincent Wenxiong 
Author-X-Name-Last: Yao 
Title: Modelling the structural break in volatility 
Abstract:
  Recent studies suggest that US and other developed economies have become
 considerably stabilized in terms of volatility since the mid-1980s (Stock
 and Watson, 2002). This study models the structural break in volatility
 using a dynamic factor model with two state variables: one capturing
 cyclical fluctuations and another reflecting volatility decline. The new
 model confirms a one-time volatility reduction in the US economy in
 February 1984. Four-regime models appear to outperform two-regime models. 
Journal: Applied Economics Letters 
Pages: 417-422 
Issue: 7 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500398542 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500398542&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tin-Chun Lin 
Author-X-Name-First: Tin-Chun 
Author-X-Name-Last: Lin 
Author-Name: Shakil Quayes 
Author-X-Name-First: Shakil 
Author-X-Name-Last: Quayes 
Title: The impact of local taxes on public school performance: the case of Pennsylvania 
Abstract:
  This study investigates how education inputs impact school performance.
 The focus is on local taxes since local tax revenues are the primary
 source of financing public schools. Using both OLS and 2SLS and examining
 507 school districts in Pennsylvania during 1996 to 1999, results reveal
 that local taxes are strongly related to school performance implying that
 they have a direct effect on education inputs. 
Journal: Applied Economics Letters 
Pages: 423-426 
Issue: 7 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500397635 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500397635&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paulo Macas Nunes 
Author-X-Name-First: Paulo Macas 
Author-X-Name-Last: Nunes 
Title: The Coase problem: a transformation of the usual utility function 
Abstract:
  Given that demand for durable goods is not constant over time, this
 article proposes a transformation of the utility function which accounts
 for discontinuous time and for the effect of different levels of income on
 the utility of buying. As a result, the original Coase paradox will
 collapse. The smaller the difference between the disposition of consumers
 with high level income and those with low level income to pay, the greater
 the probability of marginal cost pricing in the present. 
Journal: Applied Economics Letters 
Pages: 427-429 
Issue: 7 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500396363 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500396363&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marta Pascual 
Author-X-Name-First: Marta 
Author-X-Name-Last: Pascual 
Title: The distribution of income over life: an empirical approach 
Abstract:
  The aim of the present work is to provide new findings looking at the
 direct link between age and the distribution of earnings. In particular,
 it studies the general movement of earnings of individuals with their age
 using different econometric models and panel techniques which explain the
 relationship between age and earnings. Inequality measures based only on
 cross-sectional income do not adequately reflect lifetime income
 inequality. Cohort data for different age groups in Spain over the years
 1993 to 2000 are considered using data from the European Community
 Household Panel (ECHP). The evidence obtained suggests that there exists a
 strong influence between earnings and age. 
Journal: Applied Economics Letters 
Pages: 431-434 
Issue: 7 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500398591 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500398591&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saibal Ghosh 
Author-X-Name-First: Saibal 
Author-X-Name-Last: Ghosh 
Title: Do board characteristics affect corporate performance? Firm-level evidence for India 
Abstract:
  The study examines the association between financial performance and
 boards of non-financial firms. Using data on 127 listed manufacturing
 firms in India for 2003 the findings indicate that, after controlling for
 various firm-specific factors, larger boards tend to have a dampening
 influence on firm performance, judged in terms of either accounting or
 market-based measures of performance. In terms of policy implications, the
 analysis suggests that compensation of the CEO has a significant effect on
 the performance of the firm. 
Journal: Applied Economics Letters 
Pages: 435-443 
Issue: 7 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500398617 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500398617&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Matilla-Garcia 
Author-X-Name-First: M. 
Author-X-Name-Last: Matilla-Garcia 
Author-Name: P. Perez 
Author-X-Name-First: P. 
Author-X-Name-Last: Perez 
Author-Name: B. Sanz 
Author-X-Name-First: B. 
Author-X-Name-Last: Sanz 
Title: Testing for parameter stability: the Spanish consumption function 
Abstract:
  This study tests for parameter instability in the Spanish consumption
 function. To that end, a new test for time dependence of parameters is
 used and compared with other relevant tests. As opposed to other tests
 this new one is concerned with detecting parameter variation in frequency
 domain. 
Journal: Applied Economics Letters 
Pages: 445-448 
Issue: 7 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500398559 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500398559&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Evren Erdo&#x11f;an Cosar 
Author-X-Name-First: Evren Erdo&#x11f;an 
Author-X-Name-Last: Cosar 
Title: Seasonal behaviour of the consumer price index of Turkey 
Abstract:
  In this study, the seasonal properties of the consumer price index (CPI)
 of Turkey are investigated with the use of Hylleberg et al. (HEGY) and
 Canova-Hansen (CH) seasonal unit root tests. According to the test
 results, there is evidence of nonstationary stochastic seasonality as well
 as deterministic seasonality in the Turkish consumer prices. 
Journal: Applied Economics Letters 
Pages: 449-455 
Issue: 7 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500397544 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500397544&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Murat Do&#x11f;anlar 
Author-X-Name-First: Murat 
Author-X-Name-Last: Do&#x11f;anlar 
Title: Long-run validity of Purchasing Power Parity and cointegration analysis for Central Asian countries 
Abstract:
  This study investigates the long-run validity of Purchasing Power Parity
 for three transition Asian countries, namely Azerbaijan, Kazakhstan and
 Kyrgyzstan. The results show that the nominal exchange rates, domestic and
 foreign price series are not cointegrated when four different types of
 cointegration techniques were applied. Time series properties of the real
 exchange rates for these countries also show that they are non-stationary.
 All these results confirm that validity of the Purchasing Power Parity in
 the long-run can be rejected for these countries. 
Journal: Applied Economics Letters 
Pages: 457-461 
Issue: 7 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500397478 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500397478&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rodolfo Aquino 
Author-X-Name-First: Rodolfo 
Author-X-Name-Last: Aquino 
Title: Efficiency of the Philippine stock market 
Abstract:
  The study examines the efficiency of the Philippine stock market using
 stock price movements during the period July 1987 to May 2004.
 Characterizing stock price movements as an AR(1) process with Laplace
 residuals, the statistical evidence supports the hypothesis that the
 Philippine stock market is weak-form efficient. An examination of major
 events that could plausibly affect share prices and large price movements
 from an event study perspective indicates fairly rapid absorption by the
 market of information, except in cases of extreme stress caused by
 political and economic shocks. Furthermore, factors other than information
 about fundamentals appear able to cause major share price movements. Given
 these, the support for the semistrong-form efficiency of the stock market
 is mixed. 
Journal: Applied Economics Letters 
Pages: 463-470 
Issue: 7 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500397437 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500397437&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Author-Name: Alan Speight 
Author-X-Name-First: Alan 
Author-X-Name-Last: Speight 
Title: Time deformation in UK consumers' expenditure: an empirical analysis of highly disaggregated data 
Abstract:
  The literature on testing for the presence of cyclical asymmetry in
 consumers' expenditure is extended via the application of tests for time
 deformation to UK data subject to a high degree of disaggregation. The
 initial empirical findings provide evidence of significant time
 deformation in total, durables and semi-durables expenditures. Closer
 examination of highly disaggregated expenditure further reveals that time
 deformation is an intrinsic property of a particular set of expenditure
 categories including household fittings and furnishings, communication and
 information technology, vehicles and utilities. These results suggest that
 such consumers' expenditures 'speed up' during expansions, most likely
 being driven by the relaxation of credit rationing constraints due to
 transient income windfalls or the easing of credit conditions, and
 possibly associated with housing market conditions subsequent to financial
 market liberalization. 
Journal: Applied Economics Letters 
Pages: 471-478 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401361 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401361&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Turner 
Author-X-Name-First: Paul 
Author-X-Name-Last: Turner 
Title: Response surfaces for an F-test for cointegration 
Abstract:
  This study builds on earlier work by Kanioura and Turner (2005) in
 generating response surfaces for critical values for an F-test for
 cointegration based on an error-correction relationship between a set of
 variables of interest. It also builds on work by Pesaran et al. (2001) in
 generating response surfaces for the critical bounds of this test
 generated by the possibility that there are cointegrating relationships
 between the variables on the right hand side of the error-correction
 equation. 
Journal: Applied Economics Letters 
Pages: 479-482 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401726 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401726&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vani Borooah 
Author-X-Name-First: Vani 
Author-X-Name-Last: Borooah 
Title: How much happiness is there in the world? A cross-country study 
Abstract:
  This paper complements the burgeoning literature on country-specific
 studies of happiness by taking a global look at happiness and its
 determinants. In so doing, it makes two contributions. First, it presents
 indicators of happiness that are 'equity adjusted' and compares their
 values to those of unadjusted indicators. This comparison shows that
 countries with the lowest mean happiness scores have their unhappiness
 compounded when these means are adjusted to take account of the glaring
 inequality in their inter-personal distribution of happiness. Second,
 using data on nearly 113 000 respondents, drawn from 80 countries, it
 shows that people everywhere want broadly the same things in order to be
 happy: faith in a deity; a decent standard of living; a job; a good family
 and social life; a good neighbourhood in which to live; and, above all,
 good health. 
Journal: Applied Economics Letters 
Pages: 483-488 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400652 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400652&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Deergha Raj Adhikari 
Author-X-Name-First: Deergha Raj 
Author-X-Name-Last: Adhikari 
Title: Is capital really mobile across the border? 
Abstract:
  The existing theories on capital mobility use either the
 saving-investment parity condition or the interest parity condition. The
 assumptions of balanced budget or purchasing power parity condition
 underlying these theories, however, are rarely met. This study, therefore
 develops a different approach called 'current account surplus saving
 surplus parity condition' to measure the degree of capital mobility and
 apply the model on US time series data. It is found that US capital is
 mobile internationally. 
Journal: Applied Economics Letters 
Pages: 489-492 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400595 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400595&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Raymund Abara 
Author-X-Name-First: Raymund 
Author-X-Name-Last: Abara 
Title: Estimation and evaluation of asset pricing models with habit formation using Philippine data 
Abstract:
  This study tests the habit-formation model, an extension of the
 consumption-based capital asset pricing model (C-CAPM). Using Philippine
 stock market data, seasonally adjusted and non-seasonally adjusted
 consumption datasets, the study tracks the performance of these resulting
 models in terms of forecast performance both in-sample and out-of-sample.
 Several statistical measures such as the Diebold-Mariano test and the
 success ratio test are used to compare these habit models against the
 standard power utility/C-CAPM, the random walk with drift model, and the
 traditional static CAPM. Based on the criteria set by this study, only the
 external habit model performs better than all the other models. 
Journal: Applied Economics Letters 
Pages: 493-497 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400611 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400611&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hakan Berument 
Author-X-Name-First: Hakan 
Author-X-Name-Last: Berument 
Author-Name: Nildag Basak Ceylan 
Author-X-Name-First: Nildag Basak 
Author-X-Name-Last: Ceylan 
Author-Name: Bengisu Vural 
Author-X-Name-First: Bengisu 
Author-X-Name-Last: Vural 
Title: The effects of Japanese economic performance on Indonesia 
Abstract:
  This paper assesses how Japanese economic performance affects the
 Indonesian economy for the 1988 to 2004 period. The empirical evidence
 provided here suggests that Japanese growth appreciates the local currency
 in real terms, decreases the inflation and increases growth. As a side
 issue, we also documented that real exchange rate depreciation accelerates
 inflation and decreases growth in Indonesia. 
Journal: Applied Economics Letters 
Pages: 499-502 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/00036840500400582 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840500400582&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Howie 
Author-X-Name-First: Peter 
Author-X-Name-Last: Howie 
Author-Name: John Wicks 
Author-X-Name-First: John 
Author-X-Name-Last: Wicks 
Author-Name: John Fitzgerald 
Author-X-Name-First: John 
Author-X-Name-Last: Fitzgerald 
Author-Name: Douglas Dalenberg 
Author-X-Name-First: Douglas 
Author-X-Name-Last: Dalenberg 
Author-Name: Rachel Connelly 
Author-X-Name-First: Rachel 
Author-X-Name-Last: Connelly 
Title: Mothers' time spent in care of their children and market work: a simultaneous model with attitudes as instruments 
Abstract:
  Using a model that addresses the potential endogeneity of employment
 hours on mothers' child care time and vice versa, by including instruments
 based on parental attitudes, we find a significant negative (but
 inelastic) relation between the two time uses. 
Journal: Applied Economics Letters 
Pages: 503-506 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400546 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400546&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Title: Examining the relationship between trade balance and exchange rate: the case of China's trade with the USA 
Abstract:
  In this paper, we investigate the nexus between China's trade balance and
 the real exchange rate vis-a-vis the USA. Using the bounds testing
 approach to cointegration, we find evidence that China's trade balance and
 real exchange rate vis-a-vis the USA are cointegrated, and using the
 autoregressive distributed lag model we find that in both the short run
 and the long run a real devaluation of the Chinese RMB improves the trade
 balance; as a result, there is no evidence of a J-curve type adjustment. 
Journal: Applied Economics Letters 
Pages: 507-510 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400488 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400488&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pilar Olave 
Author-X-Name-First: Pilar 
Author-X-Name-Last: Olave 
Author-Name: Manuel Salvador 
Author-X-Name-First: Manuel 
Author-X-Name-Last: Salvador 
Title: The efficacy of university training programmes: a semi-parametric Bayesian approach 
Abstract:
  A semi-parametric Bayesian methodology based on Cox's proportional
 hazards model is proposed in order to evaluate the efficacy of training
 programmes offered by the University of Zaragoza (Spain) in the labour
 market insertion process. To this end, a matched comparison group has been
 designed in which university students completing vocational training
 courses are compared with eligible non-participants especially chosen for
 their similarity to the former group in terms of the factors affecting
 future employment prospects. The study shows that training courses were
 generally effective for job market insertion of university leavers,
 increasing their chances of avoiding unemployment by around 6.56% for a
 standard course. Effectiveness depends, however, on the university
 leaver's professional career choice. 
Journal: Applied Economics Letters 
Pages: 511-518 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400470 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400470&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Udaya Mishra 
Author-X-Name-First: Udaya 
Author-X-Name-Last: Mishra 
Author-Name: S. Subramanian 
Author-X-Name-First: S. 
Author-X-Name-Last: Subramanian 
Title: On measuring group-differentials displayed by socioeconomic indicators 
Abstract:
  This is a very short and elementary note which points (in a continuation
 of a recent tradition in the literature) to the importance of taking
 account of the level of a socioeconomic indicator in comparing
 group-differentials displayed by it. The requirement of 'level
 sensitivity' is captured in a couple of axioms, and a measure of
 differential, which satisfies both these axioms, is advanced. An empirical
 illustration of the note's concerns is also provided. 
Journal: Applied Economics Letters 
Pages: 519-521 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400413 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400413&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Bassanini 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Bassanini 
Title: Training, wages and employment security: an empirical analysis on European data 
Abstract:
  Data from the European Community Household Panel (ECHP) are used to
 assess the effects of employee training on the average wage and employment
 security of different labour market groups in EU countries. Significant
 training wage premia are found only in the case of young or highly
 educated employees. By contrast training appears to have a strong impact
 on employment security, measured through subjective measures, in the case
 of both older and low-educated workers. To reconcile this apparent
 contradiction, one needs to take into account that, as standard in the
 literature, wage premia are estimated on a truncated sample including only
 employed workers. Due to downward wage rigidity, those workers who are
 unable to maintain their productivity are more frequently laid-off -
 rather than experiencing a wage fall and be retained in employment - and
 thereby excluded from the sample. 
Journal: Applied Economics Letters 
Pages: 523-527 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400447 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400447&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shyh-Wei Chen 
Author-X-Name-First: Shyh-Wei 
Author-X-Name-Last: Chen 
Author-Name: Chung-Hua Shen 
Author-X-Name-First: Chung-Hua 
Author-X-Name-Last: Shen 
Author-Name: Zixiong Xie 
Author-X-Name-First: Zixiong 
Author-X-Name-Last: Xie 
Title: Nonlinear relationship between inflation and inflation uncertainty in Taiwan 
Abstract:
  Using Taiwan data, the study employs Hamilton's (2001) flexible
 regression model to investigate the relationship between inflation and
 inflation uncertainty. The results convincingly support Friedman's
 hypothesis that a rise in the inflation rate increases inflation
 uncertainty. This result, however, holds only in a positive inflation
 regime. When the inflation rate is in a negative inflation regime, one
 clearly notes that a drop in the inflation rate also increases inflation
 uncertainty. Thus Friedman's argument is complemented by advocating that a
 rise in the absolute inflation rate increases inflation uncertainty.
 Turning to Cukierman-Meltzer's hypothesis, both linear and nonlinear
 inflation uncertainties affect the inflation rate, where the former has
 positive but the latter has negative effects. 
Journal: Applied Economics Letters 
Pages: 529-533 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400405 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400405&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ramaprasad Bhar 
Author-X-Name-First: Ramaprasad 
Author-X-Name-Last: Bhar 
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Title: Linkages among agricultural commodity futures prices: some further evidence from Tokyo 
Abstract:
  Booth and Ciner (2001) find that the prices of commodity futures traded
 on the Tokyo Grain Exchange (TGE) do not move together in the long run.
 This study analyses whether their empirical results remain true for a more
 recent period. The empirical results suggest that the cointegrating
 relation exists among commodity futures contracts from 2000 to 2003, but
 not earlier during the 1990s. This indicates that the price mechanism
 works better and the long-run relationships among prices become more
 apparent as a market develops. 
Journal: Applied Economics Letters 
Pages: 535-539 
Issue: 8 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400421 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400421&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stefan Krause 
Author-X-Name-First: Stefan 
Author-X-Name-Last: Krause 
Title: Optimal monetary policy and the equivalency between the one-period AD-AS model and the forward-looking New Keynesian model 
Abstract:
  It is shown how a one-period aggregate demand-aggregate supply (AD-AS)
 model yields equivalent expressions for inflation and output under optimal
 monetary policy as a forward-looking New Keynesian model. Furthermore the
 advantage that the AD-AS model has over the New Keynesian specification
 when evaluating policy efficiency is evaluated. 
Journal: Applied Economics Letters 
Pages: 541-544 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600691093 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600691093&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Magnus Gustavsson 
Author-X-Name-First: Magnus 
Author-X-Name-Last: Gustavsson 
Author-Name: Par Osterholm 
Author-X-Name-First: Par 
Author-X-Name-Last: Osterholm 
Title: Hysteresis and non-linearities in unemployment rates 
Abstract:
  This study tests whether there is evidence of mean reversion in
 unemployment rates using the recently developed unit root test of
 Kapetanios et al. (2003). In this framework, the null hypothesis of a unit
 root process is tested against the alternative of a globally stationary
 exponential smooth transition autoregressive process. Applying the test to
 monthly data for Australia, Canada, Finland, Sweden and the USA, it is
 concluded that unemployment hysteresis finds less support when
 non-linearities are allowed for compared to the benchmark of using a
 standard Augmented Dickey-Fuller test. 
Journal: Applied Economics Letters 
Pages: 545-548 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401437 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401437&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ryoko Morozumi 
Author-X-Name-First: Ryoko 
Author-X-Name-Last: Morozumi 
Title: The impact of smoke-free workplace policies on smoking behaviour in Japan 
Abstract:
  The aim of this study is to quantify the effect of a smoke-free workplace
 policy on smoking decision, smokers' cigarette consumption, and smoking
 cessation. The data used in the analysis were gathered from the original
 Japanese household surveys of 2001. A two-part model was estimated for all
 workers during the survey period and probit model and
 difference-in-differences for smokers at workplaces without the smoke-free
 policy at the time of hiring. The results suggest that total smoking
 prohibition or a separation of smoking areas reduces smoking prevalence
 and smokers' cigarette consumption and causes smokers to quit smoking. 
Journal: Applied Economics Letters 
Pages: 549-555 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500399201 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500399201&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Costas Siriopoulos 
Author-X-Name-First: Costas 
Author-X-Name-Last: Siriopoulos 
Author-Name: Antonios Georgopoulos 
Author-X-Name-First: Antonios 
Author-X-Name-Last: Georgopoulos 
Author-Name: Athanasios Tsagkanos 
Author-X-Name-First: Athanasios 
Author-X-Name-Last: Tsagkanos 
Title: Does the 'Market for Corporate Control' hypothesis explain takeover targets? 
Abstract:
  This study tests the 'Market for Corporate Control' hypothesis in a small
 open economy. The results appear to favour rejection of this hypothesis
 indicating that acquisitions have not been driven by
 managerial-disciplinary motives. Moreover, it is found that a logit model
 outperforms other statistical tests. 
Journal: Applied Economics Letters 
Pages: 557-561 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600731329 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600731329&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Andres Faina 
Author-X-Name-First: J. Andres 
Author-X-Name-Last: Faina 
Author-Name: J. Lopez-Rodriguez 
Author-X-Name-First: J. 
Author-X-Name-Last: Lopez-Rodriguez 
Title: Market access and human capital accumulation: the European Union case 
Abstract:
  This study evaluates the role that market access plays in determining the
 spatial distribution of educational attainment levels among EU regions.
 Evidence is provided showing that in the EU educational attainment levels
 are higher in those regions with greater market access. This finding
 proves that remoteness is a penalty for the economic development and
 convergence of the European Union regions. 
Journal: Applied Economics Letters 
Pages: 563-567 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401684 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401684&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rita De Siano 
Author-X-Name-First: Rita 
Author-X-Name-Last: De Siano 
Author-Name: Marcella D'Uva 
Author-X-Name-First: Marcella 
Author-X-Name-Last: D'Uva 
Title: Club convergence in European regions 
Abstract:
  This study investigates the 'club convergence' hypothesis applying the
 stochastic notion of convergence to groups of European regions. In order
 to avoid the group selection bias problem, the innovative regression tree
 technique was applied to select endogenously the most important variables
 in achieving the best identification of groups on the base of per capita
 income and productive specialization. Tests on stochastic convergence in
 each group evidences a strong convergence among the wealthiest regions of
 the European Union and a trend of weak convergence among the remaining
 groups, confirming Baumol's hypothesis of convergence. 
Journal: Applied Economics Letters 
Pages: 569-574 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600733473 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600733473&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rodrigo Cerda 
Author-X-Name-First: Rodrigo 
Author-X-Name-Last: Cerda 
Author-Name: Hermann Gonzalez 
Author-X-Name-First: Hermann 
Author-X-Name-Last: Gonzalez 
Author-Name: Luis Felipe Lagos 
Author-X-Name-First: Luis Felipe 
Author-X-Name-Last: Lagos 
Title: Is fiscal policy effective? Evidence for an emerging economy: Chile 1833-2000 
Abstract:
  This paper studies the impact of fiscal policy on economic activity by
 using Chilean annual data from 1833 to 2000. The data allows us to
 disentangle the impacts on economic activity -- due to the large variation
 in fiscal policy in the period under study -- by using a SVAR methodology.
 The study finds evidence of non Keynesian impacts of fiscal policy. 
Journal: Applied Economics Letters 
Pages: 575-580 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400686 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400686&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maxime Fougere 
Author-X-Name-First: Maxime 
Author-X-Name-Last: Fougere 
Author-Name: Simon Harvey 
Author-X-Name-First: Simon 
Author-X-Name-Last: Harvey 
Title: The regional impact of population ageing in Canada: a general equilibrium analysis 
Abstract:
  This study explores the long-term economic effects of population ageing
 by region in Canada using a dynamic regional computable overlapping
 generations model. The model has six regions, six goods and 15 overlapping
 generations of heterogeneous workers by skill level and immigration
 status. The analysis indicates that regional differences in retirement
 decisions, fertility rates and location of skilled immigrants will cause a
 substantial increase in regional income disparity in Canada between
 faster-ageing and slower-ageing regions of the country. 
Journal: Applied Economics Letters 
Pages: 581-585 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401387 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401387&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyeon-Seung Huh 
Author-X-Name-First: Hyeon-Seung 
Author-X-Name-Last: Huh 
Author-Name: Chung Mo Koo 
Author-X-Name-First: Chung Mo 
Author-X-Name-Last: Koo 
Title: A method to allocate GDP statistical discrepancy 
Abstract:
  There is a considerable discrepancy between GDP estimates which should be
 equal to one another. A method of allocating this discrepancy is proposed
 to derive an accurate measure of GDP with applications to the US and
 Korean economies. 
Journal: Applied Economics Letters 
Pages: 587-591 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500397601 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500397601&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Osama Sweidan 
Author-X-Name-First: Osama 
Author-X-Name-Last: Sweidan 
Author-Name: Aktham Maghyereh 
Author-X-Name-First: Aktham 
Author-X-Name-Last: Maghyereh 
Title: Monetary policy and the central bank's securities 
Abstract:
  Open market operation (OMO) is one of the major instruments of conducting
 the monetary policy in both developing and developed countries. Using this
 instrument requires a well-developed secondary financial market. OMO can
 be implemented by using either government or central bank (CB) securities.
 Developing countries are using the second which raises a question about CB
 profits and the effect on the economy. This study, through evidence from a
 small developing country, Jordan, shows that issuing CB securities causes
 losses which affect the monetary policy continuity. Moreover, the paper
 extends a model introduced by Walsh (1998) to study the impact of the CB
 losses on some macroeconomic variables. The model shows that if the CB
 profits are part of the objective function then inflation, output and
 growth of the money supply tend to have a positive bias. 
Journal: Applied Economics Letters 
Pages: 593-598 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500424892 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500424892&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Asier Minondo 
Author-X-Name-First: Asier 
Author-X-Name-Last: Minondo 
Author-Name: Gloria Rubert 
Author-X-Name-First: Gloria 
Author-X-Name-Last: Rubert 
Title: The effect of outsourcing on the demand for skills in the Spanish manufacturing industry 
Abstract:
  This study analyses the effect of outsourcing on the demand for skills in
 the Spanish manufacturing industries. For the first time in the literature
 the origin of outsourcing is taken into account, distinguishing imports
 coming from developing countries and imports produced in developed
 countries. As theoretically expected, a positive link is found between
 outsourcing to developing countries and a higher demand for skills in the
 Spanish manufacturing sectors. However, it is found that outsourcing to
 developed countries also has a positive effect on the demand for skills.
 This later result may cast some doubts on previous studies' conclusions. 
Journal: Applied Economics Letters 
Pages: 599-604 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401569 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401569&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yong Hong Yan 
Author-X-Name-First: Yong Hong 
Author-X-Name-Last: Yan 
Author-Name: Bruce Felmingham 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Felmingham 
Title: First and second order instability of the Shanghai and Shenzhen share price indices 
Abstract:
  First and second order instability tests are applied to China's two major
 share market price indices (SPIs), Shanghai share market price index (SES)
 and Shenzhen share market price index (SZS) using daily data from 2
 January 1992 to 16 July 2004. First order instability is synonymous with
 non stationarity and second order instability with structural breaks.
 Applying procedures developed by Perron (1997) and Zivot and Andrews
 (1992), it is found that both share price indices are unstable in the
 first and second order. The Shanghai series breaks in December 1999 and
 Shenzhen in May 1999. Existence of the share A (domestic listing) and
 share B (foreign listing) seem to buffer both markets against the worst
 effects of the Asian Crisis and September 11 attack. These shocks were
 apparently absorbed by the foreign listings of shares. 
Journal: Applied Economics Letters 
Pages: 605-608 
Issue: 9 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500424918 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500424918&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Author-Name: Hassan Mohammadi 
Author-X-Name-First: Hassan 
Author-X-Name-Last: Mohammadi 
Title: Capital mobility and savings-investment correlations: panel data evidence from transition economies 
Abstract:
  This study examines the relationship between savings and investment for
 26 transition economies using a panel data set covering the 1991 to 2002
 period. Estimates of the saving coefficient based on cross-sectional,
 fixed-effect, random-effect and mean-group estimators range from 0.263 to
 0.315, which are significantly less than one. 
Journal: Applied Economics Letters 
Pages: 611-613 
Issue: 10 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401957 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401957&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Gabriel 
Author-X-Name-First: Paul 
Author-X-Name-Last: Gabriel 
Author-Name: Susanne Schmitz 
Author-X-Name-First: Susanne 
Author-X-Name-Last: Schmitz 
Title: The impact of gender differences in occupational attainment on the relative earnings of young workers 
Abstract:
  This study investigates the potential influence that gender differences
 in occupational structures have upon the relative earnings of young women
 in the US labour market. The empirical methodology integrates a
 multinomial logit model of occupational attainment with estimated human
 capital wage equations across occupations. Empirical analysis of data from
 the 1979 cohort of the NLSY suggests that nearly two-thirds of the gender
 gap in hourly earnings results from men having more favourable earnings
 structures within occupations, relative to their female colleagues. Gender
 differences in occupational distributions apparently have a minor impact
 on the relative earnings of women. 
Journal: Applied Economics Letters 
Pages: 615-619 
Issue: 10 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401742 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401742&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Syed Basher 
Author-X-Name-First: Syed 
Author-X-Name-Last: Basher 
Author-Name: Perry Sadorsky 
Author-X-Name-First: Perry 
Author-X-Name-Last: Sadorsky 
Title: Day-of-the-week effects in emerging stock markets 
Abstract:
  This study uses both unconditional and conditional risk analysis to
 investigate the day-of-the-week effect in 21 emerging stock markets. In
 addition, risk is allowed to vary across the days of the week. Different
 models produce different results but overall day-of-the-week effects are
 present for the Philippines, Pakistan and Taiwan even after adjusting for
 market risk. The results in this study show that while the day-of-the-week
 effect is not present in the majority of emerging stock markets studied,
 some emerging stock markets do exhibit strong day-of-the-week effects even
 after accounting for conditional market risk. 
Journal: Applied Economics Letters 
Pages: 621-628 
Issue: 10 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600825238 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600825238&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence Dacuycuy 
Author-X-Name-First: Lawrence 
Author-X-Name-Last: Dacuycuy 
Title: The effects of bandwidth changes on model validity: an empirical study 
Abstract:
  This simple study uses a variant of the Hsiao et al. (2006) test to
 analyse the impact of bandwidth changes on model validity using actual
 labour force data on workers in the Philippines. The test framework is
 used to verify the validity of several wage specifications. Results
 indicate that the tests are quite sensitive to chosen bandwidths for
 discrete regressors. 
Journal: Applied Economics Letters 
Pages: 629-633 
Issue: 10 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600825188 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600825188&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Muge Karacal 
Author-X-Name-First: Muge 
Author-X-Name-Last: Karacal 
Title: The demand for money in Turkey and currency substitution 
Abstract:
  Over the last three decades, the Turkish economy has experienced severe
 macro-shocks, among which depreciation of the Turkish lira is the most
 noticeable one. The Turkish lira (TL) has depreciated from 13 TL per US
 dollar in 1973 to more than 1.5 million TL per dollar today. It is
 expected that because of these shocks, some of the macro-relationships
 could suffer from structural instability which makes policy formulation
 and predictions difficult. This paper considers the demand for money in
 Turkey. To take account of currency substitution, the demand for money
 that includes the exchange rate in addition to income, interest rate and
 inflation rate is estimated. After incorporating the CUSUM and CUSUMSQ
 tests in bounds testing approach for cointegration, it is shown that in
 Turkey for a successful and effective monetary policy, the monetary
 authorities would rather concentrate on M1 because not only is it
 cointegrated with its determinants and it is stable, all four determinants
 belong to the cointegrating space. 
Journal: Applied Economics Letters 
Pages: 635-642 
Issue: 10 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500358819 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500358819&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nabanita Datta Gupta 
Author-X-Name-First: Nabanita Datta 
Author-X-Name-Last: Gupta 
Author-Name: Ronald Oaxaca 
Author-X-Name-First: Ronald 
Author-X-Name-Last: Oaxaca 
Author-Name: Nina Smith 
Author-X-Name-First: Nina 
Author-X-Name-Last: Smith 
Title: Analysing trends in US and Danish gender wage gaps in the 1980s and 1990s 
Abstract:
  Trends in US and Danish gender wage gaps in the 1980s and 1990s are
 analysed within the framework of simple auto-regressive time-series
 models. Results show a saturation effect in the wage progress of women in
 Denmark at a level of 85% but no similar signs of stabilization in the
 USA. Also, no evidence is found that business cycle variables can explain
 the development of the gender wage gap in either country during this time
 period. 
Journal: Applied Economics Letters 
Pages: 643-647 
Issue: 10 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600684825 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600684825&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kazuhiko Kakamu 
Author-X-Name-First: Kazuhiko 
Author-X-Name-Last: Kakamu 
Author-Name: Mototsugu Fukushige 
Author-X-Name-First: Mototsugu 
Author-X-Name-Last: Fukushige 
Title: Productivity convergence of manufacturing industries in Japanese MEA 
Abstract:
  The study presents (1) the convergence of labour productivity in
 manufacturing industries in Japanese MEAs during 1985 to 2000, using
 Markov chain transition matrix and (2) the speed of convergence to an
 ergodic distribution. The results indicate that (1) the labour
 productivities of all MEAs converge to different levels in the long-run
 and (2) its speed is as slow as the Solow's growth model. 
Journal: Applied Economics Letters 
Pages: 649-653 
Issue: 10 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400371 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400371&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chin-Tsai Lin 
Author-X-Name-First: Chin-Tsai 
Author-X-Name-Last: Lin 
Author-Name: Chien-Hua Lai 
Author-X-Name-First: Chien-Hua 
Author-X-Name-Last: Lai 
Title: Substitute effects between Lotto and Big Lotto in Taiwan 
Abstract:
  Lotto was inaugurated in January 2002 and immediately became a popular
 activity in Taiwan. The purpose of this investigation is to examine the
 effective price elasticity of Big Lotto and the substitute effects between
 Lotto (6/42) and Big Lotto (6/49). The analytical results can provide
 suggestions to the Taipei Bank on ways to improve lottery sales. The
 empirical findings of investigation include: (1) no significant
 substitutive or complementary relationships exist between Big Lotto and
 Lotto in Taiwan (2) the effective price elasticity of Big Lotto is -0.145,
 Taipei Bank can increase the revenue gained from Big Lotto by increasing
 the effective price. 
Journal: Applied Economics Letters 
Pages: 655-658 
Issue: 10 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401858 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401858&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shunsuke Managi 
Author-X-Name-First: Shunsuke 
Author-X-Name-Last: Managi 
Author-Name: James Opaluch 
Author-X-Name-First: James 
Author-X-Name-Last: Opaluch 
Author-Name: Di Jin 
Author-X-Name-First: Di 
Author-X-Name-Last: Jin 
Author-Name: Thomas Grigalunas 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Grigalunas 
Title: Alternative technology indexes in the offshore oil and gas industry 
Abstract:
  R&D policies play an important role for developing technologies.
 Alternative technology indexes are tested to provide an improved
 understanding of technology index in the offshore oil and gas industry.
 The analysis compares ten alternative technology indexes including
 technology diffusion counts, importance-weighted diffusion, innovation
 counts, importance-weighted innovation, patent counts, importance-weighted
 patent counts, and a simple measure of time. It is found that utilizing
 weighted diffusion count as an index of technology is clearly superior to
 all other indexes. The results also show the time as an index of
 technology is clearly inferior to most other indexes. 
Journal: Applied Economics Letters 
Pages: 659-663 
Issue: 10 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401866 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401866&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Nikolaou 
Author-X-Name-First: A. 
Author-X-Name-Last: Nikolaou 
Author-Name: I. Theodossiou 
Author-X-Name-First: I. 
Author-X-Name-Last: Theodossiou 
Title: Returns to qualifications and occupation for males and females: evidence from the British Workplace Employee Relations Survey (WERS) 1998 
Abstract:
  This study explores the returns to qualifications by occupation for males
 and females by utilizing a matched employer-employee dataset. It shows
 that educational qualifications are of a major and significant importance
 in explaining earnings variation but the effect progressively disappears
 as one examines their impact at lower ranks of occupational status. Thus,
 it appears that precisely where workers are located in terms of occupation
 will determine the pay that they are likely to receive. 
Journal: Applied Economics Letters 
Pages: 665-673 
Issue: 10 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401981 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401981&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chul-Hwan Kim 
Author-X-Name-First: Chul-Hwan 
Author-X-Name-Last: Kim 
Author-Name: Donggeun Kim 
Author-X-Name-First: Donggeun 
Author-X-Name-Last: Kim 
Title: Does Korea have twin deficits? 
Abstract:
  Using the modified Wald test suggested by Toda and Yamamoto (1995), the
 study examines whether higher budget deficits lead to greater current
 account deficits in Korea. This test allows one not only to examine the
 general validity of twin deficits hypotheses, but also to predict future
 Korean external balance positions. The empirical results indicate that a
 unidirectional causal relation running from the current account deficit to
 the budget deficit is present in Korea. 
Journal: Applied Economics Letters 
Pages: 675-680 
Issue: 10 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500404910 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500404910&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence Dacuycuy 
Author-X-Name-First: Lawrence 
Author-X-Name-Last: Dacuycuy 
Title: On the finite sampling properties of the Zheng test for omitted and irrelevant variable problems 
Abstract:
  The paper conducts simple Monte Carlo simulation investigations to
 ascertain the finite sample properties of the Zheng test when applied to
 familiar specification errors in the form of omitted and irrelevant
 variable problems. Results indicate that the respective estimated sizes
 underestimate the nominal sizes. In an omitted variable setting, the Zheng
 test performs rather well with estimated powers being sensitive to
 increasing bandwidth parameters. However, the test exhibited contrasting
 results in examining power performance for testing irrelevant regressors. 
Journal: Applied Economics Letters 
Pages: 681-684 
Issue: 11 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600829651 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600829651&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vincent Vandenberge 
Author-X-Name-First: Vincent 
Author-X-Name-Last: Vandenberge 
Title: Achievement effectiveness and equity: the role of tracking, grade repetition and inter-school segregation 
Abstract:
  Grouping students together according to their ability - in vocational
 versus academic tracks, in different grades or schools - is frequently
 denounced as being ineffective and/or a source of additional inequality.
 Yet very few international studies have evaluated the effects of these
 practices on educational performance. This study attempts to fill this gap
 using standardized scores in maths, science and reading literacy at the
 age of 15 published by the OECD in 2000. Results are that ability grouping
 has no impact on effectiveness (country mean scores). And the intensity of
 inequality (within country dispersion of scores) is also hard to predict.
 It is only for maths that higher inter-school segregation, but not
 tracking or grade repetition, leads to higher inequality. 
Journal: Applied Economics Letters 
Pages: 685-693 
Issue: 11 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500404944 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500404944&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Troy Matheson 
Author-X-Name-First: Troy 
Author-X-Name-Last: Matheson 
Title: A more flexible decomposition of productivity growth 
Abstract:
  Conventional productivity growth decompositions, such as those of Baily,
 Bartelsman and Haltiwanger (2001) and Grilliches and Regev (1995), first
 aggregate each firm's productivity level into an aggregate productivity
 index, and then allocate aggregate growth back to the firms forming the
 aggregate. It is shown that this can produce misleading results, and two
 more flexible decompositions are proposed that are consistent with the
 superlative Tornqvist productivity growth index. 
Journal: Applied Economics Letters 
Pages: 695-698 
Issue: 11 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850600903837 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600903837&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ashok Parikh 
Author-X-Name-First: Ashok 
Author-X-Name-Last: Parikh 
Author-Name: Kunal Sen 
Author-X-Name-First: Kunal 
Author-X-Name-Last: Sen 
Title: Probit with heteroscedasticity: an application to Indian poverty analysis 
Abstract:
  This study argues that in limited dependent variable models, when there
 is heteroscedasticity, a probit model with a heteroscedastic structure
 should be estimated. The problem is illustrated using unit record data
 from the Indian National Sample Survey to analyse the determinants of
 poverty at household level. It is found that these biases are large even
 with large number of observations because in the limited dependent
 variable case, the bias does not vanish asymptotically when the assumption
 of homoscedasticity breaks down. Both regression coefficients and marginal
 effects differ widely between probit and hetprobit models in this study. 
Journal: Applied Economics Letters 
Pages: 699-707 
Issue: 11 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500402096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500402096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paolo Buonanno 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Buonanno 
Author-Name: Leone Leonida 
Author-X-Name-First: Leone 
Author-X-Name-Last: Leonida 
Title: Education and crime: evidence from Italian regions 
Abstract:
  This study examines the impact of education on criminal activity in
 Italy. A number of hypotheses are tested regarding the effects of
 education and past incidence of crime on criminal activity, using annual
 data for the 20 Italian regions over the period 1980 to 1995. Empirical
 results show that education is negatively correlated with delinquency and
 that crime rates display persistence over time. The results are robust to
 model specifications and endogeneity. 
Journal: Applied Economics Letters 
Pages: 709-713 
Issue: 11 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500407376 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500407376&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. K. Randolph Tan 
Author-X-Name-First: G. K. Randolph 
Author-X-Name-Last: Tan 
Title: Efficiency estimates for Singapore manufacturing: new evidence from the Malmquist Index 
Abstract:
  A nonparametric technique is employed, data envelopment analysis, to
 derive estimates of technical efficiency change in Singapore manufacturing
 industries for 1975 to 1998 using the Malmquist index. The results show
 that on average, there have been improvements in technical efficiency over
 the sample period for overall manufacturing. This broadly corroborates the
 results from an earlier stochastic frontier analysis. 
Journal: Applied Economics Letters 
Pages: 715-721 
Issue: 11 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401924 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401924&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jinyoung Hwang 
Author-X-Name-First: Jinyoung 
Author-X-Name-Last: Hwang 
Author-Name: Kun-Oh Jung 
Author-X-Name-First: Kun-Oh 
Author-X-Name-Last: Jung 
Title: A cross-country study on income distribution and school enrolment 
Abstract:
  This study examines whether income distribution affects school enrolment
 at primary, secondary and tertiary levels. Using cross-national evidence,
 it is found that a country's income inequality is positively and
 significantly associated with primary school enrolments. However, there is
 a negative association between income inequality and enrolment at both
 secondary and tertiary levels, even after controlling for some explanatory
 variables. 
Journal: Applied Economics Letters 
Pages: 723-726 
Issue: 11 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500402013 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500402013&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anne Neumann 
Author-X-Name-First: Anne 
Author-X-Name-Last: Neumann 
Author-Name: Boriss Siliverstovs 
Author-X-Name-First: Boriss 
Author-X-Name-Last: Siliverstovs 
Author-Name: Christian von Hirschhausen 
Author-X-Name-First: Christian 
Author-X-Name-Last: von Hirschhausen 
Title: Convergence of European spot market prices for natural gas? A real-time analysis of market integration using the Kalman Filter 
Abstract:
  This letter provides a textbook example of an econometric analysis of the
 integration between two commodity markets and the subsequent price
 convergence or absence thereof. Price relations between spot markets are
 analysed for natural gas in Europe. The European market for natural gas is
 currently undergoing a liberalization process with the aim of creating a
 single, unified market. Time-varying coefficient estimation models are
 used, applying the Kalman filter to test whether price convergence between
 different locations is really taking place. The results reveal that the
 construction of a pipeline between the UK and Zeebrugge (Belgium) has led
 to almost perfect price convergence between these locations in the time
 period under consideration; on the other hand, liberalization on the
 European continent does not seem to be working so far. 
Journal: Applied Economics Letters 
Pages: 727-732 
Issue: 11 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500404258 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500404258&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Adolfo Maza 
Author-X-Name-First: Adolfo 
Author-X-Name-Last: Maza 
Title: Wage flexibility and the EMU: a nonparametric and semiparametric analysis for the Spanish case 
Abstract:
  According to OCA theory, the creation of the EMU reinforces the role of
 wage flexibility as an adjustment instrument alternative to the exchange
 rate in order to mitigate the negative effects of asymmetric shocks. This
 paper uses the case of Spain as the frame of reference within the EMU - in
 order to ensure data homogeneity - and examines wage flexibility in the
 Spanish provinces using both nonparametric and semiparametric techniques.
 The main result of the paper is that the labour market appears to be quite
 rigid and, therefore, adverse shocks could have serious consequences in
 the future. 
Journal: Applied Economics Letters 
Pages: 733-736 
Issue: 11 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500407624 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500407624&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gerald Kohers 
Author-X-Name-First: Gerald 
Author-X-Name-Last: Kohers 
Author-Name: Ninon Kohers 
Author-X-Name-First: Ninon 
Author-X-Name-Last: Kohers 
Author-Name: Theodor Kohers 
Author-X-Name-First: Theodor 
Author-X-Name-Last: Kohers 
Title: The risk and return characteristics of developed and emerging stock markets: the recent evidence 
Abstract:
  Finance theory suggests that the higher volatility typically associated
 with emerging stock market returns translates into higher expected returns
 in those markets. This study compares the risk and return profile of
 emerging and developed stock markets over the period from 1988 through
 April 2003. Specifically, this study investigates whether a difference in
 risk characteristics exists between the two markets and whether the
 realized rates of return in these two types of markets reflect these risk
 characteristics. The results show that the risk associated with emerging
 markets, as measured by the standard deviation of returns, is higher than
 the risk in developed markets in most periods. Also, the returns in
 emerging markets have been higher than those in developed markets for most
 of the time frames examined. The findings suggest that risk-averse
 investors seeking higher returns in emerging markets have been compensated
 for assuming the higher risk associated with these markets. 
Journal: Applied Economics Letters 
Pages: 737-743 
Issue: 11 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500407210 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500407210&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yir-Hueih Luh 
Author-X-Name-First: Yir-Hueih 
Author-X-Name-Last: Luh 
Author-Name: Kuo-Chen Shih 
Author-X-Name-First: Kuo-Chen 
Author-X-Name-Last: Shih 
Title: International spillovers and East Asian growth: the experience of Japan, Korea and Taiwan 
Abstract:
  This study analyses the sources of economic growth for three East Asian
 economies - Japan, Korea and Taiwan - with special emphasis on
 international spillovers as an explanation of the differential patterns of
 growth. Three different proxy measures of international spillovers are
 constructed in the empirical analysis. Explicitly accounting for
 country-specific differences, both fixed effect and random effect
 regressions are applied to obtain coefficient estimates. It is found that
 technology spillovers going beyond geographic boundaries is a significant
 determinant of GDP growth for the three East Asian economies.
 Nevertheless, the direction of the spillover effect differs. For Japan and
 Korea, the empirical findings support the view that international
 spillovers contribute to GDP growth. International spillovers, however,
 are found to have dampened Taiwan's GDP growth during the period 1978 to
 1992. These results suggest, for economies whose research effort is
 relatively low, a negative relationship between productivity and
 international spillovers might be revealed. 
Journal: Applied Economics Letters 
Pages: 745-750 
Issue: 11 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500407053 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500407053&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Philip Hans Franses 
Author-X-Name-First: Philip Hans 
Author-X-Name-Last: Franses 
Title: Empirical causality between bigger banknotes and inflation 
Abstract:
  Monetary theory predicts that high inflation rates may imply the need for
 bigger banknotes. At the same time, monetary authorities may fear that
 introducing higher-valued banknotes leads to inflation. This paper
 concerns an analysis of 40 years of data on inflation and denominations
 for 59 countries, and it reports that causality runs from inflation to
 banknotes and not the other way around. 
Journal: Applied Economics Letters 
Pages: 751-752 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500424926 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500424926&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ethan Cohen-Cole 
Author-X-Name-First: Ethan 
Author-X-Name-Last: Cohen-Cole 
Title: Housing quality, neurotoxins and human capital acquisition 
Abstract:
  Much existing literature on age-earnings variation has focused on
 identifying the connection between ability and wage and salary income.
 This is often done through the careful selection of an instrument,
 believed to be correlated with ability but not with earnings, and
 typically for data on individuals older than 18. Recent efforts have
 discussed the path of human capital acquisition from younger ages,
 including discussions of the relevance of early childhood education on the
 long-term path of human capital. This paper approaches the issue by
 selecting a more plausibly exogenous factor in human capital acquisition -
 infant exposure to household neurotoxins (e.g. lead, mercury, PCBs, etc.).
 I capitalize on the time varying usage of paint and PCBs in household
 constructions to use housing vintage (year of construction) as a proxy for
 exposure. I measure this exposure at the state level. State level
 variation in the age of housing stock is found to explain a large portion
 of the individual level age-earnings profile. Living in an old vintage
 house with a high probability of neurotoxin exposure translates to loss of
 earnings equivalent to about six years of schooling. This supports the
 medical literature's view that neurotoxins affect both mental capacity as
 well as the ability to learn. 
Journal: Applied Economics Letters 
Pages: 753-758 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500407566 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500407566&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Author-Name: Seung Jick Yoo 
Author-X-Name-First: Seung Jick 
Author-X-Name-Last: Yoo 
Title: A complete characterization of mean wait times for citizens in the non-preemptive corruption regime 
Abstract:
  Recently, Batabyal and Yoo (2004) have used a queuing model with two
 types of citizens (high and low opportunity cost of time) to compute mean
 wait times in queue for the so called non-preemptive corruption regime.
 The purpose of this note is to extend the Batabyal and Yoo (2004)
 analysis. Specifically, a queuing model with &#xa0;[image omitted] types
 of citizens is first studied. Next, mean wait times in queue are
 calculated for all n types of citizens. Finally, the implications of the
 findings are discussed. 
Journal: Applied Economics Letters 
Pages: 759-762 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500424983 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500424983&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gairuzazmi Ghani 
Author-X-Name-First: Gairuzazmi 
Author-X-Name-Last: Ghani 
Title: Balance of payments constrained growth model: an examination of Thirlwall's Hypothesis using McCombie's Individual Country Method 
Abstract:
  The balance of payments constrained growth (BOP) model is tested using
 the McCombie's cross-country and individual country test for 90 developed
 and developing countries for the period 1980 to 2000, and the McCombie's
 test is extended using export elasticity. If in the long run, the growth
 of exports is equal to the growth of imports and the affect of prices are
 not statistically significant, the estimated import elasticity from time
 series regression should not be statistically different from the BOP
 implied import elasticity, this also implied that the estimated export
 elasticity, also should not be statistically different from the BOP
 implied export elasticity. However, the finding shows that for only about
 45% of the countries under study the individual country test is accepted
 even though cross-country analysis support the BOP model. Furthermore, for
 some countries where its estimated and implied import elasticity are not
 statistically different, its estimated and implied export elasticity are
 statistically different and vice-versa. 
Journal: Applied Economics Letters 
Pages: 763-768 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500404886 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500404886&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hugo Gallardo-Sejas 
Author-X-Name-First: Hugo 
Author-X-Name-Last: Gallardo-Sejas 
Author-Name: Salvador-Gil Pareja 
Author-X-Name-First: Salvador-Gil 
Author-X-Name-Last: Pareja 
Author-Name: Rafael Llorca-Vivero 
Author-X-Name-First: Rafael 
Author-X-Name-Last: Llorca-Vivero 
Author-Name: Jose Martinez-Serrano 
Author-X-Name-First: Jose 
Author-X-Name-Last: Martinez-Serrano 
Title: Determinants of European immigration: a cross-country analysis 
Abstract:
  This paper analyses the determinants of international immigration in 13
 European destination countries using a data set on 139 origin countries in
 2000. The results indicate that gravity variables (population and
 distance), the macroeconomic conditions, cultural proximity, and the
 existence of narrow trade relationships are important explanatory factors. 
Journal: Applied Economics Letters 
Pages: 769-773 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500424975 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500424975&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mauro Costantini 
Author-X-Name-First: Mauro 
Author-X-Name-Last: Costantini 
Author-Name: Giuseppe Arbia 
Author-X-Name-First: Giuseppe 
Author-X-Name-Last: Arbia 
Title: Testing the stochastic convergence of Italian regions using panel data 
Abstract:
  This paper examines stochastic convergence in real per capita GDP for
 Italian regions using recent non-stationary panel data methodologies over
 the period 1951 to 2002. Economies stochastically converge when regional
 differences across economies are not persistent, and long-run movements in
 a region's real per capita GDP are driven by technological shocks. Four
 panel unit root tests are used to evaluate stochastic convergence and
 Monte Carlo simulation is performed to obtain critical values. The results
 indicate that there is no stochastic convergence among Italian regions.
 They also provide some evidence in favour of stochastic convergence of
 regions in the Northern part of Italy. 
Journal: Applied Economics Letters 
Pages: 775-783 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425188 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425188&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sacit Hadi Akdede 
Author-X-Name-First: Sacit Hadi 
Author-X-Name-Last: Akdede 
Author-Name: Ayla Ogus 
Author-X-Name-First: Ayla 
Author-X-Name-Last: Ogus 
Title: Increasing returns to information and the survival of Turkish public theatre plays 
Abstract:
  This paper investigates increasing returns to information and the
 survival of Turkish public theatre productions. Log size and rank
 relationship is found to display autocorrelated growth in a sample of 556
 plays put on stage in the Turkish public theatre system in 12 different
 cities between 1998 and 2003. The lifetime of plays is also investigated
 and the features of plays are found not to matter for duration which can
 be explained by the non-profit nature of public theatre. However, the
 lifetimes of plays in more developed cities are longer than in less
 developed cities. In contrast to Broadway shows, the hazard function for
 Turkish public theatre plays is increasing in the number of performances. 
Journal: Applied Economics Letters 
Pages: 785-788 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500407533 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500407533&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Halkos 
Author-X-Name-First: George 
Author-X-Name-Last: Halkos 
Author-Name: Ilias Kevork 
Author-X-Name-First: Ilias 
Author-X-Name-Last: Kevork 
Title: Forecasting the stationary AR(1) with an almost unit root 
Abstract:
  Although unit root tests have made a great contribution in time series
 econometrics, their major disadvantage is the low powers they attain on
 certain occasions, as for the case of the stationary AR(1), when &#x3c6;is
 close to one. In this study, considering the random walk as the true
 model, we derive the probability of the prediction interval to include any
 future value yT+s of AR(1). Using certain estimates from Monte Carlo
 simulations, we proceed to numerical computations, resulting in the main
 finding that the values for the specific probability depend upon the
 location the most recent available observation in the sample possesses in
 its marginal distribution. 
Journal: Applied Economics Letters 
Pages: 789-793 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500407491 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500407491&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yeonbae Kim 
Author-X-Name-First: Yeonbae 
Author-X-Name-Last: Kim 
Author-Name: Yuri Park 
Author-X-Name-First: Yuri 
Author-X-Name-Last: Park 
Author-Name: Jeong-Dong Lee 
Author-X-Name-First: Jeong-Dong 
Author-X-Name-Last: Lee 
Author-Name: Jongsu Lee 
Author-X-Name-First: Jongsu 
Author-X-Name-Last: Lee 
Title: Using stated-preference data to measure the inconvenience cost of spam among Korean E-mail users 
Abstract:
  E-mail is an efficient communication tool, but at the same time it is an
 efficient vehicle for Internet pollution in the form of
 spam&#x2014;unsolicited, bulk e-mailings. Spam is a global phenomenon, and
 debate about possible means of controlling it is lively. Spammers impose a
 negative externality on users. The volume of spam-type e-mail sent is
 above the social optimum and thus produces dead-weight. To solve the spam
 problem and evaluate spam-control measures, one needs to measure the
 disutility experienced by e-mail users who receive spam. The current study
 employs conjoint analysis of stated-preference data to estimate e-mail
 users' overall inconvenience cost attributable to spam. The results show
 the inconvenience cost of spam to be about 3.067 won (US$ 0.0026) per spam
 message. 
Journal: Applied Economics Letters 
Pages: 795-800 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425287 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425287&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuck Cheong Tang 
Author-X-Name-First: Tuck Cheong 
Author-X-Name-Last: Tang 
Title: New evidence on export expansion, economic growth and causality in China 
Abstract:
  This paper extends the work by Mah (2005) on the causality between export
 expansion and economic growth in China by adding imports as additional
 variable in a trivariate framework. Interestingly, this paper has
 empirically found no long-run relationships among exports, real Gross
 Domestic Product, and imports. This paper further shows no long- and
 short-run causality, at least in Granger's sense, between export expansion
 and economic growth in China, but economic growth does Granger-cause
 imports in the short run. 
Journal: Applied Economics Letters 
Pages: 801-803 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425303 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425303&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Lee 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Lee 
Author-Name: Stephen Holoviak 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Holoviak 
Title: Unemployment and crime: an empirical investigation 
Abstract:
  This paper examines the relationship between labour market conditions and
 various crime series in three Asia-Pacific countries: Australia, Japan and
 South Korea. Johansen's maximum likelihood cointegration tests are applied
 to annual, aggregate data to see whether there exists a long-run
 equilibrium relationship between unemployment and crime variables. In a
 society with a high unemployment rate, especially among young males, the
 opportunity cost of crime is relatively low so that criminal activities
 tend to increase. Although theoretically well-formulated, previous
 empirical studies of this hypothesis have yielded mixed evidence. The
 results of this study, however, appear to provide strong support for a
 long-run equilibrium relationship between unemployment and several crime
 series. This may be due to the use of cointegration method in the study,
 which is quite common in the area of economics and finance, but has not
 been applied extensively to the study of crime. Empirical support seems to
 be even stronger for the relationship between unemployment among young
 males and crime. 
Journal: Applied Economics Letters 
Pages: 805-810 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425105 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425105&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Changkyu Choi 
Author-X-Name-First: Changkyu 
Author-X-Name-Last: Choi 
Title: Does foreign direct investment affect domestic income inequality? 
Abstract:
  Using pooled Gini coefficient 1993 to 2002 data for 119 countries from
 World Development Indicators 2004, World Bank, we find that income
 inequality, defined as the Gini coefficient, increases as FDI stocks as a
 percentage of GDP increase. Increases in per capita GDP and real per
 capita GDP growth rate reduce income inequality in a country, whereas an
 increase in GDP deteriorates income distribution. Furthermore, Latin
 American and Caribbean countries proved to have a less equal income
 distribution. 
Journal: Applied Economics Letters 
Pages: 811-814 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500400637 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500400637&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Lopez-Rodriguez 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Lopez-Rodriguez 
Author-Name: J. Andres Faina 
Author-X-Name-First: J. Andres 
Author-X-Name-Last: Faina 
Title: Objective 1 regions versus non-objective 1 regions. What does the Theil Index tell us? 
Abstract:
  The evolution of regional income disparities between two blocks of
 regions, objective 1 regions and non-objective 1 regions is analysed for
 the period 1982 to 1997, by using a Generalized entropy index such as the
 Theil index. The results show that between 1982 and 1987 the income
 disparities between objective 1 regions and non-objective 1 regions have
 increased, while from 1987 onwards objective 1 regions catch up with the
 non-objective 1 regions. 
Journal: Applied Economics Letters 
Pages: 815-820 
Issue: 12 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401890 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401890&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Olivier Chanel 
Author-X-Name-First: Olivier 
Author-X-Name-Last: Chanel 
Author-Name: Susan Cleary 
Author-X-Name-First: Susan 
Author-X-Name-Last: Cleary 
Author-Name: Stephane Luchini 
Author-X-Name-First: Stephane 
Author-X-Name-Last: Luchini 
Title: Does public opinion influence willingness-to-pay? Evidence from the field 
Abstract:
  Contingent valuation (CV) surveys have been criticized for assuming that
 respondents have well-defined preferences. Using an innovative field
 experiment dealing with a privatized public good, it is shown that
 respondents are not influenced by public opinion but are positively
 responsive to scientific information. 
Journal: Applied Economics Letters 
Pages: 821-824 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500424769 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500424769&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Teit Luthje 
Author-X-Name-First: Teit 
Author-X-Name-Last: Luthje 
Title: Does intra-industry trade exist in the real world? 
Abstract:
  If foreign trade is related to that part of a product category which
 includes foreign trade in quality varieties between countries with
 identical factor endowments, intra-industry trade makes up a far smaller
 share of total foreign trade than normally assumed. Thereby, the Heckscher
 Ohlin model is the essential incentive explaining foreign trade. 
Journal: Applied Economics Letters 
Pages: 825-827 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500424991 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500424991&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Title: Uncertain innovation with uncertain product durability 
Abstract:
  This paper adds to two strands of the economics literature, the
 literature on product durability and on technical change, in a small way
 by introducing the possibility that an uncertain invention may be
 exogenously durable. Durability makes otherwise fully appropriable
 innovation porous. We consider a duopoly where firms maximize the present
 discounted rewards from innovation that might turn out to be a durable
 good or a non-durable good. Comparative-static results show that greater
 appropriability of rewards from the durable good innovation induces the
 firm to increase its profit-maximizing research spending. The effect of a
 change in the probability of the durable innovation is shown to depend on
 the degree of appropriability. The consideration of the effect of changes
 in the probability of durable innovation is unique to the literature. The
 effects of change in R&D competition are ambiguous and in line with
 earlier findings. Two special cases are considered and policy implications
 discussed. 
Journal: Applied Economics Letters 
Pages: 829-834 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425154 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425154&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anil Kumar 
Author-X-Name-First: Anil 
Author-X-Name-Last: Kumar 
Title: Nonparametric conditional density estimation of labour force participation 
Abstract:
  Labour force participation decision has been studied primarily in a
 parametric framework. The weaknesses of the parametric estimators to
 misspecification of the error distribution and to functional form
 assumptions are well known. This paper compares the predictive performance
 of widely used parametric and semiparametric estimators with results
 obtained from nonparametric kernel conditional density estimation with
 likelihood cross-validated bandwidth selection and mixed data type. The
 results are striking. The predictive performance of the nonparametric
 estimator is 95% against 71% to 77% of the parametric and semiparametric
 estimators. The nonparametric estimator is able to correctly predict the
 outcome for 83% of non-participants in the labour force as against 15% by
 probit and logit models. This underscores the need to use nonparametric
 estimators in studying labour market behaviour. 
Journal: Applied Economics Letters 
Pages: 835-841 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425204 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425204&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chung-Ki Lee 
Author-X-Name-First: Chung-Ki 
Author-X-Name-Last: Lee 
Author-Name: Seung-Jun Kwak 
Author-X-Name-First: Seung-Jun 
Author-X-Name-Last: Kwak 
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: Willingness to pay for a cyber ecological park 
Abstract:
  We attempt to value a cyber ecological park on the Internet by applying
 willingness to pay (WTP) survey techniques. The respondents' judgements
 required in the survey were within their abilities and the household's
 mean WTP for visiting the Woopo wetland cyber ecological park was
 estimated as 1203 Korean won (GBP 0.653) per connection. 
Journal: Applied Economics Letters 
Pages: 843-846 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425253 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425253&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Ledesma-Rodriguez 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Ledesma-Rodriguez 
Author-Name: Jorge Perez-Rodriguez 
Author-X-Name-First: Jorge 
Author-X-Name-Last: Perez-Rodriguez 
Author-Name: Simon Sosvilla-Rivero 
Author-X-Name-First: Simon 
Author-X-Name-Last: Sosvilla-Rivero 
Title: An empirical examination of exchange-rate credibility determinants in the EMS 
Abstract:
  This study provides empirical evidence on the determinants of exchange
 rate credibility under the European Monetary System (EMS). To that end, it
 considers both economic variables and political factors using data of
 eight currencies participating in the Exchange Rate Mechanism, covering
 the complete EMS history (1979 to 1998). The results suggest that the
 level of international reserves, the real interest rate and right-wing
 governments would have positively affected the credibility of a given
 central parity, while the unemployment rate and the inflation rate would
 have negatively influenced such credibility. 
Journal: Applied Economics Letters 
Pages: 847-850 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425311 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425311&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jong-Eun Lee 
Author-X-Name-First: Jong-Eun 
Author-X-Name-Last: Lee 
Title: Does globalization matter to income distribution in Asia? 
Abstract:
  This study attempts to examine the impact of globalization on the income
 inequality in Asia. The pooled regression results covering eight Asian
 countries over the period 1970 to 2002, show the regular-U shape with
 globalization variables. It gives a policy implication for growth, equity,
 and globalization in Asia. 
Journal: Applied Economics Letters 
Pages: 851-855 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425352 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425352&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wen-Cheng Lu 
Author-X-Name-First: Wen-Cheng 
Author-X-Name-Last: Lu 
Author-Name: Jong-Rong Chen 
Author-X-Name-First: Jong-Rong 
Author-X-Name-Last: Chen 
Author-Name: Chia-Ling Wang 
Author-X-Name-First: Chia-Ling 
Author-X-Name-Last: Wang 
Title: Granger causality test on R&D spatial spillovers and productivity growth 
Abstract:
  This paper uses panel data of Taiwanese electronics firms to investigate
 the Granger causality relationship between R&D and productivity growth,
 while taking into account the effect of R&D spatial spillovers. Unlike
 previous studies, the R&D spatial spillover effect is calculated by a
 geographic formula of longitude and latitude. Before determining the
 direction of causality between the TFP growth and R&D effort, we execute
 the panel unit root test to examine the stationarity of the data. Results
 indicate that all variables in the model are stationary, and that R&D
 stock and R&D spatial spillovers Granger cause productivity growth. 
Journal: Applied Economics Letters 
Pages: 857-861 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425360 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425360&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles Moss 
Author-X-Name-First: Charles 
Author-X-Name-Last: Moss 
Author-Name: Troy Schmitz 
Author-X-Name-First: Troy 
Author-X-Name-Last: Schmitz 
Title: A semiparametric estimator of the Zellner production function for corn: fitting the univariate primal 
Abstract:
  Recent developments in production agriculture have resurrected interest
 in the primal production approach. This study develops a semi-parametric
 procedure for estimation of the Zellner production function for a single
 input. 
Journal: Applied Economics Letters 
Pages: 863-867 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425394 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425394&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Guy Cox 
Author-X-Name-First: Richard Guy 
Author-X-Name-Last: Cox 
Title: A perverse effect of lowering the threshold blood alcohol content 
Abstract:
  Recent legislation in the USA encourages states to lower the legal
 threshold for drunk driving blood alcohol content. The intention of such
 legislation is to reduce the number of accidents and fatalities associated
 with drunk driving. This note shows that lowering the threshold blood
 alcohol content has an ambiguous impact on the incidence of drunk driving
 accidents and will not reduce the number of drunk drivers with blood
 alcohol content above a previous threshold. The formal analysis serves to
 encourage further empirical research in this area. 
Journal: Applied Economics Letters 
Pages: 869-871 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425428 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425428&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Konstantinos Drakos 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Drakos 
Title: A note on uncertainty and investment across the spectrum of irreversibility 
Abstract:
  There is a lack of consensus regarding the sign of the
 uncertainty-investment relationship, with a strand of the literature
 suggesting a positive sign, and the Real Options Theory (ROT) advocating a
 negative relationship. As a way of testing the ROT, this paper empirically
 investigates its main prediction that the negative effect of uncertainty
 on investment is an increasing function of the degree of irreversibility.
 Empirical results provide support for the ROT since uncertainty is found
 to exert a higher impact on investment spending across the irreversibility
 spectrum. 
Journal: Applied Economics Letters 
Pages: 873-876 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425451 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425451&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sherrill Shaffer 
Author-X-Name-First: Sherrill 
Author-X-Name-Last: Shaffer 
Title: Contests with interdependent preferences 
Abstract:
  Relaxing the common assumption of purely self-interested preferences in
 contests, it is shown that altruism (bilateral or unilateral) reduces
 equilibrium rent-seeking effort. The effects on net payoffs are more
 complex. Strategic interdependence is possible, but the symmetric
 equilibrium is pure self-interest. 
Journal: Applied Economics Letters 
Pages: 877-880 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425477 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425477&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jae-Hyung Lee 
Author-X-Name-First: Jae-Hyung 
Author-X-Name-Last: Lee 
Title: Business corruption, public sector corruption, and growth rate: time series analysis using Korean data 
Abstract:
  With annual data for 1986 to 2001 from South Korea (hereafter Korea), the
 regression results are consistent with the hypothesis that business
 corruption and public sector corruption have detrimental effects on real
 per capita growth rate. It is also evident that two causal relationships
 between each pair of corruptions exist; reducing one is likely to result
 in reductions in the other, implying that business and public sector
 corruptions may be one package in policy formulation. The elasticity of
 real per capita growth rate with respect to two indicators of public
 sector corruptions indicate that corruption in terms of number is more
 sensitive to real per capita growth rate than corruption in the amount of
 money. 
Journal: Applied Economics Letters 
Pages: 881-885 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425519 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425519&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Caleiro 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Caleiro 
Title: How is confidence related to unemployment in Portugal? 
Abstract:
  By the use of fuzzy logic, this paper shows how confidence is related to
 unemployment in Portugal. The results indicate it to be a worthwhile
 exercise, as the apparent importance of unemployment upon confidence is
 only revealed by the fuzzy logic approximation. 
Journal: Applied Economics Letters 
Pages: 887-890 
Issue: 13 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425139 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425139&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul McGuinness 
Author-X-Name-First: Paul 
Author-X-Name-Last: McGuinness 
Title: 'Turn-of the-month' return effects for small cap Hong Kong stocks 
Abstract:
  Intra-month returns for a liquid pool of small-cap stocks in Hong Kong
 are analysed over the period January 2000 to June 2005. A strong and
 persistent 'turn-of-the-month' effect is apparent where returns, measured
 between the close of trading on the penultimate day of business in a
 calendar month and the subsequent close five business days later, are
 recorded at levels averaging almost 1.5%. This compares to returns over
 the preceding five-day period-capturing the 'end of month' effect-of
 almost -0.3% on average. Further analysis also points to differential
 'day-of-the-week' effects with Tuesday and Friday returns in particular at
 noticeably lower levels during the final week of a month as compared to
 earlier weeks. The Tuesday effect may well be an analogue of the US Monday
 effect given Wang et al.'s evidence of notably lower Monday returns toward
 month-ends, and the suggestion of a 'delayed Monday effect' in Asian time
 zones due to the opening of US Monday trading hours after Hong Kong
 trading hours. 
Journal: Applied Economics Letters 
Pages: 891-898 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500426046 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426046&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mauro Costantini 
Author-X-Name-First: Mauro 
Author-X-Name-Last: Costantini 
Author-Name: Claudio Lupi 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Lupi 
Title: Divergence and long-run equilibria in Italian regional unemployment 
Abstract:
  The Italian labour market is characterized by large and persistent
 regional unemployment differentials. This study uses recent panel unit
 root and cointegration tests to derive the long-run properties of the
 Italian regional unemployment disparities. The empirical evidence suggests
 that the stochastic convergence hypothesis can be rejected. However, the
 existence of a long-run equilibrium relationship among regional
 unemployment rates cannot be excluded. Some possible implications of this
 finding are sketched. 
Journal: Applied Economics Letters 
Pages: 899-904 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425758 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425758&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pablo Acosta 
Author-X-Name-First: Pablo 
Author-X-Name-Last: Acosta 
Author-Name: Enlinson de Mattos 
Author-X-Name-First: Enlinson 
Author-X-Name-Last: de Mattos 
Author-Name: Ana Fava 
Author-X-Name-First: Ana 
Author-X-Name-Last: Fava 
Title: Monte Carlo properties of spatial dependence LM tests 
Abstract:
  This paper compares the power and size of both spatial one-directional
 and robust to local misspecification LM test using Monte Carlo techniques
 under different set ups. Confirming the results found in Anselin et al.
 (1996), under local misspecification the robust LM test improves its size
 and power of tests. However, under no misspecification, the robust LM test
 is severely penalized and the usual one-directional LM test has a much
 better performance. 
Journal: Applied Economics Letters 
Pages: 905-910 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500426111 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426111&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pedro Martins 
Author-X-Name-First: Pedro 
Author-X-Name-Last: Martins 
Author-Name: Francisco Lima 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Lima 
Title: External recruitments and firm performance 
Abstract:
  In the context of tournament theory, and drawing on a panel data set of
 several firms and their employees, evidence is presented of a negative
 relationship between the share of external recruitments for top management
 positions and firm productivity. 
Journal: Applied Economics Letters 
Pages: 911-915 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500426129 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426129&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gabriel Montes Rojas 
Author-X-Name-First: Gabriel Montes 
Author-X-Name-Last: Rojas 
Title: Skill premia in Mexico: demand and supply factors 
Abstract:
  Skill premia trends for the Mexican urban labour market are analysed,
 decomposing into demand and supply factors. Moreover, among the former
 both between and within effects are studied, in line with the Katz and
 Murphy decomposition. It is shown that demand factors are more important
 for explaining the initial increment in skill premia, but supply factors
 are responsible for driving them down. It is concluded that the North
 American Trade Agreement (NAFTA) favours unskilled labour. 
Journal: Applied Economics Letters 
Pages: 917-924 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500426145 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426145&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Almas Heshmati 
Author-X-Name-First: Almas 
Author-X-Name-Last: Heshmati 
Title: Conditional and unconditional inequality and growth relationships 
Abstract:
  This study tests the conditional and unconditional relationship between
 income inequality and growth in the post-Second World War period using
 WIDER inequality database. Regression results suggest that income
 inequality is declining over time. Inequality is also declining in growth
 of income. There is a significant regional heterogeneity in the levels and
 development of inequality over time. The Kuznets hypothesis represents a
 global U-shape relationship between inequality and growth. 
Journal: Applied Economics Letters 
Pages: 925-931 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500401809 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401809&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Author-Name: Chul-Oh Shin 
Author-X-Name-First: Chul-Oh 
Author-X-Name-Last: Shin 
Author-Name: Seung-Jun Kwak 
Author-X-Name-First: Seung-Jun 
Author-X-Name-Last: Kwak 
Title: Inconvenience cost of spam mail: a contingent valuation study 
Abstract:
  Controlling unsolicited commercial spam mail has become an increasingly
 critical issue. This study applies a contingent valuation method to
 measuring the inconvenience cost of spam mail. The mean willingness to pay
 for controlling the commercial spam mail per individual is estimated as
 1836 Korean won (approximately GBP 1.0) per year. 
Journal: Applied Economics Letters 
Pages: 933-936 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425725 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425725&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsui-Fang Lin 
Author-X-Name-First: Tsui-Fang 
Author-X-Name-Last: Lin 
Author-Name: Jennjou Chen 
Author-X-Name-First: Jennjou 
Author-X-Name-Last: Chen 
Title: Cumulative class attendance and exam performance 
Abstract:
  This study considers the effect of cumulative class attendance while
 estimating the relationship between class attendance and students' exam
 performance, using an individual-level data. We find that, cumulative
 attendance has produced a positive and significant impact on students'
 exam performance. Attending lectures corresponds to a 4% improvement in
 exam performance, and the marginal impact of cumulative attendance on exam
 performance is also close to 4%. It is of note that the impact of
 attendance on exam performance is reduced about 0.4% after one controls
 for the cumulative attendance effect. 
Journal: Applied Economics Letters 
Pages: 937-942 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425733 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425733&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu-Ter Wang 
Author-X-Name-First: Yu-Ter 
Author-X-Name-Last: Wang 
Title: Product differentiation and the export subsidy dispute 
Abstract:
  In a Cournot duopoly market, this paper studies the role of product
 differentiation in the resolution of the export subsidy dispute. It is
 shown that the optimal export subsidy decreases with the degree of product
 differentiation and the export subsidy will be eliminated completely when
 the competitive goods are made perfectly different. Furthermore,
 increasing the degree of product differentiation will also increase the
 profits of the firms and the welfare of the exporting countries. 
Journal: Applied Economics Letters 
Pages: 943-945 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500426012 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426012&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sawkut Rojid 
Author-X-Name-First: Sawkut 
Author-X-Name-Last: Rojid 
Title: COMESA trade potential: a gravity approach 
Abstract:
  The aim of this study is twofold: first, to find out whether COMESA is a
 building or stumbling bloc; and second, to estimate trade potentials
 within the COMESA region for COMESA members. In addressing the issue of
 regionalism, the gravity model can be used to simulate trade potentials
 corresponding to any regional integration scheme. This study uses a panel
 data analysis to estimate export flows from 147 exporting countries for a
 period of 21 years (1980-2001). The equation is estimated using a Tobit
 model. The coefficients on the observable effects determining bilateral
 trade, except real effective exchange rate, are as expected and highly
 significant. COMESA seems to be a building bloc; that is, the bloc
 liberalized trade more internally than it diverted trade from the rest of
 the world. These results suggest that COMESA's trade potential within the
 region is limited. In fact, the results suggest that members of COMESA
 trading bloc are overtrading within the region. Potentials for more trade
 exist for Angola and Uganda. 
Journal: Applied Economics Letters 
Pages: 947-951 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500426061 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426061&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Theodore Papadogonas 
Author-X-Name-First: Theodore 
Author-X-Name-Last: Papadogonas 
Author-Name: Yannis Stournaras 
Author-X-Name-First: Yannis 
Author-X-Name-Last: Stournaras 
Title: Financial integration, national savings and national investment in the EU member-states 
Abstract:
  Financial integration in the EU is reflected in a lower correlation
 coefficient between national savings and national investment with
 different implications for &#x201c;European South&#x201d; and
 &#x201c;European North&#x201d; member-states. 
Journal: Applied Economics Letters 
Pages: 953-956 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500426087 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426087&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhangkai Huang 
Author-X-Name-First: Zhangkai 
Author-X-Name-Last: Huang 
Title: Non-credible privatization 
Abstract:
  This paper analyzes government incentives in privatization and shows that
 governments' cheap talk results in non-credible policy. Ex-post, only bad
 firms will take a sequential strategy in privatization, which will reveal
 its type and lead to a price drop. These results are used to analyse
 China's share issue privatization plan and market reaction to it. 
Journal: Applied Economics Letters 
Pages: 957-959 
Issue: 14 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500426152 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426152&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lourenco Senne Paz 
Author-X-Name-First: Lourenco Senne 
Author-X-Name-Last: Paz 
Title: Consumption in Brazil: myopia or liquidity constraints? A simple test using quarterly data 
Abstract:
  Several papers have put serious doubt on the validity of the life
 cycle-permanent income hypothesis. However, a few of them have focused on
 the reasons behind the failure. In this study, quarterly data from Brazil
 is used to check whether the rejection of the life cycle hypothesis could
 be attributed to the presence of either liquidity constraints or
 Keynesian-type consumers. The findings indicate that neither liquidity
 constraints nor myopic consumers could generate the finding that
 consumption is sensitive only to expected income declines. A possible
 explanation would be that consumers have some kind of loss aversion
 preference. 
Journal: Applied Economics Letters 
Pages: 961-964 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425931 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425931&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale 
Author-X-Name-First: Guglielmo Maria 
Author-X-Name-Last: Caporale 
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Long memory at the long-run and the seasonal monthly frequencies in the US money stock 
Abstract:
  This study shows that the monthly structure of the US money stock can be
 specified in terms of a long-memory process, with roots at both the zero
 and the seasonal monthly frequencies. It uses a procedure that enables one
 to test simultaneously for the roots at all these frequencies. The results
 show that the root at the long-run or zero frequency plays a much more
 important role than the seasonal one, though the latter should also be
 taken into account. 
Journal: Applied Economics Letters 
Pages: 965-968 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425899 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425899&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Walid Hichri 
Author-X-Name-First: Walid 
Author-X-Name-Last: Hichri 
Title: Individual strategies and aggregate behavior in a public-goods experiment 
Abstract:
  Our aim is to see whether the general result of a decreasing over
 contribution over time in a public goods game is still available at the
 group and at the individual levels. We find that individuals are
 heterogeneous and that they interact differently. 
Journal: Applied Economics Letters 
Pages: 969-973 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425329 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425329&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Suwen Pan 
Author-X-Name-First: Suwen 
Author-X-Name-Last: Pan 
Author-Name: Cheng Fang 
Author-X-Name-First: Cheng 
Author-X-Name-Last: Fang 
Author-Name: Jaime Malaga 
Author-X-Name-First: Jaime 
Author-X-Name-Last: Malaga 
Title: Alcoholic beverage consumption in China: a censored demand system approach 
Abstract:
  China's admission in the WTO and commitment to cut tariffs on alcohol
 related goods provide a considerable opportunity for the USA, Europe and
 other countries. The present study examines Chinese consumer behaviour
 with regard to alcoholic beverages (wine, wine cooler and beer) using a
 Chinese household survey data. The results show that beer and wine cooler
 are normal goods while wine is still a luxury good in China. The price
 elasticities of wine and wine cooler are larger than that of beer. 
Journal: Applied Economics Letters 
Pages: 975-979 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425964 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425964&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dierk Herzer 
Author-X-Name-First: Dierk 
Author-X-Name-Last: Herzer 
Author-Name: Nowak-Lehmann Felicitas 
Author-X-Name-First: Nowak-Lehmann 
Author-X-Name-Last: Felicitas 
Title: Is there a long-run relationship between exports and imports in Chile? 
Abstract:
  This study examines the long-run relationship between Chilean exports and
 imports during the 1975 to 2004 period using unit root tests and
 cointegration techniques that allow for endogenously determined structural
 breaks. The results indicate that there exists a long-run equilibrium
 between exports and imports in Chile, despite the balance-of-payments
 crisis of 1982/83. This finding implies that Chile's macroeconomic
 policies have been effective in the long-run and suggests that Chile is
 not in violation of its international budget constraint. 
Journal: Applied Economics Letters 
Pages: 981-986 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425832 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425832&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Author-Name: Rup Singh 
Author-X-Name-First: Rup 
Author-X-Name-Last: Singh 
Title: Demand for money for Fiji with PcGets 
Abstract:
  Methodological controversies on the relative merits of estimating
 time-series models with alternative approaches exist. However, applied
 researchers may eventually opt for an easy to use and computationally less
 demanding approach. This article shows that the LSE/Hendry approach, known
 as GETS, is promising when it is implemented with PcGets. To illustrate we
 report the GETS and the Johansen co-integration-based ECM equations, with
 PcGets, of the demand for money for Fiji. 
Journal: Applied Economics Letters 
Pages: 987-991 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425402 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425402&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yung-Ming Shiu 
Author-X-Name-First: Yung-Ming 
Author-X-Name-Last: Shiu 
Title: Corporate liquidity: evidence from the United Kingdom life insurance industry 
Abstract:
  This study analyses the extent and effects of macroeconomic and
 firm-specific factors on insurer liquidity in the context of UK life
 companies with panel data for the period 1985 to 2002. Ordinary least
 squares regressions, static and dynamic panel data models are estimated.
 Econometric tests indicate a preference for the random effects estimation
 procedure over other alternatives. The results indicate that the life
 office liquidity is an increasing function of equity returns, free asset
 ratio, termination rate, and claims ratio and a decreasing function of
 pension reserves-to-total reserves. Also, it is found that mutual
 companies tend to hold more liquid assets than do stock companies. 
Journal: Applied Economics Letters 
Pages: 993-998 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425790 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425790&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Hoffmann 
Author-X-Name-First: Robert 
Author-X-Name-Last: Hoffmann 
Author-Name: Lee Chew Ging 
Author-X-Name-First: Lee Chew 
Author-X-Name-Last: Ging 
Author-Name: Victor Matheson 
Author-X-Name-First: Victor 
Author-X-Name-Last: Matheson 
Author-Name: Bala Ramasamy 
Author-X-Name-First: Bala 
Author-X-Name-Last: Ramasamy 
Title: International women's football and gender inequality 
Abstract:
  A number of authors have identified the determinants of international
 sporting performance differentials in men's sporting events. This study
 compares the determinants of men's international soccer team performance
 with that of their female counterparts and find that a partially different
 set of variables are important in the two contexts. While economic and
 demographic influences hold for both, their particular political and
 cultural factors diverge. These findings highlight different degrees of
 gender inequality among the countries in the sample in terms of the
 greatly different economic, political and social significance of the sport
 depending whether it is played by men or women. 
Journal: Applied Economics Letters 
Pages: 999-1001 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425774 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425774&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Hsu-Ling Chang 
Author-X-Name-First: Hsu-Ling 
Author-X-Name-Last: Chang 
Author-Name: Hsiao-Ping Chu 
Author-X-Name-First: Hsiao-Ping 
Author-X-Name-Last: Chu 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Title: Is per capita real GDP stationary in African countries? Evidence from panel SURADF test 
Abstract:
  This note uses the newly developed panel SURADF tests advanced by Breuer
 et al. (2001) to investigate the time-series properties of real GDP for 47
 African countries for the period 1980 to 2004. While the other Panel-based
 unit root tests are joint tests of a unit root for all members of the
 panel and are incapable of determining the mix of I(0) and I(1) series in
 the panel setting, the Panel SURADF tests a separate unit-root null
 hypothesis for each individual panel member and, therefore identifies how
 many and which series in the panel are stationary processes. The empirical
 results from several panel-based unit root tests indicate that the per
 capita real GDP for all the countries studied are non-stationary, however,
 when Breuer et al.'s Panel SURADF tests are conducted, one finds unit root
 in per capita real GDP only exist in two-third of countries studied. These
 results have important policy implications for African countries. 
Journal: Applied Economics Letters 
Pages: 1003-1008 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425881 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425881&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Viviana Fernandez 
Author-X-Name-First: Viviana 
Author-X-Name-Last: Fernandez 
Title: Specification tests for a parsimonious random-effects model 
Abstract:
  A random-effect model is devised with individual- and time-specific
 components for uncensored data, based on a specification for censored data
 developed by Anderson (1985) and extended by Kim and Maddala (1992). In
 addition, specification tests are devised that allow one to choose between
 the model and a conventional random-effects model. 
Journal: Applied Economics Letters 
Pages: 1009-1012 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425766 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425766&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jahyeong Koo 
Author-X-Name-First: Jahyeong 
Author-X-Name-Last: Koo 
Author-Name: Yune Lee 
Author-X-Name-First: Yune 
Author-X-Name-Last: Lee 
Title: Do historical events matter in geographic agglomeration? The case of South Korea 
Abstract:
  This study examines whether historical events are as important as Krugman
 (1991a) had suggested they are in determining geographic agglomeration.
 Using the time series of Korean manufacturing (1955-2003), which is longer
 than other country studies, the study also examines how the mean reversion
 factor and dispersion factor have evolved during substantial economic
 development. The results confirm that industry mobility in Korea is high
 and the historical events may not be so important in geographic
 agglomeration of industries. The analysis of the mean reversion factor and
 dispersion factor supports the argument that transport costs are a major
 source of change in geographic agglomeration in the long run. 
Journal: Applied Economics Letters 
Pages: 1013-1016 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425923 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425923&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: Responses of output in Poland to shocks to the exchange rate, the stock price, and other macroeconomic variables: a VAR model 
Abstract:
  A general equilibrium model is specified to examine possible impacts of
 real or nominal depreciation, stock market movements, and changes in other
 macroeconomic variables on real output for Poland. The VAR model is
 applied in empirical work. Real depreciation is contractionary in the
 first quarter, expansionary in the second quarter, and neutral thereafter,
 and nominal depreciation is contractionary in the first quarter and
 neutral thereafter. Real output does not respond significantly to stock
 market movements or the government deficit spending/GDP ratio. 
Journal: Applied Economics Letters 
Pages: 1017-1022 
Issue: 15 
Volume: 13 
Year: 2006 
X-DOI: 10.1080/13504850500425956 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425956&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Georgia Kosmopoulou 
Author-X-Name-First: Georgia 
Author-X-Name-Last: Kosmopoulou 
Author-Name: Nicholas Buttry 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Buttry 
Author-Name: Jeremiah Johnson 
Author-X-Name-First: Jeremiah 
Author-X-Name-Last: Johnson 
Author-Name: Adam Kallsnick 
Author-X-Name-First: Adam 
Author-X-Name-Last: Kallsnick 
Title: Suburbanization and the rank-size rule 
Abstract:
  In this article, we revisit Zipf's law and test the rank-size rule on US
 cities for different periods of time and city limits. We show that Zipf 's
 law holds more closely for urban places in 1900 and recently, in 1990 and
 2000, for metropolitan areas. With the evolution of the modern city, the
 changes in infrastructure and the cost of commuting that have contributed
 to an urban spread, the metropolitan area is perhaps representing today's
 communities better, as urban places did 100 years ago. In that sense, the
 rank-size rule continues to hold with the appropriate redefinition of a
 city. 
Journal: Applied Economics Letters 
Pages: 1-4 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425675 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425675&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Nivorozhkin 
Author-X-Name-First: A. 
Author-X-Name-Last: Nivorozhkin 
Author-Name: E. Nivorozhkin 
Author-X-Name-First: E. 
Author-X-Name-Last: Nivorozhkin 
Title: Do government sponsored vocational training programmes help the unemployed find jobs? Evidence from Russia 
Abstract:
  The study estimates the employment effect of vocational training
 programmes for the unemployed in urban Russia. The results of propensity
 score matching indicate that training programmes had a non-negative
 overall effect on the programme participants relative to non-participants. 
Journal: Applied Economics Letters 
Pages: 5-10 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425295 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425295&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kajal Lahiri 
Author-X-Name-First: Kajal 
Author-X-Name-Last: Lahiri 
Author-Name: J. George Wang 
Author-X-Name-First: J. George 
Author-X-Name-Last: Wang 
Title: The value of probability forecasts as predictors of cyclical downturns 
Abstract:
  The joint subjective probabilities for negative GDP growth during two
 consecutive quarters obtained from the Survey of Professional Forecasters
 (SPF) are evaluated as predictors of cyclical downturns in the economy
 using the prequential approach of Dawid (1984) and the skill score
 decomposition of Murphy (1988). 
Journal: Applied Economics Letters 
Pages: 11-14 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425386 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425386&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyoungsoo Zang 
Author-X-Name-First: Hyoungsoo 
Author-X-Name-Last: Zang 
Author-Name: Young Chul Kim 
Author-X-Name-First: Young Chul 
Author-X-Name-Last: Kim 
Title: Does financial development precede growth? Robinson and Lucas might be right 
Abstract:
  This paper studies whether there is any causal link between financial
 development indicators and economic growth, using Sims-Geweke causality
 tests performed in the large panel data set provided by Levine, Loayza and
 Beck. In sharp contrast to their findings, no evidence was found of any
 positive unidirectional causal link from financial development indicators
 to economic growth. On the contrary, a substantial indication that
 economic growth precedes subsequent financial development was found. As
 argued by Robinson, financial development might primarily follow economic
 growth, as a result of increased demand for financial services. Although
 the present result does not quite imply that the role of financial
 development in the development process is not important, the bottom line
 is that a more balanced approach to studying the relationship between
 growth and finance needs to be adopted. As termed by Lucas, the importance
 of financial development in economic growth might be very badly
 'over-stressed'. Robinson and Lucas might be right. 
Journal: Applied Economics Letters 
Pages: 15-19 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425469 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425469&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Title: On advertising durability and product durability 
Abstract:
  This paper uses a simple two-period model to examine the behaviour of a
 monopolist who produces a durable good and engages in advertising that is
 also somewhat durable. It is found that changes in product durability and
 advertising durability have opposite effects on profit-maximizing output
 and advertising. Policy implications for antitrust and health regulation
 are discussed. 
Journal: Applied Economics Letters 
Pages: 21-25 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425550 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425550&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Chameni Nembua 
Author-X-Name-First: C. Chameni 
Author-X-Name-Last: Nembua 
Title: The multi-decomposition of the Hirschman-Herfindahl index: measuring household inequality in Cameroon, 1996-2001 
Abstract:
  This research proposes a new decomposition of the Hirschman-Herfindahl
 index (which is equal to half the square of the coefficient of variation)
 into subgroup and income source. The method for decomposing into subgroups
 is similar to that used by Dagum when decomposing Gini's index. This
 bidimensional decomposition helps measure the contributions of income
 sources taken independently and the contributions arising from links
 between pairs of these income sources within and between subgroups. This
 approach gives rise to new components of the total inequality. The method
 is used here to break down and analyse the evolution of household
 expenditure inequality in Cameroon during the period 1996 to 2001. The
 analysis reveals that the inequality has substantially increased in the
 urban areas, a situation blamed to a large extent on expenditures on
 equipment-furniture-goods and services; while inequality declined in the
 rural areas. 
Journal: Applied Economics Letters 
Pages: 27-34 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425568 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425568&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saroja Selvanathan 
Author-X-Name-First: Saroja 
Author-X-Name-Last: Selvanathan 
Title: The effect of war and other factors on Sri Lankan tourism 
Abstract:
  A number of articles have appeared in the literature analysing the
 factors that influence international tourism. This paper identifies the
 factors that affect tourist arrivals to Sri Lanka and the impact of the
 various disturbances due to the Tamils independence war (which commenced
 in 1983) and the introduction of the free-trade policy (in 1977) in Sri
 Lanka. It is found that the disturbances related to the war have led to a
 significant (about 21%) decline in international tourist arrivals to Sri
 Lanka. It was also found that the free-trade policy introduced in 1977 by
 the Sri Lankan government has had a significantly positive impact on
 increasing its international tourist arrivals. The results also show that
 the weaker the value of the Sri Lankan local currency with respect to the
 US dollar, the more attractive it is for international tourists.
 Furthermore, it was also found that the Sri Lankan consumer prices and
 world consumer income level have no significant impact on the number of
 international tourist arrivals to Sri Lanka. 
Journal: Applied Economics Letters 
Pages: 35-38 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425576 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425576&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mario Menegatti 
Author-X-Name-First: Mario 
Author-X-Name-Last: Menegatti 
Title: Consumption and uncertainty: a panel analysis in Italian Regions 
Abstract:
  This work tests precautionary saving theory in Italian regions, examining
 the relationship between consumption growth and income uncertainty in a
 panel of five-year averages in the period 1981 to 2000. The analysis used
 two different measures for income uncertainty. The first is a naive
 measure given by the variance of GDP growth rates while the second is a
 more sophisticated one obtained by computing the conditional variance by
 means of the expectation of GDP growth. This expectation is obtained by
 using the best ARMA process for each region. The results obtained confirm
 the importance of the precautionary saving motive in consumption
 decisions. 
Journal: Applied Economics Letters 
Pages: 39-42 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425600 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425600&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yiing Jia Loke 
Author-X-Name-First: Yiing Jia 
Author-X-Name-Last: Loke 
Author-Name: Wei Yoong Chan 
Author-X-Name-First: Wei Yoong 
Author-X-Name-Last: Chan 
Title: Seasoned and potential internet shoppers: a multinomial logit analysis 
Abstract:
  This paper extends the existing literature on the characteristics of
 Internet shoppers in two ways. First, the paper looks at the potential of
 Internet shopping by consumers in the future. Second, the paper divides
 consumers into four different categories of shoppers based on their past
 Internet shopping experience and enthusiasm towards Internet shopping.
 Based on a survey of Malaysian consumers and using a multinomial logit
 model, this paper explores the factors that determine the likelihood of
 consumers who will conduct Internet shopping in the next five years. 
Journal: Applied Economics Letters 
Pages: 43-47 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425618 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425618&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xuemei Liu 
Author-X-Name-First: Xuemei 
Author-X-Name-Last: Liu 
Title: Optimal dynamic path of effort on marriage: differences between arranged and love marriages 
Abstract:
  People benefit from good marriages. Thus, everyone is willing to put
 effort into marriage to improve the quality of marriage. However, effort
 is costly. Then everyone faces the same question: how much effort should I
 put into marriage? A dynamic optimal control model is used in trying to
 answer this question. The study shows that for arranged marriages that
 start with little love, an agent should devote a great deal of effort to
 marriage in the very beginning, and then reduce the effort until a steady
 state level. However, for love marriages that start with deep love, there
 is no need for an agent to devote as much effort as in the steady state.
 The agent should start to put low effort on marriage, high effort on other
 activities, and continuously increase the effort on marriage up to the
 steady state level. 
Journal: Applied Economics Letters 
Pages: 49-52 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425691 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425691&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stelios Bekiros 
Author-X-Name-First: Stelios 
Author-X-Name-Last: Bekiros 
Title: A neurofuzzy model for stock market trading 
Abstract:
  This study investigates the forecasting ability of trading strategies
 based on neurofuzzy models, recurrent neural networks and linear
 regression models. The performance of the trading strategies was
 considered upon the prediction of the direction-of-change of the market in
 case of Nikkei 255 Index returns. The results demonstrate that the
 profitability of the trading rule based on the neurofuzzy model is
 consistently higher to that of the other models as well as of a buy and
 hold strategy during bear market periods. 
Journal: Applied Economics Letters 
Pages: 53-57 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425717 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425717&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Wu 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Wu 
Title: Recent publishing trends at the AER, JPE and QJE 
Abstract:
  This note summarizes recent trends in institutional affiliation of
 authors who publish in three leading general interest journals, American
 Economic Review (AER), Journal of Political Economy (JPE), and Quarterly
 Journal of Economics (QJE). The statistics show that well over 40% of the
 pages published in the QJE between 2000 and 2003 are by authors affiliated
 with one of four institutions. This represents a significant increase from
 analogous figures during the 1980s and earlier periods. The concentrations
 of affiliations are not as high at the AER or JPE, but they still show a
 reversal of the declining trend in concentration that occurred from 1950
 to 1989. 
Journal: Applied Economics Letters 
Pages: 59-63 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425212 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425212&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Charalampos Botsaris 
Author-X-Name-First: Charalampos 
Author-X-Name-Last: Botsaris 
Author-Name: Athanasios Tsagkanos 
Author-X-Name-First: Athanasios 
Author-X-Name-Last: Tsagkanos 
Title: Growth and volatility in the European Union: a linear or a non-parametric approach? 
Abstract:
  The paper reports an investigation of the relationship between
 business-cycle volatility and economic growth in the European Union before
 (EU-15) and after broadening (EU-25) using cross-sectional models. Results
 based on the superiority of the pseudo-likelihood ratio test as a more
 reliable tool for testing the robustness of the model used, indicate that
 the above relationship is linear only in the case of EU-15. 
Journal: Applied Economics Letters 
Pages: 65-69 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425626 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425626&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdul Rahman 
Author-X-Name-First: Abdul 
Author-X-Name-Last: Rahman 
Author-Name: Samir Saadi 
Author-X-Name-First: Samir 
Author-X-Name-Last: Saadi 
Title: Is South Korea's stock market efficient? A note 
Abstract:
  In an attempt to examine efficiency of South Korea's stock market (SKM),
 Narayan and Smyth (2004) used a battery of unit root tests to investigate
 the random walk hypothesis and on the basis of the reported evidence for
 unit root, they concluded that the SKM is efficient. The authors have
 unfortunately confused random walk with unit root hypothesis. The present
 note stresses the fact that it is insufficient to test for stationarity
 when examining efficiency, casting serious doubt on Narayan and Smyth's
 conclusions. Furthermore, we provide comments on the shortfalls of the
 unit roots tests employed and not accounted for in Narayan and Smyth's
 study which may lead to spurious results. 
Journal: Applied Economics Letters 
Pages: 71-74 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425659 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425659&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ruey Yau 
Author-X-Name-First: Ruey 
Author-X-Name-Last: Yau 
Author-Name: C. James Hueng 
Author-X-Name-First: C. James 
Author-X-Name-Last: Hueng 
Title: Output convergence revisited: new time series results on industrialized countries 
Abstract:
  Cross-country output convergence is re-examined using a flexible concept
 of unit roots. While the presence of a constant unit root in
 output-differences implies nonconvergence, the presence of a stochastic
 unit root on the contrary implies convergence. Using the
 output-differences between the USA and the other 14 OECD countries, we
 find output divergence only for the USA/UK and USA/Sweden country-pairs. 
Journal: Applied Economics Letters 
Pages: 75-77 
Issue: 1 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425543 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425543&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. Law 
Author-X-Name-First: D. 
Author-X-Name-Last: Law 
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Title: Gambling and nonexpected utility: the perils of the power function 
Abstract:
  The use of the power utility function is problematic in expected utility
 theory. We show that, this is also the case in cumulative prospect theory,
 where the power function violates the assumption of loss-aversion at small
 stake levels, so that an optimal model of gambling is precluded. In the
 case of rank-dependent expected utility it has the counterfactual
 implication that agents will gamble all of their wealth at actuarially
 unfair odds. 
Journal: Applied Economics Letters 
Pages: 79-82 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426103 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426103&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Brian Jacobsen 
Author-X-Name-First: Brian 
Author-X-Name-Last: Jacobsen 
Title: Accounting and the potency of open market operations 
Abstract:
  Through a mathematical programming setup, reserve accounting is shown to
 be auxiliary to accomplishing monetary policy operating objectives. This
 article outlines a theoretical way of comparing the potency of open market
 operations under different reserve accounting procedures. It is shown that
 if the interest sensitivity of reservable liabilities is greater than the
 interest sensitivity of reserves, then lagged reserve accounting makes
 Federal Reserve open market purchases and 'sells' of securities more
 powerful in affecting the federal funds rate. 
Journal: Applied Economics Letters 
Pages: 83-86 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425980 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425980&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Elisa Giuliani 
Author-X-Name-First: Elisa 
Author-X-Name-Last: Giuliani 
Title: Towards an understanding of knowledge spillovers in industrial clusters 
Abstract:
  Since Marshall's contribution on the localization of economic activities,
 increased consideration has been given to geography in economics. This
 study focuses on the relationships between industrial clustering and
 knowledge spillovers. It illustrates empirically that, even in the
 condition of serendipitous business interactions among nearby firms,
 knowledge spillovers are diffused unevenly and within restricted subgroups
 of firms. 
Journal: Applied Economics Letters 
Pages: 87-90 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425907 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425907&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joachim Brixner 
Author-X-Name-First: Joachim 
Author-X-Name-Last: Brixner 
Author-Name: Andreas Walter 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Walter 
Title: Stock prices and the dissemination of second-hand information-new evidence from Germany 
Abstract:
  We analyse a large sample of second-hand information published in the
 Tendenzen & Tips column of the prominent German newspaper Frankfurter
 Allgemeine Zeitung (FAZ), which is free of any contamination from
 first-hand information. We find strong evidence for the price-pressure
 hypothesis because we observe a highly significant abnormal return of
 0.19% for buy recommendations on the publication day. Additionally, our
 data supports the attention hypothesis, since the market reaction is more
 pronounced when relatively few stocks are recommended in the column. 
Journal: Applied Economics Letters 
Pages: 91-94 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/17446540600959887 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540600959887&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mustapha Baghli 
Author-X-Name-First: Mustapha 
Author-X-Name-Last: Baghli 
Title: NAWRU and potential output in France 
Abstract:
  This article presents theory-consistent estimates of nonaccelerating wage
 rate of unemployment (NAWRU) and potential output in France. These
 estimates are obtained from an unobserved-components system approach
 combining a wage-Phillips curve and an Okun law's relationship. By
 applying the Apel and Jansson (1999) specification, the potential output
 and the NAWRU are both treated as unobserved stochastic processes and
 estimated simultaneously. In order to control the effect on wage setting
 of reductions in employers' social security contributions (SSC), we
 construct and add in the wage-Phillips curve an index of SSC exemptions.
 According to the results, from the mid-1990s, and especially over the
 years 2000-2004, the estimated NAWRU is consistent with this period of
 labour cost moderation and reductions in employer social security
 contributions. 
Journal: Applied Economics Letters 
Pages: 95-98 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425709 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425709&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Beltratti 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Beltratti 
Author-Name: Claudio Morana 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Morana 
Title: Does the stock market affect income distribution? Some empirical evidence for the US 
Abstract:
  What is the relation between the stock market and income distribution?
 There are many potential links between the two, some of which are
 associated with the relations of each of these with the rate of economic
 growth. An empirical analysis set in the framework of the neoclassical
 growth model shows that the key mechanisms explaining income distribution
 in the US operate through the labour market rather than through the stock
 market, even though stock market shocks appear to have some short time
 relevance for the dynamics of income distribution. 
Journal: Applied Economics Letters 
Pages: 99-104 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425915 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425915&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Insik Min 
Author-X-Name-First: Insik 
Author-X-Name-Last: Min 
Title: A nonparametric test of the conditional normality of housing demand 
Abstract:
  This study provides a nonparametric test for the parametric conditional
 distribution in the sample selection model. The nonparametric test
 statistic proposed by Fan et al. (2006) is applied to the Korean housing
 demand model. Test results indicate that the conditional normality in the
 housing expenditure equation is rejected. 
Journal: Applied Economics Letters 
Pages: 105-109 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500406956 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500406956&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Apostolos Serletis 
Author-X-Name-First: Apostolos 
Author-X-Name-Last: Serletis 
Author-Name: Kazem Yavari 
Author-X-Name-First: Kazem 
Author-X-Name-Last: Yavari 
Title: On the welfare cost of inflation in Europe 
Abstract:
  This article follows Lucas (2000) and Serletis and Yavari (2005) and
 estimates the welfare cost of inflation in the Euro zone. It uses recent
 advances in the field of applied econometrics to estimate the interest
 elasticity of money demand and reports that the welfare cost of inflation
 is lower in big countries than it is in small countries. 
Journal: Applied Economics Letters 
Pages: 111-113 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425949 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425949&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Laurent Ferrara 
Author-X-Name-First: Laurent 
Author-X-Name-Last: Ferrara 
Title: Point and interval nowcasts of the Euro area IPI 
Abstract:
  Opinion surveys are an important element in the analysis of the
 short-term economic situation because of the timeliness and nature of the
 information they convey. The aim of this article is to propose a procedure
 to nowcast in real-time the fluctuations of the industrial production
 indices (IPI) for the aggregated euro area, by incorporating the
 information contained in the industrial opinion surveys. We present a
 pooling procedure, each nowcasted value stemming from a calibration model.
 The confidence intervals for IPI nowcasts are computed by bootstrap. 
Journal: Applied Economics Letters 
Pages: 115-120 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hon-Kwong Lui 
Author-X-Name-First: Hon-Kwong 
Author-X-Name-Last: Lui 
Title: The returns to language ability in Hong Kong: before and after the handover 
Abstract:
  This article examines the economic returns to language ability of natives
 and Chinese immigrants in Hong Kong. Upon learning that the People's
 Republic of China would resume the exercise of sovereignty over Hong Kong
 in 1997, local residents flocked to learn Putonghua. Until now, the
 general belief was that Putonghua would gain importance in the labour
 market and the ability to speak Putonghua would substantially raise their
 productivity and earnings. The empirical results in this article prove
 ironically otherwise. Speaking Putonghua has little very impact on native
 and immigrant workers' earnings. 
Journal: Applied Economics Letters 
Pages: 121-125 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425741 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425741&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shieh-Liang Chen 
Author-X-Name-First: Shieh-Liang 
Author-X-Name-Last: Chen 
Author-Name: Shian-Chang Huang 
Author-X-Name-First: Shian-Chang 
Author-X-Name-Last: Huang 
Author-Name: Yi-Mien Lin 
Author-X-Name-First: Yi-Mien 
Author-X-Name-Last: Lin 
Title: Using multivariate stochastic volatility models to investigate the interactions among NASDAQ and major Asian stock indices 
Abstract:
  In this article, we employ a multivariate stochastic volatility (MSV)
 model to investigate the return and volatility interactions among three
 major Asian stock indices and the NASDAQ index. Using Laplace
 approximation to simplify the calculation of the likelihood function of
 the MSV model, we estimate the complex dynamics among these indices
 relatively quickly. A interesting phenomenon of our empirical results is
 that all the market indices examined exhibit significant leverage effects,
 especially the TWSI (Taiwan) index. Moreover, the return correlations are
 large in links between these Asian markets, but small in links between
 every Asian index and the NASDAQ index. However, the volatility
 correlations display a totally different pattern that is large in links of
 NASDAQ-TWSI, NASDAQ-KOSPI (South Korea), but small among links between
 these Asian indices. 
Journal: Applied Economics Letters 
Pages: 127-133 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saibal Ghosh 
Author-X-Name-First: Saibal 
Author-X-Name-Last: Ghosh 
Title: Promoting market discipline through interest rates: does financial liberalization matter? 
Abstract:
  This article explores whether financial liberalization promotes market
 discipline in Indian banking in the form of lower deposit interest rates.
 Using annual data on banks from 1993 to 2004, the findings reveal that,
 after controlling for a myriad of factors, financial liberalization is
 influential in promoting market discipline by lowering deposit rates,
 particularly for state-owned and old private bank groups. More
 importantly, under financial liberalization, banks that are
 well-capitalized and have low levels of sticky loans pay lower deposit
 rates. The policy implication of the analysis is that promoting greater
 financial liberalization can have important ramifications in promoting
 market discipline. 
Journal: Applied Economics Letters 
Pages: 135-143 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425824 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425824&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Further results on the detection of changes in persistence in linear time series 
Abstract:
  Recent research concerning the properties of 'change in persistence'
 tests in the presence of structural change is extended. It is found that
 the recently proposed tests of Leybourne, Kim and Taylor (2004) are
 subject to severe size distortion in the presence of both breaks in level
 and drift under the unit root null hypothesis. The present analysis
 suggests that any results obtained from these tests should be treated with
 caution to avoid drawing a spurious inference of a change in persistence. 
Journal: Applied Economics Letters 
Pages: 145-150 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426053 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426053&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P&#xe5;l Sch&#xf8;ne 
Author-X-Name-First: P&#xe5;l 
Author-X-Name-Last: Sch&#xf8;ne 
Title: Does increased international competition increase the need for training? 
Abstract:
  Both politicians and parties in the labour market have in recent years
 stressed the importance of work-related training. Globalization, an
 increased international competition, is often said to be one important
 factor determining the need for more work-related training. The
 relationship between increased international competition and more training
 has almost become a stylized fact. However, we argue that this
 relationship is not empirically well enough founded. Therefore, in this
 note we test this relationship by answering the following question: Is it
 true that firms operating in an international competitive arena invest
 more in training for their workers compared to firms not operating in an
 international competitive arena? Evidence from representative firm-level
 data suggests that the answer is yes. Manufacturing firms operating in an
 international competitive arena do invest more in training for their
 workers compared to firms not operating in an international competitive
 arena. A natural interpretation of this result is that these firms respond
 to demands from fierce international competition by skilling their
 workforce through training at work. 
Journal: Applied Economics Letters 
Pages: 151-155 
Issue: 2 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425493 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425493&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Giles 
Author-X-Name-First: David 
Author-X-Name-Last: Giles 
Title: Benford's law and naturally occurring prices in certain ebaY auctions 
Abstract:
  We show that certain winning bids for certain ebaY auctions obey
 Benford's Law. One implication of this is that it is unlikely that these
 bids are subjected to collusion among bidders, or 'shilling' on the part
 of sellers. Parenthetically, we also show that numbers from the naturally
 occurring Fibonacci and Lucas sequences also obey Benford's Law. 
Journal: Applied Economics Letters 
Pages: 157-161 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425667 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425667&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Claudio Morana 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Morana 
Title: A structural common factor approach to core inflation estimation and forecasting 
Abstract:
  In the article we propose a new methodological approach to core inflation
 estimation, based on a frequency domain principal components estimator,
 suited to estimate systems of fractionally co-integrated processes. The
 proposed core inflation measure is the common persistent feature in
 inflation and excess nominal money growth and bears the interpretation of
 monetary inflation. The proposed measure is characterized by all the
 properties that an 'ideal' core inflation process should show, providing
 also a superior forecasting performance relative to other available
 measures. 
Journal: Applied Economics Letters 
Pages: 163-169 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425147 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425147&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Esmeralda Ramalho 
Author-X-Name-First: Esmeralda 
Author-X-Name-Last: Ramalho 
Author-Name: Joaquim Ramalho 
Author-X-Name-First: Joaquim 
Author-X-Name-Last: Ramalho 
Title: On the weighted maximum likelihood estimator for endogenous stratified samples when the population strata probabilities are unknown 
Abstract:
  The popular weighted maximum likelihood estimator for endogenous
 stratified samples requires knowledge on the population proportions of
 each stratum. In this paper we extend their estimator for cases where such
 information is not available. 
Journal: Applied Economics Letters 
Pages: 171-174 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426194 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426194&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Happich 
Author-X-Name-First: M. 
Author-X-Name-Last: Happich 
Author-Name: T. von Lengerke 
Author-X-Name-First: T. 
Author-X-Name-Last: von Lengerke 
Title: Convergence of life expectancy in the European Union: a Markov approach 
Abstract:
  Given efforts of integration within the European Union (EU), convergence
 of life expectancies in member-states should be observed. A Markov
 approach classifying 15 EU member-states is applied to OECD data covering
 1980 to 1989 and 1989 to 1998. The dynamics of cross-sectional
 distributions and the pace of their transitional processes are analyzed.
 In the 1980s slow convergence can be observed, whereas in the 1990s
 convergence is close to non-existent. Markov modelling shows that EU
 member states did not continue to converge in life expectancy following
 1989, suggesting that efforts of socio-economic integration do not affect
 this public health indicator. 
Journal: Applied Economics Letters 
Pages: 175-178 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425261 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425261&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takaaki Aoki 
Author-X-Name-First: Takaaki 
Author-X-Name-Last: Aoki 
Title: Some remarks on purchasing power parity and exchange rate determination mechanism 
Abstract:
  This article shows how larger, under a Cournot oligopoly model with
 international linkage, a long-run equilibrium exchange rate deviates from
 the purchasing power parity (PPP) in factor prices than the PPP in product
 prices does, with the asymmetry in the degree of competitiveness,
 consumer's preference and market volume between countries, or with the
 asymmetry in the marginal costs between firms, although into the same
 direction. Our result may well explain the phenomenon of so-called
 'overshooting' from a different angle from the existing related
 literatures. 
Journal: Applied Economics Letters 
Pages: 179-182 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425816 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425816&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Heinz Welsch 
Author-X-Name-First: Heinz 
Author-X-Name-Last: Welsch 
Author-Name: Udo Bonn 
Author-X-Name-First: Udo 
Author-X-Name-Last: Bonn 
Title: Cross-national income distribution in the European Union: divergence or convergence? 
Abstract:
  Income inequality in general can be understood in an absolute or a
 relative sense. Income inequality across nations can be viewed from the
 perspective of countries or of persons. The choice of an inequality
 concept and associated measure along these dimensions dramatically
 influences conclusions concerning cross-national income convergence in the
 European Union. 
Journal: Applied Economics Letters 
Pages: 183-186 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426160 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426160&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eralp Bektas 
Author-X-Name-First: Eralp 
Author-X-Name-Last: Bektas 
Title: The persistence of profits in the Turkish banking system 
Abstract:
  Most of the studies on persistency of profits investigate profit
 persistency in non-financial sectors. This study uses the panel data
 method to test for unit roots of profitability data and their persistency
 in the banking sector of an emerging country. Unit root hypothesis of data
 is rejected and concluded that in the long run persistency of profits does
 not exist. 
Journal: Applied Economics Letters 
Pages: 187-190 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426178 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426178&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Halkos 
Author-X-Name-First: George 
Author-X-Name-Last: Halkos 
Author-Name: Ilias Kevork 
Author-X-Name-First: Ilias 
Author-X-Name-Last: Kevork 
Title: Critical values for testing a unit root in finite samples from the MA(1) 
Abstract:
  This study, using a certain simulation strategy, for the exact maximum
 likelihood estimator of &#x3b8; from the MA(1), estimates appropriate
 percentiles, together with their standard errors, offering a new set of
 critical values for testing in finite samples H0: &#x3b8; = -1, against
 H1: &#x3b8;&#x3e;-1. In this way, appropriate regions for rejecting the
 null or being in uncertainty are defined, regardless of the values of
 MA(1) parameters. The new set of critical values produce both actual level
 of significance close to the nominal one and, when &#x3b8; is not very
 close to -1, comparable power with the up to now suggested asymptotic
 values. These asymptotic values, unfortunately, lead to actual level of
 significance considerably greater than the nominal one, especially in
 large samples. 
Journal: Applied Economics Letters 
Pages: 191-195 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426202 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426202&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Leila Ali 
Author-X-Name-First: Leila 
Author-X-Name-Last: Ali 
Author-Name: Marie Lebreton 
Author-X-Name-First: Marie 
Author-X-Name-Last: Lebreton 
Title: The ERM breakdown: a spatial econometric approach 
Abstract:
  This study proposes a spatial autoregressive model to investigate whether
 pure contagion effects occurred during the European exchange market
 turmoil in 1992. It defines pure contagion as spatial autocorrelation
 between countries in excess to that which can be explained by economic
 fundamentals. By doing so, it is possible to predict the effectiveness of
 rescue packages and foreign supports for each country of the dataset. 
Journal: Applied Economics Letters 
Pages: 197-201 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426228 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426228&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence Dacuycuy 
Author-X-Name-First: Lawrence 
Author-X-Name-Last: Dacuycuy 
Title: On wage density comparisons: bandwidth selectors and test outcomes 
Abstract:
  This study compares wage densities for female workers in the Philippines
 during the 1990s. Using a non-parametric consistent test developed by Li
 (1996), the study finds that test outcomes from various optimal bandwidth
 selectors are fairly comparable. On the other hand, the use of standard
 deviation as a bandwidth parameter appears to introduce misleading
 inferences concerning equality of densities. 
Journal: Applied Economics Letters 
Pages: 203-208 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425337 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425337&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Diaz-Moreno 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Diaz-Moreno 
Title: Growth regressions in business cycle models 
Abstract:
  We derive a convergence regression using all the restrictions implied by
 the stochastic growth model. Therefore, the stochastic structure is built
 into the model as a productivity shock and not just added as an error
 term. In this way, we take the view that growth and fluctuation are not
 distinct phenomena, and show that the deviations from the growth
 regression are compatible with the size of the technological shocks in
 business cycle theory. 
Journal: Applied Economics Letters 
Pages: 209-210 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425246 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425246&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. C. -L. Chian 
Author-X-Name-First: A. C. -L. 
Author-X-Name-Last: Chian 
Author-Name: E. L. Rempel 
Author-X-Name-First: E. L. 
Author-X-Name-Last: Rempel 
Author-Name: C. Rogers 
Author-X-Name-First: C. 
Author-X-Name-Last: Rogers 
Title: Crisis-induced intermittency in non-linear economic cycles 
Abstract:
  A new type of economic intermittency is found in non-linear business
 cycles. Following a merging crisis, a complex economic system has the
 ability to retain memory of its weakly chaotic dynamics prior to crisis.
 The resulting time series exhibits episodic regime switching between
 periods of weakly and strongly chaotic fluctuations of economic variables.
 The characteristic intermittency time, useful for forecasting the average
 duration of contractionary phases and the turning point to the
 expansionary phase of business cycles, is computed from the simulated time
 series. 
Journal: Applied Economics Letters 
Pages: 211-218 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425436 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425436&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ming Yu Cheng 
Author-X-Name-First: Ming Yu 
Author-X-Name-Last: Cheng 
Author-Name: R. Ghulam 
Author-X-Name-First: R. 
Author-X-Name-Last: Ghulam 
Title: Knowledge gap and earnings differential in the knowledge-based economy 
Abstract:
  This article examines the effect of the 'quantity' and 'quality' of
 education on earnings. The 'quantity' of education is measured by the
 level of the highest education attained while the 'quality' of education
 is determined by degree of the knowledge gap between knowledge acquired in
 school and skills required in the work place. 
Journal: Applied Economics Letters 
Pages: 219-221 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426095 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426095&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pu-yan Nie 
Author-X-Name-First: Pu-yan 
Author-X-Name-Last: Nie 
Title: Selection games in Economics 
Abstract:
  A model of stochastic evolutionary game dynamics, based on selection in
 finite populations, is recently proposed by Taylor et al. (2004) and it is
 successful to explain some phenomena in biology. We now extend this model
 to the economic field. Some corresponding results are also obtained and
 some economic phenomena are rationally explained. 
Journal: Applied Economics Letters 
Pages: 223-225 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425865 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425865&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Liangjun Su 
Author-X-Name-First: Liangjun 
Author-X-Name-Last: Su 
Title: Business output and business experience &#x2014; Evidence from China's nongovernmental businesses 
Abstract:
  We study the application of the Solow growth model in China's
 non-governmental businesses and propose a reasonable modification for it.
 Our analysis indicates that business experience is closely tied to the
 output of China's non-governmental businesses. Our major findings include:
 (1) the business experience has little overall impact on the elasticity of
 output with respect to labour; (2) the business experience has a large
 impact on the elasticity of output with respect to capital and the
 elasticity increases as the business experience increases; (3) the
 adjusted Solow residual that reflects technological progress exhibits a
 negative relationship with the business experience, indicating that a
 newly established business tends to have higher technology content than
 others. 
Journal: Applied Economics Letters 
Pages: 227-231 
Issue: 3 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426210 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426210&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohamed Safouane Ben Aissa 
Author-X-Name-First: Mohamed Safouane 
Author-X-Name-Last: Ben Aissa 
Author-Name: Olivier Musy 
Author-X-Name-First: Olivier 
Author-X-Name-Last: Musy 
Title: Persistence with staggered price setting in nominal and real terms 
Abstract:
  We analyse the behaviour of an economy characterized by staggered
 pricing, with price contracts either specified in nominal terms (Taylor,
 1980), or in real terms (Fuhrer and Moore, 1995). We focus on the response
 of these models to a permanent and unexpected disinflation policy. It is
 advanced that this policy implies very different responses from the two
 models, with the former being unable to reproduce any inflation
 persistence or output depression, while the latter is able to generate it.
 We argue that this result builds on the unjustified neglect of a
 structural error term present in both models. Taking into account this
 term partly erases the differences between the models, who display
 comparable inflation persistence and output costs in response to a
 disinflation. 
Journal: Applied Economics Letters 
Pages: 233-237 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500398930 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500398930&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gilbert Cette 
Author-X-Name-First: Gilbert 
Author-X-Name-Last: Cette 
Author-Name: Nicolas Dromel 
Author-X-Name-First: Nicolas 
Author-X-Name-Last: Dromel 
Author-Name: Dominique Meda 
Author-X-Name-First: Dominique 
Author-X-Name-Last: Meda 
Title: Opportunity costs of having a child, financial constraints and fertility 
Abstract:
  Economic theory often assumes that the opportunity costs of having a
 child and financial constraints have a simultaneous but opposite influence
 on fertility. This empirical study aims to test the concomitance of these
 effects using the answers to an original survey carried out in 2003
 amongst nearly 1000 French employees, giving information about the impact
 of their working schedule on the number of children they intend to have.
 The statistical analysis, based on a 'ceteris paribus' approach using
 Logit estimates, strongly confirms the simultaneous presence of these two
 explanatory dimensions. 
Journal: Applied Economics Letters 
Pages: 239-244 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425535 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425535&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ralf Bruggemann 
Author-X-Name-First: Ralf 
Author-X-Name-Last: Bruggemann 
Author-Name: Carsten Trenkler 
Author-X-Name-First: Carsten 
Author-X-Name-Last: Trenkler 
Title: Are Eastern European Countries Catching Up? Time Series Evidence for Czech Republic, Hungary and Poland 
Abstract:
  The catching up process in Czech Republic, Hungary and Poland is analysed
 by investigating the integration properties of log-differences in
 per-capita GDP vs. the EU15 and a Mediterranean country group. We account
 for structural changes by using unit root tests that allow for two
 endogenous breaks in the level and the trend. We find that Czech Republic
 and Hungary are stochastically converging towards the Mediterranean group,
 while only Czech Republic is stochastically converging towards EU15.
 Remaining per capita GDP differences are only reduced by deterministic
 trends. Extrapolating these trends we find that catching up will take
 about 20 years. 
Journal: Applied Economics Letters 
Pages: 245-249 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425782 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425782&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuck Cheong Tang 
Author-X-Name-First: Tuck Cheong 
Author-X-Name-Last: Tang 
Title: Sustainability of balancing item of balance of payments accounts: fresh empirical evidence for G7 countries 
Abstract:
  Using a simple balance of payments accounts framework and unit root tests
 (with level shift), this study provides empirical evidence that, balancing
 items of balance of payments accounts in the G7 countries are sustainable.
 The findings of this article may have relevant implications. 
Journal: Applied Economics Letters 
Pages: 251-254 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425808 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425808&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chung-Ki Lee 
Author-X-Name-First: Chung-Ki 
Author-X-Name-Last: Lee 
Author-Name: Seung-Jun Kwak 
Author-X-Name-First: Seung-Jun 
Author-X-Name-Last: Kwak 
Title: Valuing drinking water quality improvement using a Bayesian analysis of the multinomial probit model 
Abstract:
  This article estimates a multinomial probit model structured according to
 the defensive expenditures for drinking water (DW) choice, using a
 Bayesian analysis with Gibbs sampling. We also approximate the nonmarginal
 benefit from discrete improvement in DW quality by calculating the
 willingness to pay for safe DW. The result shows that the average
 household of the Seoul Metropolitan Area in Korea is willing to pay 6048
 Korean won (GBP 2.91) per month to obtain improved DW similar to boiled
 water in quality. 
Journal: Applied Economics Letters 
Pages: 255-259 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447299 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447299&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Harrison Hartman 
Author-X-Name-First: Harrison 
Author-X-Name-Last: Hartman 
Title: Deficit-related explanations for the US interest rate conundrum 
Abstract:
  This study offers two potential explanations related to the United States
 federal budget deficit for the recent interest-rate puzzle in the USA
 where long-term rates have fallen while short-term rates have risen. A VAR
 quantifies the relationships between real deficits, real GDP growth rates
 and ex ante real long-term rates. Impulse-response functions show the
 assumed time-invariant responses of real GDP and long-term real interest
 rates to a one-standard-deviation increase in the real deficit, providing
 some support for the crowding out theory but possibly also the crowding in
 theory in the short term. Findings include that expectations of future
 deficits could impact real interest rates today. This study notes that the
 interest-rate impact of expected changes in deficits is unclear because
 the changes in rates due to changes in (1) federal borrowing and (2)
 forecasted GDP growth would be in opposite directions, assuming that
 crowding out occurs at some point. Thus, it is not clear whether
 reductions in long-term rates imply that people expect larger or smaller
 budget deficits in the future. 
Journal: Applied Economics Letters 
Pages: 261-265 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447422 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447422&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Raffinot 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Raffinot 
Title: A monthly indicator of GDP for Euro-Area based on business surveys 
Abstract:
  Policy-makers and analysts are continually assessing the state of the
 economy. But, gross domestic product (GDP) is only available on quarterly
 basis with a time span of 1-3 months, and sometimes with significant
 revisions. The aim of this article is to develop a monthly indicator of
 GDP for Euro-Area based on business surveys and to give the outlook of the
 economy activity induced by the indicator. 
Journal: Applied Economics Letters 
Pages: 267-270 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447406 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447406&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vicente Esteve 
Author-X-Name-First: Vicente 
Author-X-Name-Last: Esteve 
Author-Name: Jose Martinez-Zahonero 
Author-X-Name-First: Jose 
Author-X-Name-Last: Martinez-Zahonero 
Title: Testing the long-run relationship between health expenditures and GDP in the presence of structural change: the case of Spain 
Abstract:
  This article examines the long-run relationship between per capita US$
 PPP health expenditures (HE) and per capita US$ PPP national income (GDP),
 using Spanish data over the period 1960 to 2001. We extend previous
 analyses by addressing the question of whether this relationship is stable
 over time, allowing for structural changes at an unknown date. Our
 empirical results are consistent with the existence of a long-run
 relationship between both variables, with two structural changes in 1971
 and 1991. On the other hand, health would have been characterized as a
 luxury commodity, even though increasingly less over time. 
Journal: Applied Economics Letters 
Pages: 271-276 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425196 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425196&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Edward Hope 
Author-X-Name-First: Edward 
Author-X-Name-Last: Hope 
Author-Name: Brian Lucey 
Author-X-Name-First: Brian 
Author-X-Name-Last: Lucey 
Title: Daily seasonality in 19th century stocks -- some evidence from the Dublin stock exchange 
Abstract:
  We document, for a new data set, the existence of daily seasonality. The
 data set consists of the trades in four equities and two bonds on the
 Dublin stock exchange for the mid nineteenth century. 
Journal: Applied Economics Letters 
Pages: 277-282 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850601137609 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601137609&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Derick Boyd 
Author-X-Name-First: Derick 
Author-X-Name-Last: Boyd 
Author-Name: Ron Smith 
Author-X-Name-First: Ron 
Author-X-Name-Last: Smith 
Title: Institutions and inflation persistence in the Caribbean 
Abstract:
  The study examines how institutional framework provided varying degrees
 of constraints on monetary policy and economic performance in 12 Caribbean
 economies. A univariate analysis is used on the price variables to conduct
 a comparative analysis on the persistence of inflation. 
Journal: Applied Economics Letters 
Pages: 283-286 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850601056593 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601056593&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Magali Jaoul-Grammare 
Author-X-Name-First: Magali 
Author-X-Name-Last: Jaoul-Grammare 
Title: Social attributes, equity and higher educative path. Microeconometric study of a discrete choice model with logistic regression 
Abstract:
  Developed countries are subjected to many social inequalities of which
 access at various stages of schooling is one of the most important.
 Regarded as more equitable in this context, is one education system which
 will less make dependent the results on individuals of their social
 origin. While taking Boudon's model as a starting point, the study seeks
 to determine, using logistic modelling, factors determining the university
 path. The analysis shows that if the continuation of studies depends on
 multiple factors, the role of the social origin is not negligible. The
 results join those of Peraita and Sanchez (1998) concerning Spain and
 Sawkins (2002) concerning Scotland. However, the various estimates show
 that it is primarily at the university end of the course that the role of
 the social factors takes place. Thus, the results would be more in favour
 of Boudon's model at the beginning of the course, against Bourdieu's,
 after. 
Journal: Applied Economics Letters 
Pages: 287-291 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500401601 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401601&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yi Zhang 
Author-X-Name-First: Yi 
Author-X-Name-Last: Zhang 
Title: Dual-class stocks and the benefits of control 
Abstract:
  Using the hand-collected data of dual-class listed firms in the USA, I
 find that industry, age and stock-return volatility affect the likelihood
 that a firm will issue dual-class shares. I explore the implications of
 these results for our understanding of ownership and control. 
Journal: Applied Economics Letters 
Pages: 293-297 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447349 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447349&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yohane Khamfula 
Author-X-Name-First: Yohane 
Author-X-Name-Last: Khamfula 
Author-Name: Montfort Mlachila 
Author-X-Name-First: Montfort 
Author-X-Name-Last: Mlachila 
Author-Name: Ephraim Chirwa 
Author-X-Name-First: Ephraim 
Author-X-Name-Last: Chirwa 
Title: Donor herding and domestic debt crisis 
Abstract:
  This article presents a new model based on the loan-pushing model by Basu
 (1991) to show how a domestic debt crisis can occur in a low-income
 country following donor herding. The model focuses on the rational herding
 behaviour of donors due to payoff and information externalities. Although
 there are many theoretical models on herding behaviour, these models have
 not formally considered the relationship between donor herding and
 domestic debt crisis in a low-income country. This article is an attempt
 to fill this gap. The article shows that due to donor herding behaviour a
 domestic debt crisis can occur once the actual debt level is above the
 desirable one. 
Journal: Applied Economics Letters 
Pages: 299-302 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447356 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447356&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yasuyuki Sawada 
Author-X-Name-First: Yasuyuki 
Author-X-Name-Last: Sawada 
Author-Name: Satoshi Shimizutani 
Author-X-Name-First: Satoshi 
Author-X-Name-Last: Shimizutani 
Title: Consumption insurance against natural disasters: evidence from the Great Hanshin-Awaji (Kobe) earthquake 
Abstract:
  We investigated whether people were insured against unexpected losses
 caused by the Great Hanshin-Awaji (Kobe) earthquake in 1995 and found that
 the full consumption insurance hypothesis was rejected overwhelmingly,
 suggesting the ineffectiveness of the formal/informal insurance mechanisms
 against the earthquake. 
Journal: Applied Economics Letters 
Pages: 303-306 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447364 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447364&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kent Grote 
Author-X-Name-First: Kent 
Author-X-Name-Last: Grote 
Author-Name: Victor Matheson 
Author-X-Name-First: Victor 
Author-X-Name-Last: Matheson 
Title: Examining the 'Halo Effect' in lotto games 
Abstract:
  The 'Halo Effect' occurs when lotto ticket sales are unexpectedly high
 following a large jackpot. An examination of the Powerball lottery finds
 evidence that the halo effect exists and that it is the result of bettors
 exchanging prize winnings for new tickets. 
Journal: Applied Economics Letters 
Pages: 307-310 
Issue: 4 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447372 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447372&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Hilmer 
Author-X-Name-First: Michael 
Author-X-Name-Last: Hilmer 
Author-Name: Christiana Hilmer 
Author-X-Name-First: Christiana 
Author-X-Name-Last: Hilmer 
Title: Dissertation advisors and initial job placements for economics PhD recipients 
Abstract:
  Using a unique data set that matches economics PhD recipients with their
 advisors, we find that after controlling for programme quality, the
 relative standing of a student's dissertation advisor has a significant
 impact on his or her initial job placement. 
Journal: Applied Economics Letters 
Pages: 311-314 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426293 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426293&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bernd Lucke 
Author-X-Name-First: Bernd 
Author-X-Name-Last: Lucke 
Author-Name: Jacopo Zotti 
Author-X-Name-First: Jacopo 
Author-X-Name-Last: Zotti 
Title: The economic costs of a well-placed bomb. Lebanon and the assassination of Mr Hariri 
Abstract:
  Destabilizing political incidents may have dramatic effects on economic
 conditions. Foreign creditors and investors, in particular, may be
 reluctant to lend resources to a country whose internal stability seems
 shaky. We use a dynamic computable general equilibrium model to quantify
 the effect of a single bomb-the bomb which killed Lebanon's former Prime
 Minister Rafiq al Hariri in February 2005. We show that the economic loss
 caused by this bomb was larger than the expected gains from even the most
 optimistic scenarios of Lebanon's recently implemented trade
 liberalization strategy. 
Journal: Applied Economics Letters 
Pages: 315-320 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426335 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426335&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: William Reece 
Author-X-Name-First: William 
Author-X-Name-Last: Reece 
Title: Household mobility and cellular telephone demand 
Abstract:
  Cellular telephones are mobile, and this mobility is one of the key
 factors influencing the demand for cellular service. This article examines
 the household demand for cellular telephone and finds that the numbers of
 vehicles and drivers in the household strongly influence the demand for
 cellular telephones. Income has the strongest effect. We find some
 evidence that telephone landlines and cellular telephone service are
 substitutes. The results are based on data from the 2001 National
 Household Travel Survey conducted the US Department of Transportation. 
Journal: Applied Economics Letters 
Pages: 321-326 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447778 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447778&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Giles 
Author-X-Name-First: David 
Author-X-Name-Last: Giles 
Title: Increasing returns to information in the US popular music industry 
Abstract:
  Using data relating to 'number one' hits on the Billboard Hot 100 chart,
 we find clear evidence of increasing returns to information in the US
 market for popular music. This evidence supports related findings for the
 motion picture industry in various countries, and for Broadway
 productions. 
Journal: Applied Economics Letters 
Pages: 327-331 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461407 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461407&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcos Lima 
Author-X-Name-First: Marcos 
Author-X-Name-Last: Lima 
Author-Name: Marcelo Resende 
Author-X-Name-First: Marcelo 
Author-X-Name-Last: Resende 
Title: Convergence of per capita GDP in Brazil: an empirical note 
Abstract:
  The article investigated the convergence of real gross domestic product
 (GDP) per capita at the state level in Brazil during the 1985-1999 period.
 Departures across states were evaluated in terms of panel data unit root
 tests advanced by Im et al. (2003). The evidence indicated that one cannot
 reject the null hypothesis of unit root for the (log) of the ratio of GDP
 of each state relative to a reference unit. The results, therefore, favour
 a very strong form of persistence for regional inequality. 
Journal: Applied Economics Letters 
Pages: 333-335 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461381 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461381&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Magali Jaoul-Grammare 
Author-X-Name-First: Magali 
Author-X-Name-Last: Jaoul-Grammare 
Title: The labour market segmentation: empirical analysis of Cain's theory (1976) 
Abstract:
  Criticisms addressed to the theory of the human capital take mainly into
 account the specificity of the labour market. Doeringer and Piore (1971)
 and Cain (1976) highlight the influence of the situation on the labour
 market on the individual wage determination. This influence has been
 studied for various countries (Theodossiou and Yannopoulos, 1998; Yuhong
 and Johnes, 2003). Sloane et al. (1993), Orr (1997) and Roig (1999) shed
 light especially the existence of labour market segmentation. On the
 contrary, for Van Ophem (1987), the theory of the segmentation of the
 labour market has been to be rejected. Following this, the aim of this
 article is to test the existence of the labour market segmentation
 described by Cain (1976) for the case of France on the last twenty years.
 The use of various statistical techniques allows us to check on the one
 hand, the connection between the qualifications and the place occupied on
 the labour market and on the other hand to identify the existence of
 several labour markets. 
Journal: Applied Economics Letters 
Pages: 337-341 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461522 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461522&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Koichi Yoshimine 
Author-X-Name-First: Koichi 
Author-X-Name-Last: Yoshimine 
Author-Name: Stefan Norrbin 
Author-X-Name-First: Stefan 
Author-X-Name-Last: Norrbin 
Title: The effect of the corporate tax rate on the trade balance 
Abstract:
  Past research indicates that MNCs may be engaging in income shifting
 practices. Such practices could bias the trade balance, if the intrafirm
 trade is substantial. This article examines the effect of the tax
 differential on the trade balances of OECD countries. The results indicate
 that the trade balance is adversely affected when the tax differential is
 positive, for a number of countries. 
Journal: Applied Economics Letters 
Pages: 343-347 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426301 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426301&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Ezcurra 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Ezcurra 
Title: The world distribution of carbon dioxide emissions 
Abstract:
  This article examines the spatial distribution of per capita carbon
 dioxide emissions in 140 countries during the period 1960 to 1999. To
 overcome the methodological limitations of conventional convergence
 analysis, we have applied a nonparametric approach, which allows to study
 the dynamics of the entire cross section distribution. The results show
 that the probability mass concentrated around the average has increased
 over time, which helps to explain the observed reduction in cross-country
 disparities. In any event, the intra-distribution mobility level is
 relatively low. 
Journal: Applied Economics Letters 
Pages: 349-352 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426285 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426285&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yung-Ming Shiu 
Author-X-Name-First: Yung-Ming 
Author-X-Name-Last: Shiu 
Title: An empirical investigation on derivatives usage: evidence from the United Kingdom general insurance industry 
Abstract:
  This article reports the holdings of derivatives contracts in the UK
 general insurance industry and investigates the relationship between the
 usage and insurer organizational characteristics with panel data for the
 period 1994 to 2002. Overall it seems that the use of derivatives
 instruments in this industry is limited and shows a downward trend. The
 empirical results indicate, among other things, that a general insurer's
 size, liquidity, interest rate risk exposure, line of business
 concentration and organizational form are important factors associated
 with the decision to employ derivatives. 
Journal: Applied Economics Letters 
Pages: 353-360 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426319 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426319&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Patrick Feehan 
Author-X-Name-First: Patrick 
Author-X-Name-Last: Feehan 
Author-Name: David Forrest 
Author-X-Name-First: David 
Author-X-Name-Last: Forrest 
Title: Distribution of UK National Lottery grants across local authority areas 
Abstract:
  Much of the high taxation on UK national lottery products is hypothecated
 to 'Good Causes' distribution funds which make grants for projects in
 fields such as sport, the arts and heritage. We examine the distribution
 of grants across 376 local authority areas in England and Wales. The
 proportion of highly educated people and social class composition are
 shown to be determinants of an area's grant receipts. The results indicate
 regressivity in the spending of lottery taxation. 
Journal: Applied Economics Letters 
Pages: 361-365 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426327 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426327&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Virmantas Kvedaras 
Author-X-Name-First: Virmantas 
Author-X-Name-Last: Kvedaras 
Title: Testing the demand-led and BOP-constrained growth model: a system approach 
Abstract:
  In a series of articles of the journal Applied Economics there was an
 extensive debate on the Balance-of-Payments (BOP)-constrained growth model
 and its testing. This led to a single-equation-based test for the
 necessary condition of the BOP-constrained growth model that the BOP
 constraint binds. Since then many extensions and applications of the basic
 BOP-constrained growth model have appeared in the related literature, but
 the empirical model evaluation methodology has not been developed to
 further test the sufficient condition that causality runs from foreign
 demand or exports determined by it to GDP rather than the other way round.
 This study utilizes the standard vector error correction model (VECM) to
 formalize a system approach to empirical testing of both the necessary and
 sufficient conditions. 
Journal: Applied Economics Letters 
Pages: 367-370 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426251 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426251&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Shik 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Shik 
Author-Name: Terence Tai-Leung Chong 
Author-X-Name-First: Terence Tai-Leung 
Author-X-Name-Last: Chong 
Title: A comparison of MA and RSI returns with exchange rate intervention 
Abstract:
  This study compares the efficacy of the Relative Strength Index (RSI)
 vis-a-vis the Moving Average (MA) trading rules on the daily exchange
 rates of six currencies. The results indicate that the trading rules can
 yield positive risk-adjusted returns, and the profitability of these
 trading rules is positively related to central bank interventions. It is
 also found that the impact of interest rate differentials on the trading
 rule return is immaterial. 
Journal: Applied Economics Letters 
Pages: 371-383 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426269 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426269&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hong-Kyun Kim 
Author-X-Name-First: Hong-Kyun 
Author-X-Name-Last: Kim 
Title: Home production function and the productivity effect of air pollution 
Abstract:
  This article examines whether there is an indirect productivity effect of
 pollution on preference. In doing so, an indirect productivity effect is
 introduced into the home production function. The estimates show that
 there is a strong positive indirect productivity effect on preference. 
Journal: Applied Economics Letters 
Pages: 385-387 
Issue: 5 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461514 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461514&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Travis Lybbert 
Author-X-Name-First: Travis 
Author-X-Name-Last: Lybbert 
Title: Polarization & pricing to the rich 
Abstract:
  Income polarization directly affects monopoly pricing and profits when a
 monopolist cannot segment markets. When income and price elasticity of
 demand are negatively correlated, increasing income disparity ultimately
 leads the monopolist to target the rich at the exclusion of the poor. This
 paper uses a simple model to demonstrate how income polarization, as
 distinct from income inequality, affects monopoly price and profit in such
 a situation. Without income polarization, price increases and profit
 decreases with income disparity when the monopolist targets the rich. With
 income polarization, price increases sharply and profit increases with
 income disparity when the monopolist targets the rich. Preliminary
 evidence suggests that pharmaceutical prices may indeed increase with
 polarization. 
Journal: Applied Economics Letters 
Pages: 389-394 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461498 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461498&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andres Victorio 
Author-X-Name-First: Andres 
Author-X-Name-Last: Victorio 
Title: Search theory and subsidized housing demand in New Zealand 
Abstract:
  A search-theoretic model of housing demand is presented and evidence is
 found in its support based upon the 1995 records of 260 000 New Zealand
 (NZ) tenants eligible to have received an unrestricted housing subsidy. In
 the model, a unit increase in search costs is predicted to increase the
 optimal rent according to a factor proportion less than one while a unit
 increase in moving cost is predicted to decrease the rent. The
 factor-proportion increase in the rent, also a marginal propensity to
 rent, is around 21 NZ cents for every NZ dollar increase in search costs.
 The moving-cost decrease is supported by the rent effects of some
 indicative characteristics. The empirical findings are found to be stable
 across a range of applicable estimators including those that may have been
 needed to correct for censoring and reverse-causality. 
Journal: Applied Economics Letters 
Pages: 395-399 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461621 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461621&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Markus Baltzer 
Author-X-Name-First: Markus 
Author-X-Name-Last: Baltzer 
Author-Name: Gerhard Kling 
Author-X-Name-First: Gerhard 
Author-X-Name-Last: Kling 
Title: Predictability of future economic growth and the credibility of monetary regimes in Germany, 1870-2003 
Abstract:
  Our study tries to quantify the predictability of economic growth and
 links it to the capability of regimes to fight against inflation. A regime
 with a high persistence of inflation and, hence, low credibility exhibits
 a high level of predictability of economic growth using the yield curve as
 indicator. Based on structural VAR models, we evaluate the credibility of
 monetary regimes in Germany from 1870 to 2003. The period of the Classical
 Gold Standard exhibited the highest credibility compared to the interwar
 period, the Bretton Woods and free float era. The reliability of the
 Bretton Woods agreement deteriorated years before the official breakdown
 in 1971. 
Journal: Applied Economics Letters 
Pages: 401-404 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461456 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461456&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ilias Livanos 
Author-X-Name-First: Ilias 
Author-X-Name-Last: Livanos 
Title: The incidence of long-term unemployment: evidence from Greece 
Abstract:
  In this article, I use the 2000-2004 data from the Greek Labour Force
 Survey in order to estimate a logit model for the incidence of long-term
 unemployment. The model computed is similar to the one estimated by Obben
 et al. (2002). It is found that attributes of the individual such as
 gender, age category, marital status and region of residence affect the
 odds of being long-term unemployed. On the other hand, the level of
 someone's qualification does not affect the odds of whether someone will
 be short or long-term unemployed. 
Journal: Applied Economics Letters 
Pages: 405-408 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461571 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461571&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sarbani Banerjee 
Author-X-Name-First: Sarbani 
Author-X-Name-Last: Banerjee 
Author-Name: Rama Parai 
Author-X-Name-First: Rama 
Author-X-Name-Last: Parai 
Author-Name: Amar Parai 
Author-X-Name-First: Amar 
Author-X-Name-Last: Parai 
Title: Computer use and wage differentials: US and foreign born male and female workers 
Abstract:
  The dual issues of nationality and on-the-job computer use are introduced
 into the analysis of gender wage gap in the United States, and some new
 results are reported. It is shown that, all other things remaining the
 same, (i) inter-gender wage differentials across different groups based on
 computer use and/or nationality vary from 23% to 35%; (ii) among computer
 nonusers, the inter-gender wage differentials are quite high and invariant
 of the country of birth; and (iii) intra-gender wage gap based on computer
 use at work is high for both native and foreign born workers, but the
 intra-gender wage gap based on nationality is low for both users and
 nonusers of computer at work. 
Journal: Applied Economics Letters 
Pages: 409-413 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447307 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447307&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chunhua Wang 
Author-X-Name-First: Chunhua 
Author-X-Name-Last: Wang 
Title: A dynamic stochastic frontier production model with time-varying efficiency: comment 
Abstract:
  Based on Desli et al. (2003), this comment defines a stochastic frontier
 production model in a panel data framework. The firms can learn from their
 past errors to improve technical efficiency. This is done by introducing
 the inefficiency error term as an AR(p) process. The ways to estimate the
 production function and technical inefficiency are provided. 
Journal: Applied Economics Letters 
Pages: 415-417 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447455 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447455&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dipanwita Sarkar 
Author-X-Name-First: Dipanwita 
Author-X-Name-Last: Sarkar 
Title: The role of human capital in economic growth revisited 
Abstract:
  Benhabib and Spiegel (1994) examine the role of human capital in the
 development process empirically using a theory-driven specification rather
 than the standard production function approach. While they find evidence
 of a positive impact of human capital on income growth, their result is
 not robust to the inclusion of inequality as an additional covariate.
 Using an alternate dataset and different measures of inequality, we find
 robust support for the hypothesis that human capital matters even when we
 account for the adverse effect of income inequality on growth. 
Journal: Applied Economics Letters 
Pages: 419-423 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447323 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447323&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sherrill Shaffer 
Author-X-Name-First: Sherrill 
Author-X-Name-Last: Shaffer 
Title: Aggregate concentration and the cost of systemic risk 
Abstract:
  Aggregate concentration may exacerbate systemic risk if the social cost
 of business failure is a superlinear function of the fraction of industry
 capacity lost to failure. This result suggests new empirical tests to
 inform policy debates, as well as supporting an efficiency rationale for
 restricting aggregate concentration under certain conditions. 
Journal: Applied Economics Letters 
Pages: 425-428 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500438751 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500438751&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bar&#x131;s Yoruk 
Author-X-Name-First: Bar&#x131;s 
Author-X-Name-Last: Yoruk 
Title: Negative externalities, productivity growth and the catching-up hypothesis 
Abstract:
  This article investigates the catching-up hypothesis for OECD countries.
 Unlike the previous studies, the results show that countries with low
 initial per capita income levels catch-up at a faster rate only when the
 presence of negative externalities is ignored in growth analysis. 
Journal: Applied Economics Letters 
Pages: 429-434 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500438710 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500438710&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lucie Samson 
Author-X-Name-First: Lucie 
Author-X-Name-Last: Samson 
Author-Name: Maxim Armstrong 
Author-X-Name-First: Maxim 
Author-X-Name-Last: Armstrong 
Title: Preferences and observed risk premia: an empirical analysis 
Abstract:
  The fundamental prediction of the Consumption-based Capital Asset Pricing
 Model (CCAPM) relates asset returns to their covariance with the
 intertemporal marginal rate of substitution (IMRS). With utility subjected
 to constant relative risk aversion, the IMRS is characterized by only one
 economic variable namely, consumption growth. One explanation for the
 disappointing empirical performance of the CCAPM model may be that the
 constant relative risk aversion specification is too restrictive. In this
 article we consider alternative specifications and compare their empirical
 performance with the reference model using Canadian data. 
Journal: Applied Economics Letters 
Pages: 435-439 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850601057823 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601057823&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Musolesi 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Musolesi 
Author-Name: Mario Nosvelli 
Author-X-Name-First: Mario 
Author-X-Name-Last: Nosvelli 
Title: Dynamics of residential water consumption in a panel of Italian municipalities 
Abstract:
  The purpose of this study is to estimate a residential water demand
 function in a dynamic framework for a panel of Italian municipalities and
 to calculate both short-run and long-run price elasticities. The
 Generalized Method of Moments (GMM) provides a suitable framework for
 obtaining asymptotically efficient estimators in this context.
 Specifically, the system GMM estimator is applied, which improves the
 properties of the standard first-difference estimator. The most relevant
 result shows that persistence of habits is coupled with high long-term
 price elasticity which is higher, in absolute value, that the
 instantaneous (one-year) price elasticity. Under an economic policy
 perspective, the effects of policy interventions can be suitably evaluated
 only in the long-run. 
Journal: Applied Economics Letters 
Pages: 441-444 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425642 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425642&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Miguel Manjon 
Author-X-Name-First: Miguel 
Author-X-Name-Last: Manjon 
Title: Does the proxy for shareholders' control make a difference in firm-performance regressions? Evidence from a blockholder system of corporate governance 
Abstract:
  One of the critical determinants of firm performance in corporate
 governance investigations is the degree of control exercised by large
 shareholders. This article empirically assesses the use of ultimate-owner
 ship shares and solutions of voting games (i.e. power indices) as
 alternative proxies for this control. 
Journal: Applied Economics Letters 
Pages: 445-449 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500426020 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426020&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Lopez-Rodriguez 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Lopez-Rodriguez 
Title: Population weighted growth, convergence clubs and objective 1 regions performance: delors I and II packages 
Abstract:
  This article analyses population weighted growth for the periods
 1989-1993 and 1995-1999 in EU15 covering the period of time in which
 Delors I and II packages were operational. Two important results were
 found, first, the existence of a polarized growth either at the lowest or
 highest income levels that proves the existence of a twin-peak structure
 in the growth process and second a better performance of objective 1
 regions than non-objective 1 regions during both periods of time, showing
 a tendency of objective 1 regions to catch up with the average EU15
 income. 
Journal: Applied Economics Letters 
Pages: 451-455 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500474194 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500474194&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Diego Romero-Avila 
Author-X-Name-First: Diego 
Author-X-Name-Last: Romero-Avila 
Author-Name: Carlos Usabiaga 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Usabiaga 
Title: Unit root tests and persistence of unemployment: Spain vs. the United States 
Abstract:
  In this article, we investigate the existence of infrequent shocks and
 the degree of persistence of unemployment in the US and Spain over the
 period 1976-2004. We first apply the minimum Lagrange Multiplier unit root
 test with up to two endogenous changes in level. The evidence gives
 support to the hysteresis hypothesis for Spain and to regime-wise
 stationarity for the US. The computation of median unbiased estimates of
 half-lives directly from the impulse-response function indicates a much
 higher degree of persistence of unemployment in Spain than in the US. Our
 results thus give an indication that aggregate demand policies may have
 different effects in these two countries. 
Journal: Applied Economics Letters 
Pages: 457-461 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500474160 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500474160&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Ezcurra 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Ezcurra 
Title: The single market and geographic concentration in the regions of the European Union 
Abstract:
  This note examines industrial concentration in the regions of the
 European Union during the period following the implementation of the
 Single Market. To achieve this objective, we have applied a new
 methodology in this literature based on the second degree inverse
 stochastic dominance concept. The results obtained reveal an increase in
 geographical concentration in most industrial activities between 1992 and
 1999. 
Journal: Applied Economics Letters 
Pages: 463-466 
Issue: 6 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461449 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461449&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Murali Adhikari 
Author-X-Name-First: Murali 
Author-X-Name-Last: Adhikari 
Author-Name: Krishna Paudel 
Author-X-Name-First: Krishna 
Author-X-Name-Last: Paudel 
Author-Name: Laxmi Paudel 
Author-X-Name-First: Laxmi 
Author-X-Name-Last: Paudel 
Author-Name: James Bukenya 
Author-X-Name-First: James 
Author-X-Name-Last: Bukenya 
Title: Modelling swine supply response using a structural time series approach 
Abstract:
  Swine supply response was analyzed using a structural time series model
 (STSM) with both seasonal and yearly effects introduced stochastically.
 Swine production is divided into four production phases. Parameters of
 each phase were then estimated using a structural time series model.
 Out-of-sample forecasting robustness of the STSM was compared against a
 commonly used deterministic trend and deterministic seasonally (DTDS)
 using root mean square error and mean absolute percentage error criteria.
 The STSM model produced lower RMSE and MPE values than those obtained
 using a DTDS modeling approach. 
Journal: Applied Economics Letters 
Pages: 467-472 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461357 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Terry Robinson 
Author-X-Name-First: Terry 
Author-X-Name-Last: Robinson 
Title: The convergence of electricity prices in Europe 
Abstract:
  The ambition to create a single European market for electricity has been
 explicit since the Single European Act of 1988. This article investigates
 the degree to which this goal has been achieved in terms of the
 convergence of electricity prices. Two commonly used tests of convergence
 are applied, &#x3b2;-convergence and a cointegration test using annual
 electricity price data for nine European Union member states from 1978 to
 2003. The results suggest that convergence did occur for most of the
 countries in the sample over this period. 
Journal: Applied Economics Letters 
Pages: 473-476 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461597 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461597&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Minkyu Lee 
Author-X-Name-First: Minkyu 
Author-X-Name-Last: Lee 
Author-Name: Youngsang Cho 
Author-X-Name-First: Youngsang 
Author-X-Name-Last: Cho 
Title: The diffusion of mobile telecommunications services in Korea 
Abstract:
  This study investigates the diffusion of mobile telecommunications in
 Korea. The aim is to compare the performance of logistic model of
 diffusion with that of a time series autoregressive moving average model
 and to identify factors that determine the diffusion adoption process.
 Empirical results are based on annual data on cellular mobile subscribers
 covering 1984 to 2002. Results suggest that, the diffusion speed increases
 with per capita GDP, but it decreases with the number of main telephone
 lines in operation. 
Journal: Applied Economics Letters 
Pages: 477-481 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461431 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461431&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Helder Ferreira de Mendonca 
Author-X-Name-First: Helder Ferreira 
Author-X-Name-Last: de Mendonca 
Author-Name: Manoel Carlos de Castro Pires 
Author-X-Name-First: Manoel Carlos de Castro 
Author-X-Name-Last: Pires 
Title: Capital account liberalization and inflation: evidence from Brazil 
Abstract:
  The argument that capital account liberalization attenuates the time
 inconsistence problem in the conduction of monetary policy and thus, could
 improve the control of inflation, was tested for Brazil, in the short run,
 for different exchange rate regimes. The findings denote that a decrease
 in the capital account liberalization is capable of attenuating
 inflationary pressure and that the duration of this effect depends on the
 exchange regime used. 
Journal: Applied Economics Letters 
Pages: 483-487 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461506 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461506&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Lopez-Rodriguez 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Lopez-Rodriguez 
Title: Is market potential robust in explaining regional educational levels in Europe? 
Abstract:
  This article analyses the robustness of market potential as an
 explanatory variable of regional educational levels in the European Union.
 When included by its own, market potential is shown to be statistically
 significant and quantitatively important in explaining cross-region
 variation in educational levels. This finding is robust in controlling for
 a wide range of considerations, including other geographic and economic
 characteristics, showing that economic geography matters in determining
 educational attainment levels in Europe. 
Journal: Applied Economics Letters 
Pages: 489-492 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461480 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461480&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Musolesi 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Musolesi 
Title: R&D and productivity in 16 OECD countries: some heterogeneous panel estimations 
Abstract:
  This study further investigates the long-run impact of various sources of
 technological progress on productivity for a panel of 16 OECD countries
 during the period 1981 to 1998. Given the length of the series, the
 application of an heterogeneous estimator could be suitable from an
 econometric point of view. Our results, based on the Mean Group and the
 Pooled Mean Group estimators, show that technology spills over across
 countries through the channel of trade flows and that academic research
 significantly contributes to productivity. 
Journal: Applied Economics Letters 
Pages: 493-496 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461530 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461530&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Manami Ogura 
Author-X-Name-First: Manami 
Author-X-Name-Last: Ogura 
Author-Name: Kazuhiro Ohtani 
Author-X-Name-First: Kazuhiro 
Author-X-Name-Last: Ohtani 
Title: Testing demand homogeneity when error terms have an elliptically symmetric distribution 
Abstract:
  In this article, we show that the exact test for the homogeneity
 restriction developed by Laitinen (1978) is robust when the error terms
 have an elliptically symmetric distribution. The power performance of the
 test is also examined, assuming that the error terms have a multivariate t
 distribution. Our empirical example shows that the homogeneity restriction
 is not rejected at the 5% level by the exact test though it is rejected by
 the asymptotic Wald test. 
Journal: Applied Economics Letters 
Pages: 497-502 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447430 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447430&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuan-Hung Hsu Ku 
Author-X-Name-First: Yuan-Hung Hsu 
Author-X-Name-Last: Ku 
Author-Name: Ho-Chyuan Chen 
Author-X-Name-First: Ho-Chyuan 
Author-X-Name-Last: Chen 
Author-Name: Kuang-Hua Chen 
Author-X-Name-First: Kuang-Hua 
Author-X-Name-Last: Chen 
Title: On the application of the dynamic conditional correlation model in estimating optimal time-varying hedge ratios 
Abstract:
  This article applies the dynamic conditional correlation model of Engle
 (2002) with error correction terms in order to investigate the optimal
 hedge ratios of British and Japanese currency futures markets. For a
 comparison, the estimates of three other models -- traditional generalized
 autoregressive conditional heteroskedasticity (GARCH), ordinary least
 square (OLS) and error correction model (ECM) -- are also reported.
 Results show that the dynamic conditional correlation model yields the
 best hedging performance in both futures markets. Nonetheless, the
 traditional multivariate GARCH model (which exhibits constant conditional
 correlations and time-varying hedge ratios) performs the worst hedging
 effectiveness, even inferior to the time-invariant hedging methods (OLS
 and ECM). The inclusion of dynamic conditional correlations in the GARCH
 model can therefore better capture the frequent fluctuations in futures
 markets. 
Journal: Applied Economics Letters 
Pages: 503-509 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447331 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447331&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ilaria Mosca 
Author-X-Name-First: Ilaria 
Author-X-Name-Last: Mosca 
Title: Decentralization as a determinant of health care expenditure: empirical analysis for OECD countries 
Abstract:
  Territorial decentralization involves the transfer of responsibilities
 from a central government to lower levels of government. A common trend in
 different developed countries has been to decentralize some health
 functions (managerial and/or financial) to local governments. The set-up
 of the health care system and its degree of decentralization are here
 utilized in a panel data analysis as a determinant of health care
 expenditure in a sample of 20 Organization for Economic Co-operation and
 Development (OECD) countries for the period 1990 to 2000. These findings
 lend support that demographic, supply-related and socio-economic factors
 impact on overall health care costs and a decentralized health care
 setting implies higher health expenditure. 
Journal: Applied Economics Letters 
Pages: 511-515 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500438736 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500438736&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chi-Chen Chiu 
Author-X-Name-First: Chi-Chen 
Author-X-Name-Last: Chiu 
Author-Name: Chien-Chung Nieh 
Author-X-Name-First: Chien-Chung 
Author-X-Name-Last: Nieh 
Title: Rational bubbles in the US stock market? Further evidence from a nonparametric cointegration test 
Abstract:
  In this study, we revisit the issue as to the presence of rational
 bubbles in the US stock market during the 1871 to 2002 period using both
 the Johansen cointegration and the Bierens 1997 nonparametric
 cointegration tests. The results from the conventional Johansen
 cointegration test fully support the existence of rational bubbles,
 whereas those from the Bierens nonparametric cointegration test attest to
 the absence of rational bubbles. On account of the superiority of the
 nonparametric method to detect cointegration when the error-correction
 mechanism is nonlinear, we firmly believe that the results from the
 nonparametric cointegration test are considerably more reliable than those
 derived from the conventional Johansen approach. 
Journal: Applied Economics Letters 
Pages: 517-521 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850601103221 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601103221&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Spyros Spyrou 
Author-X-Name-First: Spyros 
Author-X-Name-Last: Spyrou 
Author-Name: Georgia Siougle 
Author-X-Name-First: Georgia 
Author-X-Name-Last: Siougle 
Title: Mergers and acquisitions of non-financial firms in Europe: the case of the Athens Stock Exchange 
Abstract:
  This study examines whether mergers and acquisitions create value for
 shareholders in the Athens Stock Exchange, during an extremely volatile
 period. The results indicate, on average, statistically insignificant
 investor reaction around merger announcements. However, further analysis
 suggests that investors react negatively to announcements by bidder firms
 in the food and fish farm sectors, and positively to announcements in the
 commercial/advertising and technology sectors. There is also evidence that
 information arrives at the market a few days before the official
 announcement. Contrary to earlier empirical evidence, insignificant
 returns are reported for target firms. 
Journal: Applied Economics Letters 
Pages: 523-527 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500406972 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500406972&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Miyoung Lee 
Author-X-Name-First: Miyoung 
Author-X-Name-Last: Lee 
Title: An iterative method for flattering the ridge in the Ridge regression 
Abstract:
  In many cases of multiple regression in an undefined system, some
 independent variables may not be orthogonal to each other. In such cases,
 the systems either are not solvable or induce incorrect results which
 could vary with the data used. Such problems are often overcome by using
 the Ridge regression method. This article proposes an alternative way of
 getting an exact least square estimator by using an iterative method. We
 prove the solvability of the proposed algorithm and demonstrate that our
 method outperforms traditional approaches. 
Journal: Applied Economics Letters 
Pages: 529-531 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425840 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425840&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. Jayaraj 
Author-X-Name-First: D. 
Author-X-Name-Last: Jayaraj 
Author-Name: S. Subramanian 
Author-X-Name-First: S. 
Author-X-Name-Last: Subramanian 
Title: Comparing the age structures of populations 
Abstract:
  This is an analytically simple note, motivated by the modest objective of
 presenting a visual aid to the scanning and comparison of the age
 structures of alternative populations. The means to the end are achieved
 by a graphical devise which is called a binary age comparison (or BAC)
 curve, which is obtained by plotting the cumulative age density function
 of one population against that of another within the unit square. The BAC
 curve allows a quick ascertainment of the unambiguous dominance of one
 population over another in terms of 'agedness', where such dominance
 obtains; and where thoroughgoing dominance does not obtain, it permits an
 assessment of the differentiated age structures, over different age
 segments, of a pair of populations. 
Journal: Applied Economics Letters 
Pages: 533-537 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425972 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425972&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sangheon Kim 
Author-X-Name-First: Sangheon 
Author-X-Name-Last: Kim 
Title: A more accurate measurement of tax effort 
Abstract:
  Even though it is commonplace in many countries for federal governments
 to give fiscal support to local governments, this may work as a deterrent
 in providing incentives to local governments to increase their own
 revenue. To address this problem of moral hazard, various techniques of
 measuring the local governments' tax effort have been suggested in the
 literature. However, all of these techniques share a drawback:
 'biasedness'. To solve this problem, this article presents an unbiased
 estimator, which is the Kalman filter estimator. A Monte Carlo simulation
 shows evidence that the Kalman filter estimator is more accurate than
 other methods suggested in the literature. 
Journal: Applied Economics Letters 
Pages: 539-543 
Issue: 7 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425345 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425345&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Suwen Pan 
Author-X-Name-First: Suwen 
Author-X-Name-Last: Pan 
Author-Name: Samarendu Mohanty 
Author-X-Name-First: Samarendu 
Author-X-Name-Last: Mohanty 
Author-Name: Mohamadou Fadiga 
Author-X-Name-First: Mohamadou 
Author-X-Name-Last: Fadiga 
Title: Price asymmetry in the US fibre markets 
Abstract:
  In this article, price linkages between cotton and polyester markets are
 investigated. After determining that the causality is present in both the
 directions, the nature of the price linkages was studied. The results
 suggest that polyester price responds asymmetrically to cotton price
 changes, whereas asymmetric response from cotton price to changes in
 polyester price is found to be weak. The results also did not support the
 hypothesis of contemporaneous effects between the polyester and cotton
 prices. 
Journal: Applied Economics Letters 
Pages: 545-548 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592523 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592523&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jesus Fernandez-Villaverde 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Fernandez-Villaverde 
Author-Name: Juan F. Rubio-Ramirez 
Author-X-Name-First: Juan F. 
Author-X-Name-Last: Rubio-Ramirez 
Title: On the solution of the growth model with investment-specific technological change 
Abstract:
  Recent work by Greenwood et al. (1997, 2000) and Fisher (2003) has
 emphasized the importance of investment-specific technological change as a
 main driving force behind long-run growth and the business cycle. This
 article shows how the growth model with investment-specific technological
 change has a closed-form solution if capital fully depreciates. This
 solution furthers our understanding of the model and it constitutes a
 useful benchmark to check the accuracy of numerical procedures to solve
 dynamic macroeconomic models in cases with several state variables. 
Journal: Applied Economics Letters 
Pages: 549-553 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592564 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592564&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chulho Jung 
Author-X-Name-First: Chulho 
Author-X-Name-Last: Jung 
Author-Name: William Shambora 
Author-X-Name-First: William 
Author-X-Name-Last: Shambora 
Author-Name: Kyongwook Choi 
Author-X-Name-First: Kyongwook 
Author-X-Name-Last: Choi 
Title: The relationship between stock returns and inflation in four European markets 
Abstract:
  We study the effects of expected and unexpected inflation on real stock
 returns for France, Germany, Italy and the UK. We find evidence that
 unexpected inflation affects stock returns in France, Italy and the UK,
 but that expected inflation does not. Unexpected interest rates also
 affect real stock returns in the three countries. However, we find no
 evidence of these variables affecting real stock returns in Germany. 
Journal: Applied Economics Letters 
Pages: 555-557 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600580452 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600580452&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nuntawan Thiratanapong 
Author-X-Name-First: Nuntawan 
Author-X-Name-Last: Thiratanapong 
Title: Market discipline in banking: evidence from Thailand during the 1997 crisis 
Abstract:
  This article investigates the impact of banking crisis on deposit market
 discipline using evidence from Thailand. The empirical evidence suggests
 that depositors' responsiveness to bank risk taking increases in the
 aftermath of the crisis. However, an explicit blanket guarantee provided
 by the government since the 1997 crisis weakens the extent of an increase
 in market discipline during the post-crisis period. The results have
 relevant implications on the implementation of an explicit deposit
 insurance scheme for Thailand. 
Journal: Applied Economics Letters 
Pages: 559-563 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592424 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592424&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Author-Name: Rup Singh 
Author-X-Name-First: Rup 
Author-X-Name-Last: Singh 
Author-Name: Neelesh Gounder 
Author-X-Name-First: Neelesh 
Author-X-Name-Last: Gounder 
Title: Investment ratio in growth equations 
Abstract:
  In the cross-country and time series studies on the determinants of the
 growth rate, capital stock is often proxied with the investment ratio due
 to lack of reliable data. While investment ratio may give good results
 with OLS, their robustness is doubtful. In addition there are other
 problems: (a) investment ratio may be a good proxy for the change in
 capital stock, but combining it with the level of employment to estimate a
 production function leads to misspecification bias; (b) it is not possible
 to impose any valid constraints on the coefficients of these variables and
 (c) if instrument variables are used to minimize any endogenous variable
 bias, the equation with the investment ratio seems to be fragile. 
Journal: Applied Economics Letters 
Pages: 565-568 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461365 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461365&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Hayes 
Author-X-Name-First: Peter 
Author-X-Name-Last: Hayes 
Author-Name: Paul Turner 
Author-X-Name-First: Paul 
Author-X-Name-Last: Turner 
Title: Estimates of quarterly GDP for the interwar UK economy 
Abstract:
  This article uses the Chow--Lin (1971) procedure to generate estimates of
 quarterly gross domestic product for the UK economy over the period
 January 1920 to April 1938. This series is then used to estimate a
 cointegrating relationship between employment, real wages and aggregate
 output. 
Journal: Applied Economics Letters 
Pages: 569-572 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461605 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461605&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Helder Ferreira de Mendonca 
Author-X-Name-First: Helder Ferreira 
Author-X-Name-Last: de Mendonca 
Title: Empirical evidence from fourteen countries with explicit inflation targeting 
Abstract:
  This article attempts to contribute to the empirical research on
 inflation targeting (IT) making an inquiry of the relation between
 macroeconomic variables for 14 countries with explicit IT. The main
 results denote that the adoption of IT is a good framework for reducing
 inflation, and thus contributes to diminish interest rate without apparent
 costs on economic growth, although unemployment increases. 
Journal: Applied Economics Letters 
Pages: 573-576 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461464 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461464&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Corrado Andini 
Author-X-Name-First: Corrado 
Author-X-Name-Last: Andini 
Title: Returns to education and wage equations: a dynamic approach 
Abstract:
  We study the impact of education on within-groups wage inequality using
 quantile-regression techniques and US data for the period 1980 to 1987.
 Our contribution consists of comparing estimates based on a standard
 Mincer equation with estimates based on a modified Mincer equation in
 which past earnings play the role of additional explanatory variable. We
 find that a dynamic model does not give the same answer as a static model
 regarding the impact of schooling on earnings dispersion, and provide an
 explanation for this result. 
Journal: Applied Economics Letters 
Pages: 577-579 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461555 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461555&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ming-Yuan Leon Li 
Author-X-Name-First: Ming-Yuan Leon 
Author-X-Name-Last: Li 
Title: Purchasing power parity under high and low volatility regimes 
Abstract:
  This article adopts Markov switching models to establish and examine
 several types of nonlinear dynamics in exchange rate returns and provide a
 new test to analyse presence of purchasing power parity (PPP) after
 controlling for various market states. In contrast with Engle and Hamilton
 (1990) focusing on discussing the dual state setting on the first moment
 of quarterly data for major industrial countries' currencies, we
 concentrate more on the second moment for monthly data and add an analysis
 of developing countries' currencies. Our empirical findings are consistent
 with the following notions. First, volatility-switching behaviours are
 more (less) remarkable for developing (industrialized) countries'
 currencies. Second, we denote the high volatility state of exchange
 markets of developing (industrialized) countries as a crisis (an unusual)
 condition. Moreover, PPP would be valid at the low (high) volatility state
 for developing (industrialized) countries. 
Journal: Applied Economics Letters 
Pages: 581-589 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461548 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461548&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alberto Chong 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Chong 
Author-Name: Virgilio Galdo 
Author-X-Name-First: Virgilio 
Author-X-Name-Last: Galdo 
Title: Should state-owned firms change CEOs before privatization? Some evidence from the telecommunications industry 
Abstract:
  Should state-owned enterprises change chief executive officer (CEO)
 before privatizing? We test competing views on this question by
 complementing a recently released database with newly collected data. We
 are able to cover 77 telecommunications privatizations, which account for
 nearly 80% of the sector in terms of value. We find that CEO replacement
 will improve performance in the telecommunications industry before
 privatization as measured by penetration, operating efficiency and
 profitability. Chief executive officer change before privatization does
 appear to have real consequences in firm performance before privatization. 
Journal: Applied Economics Letters 
Pages: 591-595 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592515 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592515&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Huseyin Kalyoncu 
Author-X-Name-First: Huseyin 
Author-X-Name-Last: Kalyoncu 
Title: Saving-investment correlations and capital mobility in OECD countries: an error correction analysis 
Abstract:
  This article studies the time series properties of saving and investment
 rates for 23 OECD countries using error correction model (ECM) developed
 by Jansen and Schulze (1996) and Jansen (1996). Applying the ECM to the
 OECD countries, we find that Denmark, France, Greece, Italy, Japan, Spain,
 Sweden, Turkey and the United Kingdom indicate low capital mobility. 
Journal: Applied Economics Letters 
Pages: 597-601 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592390 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592390&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Bellak 
Author-X-Name-First: Christian 
Author-X-Name-Last: Bellak 
Author-Name: Markus Leibrecht 
Author-X-Name-First: Markus 
Author-X-Name-Last: Leibrecht 
Author-Name: Roman Romisch 
Author-X-Name-First: Roman 
Author-X-Name-Last: Romisch 
Title: On the appropriate measure of tax burden on foreign direct investment to the CEECs 
Abstract:
  We argue from a conceptual and empirical point of view that tax-rate
 elasticities of foreign direct investment (FDI) to Central and East
 European Countries (CEECs) derived from statutory tax rates (STRs) are
 likely to be flawed. STRs are problematic measures of tax burden as they
 capture neither tax base effects, nor effects of the home country or
 international and supranational tax laws. From an empirical point of view
 STRs are questionable as their behavior over time and between
 country-pairs may differ from that of the conceptually superior bilateral
 corporate effective average tax rates (BCEATRs) of the Devereux-Griffith
 type. The variability of host-country STRs and BCEATRs of seven major home
 countries of FDI in eight major CEEC host countries is compared via
 Levene-tests for 1995--2005. Results indicate that using STRs instead of
 BCEATRs in empirical investigations of FDI is likely to result in tax-rate
 elasticities which are too low in absolute value. 
Journal: Applied Economics Letters 
Pages: 603-606 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500474202 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500474202&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: G. Badri Narayanan 
Author-X-Name-First: G. Badri 
Author-X-Name-Last: Narayanan 
Title: Effect of mergers on firm profits with trade liberalization: the role of technology 
Abstract:
  The objective of this study is to analyse the effects of trade
 liberalization on the firm-level profit-enhancing effects of mergers and
 its dependence on whether the technology is labour intensive or
 capital-intensive, under an oligopolistic competition framework. Mergers,
 as considered in this article, cause an increase in the firm-level
 profits. The extent to which they enhance the profits is inversely
 proportional to the number of firms in the country. With a freer trade,
 the profit effect of mergers depends on the extent to which the fall in
 profit due to fall in price outweighs the gain in profit due to increased
 output. A firm in the capital-intensive country can gain more from a
 merger than one in the labour-intensive country, if the aggregate output
 is at sufficiently large scale. 
Journal: Applied Economics Letters 
Pages: 607-610 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500474178 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500474178&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hasan Sahin 
Author-X-Name-First: Hasan 
Author-X-Name-Last: Sahin 
Author-Name: A. Burca Kizilirmak 
Author-X-Name-First: A. Burca 
Author-X-Name-Last: Kizilirmak 
Title: Determinants of duration of unemployment insurance benefits in Turkey 
Abstract:
  This article is the first empirical study on the duration of unemployment
 insurance benefits in Turkey. Turkey has adopted an unemployment insurance
 programme in 2000, and the first payment of the benefit was made in 2002.
 Thus, it is new and the first programme to partially compensate the income
 of workers when they are unemployed. The unemployment insurance programme
 has been criticized for low benefits and strict eligibility requirements.
 However, the number of people claiming unemployment benefit has been
 increasing steadily since 2002. This study provides an empirical
 evaluation on the determinants of duration of unemployment insurance
 benefits by a hazard modelling approach. We find that age, sex, marital
 status, significantly affect insurance duration after controlling effects
 of types of workplace, job types and regions. 
Journal: Applied Economics Letters 
Pages: 611-615 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592473 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592473&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jie Li 
Author-X-Name-First: Jie 
Author-X-Name-Last: Li 
Title: Examining the interactions of high reserves and weak fundamentals in currency crises 
Abstract:
  This article tackles the issue of reserve adequacy measure by examining
 the interaction of high reserves and weak fundamentals in crises. The
 author extends the analysis of Sachs et al. (1996) by adopting on two-step
 regressions. The first helps find the significant weak fundamental
 variables. The second determines the appropriate adequate reserve level. 
Journal: Applied Economics Letters 
Pages: 617-621 
Issue: 8 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500474186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500474186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Darold T. Barnum 
Author-X-Name-First: Darold T. 
Author-X-Name-Last: Barnum 
Author-Name: John M. Gleason 
Author-X-Name-First: John M. 
Author-X-Name-Last: Gleason 
Title: Technical efficiency bias in data envelopment analysis caused by intra-output aggregation 
Abstract:
  We show that an organization's technical efficiency scores are biased
 downward by linear aggregation of the quantities of the same type of
 output that are produced by multiple subunits (intra-output aggregation).
 We expand the models of Fare et al. (2002, 2004) and Barnum and Gleason
 (2005) to account for intra-output aggregation bias, yielding an expanded
 model in which technical efficiency is unbiased by any type of input or
 output aggregation. We illustrate intra-output aggregation bias with data
 envelopment analysis results from Canadian paratransit operations. 
Journal: Applied Economics Letters 
Pages: 623-626 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461647 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461647&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tomokazu Nomura 
Author-X-Name-First: Tomokazu 
Author-X-Name-Last: Nomura 
Title: Contribution of education and educational equality to economic growth 
Abstract:
  In this article we examine how the contribution of investment in
 education to economic growth varies if the initial level of education and
 the improvement of educational equality are different. Our main finding is
 that the contribution of education to economic growth is larger and
 statistically more significant in the countries with relatively low level
 of initial education and in the countries with relatively high improvement
 of educational equality. 
Journal: Applied Economics Letters 
Pages: 627-630 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425857 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425857&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Piero Conforti 
Author-X-Name-First: Piero 
Author-X-Name-Last: Conforti 
Author-Name: Ugo Pica-Ciamarra 
Author-X-Name-First: Ugo 
Author-X-Name-Last: Pica-Ciamarra 
Title: Scaling-up community-driven development. Evidence from the Philippines 
Abstract:
  Community-driven development programmes are an increasingly common
 component of poverty reduction strategies. Most have been on a small-scale
 so far, but efforts are being made to scale successful experiences up to
 the country level. This article quantifies the impact of the
 community-driven 'farming system development' (FSD) adopted by the
 Philippine government in selected rice-producing agrarian communities and
 simulates the potential effects of scaling FSD up to the country level
 using a general equilibrium framework. Results show that the FSD approach
 could be an effective poverty reduction strategy, instigating poor farmers
 to diversify towards nontraditional crops and the rice processing industry
 to benefit from lower prices; however, existing rice import quotas
 severely constraint the size of such potential benefits. 
Journal: Applied Economics Letters 
Pages: 631-636 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461373 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461373&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marco Percoco 
Author-X-Name-First: Marco 
Author-X-Name-Last: Percoco 
Title: Evaluating forecasting accuracy of the temporally aggregated space-time autoregressive model 
Abstract:
  This article aims at analysing the effect of temporal aggregation in
 space-time autoregressive models. By means of a simulation experiment, it
 is shown that, the greater the spatial dependence in time series, the
 lower the bias due to temporal aggregation. However, the ratio between the
 average mean squared forecasting errors for daily data and that for yearly
 data seems to decrease for high parameter values. 
Journal: Applied Economics Letters 
Pages: 637-641 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461654 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461654&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tam Bang Vu 
Author-X-Name-First: Tam Bang 
Author-X-Name-Last: Vu 
Title: An alternative approximation to consumer durables expenditures 
Abstract:
  Consumer durables expenditures are normally assumed to be of linear form
 with additive error term. Hansen and Singleton (1983) derive the log
 linear form for consumption, but they do not employ a depreciation rate.
 In this article, we use a multiplicative error term to obtain a log linear
 AR(1) with a unit root as an approximate process that drives durables
 expenditure. The Box-Cox test rejects the linear form in favour of the log
 linear one. The Box-Jenkins model selection procedure and the augmented
 Dickey-Fuller test support an AR(1) in log linear form. 
Journal: Applied Economics Letters 
Pages: 643-646 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461589 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461589&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: William Miles 
Author-X-Name-First: William 
Author-X-Name-Last: Miles 
Title: Do inflation targeting handcuffs restrain leviathan? Hard pegs vs. inflation targets for fiscal discipline in emerging markets 
Abstract:
  Inflation targeting has been increasingly adopted in emerging markets as
 fixed exchange rates have fallen in popularity. An important question is
 whether inflation targeting provides the same level of fiscal discipline
 as a hard peg. Using the methodology of Fatas and Rose (2001), results
 here indicate that multilateral currency unions and currency boards lead
 to tighter fiscal policy than inflation targets. 
Journal: Applied Economics Letters 
Pages: 647-651 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447448 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447448&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Vindelyn Smith-Hillman 
Author-X-Name-First: A. Vindelyn 
Author-X-Name-Last: Smith-Hillman 
Title: Competition policy, inflation and corruption: evidence from African economies 
Abstract:
  Using regression analysis, the study examines the relationship between
 competition policy, inflation and corruption within 23 African economies.
 The inclusion of a group of 20 industrial countries acts as a benchmark
 enabling the evaluation of the significance of competition policy within
 countries with good governance records. The results reveal the absence of
 a statistically significant relationship when the two groups are
 independently assessed however, when all 43 countries are combined the
 results prove to be statistically significant. Whilst the results do not
 provide the unambiguous support of a relationship, this does not negate a
 role for competition policy. 
Journal: Applied Economics Letters 
Pages: 653-656 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461415 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461415&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Denny 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Denny 
Author-Name: Vincent O'sullivan 
Author-X-Name-First: Vincent 
Author-X-Name-Last: O'sullivan 
Title: Can education compensate for low ability? Evidence from British data 
Abstract:
  This article investigates whether the returns to education vary with the
 level of cognitive ability. Unlike much of the literature, this article
 finds that the return to schooling is lower for those with higher
 cognitive ability indicating that education can act as a substitute for
 observed ability. Using quantile regressions we also find that, again
 unlike most of the literature, returns are higher at lower quintiles of
 the conditional earnings distribution. This suggests that education is
 also a substitute for unobserved ability. The policy implications are that
 increasing education in general and particularly for those with lower
 ability should reduce income inequality. 
Journal: Applied Economics Letters 
Pages: 657-660 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461639 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461639&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Noriko Ishikawa 
Author-X-Name-First: Noriko 
Author-X-Name-Last: Ishikawa 
Author-Name: Mototsugu Fukushige 
Author-X-Name-First: Mototsugu 
Author-X-Name-Last: Fukushige 
Title: Impacts of tourism and fiscal expenditure to remote islands: the case of the Amami islands in Japan 
Abstract:
  The Amami islands are located 380 km southwest of Japan proper. These
 islands have two economic features: they are islands that many tourists
 visit because of their natural resources and they are an undeveloped area
 where the central government of Japan provides large fiscal subsidies. We
 investigate the impacts of tourism and fiscal expenditure simultaneously.
 The results show that one tourist and about 52 000 yen (about US$480)
 fiscal expenditure are substitutable in the end. 
Journal: Applied Economics Letters 
Pages: 661-666 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461423 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461423&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Josep-Maria Arauzo-Carod 
Author-X-Name-First: Josep-Maria 
Author-X-Name-Last: Arauzo-Carod 
Title: A note on spatial autocorrelation at a local level 
Abstract:
  In this article, we analyse the existence of spatial autocorrelation at a
 local level in Catalonia using variables such as urbanisation economies,
 population density, human capital and firm entries. From a static
 approach, our results show that spatial autocorrelation is weak and
 diminishes as the distance between municipalities increases. From a
 dynamic approach, however, spatial autocorrelation increased over the
 period we analysed. These results are important from a policy point of
 view, since it is essential to know how economic activities are spatially
 concentrated or disseminated. 
Journal: Applied Economics Letters 
Pages: 667-671 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461472 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461472&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saralees Nadarajah 
Author-X-Name-First: Saralees 
Author-X-Name-Last: Nadarajah 
Author-Name: Samuel Kotz 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Kotz 
Title: Inverse Gaussian random variables with application to price indices 
Abstract:
  Inverse Gaussian distributions have proved to fit economic indices
 remarkably well in empirical investigations (Aase, 2000). In this note,
 the exact distribution of the ratio W = X/(X + Y) is derived when X and Y
 are independent inverse Gaussian random variables. This distribution
 arises when one is interested in comparing the performances of two
 economic entities. Several computer programs are given for computing the
 associated pdf, cdf, percentile points and the random numbers. A detailed
 application is illustrated for consumer price indices from the six major
 economics. 
Journal: Applied Economics Letters 
Pages: 673-677 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500447398 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447398&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Olivier Musy 
Author-X-Name-First: Olivier 
Author-X-Name-Last: Musy 
Author-Name: Sebastien Pommier 
Author-X-Name-First: Sebastien 
Author-X-Name-Last: Pommier 
Title: Inflation expectations and the structure of the New-Keynesian Phillips Curve 
Abstract:
  We extend the analysis of Ball (2000) on near-rational expectations. We
 show that near-rational expectations imply nontrivial additional forecast
 errors and the degree of error depends on the monetary regime. Moreover,
 this scheme of expectations does not by itself give support to the New
 Keynesian Phillips Curve but only to the version built on the staggered
 prices model of Taylor 1980). The standard model of Calvo 1983 is rejected
 both under rational expectations and under near-rational expectations in
 the sense of Ball (2000). 
Journal: Applied Economics Letters 
Pages: 679-683 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425592 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425592&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tai-Hsin Huang 
Author-X-Name-First: Tai-Hsin 
Author-X-Name-Last: Huang 
Title: On the study of confidence intervals of Taiwan's banking sector efficiency 
Abstract:
  This article applies a distribution-free approach to estimate the
 economic efficiencies of Taiwan's multioutput banking industry, under the
 framework of the cost frontier. The joint confidence interval estimates
 for economic efficiencies are constructed using multiple comparisons with
 the best (MCB) procedure. A salient characteristic of MCB procedure is
 that it is able to identify multiple efficient firms lying on the minimum
 cost frontier. The MCB intervals reveal at the 95 and 75% confidence
 levels that four out of 22 banks in the sample may be statistically
 efficient. 
Journal: Applied Economics Letters 
Pages: 685-689 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500438744 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500438744&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeong-In Chang 
Author-X-Name-First: Jeong-In 
Author-X-Name-Last: Chang 
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Author-Name: Seung-Jun Kwak 
Author-X-Name-First: Seung-Jun 
Author-X-Name-Last: Kwak 
Title: An investigation of preference uncertainty in the contingent valuation study 
Abstract:
  This study investigates the respondents' preference uncertainty in the
 dichotomous choice (DC) contingent valuation study for gathering
 information on willingness to pay (WTP). To this end, we use polychotomous
 choice (PC) question and DC question with certainty level for two split
 samples. We find that incorporating preference uncertainty has a
 significant effect on the WTP estimates and, more importantly, the DC
 question with certainty level produces more efficient WTP estimate than
 the PC question. 
Journal: Applied Economics Letters 
Pages: 691-695 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592713 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592713&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuhin K. Das 
Author-X-Name-First: Tuhin K. 
Author-X-Name-Last: Das 
Author-Name: Dipanwita S. D. Choudhury 
Author-X-Name-First: Dipanwita S. D. 
Author-X-Name-Last: Choudhury 
Title: Are 'complementary and alternative medicines' alternative to conventional medical system? An economic evaluation 
Abstract:
  The availability of conventional medical services (i.e., allopathy) is
 the basic need for a modern day living. Though this clause is easily met
 in the developed countries, but in the developing countries it is very
 difficult to accomplish. Hence in the developing countries a dearth is
 often created, which is filled to some extent by complementary and
 alternative medicines (CAM). In India this phenomenon is acutely noticied.
 In this regard, a study is highly needed to understand why do people go
 for complementary and alternative medicines? Is it for the very concept
 that the alternative medicines involve low cost, and/or are they equally
 or more effective than the familiar allopathic tretment? So, this study is
 an approach to (i) the determination of the socio-economic factors that
 influence the choice of complementary and alternative medical services by
 health purchasers, and also (ii) the estimation of the cost-effectiveness
 of these medical services. 
Journal: Applied Economics Letters 
Pages: 697-700 
Issue: 9 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592580 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592580&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Dijkgraaf 
Author-X-Name-First: E. 
Author-X-Name-Last: Dijkgraaf 
Author-Name: R. H. J. M. Gradus 
Author-X-Name-First: R. H. J. M. 
Author-X-Name-Last: Gradus 
Title: Fair competition in the refuse collection market? 
Abstract:
  We estimate whether fair competition exists for tendering refuse
 collection in the Netherlands. The results indicate that concentration
 increases prices and offsets the advantage of contracting out. The
 presence of competing public firms might be essential to ensure fair
 competition. 
Journal: Applied Economics Letters 
Pages: 701-704 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592721 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592721&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pallab Mozumder 
Author-X-Name-First: Pallab 
Author-X-Name-Last: Mozumder 
Author-Name: Robert P. Berrens 
Author-X-Name-First: Robert P. 
Author-X-Name-Last: Berrens 
Title: Investigating hypothetical bias: induced-value tests of the referendum voting mechanism with uncertainty 
Abstract:
  Following Taylor et al. (2001), we design an induced-value experiment to
 test for hypothetical bias in a referendum voting mechanism. In our
 experiment, the level of benefit from the public good increases with the
 number of Yes votes (conditional on the referendum passing by majority
 rule). This is intended to introduce uncertainty. In contrast to Taylor et
 al. (2001), we find evidence of significant hypothetical bias in a
 referendum voting mechanism, when the level of benefits is uncertain. A
 cheap-talk treatment is shown to eliminate this bias. 
Journal: Applied Economics Letters 
Pages: 705-709 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592408 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592408&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Author-Name: Dimitrios Vougas 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Vougas 
Title: Examining the robustness of cointegration analysis under weighted symmetric estimation 
Abstract:
  The research of Leybourne and Newbold (2003) is extended to examine the
 finite-sample size of the weighted symmetric cointegration test when
 applied to independent unit root processes subject to structural change.
 The results obtained show the weighted symmetric cointegration test to be
 more robust to structural change than previously examined cointegration
 tests. Combined with its previously noted higher power, the findings of
 the present analysis suggest the recently proposed weighted symmetric
 cointegration test to be of use to the practitioner. 
Journal: Applied Economics Letters 
Pages: 711-714 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592697 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592697&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank Asche 
Author-X-Name-First: Frank 
Author-X-Name-Last: Asche 
Author-Name: Subal C. Kumbhakar 
Author-X-Name-First: Subal C. 
Author-X-Name-Last: Kumbhakar 
Author-Name: Ragnar Tveter&#xe5;s 
Author-X-Name-First: Ragnar 
Author-X-Name-Last: Tveter&#xe5;s 
Title: Testing cost vs. profit function 
Abstract:
  The empirical literature on estimation of production technology mostly
 focuses on estimation of dual cost functions. Estimation of a profit
 function is not that common. Here, we formally test whether the production
 technology should be represented by a cost or profit function. We also
 derive elasticities associated with the long-run profit function from the
 estimated cost function. 
Journal: Applied Economics Letters 
Pages: 715-718 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592655 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592655&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jong Seok Lim 
Author-X-Name-First: Jong Seok 
Author-X-Name-Last: Lim 
Author-Name: Paul Missios 
Author-X-Name-First: Paul 
Author-X-Name-Last: Missios 
Title: Does size really matter? Landfill scale impacts on property values 
Abstract:
  The economic advantage of constructing and operating large-scale
 landfills over small-scale landfills has been used to justify regional
 landfills as a solution to the municipal waste disposal problem. In
 addition to the dampening effects on social efforts to divert waste away
 from landfills, higher external costs of larger landfills may in fact
 offset the private cost advantages. In this study, the negative effects of
 a landfill that are capitalized in property values of houses located in
 the proximity of two landfill sites of significantly different sizes in
 Toronto, Canada, are examined. The results suggest that larger landfills
 have greater adverse impacts on property values than smaller landfills,
 implying consumers perceive (and markets reflect) differences in external
 costs. 
Journal: Applied Economics Letters 
Pages: 719-723 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592531 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592531&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Doh-Khul Kim 
Author-X-Name-First: Doh-Khul 
Author-X-Name-Last: Kim 
Author-Name: William D. Lastrapes 
Author-X-Name-First: William D. 
Author-X-Name-Last: Lastrapes 
Title: The cost channel of monetary transmission-revisited 
Abstract:
  This article empirically re-examines the importance of the cost channel
 of monetary transmission-the effect of money supply shocks on the costs of
 production and supply, as opposed to the traditional effect on demand.
 Unlike Barth and Ramey (2002), this article identifies the response of
 industry-level wages to money supply shocks by assuming long-run monetary
 neutrality. The pervasive findings of a positive response of real wages to
 money supply shocks in this study provide even stronger support for the
 cost channel than Barth and Ramey (2002). 
Journal: Applied Economics Letters 
Pages: 725-730 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592465 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592465&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Pestana Barros 
Author-X-Name-First: Carlos Pestana 
Author-X-Name-Last: Barros 
Author-Name: Stephanie Leach 
Author-X-Name-First: Stephanie 
Author-X-Name-Last: Leach 
Title: Technical efficiency in the English Football Association Premier League with a stochastic cost frontier 
Abstract:
  This article uses an econometric frontier model to evaluate the technical
 efficiency of English Premier League clubs from 1998/99 to 2002/03
 combining sport and financial variables. A Cobb-Douglas cost specification
 of the technical efficiency effects model is used to generate football
 club efficiency scores, allowing for contextual variables which affect
 inefficiency. We conclude that the efficiency scores are mixed. A policy
 is devised for the management of this sector. 
Journal: Applied Economics Letters 
Pages: 731-741 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592440 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592440&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ho-Chuan Huang 
Author-X-Name-First: Ho-Chuan 
Author-X-Name-Last: Huang 
Author-Name: Shu-Chin Lin 
Author-X-Name-First: Shu-Chin 
Author-X-Name-Last: Lin 
Title: Aren't small stock markets the same? 
Abstract:
  In a recent interesting article, Minier (2003) uses results from
 regression tree techniques to conclude that, for countries with high stock
 market capitalization, there exists a significantly positive relationship
 between the level of financial development and economic growth. However,
 the relationship becomes significantly negative for low-capitalization
 subsample. Using same data set, this short article re-examines Minier's
 results by the threshold regression approach of Hansen (2000), but finds
 no evidence supporting that the full sample can be classified into two
 distinct regimes as in Minier (2003). Our formal test result suggests that
 one should be more cautious regarding the conclusions made by Minier
 (2003). 
Journal: Applied Economics Letters 
Pages: 743-748 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592432 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592432&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jai S. Mah 
Author-X-Name-First: Jai S. 
Author-X-Name-Last: Mah 
Title: Economic growth, exports and export composition in China 
Abstract:
  This article examines the causality among economic growth, export
 expansion and export composition in China since economic reform. The
 cointegration tests show that cointegrating vectors do not exist either
 between economic growth and export composition or between export expansion
 and export composition. Meanwhile, the null hypothesis that economic
 growth and export expansion are not cointegrated is rejected. The error
 correction model shows that there is a bi-directional causality between
 export expansion and economic growth. Meanwhile, there appears no causal
 relationship between export composition and the other variables. 
Journal: Applied Economics Letters 
Pages: 749-752 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592572 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592572&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Azmat Gani 
Author-X-Name-First: Azmat 
Author-X-Name-Last: Gani 
Title: Governance and foreign direct investment links: evidence from panel data estimations 
Abstract:
  This article presents panel data estimates of the relationship between
 indicators of governance and foreign direct investment (FDI) using a
 sample of countries from Asia and Latin America. While controlling for
 standard FDI variables, the results provide strong confirmation that the
 rule of law; control of corruption; regulatory quality; government
 effectiveness and political stability are positively correlated with FDI. 
Journal: Applied Economics Letters 
Pages: 753-756 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592598 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592598&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Kassinis 
Author-X-Name-First: George 
Author-X-Name-Last: Kassinis 
Author-Name: Nikos Vafeas 
Author-X-Name-First: Nikos 
Author-X-Name-Last: Vafeas 
Title: Interest group pressures and US county-level toxic emissions 
Abstract:
  We address the relation between interest group characteristics and
 industry environmental performance. Using data on industrial activities
 from 2097 US counties, we show that there is an inverse relationship
 between variables proxying for pressures associated with varying levels of
 county income, population densities and environmental preferences and
 toxic emissions at the county level. Our results are broadly consistent
 with the notion that administrators are receptive to interest group
 pressures in shaping firm policies towards the natural environment. 
Journal: Applied Economics Letters 
Pages: 757-760 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592663 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592663&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: Internet access charge and economic activity 
Abstract:
  This article investigates empirically the impacts of the internet access
 charge on economic activity using a cross-country analysis based on data
 from 76 countries for the year 1998-2001. The results show that the level
 of the Internet access charge has a significantly negative effect on the
 level of economic activity. In other words, a low Internet access charge
 of a country increases its economic activity. 
Journal: Applied Economics Letters 
Pages: 761-764 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592614 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592614&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roland K. Cheo 
Author-X-Name-First: Roland K. 
Author-X-Name-Last: Cheo 
Title: Adopting Shapley values to address embedding biases in contingent valuation studies 
Abstract:
  A variation of the contingent valuation model is used to determine the
 value of a special education school in Singapore. Shapley values have long
 been used in game theory in determining value in n-tuple games. An
 extension of the Shapley value is used in this exercise to show how it may
 be effective in removing the embedding effect in survey responses with
 respondents well-acquainted with the service under evaluation in order to
 determine option and use values for a specialist audience. A case study
 using a special school in Singapore is used for illustrative purpose in
 the following sections, but should not detract from the main thrust of the
 article. 
Journal: Applied Economics Letters 
Pages: 765-768 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592622 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592622&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kosei Fukuda 
Author-X-Name-First: Kosei 
Author-X-Name-Last: Fukuda 
Title: Reexamination of the effects of monetary policy using spectral decomposition 
Abstract:
  International evidence on the effects of monetary policy presented by
 Sims (1992) is reexamined by spectral decompositions as well as by impulse
 response functions. The results obtained using spectral decompositions
 suggest that money stock innovations can be regarded as monetary policy
 shocks, while the results obtained using impulse response functions show
 little clear evidence. 
Journal: Applied Economics Letters 
Pages: 769-774 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592606 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592606&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rodrigo A. Cerda 
Author-X-Name-First: Rodrigo A. 
Author-X-Name-Last: Cerda 
Title: Market power and primary commodity prices: the case of copper 
Abstract:
  This study identifies the economic fundamentals of the evolution of
 copper price. Its main hypothesis is that copper price is mainly
 determined by the evolution of demand of countries with large market power
 on that market. The novelty is that nominal exchange rates are one of the
 fundamentals of market power. Monthly data are used ranging from 1994 to
 2003 and by means of a cointegration analysis; it is found that the Asian
 bloc significantly affects the price of this tradable good. 
Journal: Applied Economics Letters 
Pages: 775-778 
Issue: 10 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850601058508 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601058508&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tauhidur Rahman 
Author-X-Name-First: Tauhidur 
Author-X-Name-Last: Rahman 
Title: Measuring the well-being across countries 
Abstract:
  Dissatisfied with any measure of income as a sufficient indicator of
 well-being, emphasis has shifted to identification of alternative
 measures. However, identifying robust Quality of Life (QOL) indicators, or
 providing a coherent and robust definition of the concept, remains
 problematic. Over the years, alternative measures of well-being have been
 suggested. Probably the best-known composite indices of well-being are the
 Human Development Index and Physical Quality of Life Index (PQLI). These
 alternative measures are recognized as improvements in terms of
 representing various dimensions of QOL, but they still suffer from various
 limitations. Using information on eight indicators of QOL for 43
 developing countries of the world, in this article I show that various
 measures of well-being are highly sensitive to the domains of QOL that are
 considered in the construction of comparative indices, and also sensitive
 to how measurable inputs into the well-being are aggregated and weighted
 to arrive at composite measures of QOL. I find results that support the
 result obtained by Dasgupta and Weale (1992) that measures of health are
 closest to overall measure of QOL. Thus, if we had to choose a single
 domain of aggregate well-being, the domain of health would seem to be the
 most appropriate. 
Journal: Applied Economics Letters 
Pages: 779-783 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600605952 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600605952&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: Exchange rate fluctuations in Croatia: test of uncovered interest rate parity and the open economy model 
Abstract:
  This study finds that the US dollar/kuna exchange rate for Croatia is
 positively influenced by the expected exchange rate and negatively
 associated with real M1, the US T-bond rate, the euro interest rate, the
 expected inflation rate, and the relative price. Deficit spending does not
 affect the exchange rate. Most of the variation in exchange rates can be
 explained by the open economy model and uncovered interest-rate parity. 
Journal: Applied Economics Letters 
Pages: 785-788 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600689980 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689980&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Keen 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Keen 
Author-Name: Yongsheng Wang 
Author-X-Name-First: Yongsheng 
Author-X-Name-Last: Wang 
Title: What is a realistic value for price adjustment costs in New Keynesian models? 
Abstract:
  Rotemberg's (1982) price adjustment costs framework is a popular sticky
 price specification; yet, the data provides little information on the
 magnitude of those costs. This article finds a plausible range of
 parameterizations for those price adjustment costs. Our results show that
 the specific size of the price adjustment costs depends on the average
 markup of price over real marginal cost and the average time firms wait to
 reoptimize their price. In particular, the price adjustment costs are
 higher when the average markup is lower and the mean time between price
 reoptimizations is longer. 
Journal: Applied Economics Letters 
Pages: 789-793 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592739 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592739&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rodrigo A. Cerda 
Author-X-Name-First: Rodrigo A. 
Author-X-Name-Last: Cerda 
Title: Inflation of tradable goods 
Abstract:
  This article explores which large economy blocks determine foreign
 inflation around the world. In the analysis, we focus on importable goods
 of 15 countries ranging from 1992 to 2003 at monthly basis. Using a SUR
 estimation, we find the US driving the inflation of importable goods
 around the world. However, decomposing the variation of importable good
 price indexes by frequency, by means of the Baxter-King approximate band
 pass filter, we find that the Asian area might be a source of considerable
 inflation on the short-run. 
Journal: Applied Economics Letters 
Pages: 795-798 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600705885 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705885&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Author-Name: Rup Singh 
Author-X-Name-First: Rup 
Author-X-Name-Last: Singh 
Title: Estimating export equations 
Abstract:
  Accurate estimates of the price and income elasticities of exports are
 valuable for growth policies based on trade promotion. However, not
 sufficient attention seems to have been paid to the specification of the
 relative price variable in some influential empirical works. This article
 estimates the export equation for Fiji, to show that inappropriate
 specification of the relative price variable may give underestimates of
 the price elasticity and overestimates of the income elasticity. 
Journal: Applied Economics Letters 
Pages: 799-802 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600689931 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689931&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martha Misas 
Author-X-Name-First: Martha 
Author-X-Name-Last: Misas 
Author-Name: Maria Teresa Ramirez 
Author-X-Name-First: Maria Teresa 
Author-X-Name-Last: Ramirez 
Title: Depressions in the Colombian economic growth during the twentieth century: a Markov switching regime model 
Abstract:
  In this article, we modelled the Colombian long run economic growth
 (1925-2003) using a two-regime first order Markov switching model. We
 found evidence of nonlinearity in the annual rate of economic growth. The
 results show that changes between regimes are sudden and sporadic. The
 Colombian economy remains in the sustainable growth regime most of the
 time. The turning points from the Markov switching model capture very well
 the behaviour of real output through time. In fact, they identify the four
 main depressions of the century. 
Journal: Applied Economics Letters 
Pages: 803-808 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600689881 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689881&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Song Zan Chiou Wei 
Author-X-Name-First: Song Zan Chiou 
Author-X-Name-Last: Wei 
Author-Name: Zhen Zhu 
Author-X-Name-First: Zhen 
Author-X-Name-Last: Zhu 
Title: A revisit to the outward FDI determinants: further evidence from count panel data models with fixed effects 
Abstract:
  Given the discrete nature of the outward foreign direct investment (FDI)
 data, the count data regression models are set up as vehicles for our
 empirical work. We propose and test various econometric specifications
 that address the main problems inherent in the traditional Poisson
 regression. Empirical estimates derived from these models are found quite
 similar. We find that exchange rate and openness are not as significant
 factors in attracting FDI as previous studies had portrayed. 
Journal: Applied Economics Letters 
Pages: 809-812 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600689923 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689923&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Swaby 
Author-X-Name-First: R. 
Author-X-Name-Last: Swaby 
Author-Name: A. O. Abdulkadri 
Author-X-Name-First: A. O. 
Author-X-Name-Last: Abdulkadri 
Title: Should husband and wife really pool their incomes? 
Abstract:
  This article addresses the problem of optimal provision of household
 public goods in family decision-making. In particular, we attempt to
 answer the question of whether or not the family is better off as an
 entity when spouses pool their incomes. Our findings suggest that the
 equilibrium attained when incomes are pooled is Pareto superior to the
 Cournot-Nash equilibrium outcome. 
Journal: Applied Economics Letters 
Pages: 813-816 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600675476 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600675476&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yongxiang Wang 
Author-X-Name-First: Yongxiang 
Author-X-Name-Last: Wang 
Author-Name: Weixing Wu 
Author-X-Name-First: Weixing 
Author-X-Name-Last: Wu 
Title: A new measure of liquidity 
Abstract:
  We propose a new measure of market liquidity based on the investors'
 optimal searching behaviour. Thus, we add a wealth filter on Pagano
 (1989)'s measure of liquidity to build the strong tie between endogenous
 market participation and investor wealth, as has been documented by
 empirical works. 
Journal: Applied Economics Letters 
Pages: 817-820 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600606075 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606075&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yi-Hsing Lin 
Author-X-Name-First: Yi-Hsing 
Author-X-Name-Last: Lin 
Author-Name: George J. Y. Hsu 
Author-X-Name-First: George J. Y. 
Author-X-Name-Last: Hsu 
Author-Name: Ching-Kai Hsiao 
Author-X-Name-First: Ching-Kai 
Author-X-Name-Last: Hsiao 
Title: Measuring efficiency of domestic banks in Taiwan: application of data envelopment analysis and Malmquist index 
Abstract:
  The purpose of this article is to investigate relative efficiency of
 management and variation of managerial efficiency among 37 domestic banks
 in Taiwan. The relative efficiency of management is analysed through Data
 Envelopment Analysis (DEA) to estimate the competitiveness of each bank
 and managerial efficiency is to show the efficiency variation of each bank
 through Malmquist index. This article also links those two types of
 efficiency by constructing a matrix of relative efficiency and managerial
 efficiency defining of eight different categories of banks. The empirical
 results show that all 37 banks possess an average relative efficiency
 value of 0.591, with a SD of 0.228. And there are 6 banks with an
 efficiency value of 1. From the results estimated by Malmquist model, it
 indicates there are 20 banks with an efficiency variation greater than 1.
 This means that managerial efficiency of those 20 banks has been
 improving. However, there are 17 banks with an efficiency variation less
 than 1. This means that managerial efficiency of those 17 banks has been
 declining. 
Journal: Applied Economics Letters 
Pages: 821-827 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600605960 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600605960&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicola Lamedica 
Author-X-Name-First: Nicola 
Author-X-Name-Last: Lamedica 
Author-Name: Roberto Reno 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Reno 
Title: Integration of international bond markets: did anything change with EMU? 
Abstract:
  In a recent article, Barr and Priestley (2004) show that using a
 conditional asset pricing model that allows variation in the price of, and
 exposure to, risk, there is strong evidence that national markets are
 partially integrated into world markets. This letter extends their
 analysis to the European monetary union period. We show that the level of
 integration raised in all countries except in Japan, which experienced a
 deflation period. 
Journal: Applied Economics Letters 
Pages: 829-832 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592689 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592689&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takashi Matsuki 
Author-X-Name-First: Takashi 
Author-X-Name-Last: Matsuki 
Title: Over-rejections by the weighted symmetric unit root test in multiple structural breaks 
Abstract:
  This study investigates the behaviour of the weighted symmetric unit root
 test (Pantula et al., 1994) when the data generating process has a unit
 root and multiple structural breaks in the level of its trend function.
 The results obtained from this study reveal that the test can be biased
 towards over-rejections of the unit root null hypothesis in large samples
 as well as small samples. 
Journal: Applied Economics Letters 
Pages: 833-837 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592705 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592705&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wei-Ming Lee 
Author-X-Name-First: Wei-Ming 
Author-X-Name-Last: Lee 
Title: A simple specification test for conditional moment restrictions 
Abstract:
  In this article we extend the martingale difference test of Kuan and Lee
 (2004) to tests of conditional moment restrictions involving unknown
 parameters. The proposed test is asymptotically pivotal, easy to implement
 and capable of diagnostic checking misspecifications of quantile
 regressions. The simulation results show that the proposed test performs
 quite well in finite samples. 
Journal: Applied Economics Letters 
Pages: 839-843 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592671 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592671&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Jose Presno 
Author-X-Name-First: Maria Jose 
Author-X-Name-Last: Presno 
Author-Name: Carmen Ramos 
Author-X-Name-First: Carmen 
Author-X-Name-Last: Ramos 
Title: Misspecification of the breaking date in series with a change in the growth rate. Effect on the LBI test for stationarity 
Abstract:
  We study the asymptotic behaviour of the LBI statistic for testing
 stationarity around a trend with a change in the growth rate when the
 breaking date is erroneously positioned, showing its divergence. The
 analysis is completed with Monte Carlo simulations. 
Journal: Applied Economics Letters 
Pages: 845-850 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592648 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592648&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Carmen Lima 
Author-X-Name-First: M. Carmen 
Author-X-Name-Last: Lima 
Author-Name: M. Alejandro Cardenete 
Author-X-Name-First: M. Alejandro 
Author-X-Name-Last: Cardenete 
Title: The effects of European funds on a regional economy: an applied general equilibrium analysis 
Abstract:
  In this work we conduct an impact analysis of European Structural Funds
 to assess their effect on output, prices and consumers' income on the
 European region of Andalusia, in the south of Spain. For this purpose we
 present an Applied General Equilibrium Model for Andalusia (AGEM_A) and
 proceed to compare the reception of regional funds scenario to a
 hypothetical situation where this financial support has been removed. The
 AGEM_A has been numerically implemented by supplementing the statistical
 information provided by the Social Accounting Matrices for Andalusia
 corresponding to 1990, 1995 and 1999, with data included in the three
 Community Support Frameworks approved by the European Commission. 
Journal: Applied Economics Letters 
Pages: 851-855 
Issue: 11 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592630 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592630&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Augustin de Coulon 
Author-X-Name-First: Augustin 
Author-X-Name-Last: de Coulon 
Author-Name: Francois-Charles Wolff 
Author-X-Name-First: Francois-Charles 
Author-X-Name-Last: Wolff 
Title: Language proficiency of immigrants and misclassification 
Abstract:
  We study the determinants of language proficiency, reading and speaking,
 for a sample of immigrants living in France and allow for
 misclassification errors since language proficiency is based on subjective
 self-reported evaluations. Using a parametric maximum likelihood method,
 we find that the probabilities of misclassification are large.
 Misclassification is mainly due to immigrants experiencing actual language
 problems, but who do not report them. 
Journal: Applied Economics Letters 
Pages: 857-861 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850701295802 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701295802&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chien-Liang Chiu 
Author-X-Name-First: Chien-Liang 
Author-X-Name-Last: Chiu 
Author-Name: Jui-Cheng Hung 
Author-X-Name-First: Jui-Cheng 
Author-X-Name-Last: Hung 
Title: Normal and abnormal information transmissions: evidence from China's stock markets 
Abstract:
  This article investigates normal and abnormal information transmissions
 by examining diffusion volatility and jump intensity spillovers in China's
 stock markets. We analyse the impact of releasing investing restriction to
 information transmission mechanism, and also the interactions between 'A'
 and 'B' share markets of Shanghai and Shenzhen exchanges during the pre-
 and post-event periods. A CBP-GARCH model is employed in our empirical
 analysis. The empirical results exhibit the evidence of bidirectional
 normal information transmissions between 'A' and 'B' share markets of both
 exchanges. However, abnormal information transmissions are unidirectional,
 flowing from 'B' share market to 'A' share market only. Our results are
 consistent with the information transfer hypothesis (Chiu and Kwok, 1998).
 Moreover, information transmissions mechanism is affected by the removal
 of investing restriction, thus the two markets are more integrated
 gradually. 
Journal: Applied Economics Letters 
Pages: 863-870 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500425444 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425444&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Parker 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Parker 
Author-Name: Eric Chiang 
Author-X-Name-First: Eric 
Author-X-Name-Last: Chiang 
Title: Addressing the revenue impact of smoking ordinances 
Abstract:
  The need for accurate assessment of the revenue impact of smoking
 ordinances is rising as more state and local governments consider their
 implementation. This article provides a concise model demonstrating the
 effect of smoking ordinances on taxable restaurant and bar revenues in the
 State of California. 
Journal: Applied Economics Letters 
Pages: 871-875 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600592382 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592382&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Cansino 
Author-X-Name-First: Jose 
Author-X-Name-Last: Cansino 
Author-Name: M. Alejandro Cardenete 
Author-X-Name-First: M. Alejandro 
Author-X-Name-Last: Cardenete 
Author-Name: Rocio Roman 
Author-X-Name-First: Rocio 
Author-X-Name-Last: Roman 
Title: Regional evaluation of a tax on the retail sales of certain fuels through a social accounting matrix 
Abstract:
  The goal of this article is to calculate the cumulative impact of the tax
 on the retail sales of certain fuels (IVMH, in Spanish initials) and its
 effects on some fundamental economic variables, on the price indices and
 on remaining tax collections. The novel aspect of this work is to use as
 methodology a very simple price model applied to a regional Social
 Accounting Matrix (SAM)-instead of a input-output table-done for Andalusia
 where we introduce a new tax. The main results of this article show that
 the introduction of the IVMH in the regional economy may be provoke
 marginal variations on economy prices. There is also a global increase of
 tax collections of 0.057%. 
Journal: Applied Economics Letters 
Pages: 877-880 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600660692 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600660692&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jamie Emerson 
Author-X-Name-First: Jamie 
Author-X-Name-Last: Emerson 
Title: Cointegration analysis and the choice of lag length 
Abstract:
  This article investigates the effects of the choice of lag length on the
 estimation of long run cointegration relationships using the Johansen
 estimation procedure. This issue is of particular interest to applied
 researchers using time series data, see for example Awokuse (2005),
 Bacchiocchi et al. (2005), Gallegati (2005), Gomes and Paz (2005), Hasan
 (2005) and Pieroni and Ricciarelli (2005), among many others. An empirical
 example is used to demonstrate some of the issues that applied researchers
 face when they wish to use cointegration analysis. First, the number of
 lags to include in the model must be determined. However, different lag
 length selection criteria often lead to a different conclusion regarding
 the optimal lag order that should be used. Second, as demonstrated in this
 article, the choice of lag length can drastically affect the results of
 the cointegration analysis. 
Journal: Applied Economics Letters 
Pages: 881-885 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600689956 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689956&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Murali Adhikari 
Author-X-Name-First: Murali 
Author-X-Name-Last: Adhikari 
Author-Name: Krishna Paudel 
Author-X-Name-First: Krishna 
Author-X-Name-Last: Paudel 
Author-Name: Jack Houstan 
Author-X-Name-First: Jack 
Author-X-Name-Last: Houstan 
Author-Name: James Bukenya 
Author-X-Name-First: James 
Author-X-Name-Last: Bukenya 
Title: Dairy supply response under stochastic trend and seasonality 
Abstract:
  Developing a dairy supply model assuming deterministic trend and
 seasonality a priori could lead to model misspecification. A structural
 time series methodology was used to examine the role of stochastic trend
 and seasonality in a dairy supply response model using quarterly time
 series data. Four versions of a time-linked model of dairy supply response
 were compared. A dairy supply model with stochastic seasonality and
 deterministic trend performed the best, as evidenced by diagnostic tests,
 goodness-of-fit measures, and forecasting accuracy. Our analysis suggested
 against the classic approach of incorporating the deterministic
 seasonality component in dairy supply models. 
Journal: Applied Economics Letters 
Pages: 887-891 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600689907 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689907&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eunmi Kim 
Author-X-Name-First: Eunmi 
Author-X-Name-Last: Kim 
Author-Name: Minho Kim 
Author-X-Name-First: Minho 
Author-X-Name-Last: Kim 
Title: Determinants of US antidumping decisions: four perspectives of international trade policymaking 
Abstract:
  There are four theoretical perspectives that can be used to explain
 foreign trade policy tendencies: the international political view, the
 international economic view, the domestic statist view and the domestic
 societal view. By reflecting these four theoretical perspectives the
 determinants of US antidumping decisions are analysed. The findings
 indicate that the international political and domestic societal
 perspectives dominate the analysis. Specifically, international tension
 and the level of organization of interest group since 1980 appear to be
 highly relevant for understanding US antidumping decisions. 
Journal: Applied Economics Letters 
Pages: 893-897 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706313 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706313&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Blanca Moreno 
Author-X-Name-First: Blanca 
Author-X-Name-Last: Moreno 
Author-Name: Ana Jesus Lopez 
Author-X-Name-First: Ana Jesus 
Author-X-Name-Last: Lopez 
Title: Combining economic forecasts through information measures 
Abstract:
  The increasing number of prospective sources and methods provides a wide
 variety of forecasts for a given economic variable. Therefore, the theory
 suggests the convenience of combining the individual results to obtain a
 single aggregated prediction. The traditional methods for combining
 forecasts are based on the relative past performance of the forecasts to
 be combined. However, the number of forecasters is increasing considerably
 in the last years so it is not possible to have enough information about
 their past forecast task. This article focuses on the information theory
 as a framework to combine experts' forecasts when information is limited.
 More specifically, we use the principle of entropy maximization to obtain
 a combined forecast from Shannon's measure (1948) and we also propose its
 extension to the quadratic uncertainty measure (Perez, 1985). The
 empirical behaviour of both procedures is tested over a pool of forecasts
 referring to Spanish economic growth. 
Journal: Applied Economics Letters 
Pages: 899-903 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600689964 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689964&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seema Narayan 
Author-X-Name-First: Seema 
Author-X-Name-Last: Narayan 
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Title: Understanding asymmetries in macroeconomic aggregates: the case of Singapore 
Abstract:
  For robust policymaking and econometric modelling, it is essential to
 know whether macroeconomic aggregates contain asymmetric behaviour. The
 aim of this note is to investigate asymmetries in Singapore's
 macroeconomic aggregates using the Randles et al. (1980) Triples test. We
 examine both deepness and steepness asymmetries, and find that for
 Consumer Price Index (CPI) and unemployment rate there is evidence for
 deepness asymmetry. On the basis of this finding, we caution policymakers. 
Journal: Applied Economics Letters 
Pages: 905-908 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500461563 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461563&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dierk Herzer 
Author-X-Name-First: Dierk 
Author-X-Name-Last: Herzer 
Title: How does trade composition affect productivity? Evidence for Chile 
Abstract:
  This article examines the long-run impact of capital goods imports,
 intermediate goods imports, and exports of manufactured and primary goods
 on total factor productivity in Chile. Using cointegration techniques, we
 find productivity-enhancing effects of capital and intermediate goods
 imports as well as manufactured exports, and productivity-limiting effects
 of primary exports. 
Journal: Applied Economics Letters 
Pages: 909-912 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600690012 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600690012&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitrios Vougas 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Vougas 
Title: Modification of the LM unit root test 
Abstract:
  This article proposes a modified version of the Langrange Multiplier (LM)
 test for a unit root, which is efficient and avoids arbitrary estimation
 of the levels regression intercept. If required, this intercept can be
 estimated indirectly in the second-step autoregression. In addition to
 simple-hypothesis LM unit root tests, a new F-type version of the test is
 proposed, which is based on a joint hypothesis. Parametric augmentation is
 discussed in detail, and simulated new critical values are provided. 
Journal: Applied Economics Letters 
Pages: 913-917 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600690038 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600690038&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Oliver Falck 
Author-X-Name-First: Oliver 
Author-X-Name-Last: Falck 
Title: Mayflies and long-distance runners: the effects of new business formation on industry growth 
Abstract:
  This note analyses the effects of new business formation on industry
 growth. Dynamic panel techniques are used to test two hypotheses. First,
 does hit-and-run competition secure efficiency in an industry? Second, do
 innovative startups lead to amplified innovations by diminishing the
 knowledge filter? The results illustrate how new businesses can be viewed
 as either mayflies or long-distance runners. 
Journal: Applied Economics Letters 
Pages: 919-922 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600705877 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705877&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kosei Fukuda 
Author-X-Name-First: Kosei 
Author-X-Name-Last: Fukuda 
Title: Are trend and cycle innovations uncorrelated? International evidence 
Abstract:
  The zero-correlation restriction for trend and cycle innovations is
 empirically examined using an international data set. Unlike the result
 obtained by Morley et al. (2003), a model with zero-correlation
 restriction is selected for all nine countries. Since the adequacy of
 zero-correlation restriction depends on the autoregressive (AR) order
 assumed, an information-criterion-based model-selection method is applied.
 In this method, first, possible alternative models are considered by
 changing the AR order and by including or excluding the zero-correlation
 restriction, and then the best model is selected from among them.
 Consequently, it is determined on the basis of the selected model whether
 the zero-correlation restriction should be imposed. 
Journal: Applied Economics Letters 
Pages: 923-926 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600705893 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705893&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vangelis Tzouvelekas 
Author-X-Name-First: Vangelis 
Author-X-Name-Last: Tzouvelekas 
Title: Accounting for pairwise heterogeneity in bilateral trade flows: a stochastic varying coefficient gravity model 
Abstract:
  This paper suggests an alternative way for estimating the gravity
 equation that takes into consideration country-pair heterogeneity in
 bilateral trade flows. Specifically, a stochastic varying coefficient
 gravity model based on Hildreth and Houck's (1968) random coefficient
 regression is proposed, that eliminates heterogeneity bias inherent in
 standard econometric methods. The results indicate that the standard
 gravity estimates can differ substantially from what is obtained when
 heterogeneity is accounted for. 
Journal: Applied Economics Letters 
Pages: 927-930 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600705919 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705919&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Norashidah Mohamed Nor 
Author-X-Name-First: Norashidah Mohamed 
Author-X-Name-Last: Nor 
Author-Name: Nor Ghani Md. Nor 
Author-X-Name-First: Nor Ghani Md. 
Author-X-Name-Last: Nor 
Author-Name: Ahmad Zainuddin Abdullah 
Author-X-Name-First: Ahmad Zainuddin 
Author-X-Name-Last: Abdullah 
Author-Name: Suhaila Abd. Jalil 
Author-X-Name-First: Suhaila Abd. 
Author-X-Name-Last: Jalil 
Title: Flexibility and small firms' survival: further evidence from Malaysian manufacturing 
Abstract:
  This study investigates the role played by production flexibility in
 explaining the lasting presence of small firms alongside their larger
 counterparts in the market. The production flexibility hypothesis
 postulates that the market place provides room for both large and small
 firms because large firms benefit from low minimum average costs and
 static production efficiency, while small firms, with higher minimum
 average costs, are more flexible. Unlike previous studies that used data
 from developed economies, this study tests the hypothesis using industry
 data from a developing country, Malaysia. Results show that there exist a
 negative relationship between firm size and sales variability suggesting
 that large and small firms each have their own efficiency niches. 
Journal: Applied Economics Letters 
Pages: 931-934 
Issue: 12 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706065 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706065&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bradley Ewing 
Author-X-Name-First: Bradley 
Author-X-Name-Last: Ewing 
Author-Name: Mark Thompson 
Author-X-Name-First: Mark 
Author-X-Name-Last: Thompson 
Title: Asymmetric mean reversion in corporate profits 
Abstract:
  This article applies the Enders and Granger (1998) unit root test against
 the stationary alternative with asymmetric adjustment to after-tax
 corporate profits. Both the standard Dickey-Fuller (1981) model and the
 momentum threshold autoregressive (MTAR) model reject the null hypothesis
 of a unit root; however, asymmetric mean reversion is found with the MTAR
 model. The findings are consistent with economic theories of entry and
 exit and traditional competitive macroeconomic models. 
Journal: Applied Economics Letters 
Pages: 935-938 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706271 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706271&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Murali Adhikari 
Author-X-Name-First: Murali 
Author-X-Name-Last: Adhikari 
Author-Name: Laxmi Paudel 
Author-X-Name-First: Laxmi 
Author-X-Name-Last: Paudel 
Author-Name: Krishna Paudel 
Author-X-Name-First: Krishna 
Author-X-Name-Last: Paudel 
Author-Name: Jack Houston 
Author-X-Name-First: Jack 
Author-X-Name-Last: Houston 
Author-Name: James Bukenya 
Author-X-Name-First: James 
Author-X-Name-Last: Bukenya 
Title: Impact of low carbohydrate information on vegetable demands in the United States 
Abstract:
  An almost ideal demand system was estimated to examine the impacts of low
 carbohydrate information on the demand of vegetables in the United States.
 Analysis was extended to examine the performance of alternative
 carbohydrate information indices. Results show significant impacts of low
 carbohydrate information across all included vegetables. Results indicated
 the superiority of the general and weighted carbohydrate information index
 specifications. 
Journal: Applied Economics Letters 
Pages: 939-944 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600689972 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689972&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nuttawat Visaltanachoti 
Author-X-Name-First: Nuttawat 
Author-X-Name-Last: Visaltanachoti 
Author-Name: Hang Luo 
Author-X-Name-First: Hang 
Author-X-Name-Last: Luo 
Author-Name: Dongqiang Wang 
Author-X-Name-First: Dongqiang 
Author-X-Name-Last: Wang 
Title: Performance of market order execution strategy: the Australian evidence 
Abstract:
  This study examines the performance of market order execution strategy in
 a pure limit order driven environment based on three bid-ask spread
 forecasting models. While a naive spread forecasting model based on
 previous day's spread and average 10 trading days' spread could deliver a
 cost saving of 3.94% and 14.87%, this benefit increases to 22.14% for a
 seasonal autoregressive moving average spread forecasting model. The
 empirical results are evident that the intraday spread forecasting
 benefits follow a downward-sloping pattern. 
Journal: Applied Economics Letters 
Pages: 945-949 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600705927 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705927&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Foley 
Author-X-Name-First: Mark 
Author-X-Name-Last: Foley 
Author-Name: Fred Smith 
Author-X-Name-First: Fred 
Author-X-Name-Last: Smith 
Title: Consumer discrimination in professional sports: new evidence from major league baseball 
Abstract:
  Previous research in sports economics has looked for the presence of
 consumer discrimination among sports fans of professional teams and it has
 produced mixed results. Scully (1974a, b) found evidence to suggest that
 fans of Major League Baseball (MLB) clubs did engage in consumer
 discrimination in the 1970s, but more recent work by Sommers and Quinton
 (1982) found no such evidence. In this article, we present evidence that
 suggests that consumer discrimination persisted in MLB into the early
 1990s. Specifically, our empirical work suggests that consumers in Boston,
 Cleveland, Houston, San Diego and Saint Louis chose to attend fewer
 baseball games-ceteris paribus-when the home team in these cities added
 Hispanic players to the roster. 
Journal: Applied Economics Letters 
Pages: 951-955 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600705935 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705935&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saralees Nadarajah 
Author-X-Name-First: Saralees 
Author-X-Name-Last: Nadarajah 
Author-Name: Samuel Kotz 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Kotz 
Title: A skewed truncated Cauchy distribution with applications in economics 
Abstract:
  Skewed symmetric distributions have attracted a great deal of attention
 in the last few years. One of them, the skewed Cauchy distribution suffers
 from limited applicability because of the lack of finite moments. This
 article proposes an alternative to the skewed Cauchy distribution, which
 we refer to as skewed truncated Cauchy distribution. It is defined by the
 pdf f(x) = 2g(x)G(&#x3b3;x), where g(&#xb7;) and G(&#xb7;) are taken,
 respectively, to be the pdf and the cdf of a truncated Cauchy
 distribution. This distribution possesses finite moments of all orders and
 could therefore be a better model for certain practical situations. One
 such situation in economics is discussed. This article also derives
 various properties of this distribution, including its moments. 
Journal: Applied Economics Letters 
Pages: 957-961 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600705950 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705950&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carluccio Bianchi 
Author-X-Name-First: Carluccio 
Author-X-Name-Last: Bianchi 
Author-Name: Mario Menegatti 
Author-X-Name-First: Mario 
Author-X-Name-Last: Menegatti 
Title: On the potential pitfalls in estimating &#x3b2;-convergence by means of pooled and panel data 
Abstract:
  We show that the use of pooled and panel data in estimating
 &#x3b2;-convergence across countries (or other territorial areas) may
 involve some pitfalls, since these techniques cannot properly distinguish
 between actual convergence and the possibility of decreasing growth rates
 over time within each country (or territorial unit). We also show how the
 possible bias in the estimates can be eliminated. 
Journal: Applied Economics Letters 
Pages: 963-967 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600705968 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705968&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Masahiro Ashiya 
Author-X-Name-First: Masahiro 
Author-X-Name-Last: Ashiya 
Title: Consensus and accuracy of Japanese GDP forecasts 
Abstract:
  This article investigates the real gross domestic product forecasts of
 Japanese institutional forecasters for 25 years. It finds that a consensus
 forecast does not exist in 9/8 years for the current-year/year-ahead
 forecasts. The variance of the forecast distribution is positively
 correlated with the absolute forecast error of its mean forecast, but the
 correlation is significant for the current-year forecasts only. The
 economy tends to hit the peak or the bottom when forecast dispersion is
 large, but nonparametric analysis shows that the correlation is
 statistically insignificant. 
Journal: Applied Economics Letters 
Pages: 969-974 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600705976 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705976&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takanori Ida 
Author-X-Name-First: Takanori 
Author-X-Name-Last: Ida 
Author-Name: Eiichi Ito 
Author-X-Name-First: Eiichi 
Author-X-Name-Last: Ito 
Author-Name: Shin Kinoshita 
Author-X-Name-First: Shin 
Author-X-Name-Last: Kinoshita 
Title: Post-regulatory reform productivity gains in Japan's electricity industry 
Abstract:
  Following two periods of regulatory reforms in 1996 and in 2000, there
 has been rapid progress in restructuring Japan's electricity industry. The
 purpose of this study is to analyse the effect of the regulatory reforms
 on the technical efficiencies of electric power companies. Our findings
 show that first-period reforms implemented in 1996-1999 were able to
 decrease costs by 7.5%, while second-period reforms, during the period of
 2000 to 2002, effectively cut costs by 11.8% with respect to the base
 costs before regulatory reforms. 
Journal: Applied Economics Letters 
Pages: 975-979 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706008 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706008&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alexandre Olbrecht 
Author-X-Name-First: Alexandre 
Author-X-Name-Last: Olbrecht 
Title: The economic return to college attendance for major league baseball players 
Abstract:
  Using recently collected Major League Baseball free agent data, this
 study identifies a contract value premium for nonpitchers who attended
 college. Simultaneous equations and the more traditional earnings
 regressions are used to report results which support the implications of
 the human capital model and the schooling-earnings theory. The results
 also suggest that the labour market for baseball players may not be purely
 talent driven and that choosing college may slow down a player's accession
 to the majors. 
Journal: Applied Economics Letters 
Pages: 981-985 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706016 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706016&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rafael Romero-Meza 
Author-X-Name-First: Rafael 
Author-X-Name-Last: Romero-Meza 
Author-Name: Claudio Bonilla 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Bonilla 
Author-Name: Melvin Hinich 
Author-X-Name-First: Melvin 
Author-X-Name-Last: Hinich 
Title: Nonlinear event detection in the Chilean stock market 
Abstract:
  This study searches for economic and political events that may explain
 the episodic nonlinearities detected in the returns series of the Chilean
 stock market index. This methodology is a reverse form of event study.
 After applying the Hinich portmanteau bicorrelation test to detect
 episodes of nonlinear behaviour of the index, we investigate what might be
 the explanation of this behaviour. Our findings may help to explain the
 difficulty to forecast asset returns. We also shed some light into the
 major political and economic events that contribute to the numerous short
 bursts of nonlinear dependence in the Chilean stock market. 
Journal: Applied Economics Letters 
Pages: 987-991 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706024 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706024&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lee Chin 
Author-X-Name-First: Lee 
Author-X-Name-Last: Chin 
Author-Name: M. Azali 
Author-X-Name-First: M. 
Author-X-Name-Last: Azali 
Author-Name: Zulkornain Yusop 
Author-X-Name-First: Zulkornain 
Author-X-Name-Last: Yusop 
Author-Name: Mohammed Yusoff 
Author-X-Name-First: Mohammed 
Author-X-Name-Last: Yusoff 
Title: The monetary model of exchange rate: evidence from The Philippines 
Abstract:
  This note examines the empirical validity of the monetary model of
 exchange rate determination for The Philippines via cointegration and
 vector error-correction model. It is found that the monetary model is a
 valid framework for the long-run exchange rate between Philippines peso-US
 Dollar exchange rate. However, the typical linear restrictions of
 flexible-price monetary model and proportionality between the exchange
 rate and relative money are rejected. 
Journal: Applied Economics Letters 
Pages: 993-997 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tai-Hsin Huang 
Author-X-Name-First: Tai-Hsin 
Author-X-Name-Last: Huang 
Author-Name: Mei-Hui Wang 
Author-X-Name-First: Mei-Hui 
Author-X-Name-Last: Wang 
Title: A test for the export-led growth hypothesis in possibly integrated vector autoregressions 
Abstract:
  This article re-examines the direction of causation between exports and
 output by testing for Granger noncausality under the framework of
 four-variable vector autoregression. Both the methodologies developed in
 Toda and Phillips (1993, 1994) and Toda and Yamamoto (1995) are applied. A
 country is recommended to enforce export promotion policies as its
 appropriate development strategy, if its manufacturing sector takes up a
 relatively large share. 
Journal: Applied Economics Letters 
Pages: 999-1003 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706073 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706073&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shawn Ulrick 
Author-X-Name-First: Shawn 
Author-X-Name-Last: Ulrick 
Title: Measuring the returns to education nonparametrically 
Abstract:
  This article uses a nonparametric model of earnings to measure the
 returns to education. Under very general smoothness conditions, a
 nonparametric estimator reveals the true shape of the earnings profiles up
 to random sampling error. Thus, the nonparametric model should provide
 better predictions than its parametric counterpart. We find that the
 nonparametric model predicts very different estimated returns than
 standard Mincer formulations. Depending on the experience and education
 level, returns measured in log earnings estimated from nonparametric model
 can be nearly twice those obtained from the Mincer model. Finally, this
 article examines what structural features parametric models should
 include. 
Journal: Applied Economics Letters 
Pages: 1005-1011 
Issue: 13 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706198 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706198&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fabien Rondeau 
Author-X-Name-First: Fabien 
Author-X-Name-Last: Rondeau 
Title: Pattern of trade and European economic integration 
Abstract:
  In this article, the degree of integration between European countries is
 linked to the evolution of the pattern of trade. Evolution of the long-run
 sensitivity between European outputs is estimated by recursive
 Fully-Modified Ordinary Least Squares (FM-OLS) and compared to a recursive
 index of intra-industry trade. Significant correlations are found between
 integration and intra-industry trade share: positive for most countries
 but negative for others. The explanatory variable seems to be the initial
 intra-industry trade share. 
Journal: Applied Economics Letters 
Pages: 1013-1018 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706578 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706578&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shosh Shahrabani 
Author-X-Name-First: Shosh 
Author-X-Name-Last: Shahrabani 
Title: Sources of gender wage gap in different economic sectors: the Israeli case 
Abstract:
  The purpose of the article is to examine the importance of personal
 characteristics vs. the importance of human capital returns in explaining
 the existing gender wage gap in different economic sectors in Israel.
 Using simulations on Israeli census data for 1983 and 1995, the analysis
 predicts women's wages in two cases. The first case predicts a woman's
 wages if she had the same personal characteristics as a man, and the
 second case predicts a woman's wages if she had the same human capital
 returns. By comparing the two predicted gender wage gaps to the existing
 gender wage gap, we can learn about the dominant explanation for the
 existing gender wage gap. The results show that the gender wage gap in all
 economic sectors stems mainly from differences in gender returns rather
 than differences in gender characteristics. Moreover, in the products
 sector and the low-services sector, the gender wage gap would have been
 larger if women had the same characteristics as men. 
Journal: Applied Economics Letters 
Pages: 1019-1022 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706602 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706602&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roy Howsen 
Author-X-Name-First: Roy 
Author-X-Name-Last: Howsen 
Author-Name: Michelle Trawick 
Author-X-Name-First: Michelle 
Author-X-Name-Last: Trawick 
Title: Teachers, race and student achievement revisited 
Abstract:
  Within the education literature, a controversy exists with respect to the
 issue of matching student and teacher race in an effort to improve student
 performance. Ehrenberg et al. (1995) finds very little support for this
 issue, while more recently Dee (2004) finds that there are significant
 educational gains when students are assigned to an own-race teacher. Dee's
 result is found after confirming that there was no association between
 assignment of an own-race teacher and student characteristics, i.e.,
 sorting of students did not transpire. We extend Dee's work by including
 the effects of student innate ability and teacher gender on student
 achievement. Our findings indicate that once these two variables are taken
 into consideration, sorting of students does transpire, and matching
 students and teachers of similar race has no statistically significant
 affect on student achievement. 
Journal: Applied Economics Letters 
Pages: 1023-1027 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706453 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706453&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Sim 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Sim 
Title: Are married women's jobs career or secondary source of household income? Evidence from a simultaneous probit approach 
Abstract:
  This article examines whether married women in the US treat their jobs as
 careers or as secondary source of household income. A simultaneous probit
 model is applied to cross-section data obtained from the Panel Study of
 Income Dynamics. I show that married women are more likely to work when
 the household is less financially constrained, suggesting that their jobs
 appear more like careers. 
Journal: Applied Economics Letters 
Pages: 1029-1033 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706255 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706255&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Howard Margolis 
Author-X-Name-First: Howard 
Author-X-Name-Last: Margolis 
Title: Are economists human? 
Abstract:
  A controversy among economists and others interested in the limits of
 rational choice analysis, still running after an onset at least two
 decades ago, concerns whether intelligent people and especially experts,
 can be subject to cognitive illusions. This note provides a striking
 illustration supporting that disconcerting conjecture. It analyses the
 apparent inability of professional economists to give a better than chance
 response to a very elementary question about consumer surplus. 
Journal: Applied Economics Letters 
Pages: 1035-1037 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706529 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706529&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Carneiro 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Carneiro 
Title: The oil cycle and the tax-spend hypothesis: the case of Angola 
Abstract:
  The intertemporal relationship between oil revenues, real government
 spending and real output over the oil cycle is investigated for the case
 of Angola, the second largest oil producer in Sub-Saharan Africa. The
 results of a trivariate VAR, impulse response functions and variance
 decomposition analysis provide empirical support for the tax-spend
 hypothesis. In addition, the Angolan economy is found victim of the
 resource curse, as real output does not respond to aggregate demand shocks
 such as changes in real government spending. The policy implications for
 Angola are 2-fold. First, to alleviate the constraints associated with the
 resource curse, Angola needs to find ways to diversify its economy.
 Second, given the direction of causality found between government
 expenditures and oil revenues, in order to avoid fiscal disequilibria,
 efficient management of oil revenues is as important as controlling public
 spending. 
Journal: Applied Economics Letters 
Pages: 1039-1045 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706594 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706594&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Davide Castellani 
Author-X-Name-First: Davide 
Author-X-Name-Last: Castellani 
Author-Name: Antonello Zanfei 
Author-X-Name-First: Antonello 
Author-X-Name-Last: Zanfei 
Title: Multinational companies and productivity spillovers: is there a specification error? 
Abstract:
  Recent empirical works on the within-sector impact of inward investments
 on domestic firms' productivity have found rather robust evidence of no
 (or even negative) effects. We suggest that, among other reasons, a
 specification error might explain some of these results. A more general
 specification, which includes the usual one as a special case, is
 proposed. Using data on Italian manufacturing firms in 1992-2000, we find
 positive externalities only once we allow for the more flexible
 specification. 
Journal: Applied Economics Letters 
Pages: 1047-1051 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706503 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706503&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Evrim Imer 
Author-X-Name-First: Evrim 
Author-X-Name-Last: Imer 
Title: Contagion and surprises of the stock market returns 
Abstract:
  This article provides an empirical analysis for the existence and
 direction of Granger causality between Turkey and Russian Federation by
 using structural breaks of seven developing stock market returns as a
 measure of contagion. Empirical results also reveal that there is an
 increase in the number of causalities in turmoil periods. 
Journal: Applied Economics Letters 
Pages: 1053-1058 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706347 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706347&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Will Carrington Heath 
Author-X-Name-First: Will Carrington 
Author-X-Name-Last: Heath 
Author-Name: Sarah Skinner 
Author-X-Name-First: Sarah 
Author-X-Name-Last: Skinner 
Author-Name: John Keith Watson 
Author-X-Name-First: John Keith 
Author-X-Name-Last: Watson 
Title: An international assessment of the relative contribution of economic freedom and mathematical test scores to labour productivity 
Abstract:
Journal: Applied Economics Letters 
Pages: 1059-1063 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706461 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706461&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Boriss Siliverstovs 
Author-X-Name-First: Boriss 
Author-X-Name-Last: Siliverstovs 
Author-Name: Dieter Schumacher 
Author-X-Name-First: Dieter 
Author-X-Name-Last: Schumacher 
Title: Using the gravity equation to differentiate among alternative theories of trade: another look 
Abstract:
  This study compares two alternative approaches-the traditional ordinary
 least square (OLS) and the Poisson Quasi Maximum Likelihood (PQML)
 procedures-to estimation of the home market effects for the heterogeneous,
 the reference priced and the homogeneous goods in the gravity model
 derived in Feenstra et al. (2001). Despite our findings that the PQML
 estimation results oftentimes (significantly) differ from those obtained
 by the OLS procedure, both estimation procedures largely lead to the
 qualitatively similar conclusions on the existence of the home market
 effect for the different types of goods with several exceptions. 
Journal: Applied Economics Letters 
Pages: 1065-1073 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706446 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706446&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chin-Chen Chien 
Author-X-Name-First: Chin-Chen 
Author-X-Name-Last: Chien 
Author-Name: Tsung-Cheng Chen 
Author-X-Name-First: Tsung-Cheng 
Author-X-Name-Last: Chen 
Title: The impact of Lunar New Year on the January anomaly in Taiwan's stock market 
Abstract:
  This study empirically investigates the impact of Lunar New Year on the
 January anomaly in Taiwan's stock market. The Lunar New Year is the most
 significant festival for ethnic Chinese around the world, wherever they
 come from. It is a very jubilant occasion mainly because it is the time
 when people take a break from work to get together with family and
 friends. We hypothesize that the withdrawal of capital from the stock
 market to meet financial needs during this festival would compromise the
 anomaly when the Lunar New Year is in January. Empirical results support
 our hypothesis that the anomaly exists only when the Lunar New Year is in
 February. 
Journal: Applied Economics Letters 
Pages: 1075-1077 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706263 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706263&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: Estimation of household tap water demand function with correction for sample selection bias 
Abstract:
  This article attempts to estimate household tap water demand function
 using the data from a survey conducted on households in the Korean
 metropolitan cities by employing a sample selection model. The results
 show that there exists sample selection bias in the sample and that
 failure to correct for sample selection bias distorts the mean estimate of
 water demand upward by 13.8%. 
Journal: Applied Economics Letters 
Pages: 1079-1082 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706487 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706487&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roman Horvath 
Author-X-Name-First: Roman 
Author-X-Name-Last: Horvath 
Title: Ready for Euro? Evidence on EU new member states 
Abstract:
  This article estimates optimum currency area (OCA) index for the EU New
 Member States (NMSs). We find that, as compared to the current Euro area
 countries, the NMSs meet OCA conditions largely and in this respect, are
 likely good candidates for Euro adoption. 
Journal: Applied Economics Letters 
Pages: 1083-1086 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706206 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706206&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu-Ter Wang 
Author-X-Name-First: Yu-Ter 
Author-X-Name-Last: Wang 
Title: The number of firms, international product differentiation and an import tariff 
Abstract:
  By using an n-firm Cournot model, this article examines the relationships
 among the number of domestic and foreign firms, the product
 differentiation between the domestic and foreign firms and an import
 tariff. It is shown that the relative number of domestic and foreign firms
 as well as the degree of product differentiation between the domestic and
 foreign firms indeed affects the level of the tariff on imports.
 Furthermore, whether or not an increase in product differentiation between
 the domestic and foreign firms reduces the level of the import tariff is
 dependent on the relative number of domestic and foreign firms. 
Journal: Applied Economics Letters 
Pages: 1087-1089 
Issue: 14 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600706511 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706511&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Liam Delaney 
Author-X-Name-First: Liam 
Author-X-Name-Last: Delaney 
Author-Name: Francis O'Toole 
Author-X-Name-First: Francis 
Author-X-Name-Last: O'Toole 
Title: Decomposing demand for public expenditure in Ireland 
Abstract:
  This article, via the analysis of stated preferences from a nationwide
 representative survey of 1149 adults, examines the determinants of
 preferences for overall government expenditure and estimates a Seemingly
 Unrelated Regression model of demand for the three major categories of
 public expenditures in Ireland, namely, social welfare, education and
 health. Those on higher incomes are less in favour of government
 expenditure overall. However and consistent with the available evidence on
 the utilization and financing of the three main categories of government
 expenditures, decomposing the preferences demonstrates that those on
 higher incomes are particularly less in favour of social welfare
 expenditure but more in favour of spending on health and education. 
Journal: Applied Economics Letters 
Pages: 1091-1095 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600567632 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600567632&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Author-Name: W. Charles Sawyer 
Author-X-Name-First: W. Charles 
Author-X-Name-Last: Sawyer 
Title: US Treasury primacy in monetary policy signalling: a public choice perspective 
Abstract:
  This note reviews the signalling models presented in the monetary
 economics literature, and offers a supplementary interpretation regarding
 the observed US Treasury primacy in signalling. It is argued here that the
 legal authority given to the US Treasury, under the Gold Reserve Act of
 1934, for managing the exchange value of the dollar in international
 markets provides an avenue for the Treasury, and thus the Administration
 (i.e., the Executive Branch), to use foreign exchange intervention policy
 to reduce the credibility of the Federal Reserve's monetary policy. This
 legal relationship is likely the source of much tension between the two
 institutions, especially during periods for which the Administration and
 the Federal Reserve are at odds regarding the proper direction for
 monetary policy. Given that the Federal Reserve is aware of this implicit
 power of the Treasury, it should not be surprising that monetary policy
 signals from that quarter have been found to have a dominant influence on
 monetary policy. 
Journal: Applied Economics Letters 
Pages: 1097-1102 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850601043229 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601043229&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vincent Wing-Shing Lam 
Author-X-Name-First: Vincent Wing-Shing 
Author-X-Name-Last: Lam 
Author-Name: Terence Tai-Leung Chong 
Author-X-Name-First: Terence Tai-Leung 
Author-X-Name-Last: Chong 
Author-Name: Wing-Keung Wong 
Author-X-Name-First: Wing-Keung 
Author-X-Name-Last: Wong 
Title: Profitability of intraday and interday momentum strategies 
Abstract:
  In this article, we examine whether a day's surge or plummet in stock
 price serve as a market entry or exit signal. Returns of five trading
 rules based on 1-day and intraday momentum are estimated for major world
 stock indices. It is found that the trading rules perform well in the
 Asian indices but not in those of Europe and the United States. 
Journal: Applied Economics Letters 
Pages: 1103-1108 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600606067 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606067&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Massimo Filippini 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Filippini 
Author-Name: Cornelia Luchsinger 
Author-X-Name-First: Cornelia 
Author-X-Name-Last: Luchsinger 
Title: Economies of scale in the Swiss hydropower sector 
Abstract:
  The study considers the estimation of a translog cost function employing
 panel data for a sample of 43 Swiss hydropower companies, over the period
 of 1995 to 2002. The results of this analysis indicate the existence of
 economies of scale and density for most output levels. The basic novelty
 in this study is the estimation of a cost function for a sample of
 hydropower companies. In the economic literature, no study on the cost
 structure of the hydropower plants using an econometric approach has been
 published so far. 
Journal: Applied Economics Letters 
Pages: 1109-1113 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850500438728 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500438728&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdulnasser Hatemi-J 
Author-X-Name-First: Abdulnasser 
Author-X-Name-Last: Hatemi-J 
Author-Name: R. Scott Hacker 
Author-X-Name-First: R. Scott 
Author-X-Name-Last: Hacker 
Title: Capital mobility in Sweden: a time-varying parameter approach 
Abstract:
  This article investigates the degree of capital mobility in Sweden during
 1993 to 2004 using quarterly data. A time varying parameter model is
 estimated by the Kalman filter, and it shows that the relationship between
 investment as share in gross domestic product (GDP) and saving as share in
 GDP is much less than one (within the interval of 0.25-0.35), indicating
 substantial capital mobility. However, since the coefficient in each
 period is statistically different from zero, capital is still not
 perfectly mobile. Nevertheless, capital mobility seems to have increased
 until 1995 when Sweden became a member of EU and after membership there
 seems to be no significant increase in capital mobility. 
Journal: Applied Economics Letters 
Pages: 1115-1118 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600606018 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606018&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Arranz 
Author-X-Name-First: Jose 
Author-X-Name-Last: Arranz 
Author-Name: Juan Muro 
Author-X-Name-First: Juan 
Author-X-Name-Last: Muro 
Title: Duration data models, unemployment benefits and bias 
Abstract:
  Traditional approaches to measurement conditional probabilities of
 leaving welfare do not deal with unemployment benefits data in a proper
 way leading thus to biased estimates of unemployment-employment transition
 probabilities. In fact, these approaches overestimate hazard rates and
 hence underestimate the expected welfare duration. 
Journal: Applied Economics Letters 
Pages: 1119-1122 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600606000 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606000&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Camilo Sarmiento 
Author-X-Name-First: Camilo 
Author-X-Name-Last: Sarmiento 
Title: The impact of flood hazards on local employment 
Abstract:
  In a spatial model of aggregate municipal employment, this article shows
 statistically that floods disrupt employment in municipalities. Flood
 events decrease local employment on average by 3.4%. Employment levels,
 however, recover after one year. 
Journal: Applied Economics Letters 
Pages: 1123-1126 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600606026 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606026&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hui Chen Chiang 
Author-X-Name-First: Hui Chen 
Author-X-Name-Last: Chiang 
Title: Optimal prepayment behaviour 
Abstract:
  Commercial loan borrowers meet random cash needs via multi-period loans
 from the bank, but fluctuations in interest rates may justify paying off
 some outstanding loans before they mature. The objective is to minimize
 the expected present value of the interest and prepayment penalties paid
 to the bank subject to a liquidity constraint. From Chiang (2005), it is
 shown that a firm should not inventory cash if contingent opportunities
 are ignored. By extending her article, it is also found that if a borrower
 is not risk neutral, a more risk-averse borrower prepays a larger amount. 
Journal: Applied Economics Letters 
Pages: 1127-1129 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600606034 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606034&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ned Corron 
Author-X-Name-First: Ned 
Author-X-Name-Last: Corron 
Author-Name: Xue-Zhong He 
Author-X-Name-First: Xue-Zhong 
Author-X-Name-Last: He 
Author-Name: Frank Westerhoff 
Author-X-Name-First: Frank 
Author-X-Name-Last: Westerhoff 
Title: Butter mountains, milk lakes and optimal price limiters 
Abstract:
  It is known that simple price limiters may have unexpected consequences
 in irregular commodity price fluctuations between bull and bear markets
 and complicated impacts on the size of buffer stocks. In particular,
 imposing a lower price boundary may lead to a huge buffer stock, e.g. to a
 'butter mountain' or a 'milk lake' and this is a real problem for
 regulators since storage costs may become impossible to finance over time.
 The relation between price limiters and the size of buffer stocks is
 nontrivial and there may exist some optimal price limiters which require
 only weak market interventions and thus provide a rather inexpensive
 option to regulate commodity markets. In this article, we use a simple
 commodity market model to explore the relation between price limiters and
 the average growth rate of the buffer stocks. It is found that these
 optimal price limiter levels are simply the minimum values of unstable
 periodic orbits of the underlying deterministic system. 
Journal: Applied Economics Letters 
Pages: 1131-1136 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600606059 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606059&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sacit Hadi Akdede 
Author-X-Name-First: Sacit Hadi 
Author-X-Name-Last: Akdede 
Author-Name: Ayla Ogus 
Author-X-Name-First: Ayla 
Author-X-Name-Last: Ogus 
Title: Increasing returns to information and survival of Istanbul public theatre plays 
Abstract:
  In this article, we analyse the size and rank relationship for two
 administratively different public theatres, city and state, in Istanbul
 along with survival probabilities. We find returns to information for
 Istanbul public theatre plays. We present a comparison of our findings
 with related literature on Turkish state plays and Broadway shows. We find
 that the number of performances exhibits a lot less variation in
 centralized systems. Duration analysis reveals that run length of state
 theatres is larger than city theatres. This is an indication of greater
 accountability of city theatres as compared to state theatres. 
Journal: Applied Economics Letters 
Pages: 1137-1140 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600606083 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606083&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kazuhiko Hayakawa 
Author-X-Name-First: Kazuhiko 
Author-X-Name-Last: Hayakawa 
Title: Consistent OLS estimation of AR(1) dynamic panel data models with short time series 
Abstract:
  In this article, we examine the usefulness of the bias-corrected
 first-difference (BCFD) estimator by Chowdhury (1987) from two angles:
 inference and testing. First, we compare the BCFD estimator with Bun and
 Carree's (2005) estimator and the GMM estimator in terms of accuracy of
 inference. Second, we propose to use the Hausman test based on these three
 estimators to test the null of no individual effects. Simulation results
 show that the BCFD estimator and the Hausman test based on the BCFD
 estimator perform better than the other two estimators. 
Journal: Applied Economics Letters 
Pages: 1141-1145 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600606109 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606109&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jong-Eun Lee 
Author-X-Name-First: Jong-Eun 
Author-X-Name-Last: Lee 
Title: Growth by trade-induced adjustments 
Abstract:
  This article measures the impact of trade adjustment on the growth in the
 Korean economy. Using principal components trade adjustments are found to
 significantly explain the rate of growth over the period of 1989-2004. We
 also focused on the case of bilateral trade with China. 
Journal: Applied Economics Letters 
Pages: 1147-1150 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600606117 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606117&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. J. Khadaroo 
Author-X-Name-First: A. J. 
Author-X-Name-Last: Khadaroo 
Author-Name: B. Seetanah 
Author-X-Name-First: B. 
Author-X-Name-Last: Seetanah 
Title: Assessing the contribution of land, sea and air transport capital to the economic performance of the small island state of Mauritius 
Abstract:
  Research on the contribution of transport capital to economic growth has
 so far focused on the concept of 'overall' transport capital. The present
 article innovates by modelling explicitly the contribution of
 'disaggregated' transport capital in the form of road, port and airport
 capital to economic performance. A uniquely constructed time series data
 set dating back to the year 1950 for the small island state of Mauritius
 is investigated within a dynamic framework which allows for feedback
 effects. Essentially, road capital and port capital are found to have a
 more important contribution to Mauritian economic growth than airport
 capital. 
Journal: Applied Economics Letters 
Pages: 1151-1155 
Issue: 15 
Volume: 14 
Year: 2007 
X-DOI: 10.1080/13504850600639852 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600639852&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sunil Sapra 
Author-X-Name-First: Sunil 
Author-X-Name-Last: Sapra 
Title: Robust nonnested hypothesis testing 
Abstract:
  This article presents robust J and encompassing tests for testing
 nonnested hypotheses in the presence of outliers in the data. The proposed
 tests are based on least absolute deviations (LAD) and M-estimators unlike
 the conventional J and encompassing tests, which are based on least
 squares or maximum likelihood estimators. These tests can lead to more
 reliable inference in the presence of outliers than tests based on
 nonrobust estimators. The tests are illustrated with applications to two
 economic data sets and an artificially generated data set and compared
 with their nonrobust counterparts. 
Journal: Applied Economics Letters 
Pages: 1-4 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600605994 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600605994&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Linda Yueh 
Author-X-Name-First: Linda 
Author-X-Name-Last: Yueh 
Title: Do social networks increase labour supply elasticity? 
Abstract:
  Using an original data set including measures of social networks of
 migrants in China, we find that social networks increase the elasticities
 of labour supplies for migrant workers. The effects differ for men and
 women and can help explain part of the importance of developing social
 networks to improve labour market outcomes. 
Journal: Applied Economics Letters 
Pages: 5-10 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600690020 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600690020&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiaolin Xing 
Author-X-Name-First: Xiaolin 
Author-X-Name-Last: Xing 
Title: Does price converge on the internet? Evidence from the online DVD market 
Abstract:
  We compare pricing behaviours and market dynamics between online branches
 of traditional retailers and pure Internet retailers. Our results suggest
 that the two types of retailers not only will charge similar average
 prices in the long run, but also will have similar price dispersions. But
 we find no evidence of price convergence in the market. Brand names make
 significant differences in both price levels and price dispersions. 
Journal: Applied Economics Letters 
Pages: 11-14 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600606042 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606042&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Boris Lokshin 
Author-X-Name-First: Boris 
Author-X-Name-Last: Lokshin 
Title: A Monte Carlo comparison of alternative estimators for dynamic panel data models 
Abstract:
  This article compares the performance of three recently proposed
 estimators for dynamic panel data models (LSDV bias-corrected, MLE and
 MDE) along with GMM. Using Monte Carlo, we find that MLE and
 bias-corrected estimators have the smallest bias and are good alternatives
 for the GMM. System-GMM outperforms the rest in 'difficult' designs.
 Unfortunately, bias-corrected estimator is not reliable in these designs
 which may limit its applicability. 
Journal: Applied Economics Letters 
Pages: 15-18 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706545 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706545&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Ashraf 
Author-X-Name-First: Mohammad 
Author-X-Name-Last: Ashraf 
Title: War and regional economic growth: winners and losers 
Abstract:
  Using an AK-type model this article argues that joining the Armed Forces
 may have two opposing effects on the growth rates of economically
 depressed areas depending upon whether the country goes to war or not. On
 the one hand when individuals from relatively economically depressed areas
 join the Armed Forces, they gain access to education and build human
 capital which may translate into economic growth. On the other hand,
 however, if the country goes to war, these regions may end up losing their
 labour force, leading to a decline in the growth rate. We also argue that
 regions providing equipment may experience increased income and employment
 levels. 
Journal: Applied Economics Letters 
Pages: 19-22 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706586 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706586&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eiji Okano 
Author-X-Name-First: Eiji 
Author-X-Name-Last: Okano 
Title: Has inflation targeting improved social welfare in practice? 
Abstract:
  This article verifies empirically the proposition that inflation
 targeting can improve social welfare. To analyse this, we construct a
 cashless small open-economy model conforming to the New Keynesian
 Open-Economy Macroeconomics and use data in the United Kingdom. We
 estimate the feedback rule, before estimating the deep parameters using
 GMM. Using the estimated structural model and identified shock processes,
 we simulate the imaginary paths of the nominal interest rate, producer
 price index inflation rate and output if the central bank has not adopted
 an inflation targeting policy. This simulation shows that the variances of
 output and the inflation rate under a noninflation targeting regime are
 larger than those under the actual inflation targeting regime. We also
 calculate social loss, as defined by the second-order approximated utility
 function under each regime. The results indicate that social loss brought
 about by an inflation targeting regime is less than that associated with a
 noninflation targeting regime. 
Journal: Applied Economics Letters 
Pages: 23-26 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706644 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706644&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Finite-sample power properties of threshold cointegration tests 
Abstract:
  The empirical powers of recently proposed threshold cointegration tests
 are examined. Using an empirically realistic data generation process two
 crucial results are derived. First, relative to the implicitly symmetric
 Engle-Granger test, threshold cointegration tests lack power even in the
 presence of substantial asymmetry. Second, the use of consistent-threshold
 estimation to endogenise or optimize threshold selection is found to
 reduce the power of both threshold autoregressive and momentum threshold
 autoregressive cointegration tests. The implications of these findings are
 noted in light of the increased use of threshold cointegration tests in
 recent empirical research in economics and finance. 
Journal: Applied Economics Letters 
Pages: 27-30 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706354 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706354&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thorsten Egelkraut 
Author-X-Name-First: Thorsten 
Author-X-Name-Last: Egelkraut 
Author-Name: Philip Garcia 
Author-X-Name-First: Philip 
Author-X-Name-Last: Garcia 
Title: Predicting S&P 500 volatility for intermediate time horizons using implied forward volatility 
Abstract:
  This paper finds that the implied forward volatility of S&P 500 futures
 options contains significant explanatory power regarding sunsequent
 realized volatility during intermediate future time intervals. It provides
 rational, unbiased, and informationally efficient predictions and
 dominates all alternative volatility forecasts considered. 
Journal: Applied Economics Letters 
Pages: 31-34 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600689915 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689915&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: Impacts of the exchange rate and the foreign interest rate on the Argentine money demand function 
Abstract:
  This article finds that the demand for real M1 in Argentina has a
 positive relationship with real income and peso depreciation and a
 negative relationship with the domestic deposit rate, the foreign interest
 rate, and the expected inflation rate. Real stock prices do not affect the
 demand for real M1. The nonlinearity test shows that the double-log form
 cannot be rejected at the 1% level while the linear form can be rejected
 at the 1% level. The CUSUMSQ test shows that the money demand function is
 relatively stable. 
Journal: Applied Economics Letters 
Pages: 35-39 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706685 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706685&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Virginia Sanchez Marcos 
Author-X-Name-First: Virginia Sanchez 
Author-X-Name-Last: Marcos 
Title: What accounts for the increase in college attainment of women? 
Abstract:
  The objective of this article is to explain the reduction in the US sex
 college attainment ratio (SCAR) from 1.57 to 1.19. over the last decades.
 We use a model where altruistic parents make decisions on daughters and
 sons' education taking into account the effect of education on earnings,
 marriage opportunities, fertility and home production. The main finding is
 that observed changes in earnings and fertility explain part of the
 decrease in the SCAR, while observed changes in marital status and marital
 sorting imply a decrease in college attainment of women. 
Journal: Applied Economics Letters 
Pages: 41-44 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600606091 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600606091&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Beaumont 
Author-X-Name-First: Paul 
Author-X-Name-Last: Beaumont 
Author-Name: Stefan Norrbin 
Author-X-Name-First: Stefan 
Author-X-Name-Last: Norrbin 
Author-Name: F. Pinar Yigit 
Author-X-Name-First: F. Pinar 
Author-X-Name-Last: Yigit 
Title: Time series evidence on the linkage between the volatility and growth of output 
Abstract:
  Prior research on the relationship between volatility and growth has
 produced mixed results. However, the times series research has only been
 done for a few countries, namely the United States, United Kingdom and
 Japan. We extend the prior research by performing a systematic search over
 several GARCH in mean model specifications, including nonGaussian and
 asymmetric GARCH models, for 20 OECD countries. The results indicate very
 little evidence of any connection between volatility and growth. 
Journal: Applied Economics Letters 
Pages: 45-48 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600607446 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600607446&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jun-Yen Lee 
Author-X-Name-First: Jun-Yen 
Author-X-Name-Last: Lee 
Title: Application of the three-stage DEA in measuring efficiency - an empirical evidence 
Abstract:
  This article investigates the effects of the environmental factors and
 statistical noise on the efficiency of 89 global forest and paper
 companies in 2001 using the three-stage DEA method. Empirical evidences
 indicate the existence of environmental effects on the variation in the
 efficiency scores measurement. Furthermore, the final adjusted efficiency
 scores are lower than those scores measured in the traditional first-stage
 DEA. 
Journal: Applied Economics Letters 
Pages: 49-52 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600675435 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600675435&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fabio Gomes 
Author-X-Name-First: Fabio 
Author-X-Name-Last: Gomes 
Author-Name: Cleomar Gomes da Silva 
Author-X-Name-First: Cleomar Gomes 
Author-X-Name-Last: da Silva 
Title: Hysteresis vs. natural rate of unemployment in Brazil and Chile 
Abstract:
  This article examines the hysteresis hypothesis in the unemployment rates
 of Brazil and Chile using an LM unit root test with two endogenous breaks.
 The phenomenon is confirmed for both countries. However, the hysteresis
 hypothesis is able to account for only a small part of the unemployment
 evolution. 
Journal: Applied Economics Letters 
Pages: 53-56 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600675450 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600675450&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ji Kim 
Author-X-Name-First: Ji 
Author-X-Name-Last: Kim 
Title: Regional convergence and efficiency in Korea 
Abstract:
  This study evaluates regional convergence and efficiency among 13 regions
 in Korea over the period 1985-2002 using stochastic frontier production
 model which allows for regional inefficiency and heterogeneity. Evidence
 is found in favour of regional convergence in Korea, with a lower rate of
 convergence of around 2% a year, because we find that inefficiency in
 production does exist in regional economy. The results also indicate that
 the improvement of education and reforms of local government policies have
 contributed to an increased level of efficiency. Since the average
 estimates of technical efficiency have increased over time, the results
 show that regional economy has brought the significant improvement in
 efficiency. 
Journal: Applied Economics Letters 
Pages: 57-60 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600675468 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600675468&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Ragacs 
Author-X-Name-First: Christian 
Author-X-Name-Last: Ragacs 
Title: On the empirics of minimum wages and employment: evidence for the Austrian industry 
Abstract:
  We investigate the empirical evidence of the 'textbook theory' of minimum
 wages for Austrian industry. In Austria, minimum wages are the result of
 wage bargaining which may be best described using a 'right to manage'
 model. In contrast to the predictions of the 'textbook analysis', no
 significant negative effects of minimum wages on employment have been
 found. This could be the result of the nature of the typical Austrian
 wage-bargaining situation. 
Journal: Applied Economics Letters 
Pages: 61-64 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600689899 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689899&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rosario Rivero 
Author-X-Name-First: Rosario 
Author-X-Name-Last: Rivero 
Author-Name: Rodrigo Vergara 
Author-X-Name-First: Rodrigo 
Author-X-Name-Last: Vergara 
Title: Do large retailers affect employment? Evidence from an emerging economy 
Abstract:
  This article studies the effect of the emergence of large retailers
 (hypermarkets and department stores) on employment in the commerce sector
 in the regions of Chile. We use a panel with quarterly data from 11
 Chilean regions for the period 1996 to 2004. Our results indicate that the
 entry of large retailers produces a discrete increase in employment in the
 commerce sector in the quarter that the entry occurs. We also find that
 there is an additional positive effect on employment throughout the year
 entry occurs, suggesting that suppliers or other parts of the chain of
 production follow the large retailer into the local market. However, after
 the first year of the entry there is a partial reversion, suggesting that
 smaller retailers exit or contract in response to the entry of the large
 retailer. The net effect on employment of the entry of a large retailer is
 an increase of 300 jobs. 
Journal: Applied Economics Letters 
Pages: 65-68 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600689998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuhin Das 
Author-X-Name-First: Tuhin 
Author-X-Name-Last: Das 
Author-Name: Ishita Datta Ray 
Author-X-Name-First: Ishita Datta 
Author-X-Name-Last: Ray 
Title: Monopolistic competitive market in religion: a case study of Hindu temples 
Abstract:
  The objective of this article is to examine, based on field survey, the
 market behaviour of the Hindu temples in India. The cost and revenue
 functions have been estimated for the Hindu temples, and it has been found
 that the market of Hindu temples does not strictly follow the monopoly
 models. The estimated average revenue curve has been observed to be
 slightly negatively sloped. Moreover, like perfect competition here exist
 a large number of small temples with easy entry and exit. The actions of
 any single temple do not have significant impact on the other temples in
 the market. Thus is resembles the monopolistic competition model rather
 than the pure monopoly model. 
Journal: Applied Economics Letters 
Pages: 69-72 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706214 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706214&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marco Percoco 
Author-X-Name-First: Marco 
Author-X-Name-Last: Percoco 
Title: A social discount rate for Italy 
Abstract:
  Because of the budgetary constraints imposed by the Stability and Growth
 Pact, the need for cost and benefit evaluation of public investment has
 become increasingly relevant. In a cost-benefit analysis framework, the
 definition of the social discount rate is key to the selection of projects
 and programmes on the basis of their socio-economic return. To this
 extent, the Italian Ministry of the Economy has passively adopted the 5%
 rate proposed by the European Commission to evaluate projects financed by
 Structural Funds. In this article, we estimate a social discount rate for
 Italy, finding that a 3.7-3.8 rate would be appropriate, thus 1.2-1.3%
 lower than the official one. 
Journal: Applied Economics Letters 
Pages: 73-77 
Issue: 1 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706537 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706537&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank Rusco 
Author-X-Name-First: Frank 
Author-X-Name-Last: Rusco 
Author-Name: W. David Walls 
Author-X-Name-First: W. David 
Author-X-Name-Last: Walls 
Title: Per-unit bidding rules and buyer under-performance in natural resource sales 
Abstract:
  In this article, we examine the role of per-unit bidding rules on
 firm-level contractual performance. In particular, we test the hypothesis
 that buyers will act on incentives to under-perform when bids are accepted
 in per-unit form. The empirical application uses data from per-unit
 auction sales of US Forest Service timber. The statistical analysis
 indicates that buyers systematically undercut when per-unit bids exceed
 the value of individual units of timber. 
Journal: Applied Economics Letters 
Pages: 79-83 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600705901 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705901&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Corrado Andini 
Author-X-Name-First: Corrado 
Author-X-Name-Last: Andini 
Title: The total impact of schooling on within-groups wage inequality in Portugal 
Abstract:
  Using Portuguese data from the 2001 wave of the European Community
 Household Panel, we analyse to what extent the endogeneity of schooling
 affects the estimation of the total impact of schooling on within-groups
 wage inequality by means of quantile-regression techniques. We conclude
 that the standard techniques assuming schooling-exogeneity may
 underestimate the total impact of schooling. 
Journal: Applied Economics Letters 
Pages: 85-90 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706677 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706677&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christophe Boucher 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Boucher 
Author-Name: Sofiane Aboura 
Author-X-Name-First: Sofiane 
Author-X-Name-Last: Aboura 
Title: Testing the fed and the Graham & Dodd models: asymmetric vs. symmetric adjustment 
Abstract:
  We examine the empirical validity of the Fed model and the Graham & Dodd
 model for five countries and over a time period spanning three decades by
 applying the Enders and Granger (1998) and Enders and Siklos (2001)
 threshold unit-root and cointegration tests. Our results support the
 hypothesis that the adjustment back to equilibrium is asymmetric. 
Journal: Applied Economics Letters 
Pages: 91-94 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706693 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706693&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Masakatsu Okubo 
Author-X-Name-First: Masakatsu 
Author-X-Name-Last: Okubo 
Title: Public capital and productivity: a nonstationary panel analysis 
Abstract:
  This article applies a method of Mark and Sul (2003) to deal with one of
 potential endogeneity issues that accompany estimation of a log-linear
 Cobb-Douglas production function with public capital. We show that if
 nonstationarity in data is admitted, the panel cointegration approach is
 useful for obtaining more precise estimates of the output elasticity of
 public capital. 
Journal: Applied Economics Letters 
Pages: 95-99 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706701 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706701&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Francois Hoarau 
Author-X-Name-First: Jean-Francois 
Author-X-Name-Last: Hoarau 
Author-Name: Ibrahim Ahamada 
Author-X-Name-First: Ibrahim 
Author-X-Name-Last: Ahamada 
Author-Name: Alain Nurbel 
Author-X-Name-First: Alain 
Author-X-Name-Last: Nurbel 
Title: Multiple structural regimes in real exchange rate misalignment: the case of Australian dollar 
Abstract:
  We apply the Bai and Perron method (Econometrica, 1998, 66, 47-78) to
 search for several structural changes in the real exchange rate
 misalignment data of the Australian dollar over January 1976 to February
 2000. Then, the estimated structural breaks dates are compared with
 Australian monetary and exchange rate regimes from 1976. This brings us to
 conclude that a good monetary management is needed to face real exchange
 rate distortions. Besides, implementing a policy-mix by combining an
 inflation targeting policy and a dirty flexible exchange rate policy turns
 out to be really effective to struggle real misalignments as far as
 Australia is concerned. 
Journal: Applied Economics Letters 
Pages: 101-104 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600721908 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721908&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benhua Yang 
Author-X-Name-First: Benhua 
Author-X-Name-Last: Yang 
Title: FDI and growth: a varying relationship across regions and over time 
Abstract:
  This article investigates the relationship between foreign direct
 investment (FDI) inflows and economic growth for a panel of 110 countries
 over the period 1973 to 2002. The results show that the growth effect of
 FDI varies by region and over time. 
Journal: Applied Economics Letters 
Pages: 105-108 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600749081 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749081&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. Cantarero 
Author-X-Name-First: D. 
Author-X-Name-Last: Cantarero 
Author-Name: Marta Pascual 
Author-X-Name-First: Marta 
Author-X-Name-Last: Pascual 
Title: Analysing the impact of fiscal decentralization on health outcomes: empirical evidence from Spain 
Abstract:
  The aim of this article is to explore the impact of decentralization on
 health care outcomes in Spain. We develop a model and use it to
 investigate empirically the hypothesis that shifts towards greater
 decentralization would be accompanied by improvements in population health
 in Spain between 1992 and 2003 by using infant mortality and life
 expectancy as dependent variables. The empirical analysis suggests that
 income, decentralization and health care resources in Spain did have an
 important influence on infant mortality and life expectancy. 
Journal: Applied Economics Letters 
Pages: 109-111 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600770913 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770913&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ann Owen 
Author-X-Name-First: Ann 
Author-X-Name-Last: Owen 
Author-Name: Bing Yu 
Author-X-Name-First: Bing 
Author-X-Name-Last: Yu 
Title: Regional differences in wage inequality across industries in China 
Abstract:
  Using a panel of 29 provinces over the years 1995-2001, we explore the
 large regional variation in industry wage differentials in China and
 examine the provincial characteristics that are consistent with greater
 inequality. We find that the effect of foreign direct investment (FDI)
 varies by province. One of the reasons that FDI can have differential
 effects is that the type of FDI (export vs. import-oriented) varies
 substantially across the provinces. Export-oriented FDI raises the wages
 of workers in industries that rely more on unskilled workers and lowers
 the wages of workers in industries that rely more on skilled workers,
 lowering the industry differential. 
Journal: Applied Economics Letters 
Pages: 113-116 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600770921 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770921&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tuck Cheong Tang 
Author-X-Name-First: Tuck Cheong 
Author-X-Name-Last: Tang 
Author-Name: Evan Poh Hock Lau 
Author-X-Name-First: Evan Poh Hock 
Author-X-Name-Last: Lau 
Title: An empirical investigation on sustainability of balancing item in Asian countries 
Abstract:
  This study explores the sustainability of the balancing item in Asian
 economies. The conventional unit root tests (includes panel tests)
 illustrate that the results are rather inconclusive. However, the results
 from the series-specific panel unit root test consistently illustrate that
 five of the countries (Singapore, Bangladesh, Indonesia, Korea and
 Malaysia) balancing item is on the sustainable path. For other remaining
 eight countries (Maldives, Mongolia, Myanmar, Nepal, Pakistan, the
 Philippines, Sri Lanka and Thailand), there is evidence that her balancing
 item of balance of payments accounts is unsustainable. 
Journal: Applied Economics Letters 
Pages: 117-123 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600749107 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749107&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Keun Yeong Lee 
Author-X-Name-First: Keun Yeong 
Author-X-Name-Last: Lee 
Title: Causal relationships between stock returns and inflation 
Abstract:
  This article studies correlations and dynamic interactions between real
 stock returns and inflation in the UK for 1830-2000. The BLS test suggests
 that an endogenous break point exists in 1970, and therefore the pre- and
 post-break periods are required to be analysed separately. According to
 the empirical results, for the post-break period, unpredictable stock
 returns present little correlation to unpredictable inflation, and an
 increase in stock returns has an insignificant effect on inflation.
 Impulse response analyses also demonstrate that a positive shock to
 inflation does not have a negative impact on stock returns. These results
 are in contrast to the well-known empirical results for the pre-break
 period. 
Journal: Applied Economics Letters 
Pages: 125-129 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600705992 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705992&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Brenda Gannon 
Author-X-Name-First: Brenda 
Author-X-Name-Last: Gannon 
Title: Total factor productivity growth of hospitals in Ireland: a nonparametric approach 
Abstract:
  This article analyses the development of productivity growth and
 efficiency in the production of hospital care in Ireland from 1995 to
 1998. Using output measures of treated cases adjusted for casemix, we
 apply Malmquist Productivity Indices to analyse changes in efficiency over
 time. This approach provides information on the types of hospitals that
 have increased or decreased efficiency during each time frame and the type
 of inefficiency involved - pure technical, scale or technological. Our
 results show that on average between 1995 and 1998, both technological and
 efficiency changes contribute to higher levels of productivity in larger
 hospitals, but lead to lower levels of productivity in smaller hospitals.
 However, the contribution of these components of productivity varies over
 time and technological improvements play a more important role in
 increasing the productivity of larger hospitals. 
Journal: Applied Economics Letters 
Pages: 131-135 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706115 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706115&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hsiao-Ping Chu 
Author-X-Name-First: Hsiao-Ping 
Author-X-Name-Last: Chu 
Author-Name: Peter Sher 
Author-X-Name-First: Peter 
Author-X-Name-Last: Sher 
Author-Name: Ming-Liang Yeh 
Author-X-Name-First: Ming-Liang 
Author-X-Name-Last: Yeh 
Title: Revisiting Gibrat's law using panel SURADF tests 
Abstract:
  In this study, the newly-developed Panel SURADF tests advanced by Breuer
 et al. (2001) are used to investigate whether the growth rate of
 electronics firms is independent of their size, as postulated by Gibrat's
 (1931) Law of Proportionate Effects. Time-series data for the total assets
 of 48 electronic firms in Taiwan during the 1995-2004 period are used.
 Whereas other panel-based unit root tests are joint tests of a unit root
 for all members of a panel and are incapable of determining the mix of
 I(0) and I(1) series in a panel setting, the Panel SURADF tests
 investigate a separate unit root null hypothesis for each individual panel
 member and are, therefore, able to identify how many and which series in
 the panel are stationary processes. The empirical results from several
 panel-based unit root tests indicate that the total assets of all firms
 studied here are nonstationary, implying that Gibrat's Law holds for all
 48 firms; however, Breuer et al.'s (2001) Panel SURADF tests unequivocally
 indicate that Gibrat's Law is only valid for 27 of those firms. 
Journal: Applied Economics Letters 
Pages: 137-143 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706339 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706339&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seamus McGuinness 
Author-X-Name-First: Seamus 
Author-X-Name-Last: McGuinness 
Title: How biased are the estimated wage impacts of overeducation? A propensity score matching approach 
Abstract:
  This article uses Propensity Score Matching (PSM) techniques to assess
 the extent to which the costs of overeducation are likely to have been
 over-estimated as a result of unobserved skill heterogeneity in studies
 adopting the standard ordinary least squares (OLS) wage equation
 framework. It was found that the PSM estimates were very much in line with
 those generated by OLS, suggesting that the overeducation phenomenon is
 likely to be imposing real and significant wage and productivity costs on
 individuals and the economy more generally and therefore cannot be
 dismissed as merely arising as a result of an omitted variables problem. 
Journal: Applied Economics Letters 
Pages: 145-149 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600721999 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721999&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sara Barcenilla 
Author-X-Name-First: Sara 
Author-X-Name-Last: Barcenilla 
Author-Name: Carmen Lopez-Pueyo 
Author-X-Name-First: Carmen 
Author-X-Name-Last: Lopez-Pueyo 
Author-Name: Jaime Sanau 
Author-X-Name-First: Jaime 
Author-X-Name-Last: Sanau 
Title: Just openness or technological spillovers? A note 
Abstract:
  The paper shows that the indexation bias may condition the results of
 empirical studies on international technological spillovers. It suggests a
 solution to this bias and shows how trade openness favours economic growth
 through its effects on the international diffusion of technology. 
Journal: Applied Economics Letters 
Pages: 151-154 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600748984 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600748984&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jyh-Lin Wu 
Author-X-Name-First: Jyh-Lin 
Author-X-Name-Last: Wu 
Author-Name: Chien-Chiang Lee 
Author-X-Name-First: Chien-Chiang 
Author-X-Name-Last: Lee 
Title: A revisit to the nonlinear stationarity of real exchange rates 
Abstract:
  This article applies the test by Kapetanios et al. (2003) to re-examine
 the nonlinear stationarity of real exchange rates in which we emphasize
 both the real bilateral exchange rates and the real effective exchange
 rates. Our empirical findings provide weak evidence on the nonlinear
 mean-reverting adjustment of real exchange rates in both fixed and
 floating regimes, which is in sharp contrast to that in the existing
 literature. 
Journal: Applied Economics Letters 
Pages: 155-159 
Issue: 2 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600749065 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749065&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Syed Basher 
Author-X-Name-First: Syed 
Author-X-Name-Last: Basher 
Author-Name: Joakim Westerlund 
Author-X-Name-First: Joakim 
Author-X-Name-Last: Westerlund 
Title: Is there really a unit root in the inflation rate? More evidence from panel data models 
Abstract:
  Time series unit root evidence suggests that inflation is nonstationary.
 By contrast, when using more powerful panel unit root tests, Culver and
 Papell (1997) find that inflation is stationary. In this article, we test
 the robustness of this result by applying a battery of recent panel unit
 root tests. The results suggest that the stationarity of inflation holds
 even after controlling for cross-sectional dependence and structural
 change. 
Journal: Applied Economics Letters 
Pages: 161-164 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706305 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706305&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Ericson 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Ericson 
Title: The effects of wage compression on general and firm-specific training 
Abstract:
  The issue of who finances on-the-job training has important implications
 for labour markets. It is persistently difficult to test empirically
 whether it is the employer or the employee who carries the costs of
 general training. This article presents a simple method that compares the
 effect of wage inequality on duration of general training and
 firm-specific training. The result is consistent with the proposition that
 it is the worker who bears a greater part of the costs associated with
 general training than in the case of firm-specific training. 
Journal: Applied Economics Letters 
Pages: 165-169 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600722054 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722054&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roman Malaric 
Author-X-Name-First: Roman 
Author-X-Name-Last: Malaric 
Author-Name: Tomislav Katic 
Author-X-Name-First: Tomislav 
Author-X-Name-Last: Katic 
Author-Name: Dubravko Sabolic 
Author-X-Name-First: Dubravko 
Author-X-Name-Last: Sabolic 
Title: The market efficiency of the soccer fixed odds internet betting market 
Abstract:
  The strong form of market efficiency requirement states that expected
 returns are equal across wagering prospects, and weak form efficiency
 requirement states that there is an absence of profit opportunities,
 meaning that all historical information relevant to the assessment of the
 match outcome probabilities are reflected in the odds quoted. This article
 empirically tests the market efficiency of the European soccer fixed odds
 Internet-betting market, and also presents simple betting strategy that
 appear to be profitable. 
Journal: Applied Economics Letters 
Pages: 171-174 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600722021 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722021&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Requena Silvente 
Author-X-Name-First: Francisco Requena 
Author-X-Name-Last: Silvente 
Author-Name: Juana Castillo 
Author-X-Name-First: Juana 
Author-X-Name-Last: Castillo 
Author-Name: Andres Artal 
Author-X-Name-First: Andres 
Author-X-Name-Last: Artal 
Title: Is Spain a lumpy country? A dynamic analysis of the 'lens condition' 
Abstract:
  We implement the 'lens condition' of Deardoff (1994) to investigate
 whether lumpiness, an excessively uneven geographic distribution of
 production factors, is large enough to allow for regional specialization
 of production at different factor prices. Using data from 50 Spanish
 provinces over the period 1964 to 2001, we show that Spain evolved from
 being a lumpy economy to a state where lumpiness no longer mattered. 
Journal: Applied Economics Letters 
Pages: 175-180 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600735288 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600735288&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Ulyses Balderas 
Author-X-Name-First: J. Ulyses 
Author-X-Name-Last: Balderas 
Author-Name: Hiranya Nath 
Author-X-Name-First: Hiranya 
Author-X-Name-Last: Nath 
Title: Inflation and relative price variability in Mexico: the role of remittances 
Abstract:
  This article derives generalized impulse responses from the estimation of
 a vector autoregression (VAR) model using monthly data between 1995 and
 2005 for Mexico, to examine the inflation-relative price variability (RPV)
 relationship, and to investigate if remittances could account for the
 observed relationship. While the positive relationship between inflation
 and RPV is a robust result, remittances are found to have significant
 positive effects on both inflation and RPV. These results are interpreted
 as providing evidence in support of our intuition that remittances could
 be responsible for generating a positive relationship between inflation
 and RPV. 
Journal: Applied Economics Letters 
Pages: 181-185 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600722070 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722070&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mathias Czaika 
Author-X-Name-First: Mathias 
Author-X-Name-Last: Czaika 
Title: Cheap talk in the UN arenas? Some evidence on the impact of UN speeches on aid allocation decisions 
Abstract:
  This study examines the relationship between bilateral and multilateral
 aid giving patterns and the number of speeches country representatives
 delivered in the two core bodies of the United Nations (UN)-the UN
 Security Council and the UN General Assembly, respectively. For the 1990s,
 empirical evidence indicates a financial return on voice solely for
 appeals addressed in the Security Council whereas the General Assembly
 plenary seems to be an ineffective floor for attracting international
 development assistance. 
Journal: Applied Economics Letters 
Pages: 187-191 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600749008 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749008&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Furkan Emirmahmutoglu 
Author-X-Name-First: Furkan 
Author-X-Name-Last: Emirmahmutoglu 
Author-Name: Nezir Kose 
Author-X-Name-First: Nezir 
Author-X-Name-Last: Kose 
Author-Name: Yeliz Yalcin 
Author-X-Name-First: Yeliz 
Author-X-Name-Last: Yalcin 
Title: The Kalman filter method for break point estimation in unit root tests 
Abstract:
  In this study, in addition to Zivot-Andrews (1992), Perron (1997) and
 Schwarz Bayesian Criteria (SBC) approaches of the true break point
 estimation performances of the Kalman filter method is examined using
 Monte Carlo simulation experiments. Our simulation results show that the
 SBC and Kalman filter methods both exhibit a good performance in
 estimating true break point. 
Journal: Applied Economics Letters 
Pages: 193-198 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600721866 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721866&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Emiliya Lazarova 
Author-X-Name-First: Emiliya 
Author-X-Name-Last: Lazarova 
Author-Name: Ilaria Mosca 
Author-X-Name-First: Ilaria 
Author-X-Name-Last: Mosca 
Title: Does governance matter for aggregate health capital? 
Abstract:
  The point of departure of our analysis is the seminal work of Rodgers
 (1979) on the absolute and relative income hypotheses. We find that
 substituting the governance index for the Gini index is statistically the
 preferred regression model. Our findings lend support to the argument that
 governance matters. Further investigation provides evidence for two types
 of threshold effects: in terms of both absolute income and governance. For
 those countries below a threshold, absolute income is the most significant
 determinant of health, while for those above it, governance matters the
 most. The regression analyses are conducted on a sample of 112 states,
 which is representative of a wide range of absolute income and governance
 levels. 
Journal: Applied Economics Letters 
Pages: 199-202 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600721916 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721916&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Olivier Darne 
Author-X-Name-First: Olivier 
Author-X-Name-Last: Darne 
Author-Name: Jean-Francois Hoarau 
Author-X-Name-First: Jean-Francois 
Author-X-Name-Last: Hoarau 
Title: The purchasing power parity in Australia: evidence from unit root test with structural break 
Abstract:
  The unit root test with structural break developed by Perron and
 Rodriguez are used to study the purchasing power parity (PPP) in the
 spirit of Balassa-Samuelson in Australia for the period January 1977 to
 April 2004. The results indicate that there is a break in February 1985
 which coincides with the exchange rate crisis in 1985, occurring after the
 establishment of the dirty flexible exchange rate system. We also show
 that there is no tendency to the PPP in Australia to hold in the long-run
 during this period. 
Journal: Applied Economics Letters 
Pages: 203-206 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600721957 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721957&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cumhur Erdem 
Author-X-Name-First: Cumhur 
Author-X-Name-Last: Erdem 
Author-Name: Meziyet Sema Erdem 
Author-X-Name-First: Meziyet Sema 
Author-X-Name-Last: Erdem 
Title: Turkish banking efficiency and its relation to stock performance 
Abstract:
  In this study, technical, allocative and economic efficiency scores of
 the banks whose stocks traded in Istanbul Stock Exchange are measured
 using data envelopment analysis (DEA) for the time period 1998 to 2004.
 Economic efficiency scores of banks obtained from DEA model was related to
 their stock prices to determine whether there is an explanatory power of
 efficiency scores on stock price returns. The average banks' efficiency
 decreased from 0.781 in 1999 to 0.504 in 2001 and started to increase
 after this year except the year of 2003 indicating that financial crises
 affected the efficiency scores of the banks. During the time period 1998
 to 2004, six banks appeared to be technically efficient at least once. 
Journal: Applied Economics Letters 
Pages: 207-211 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706925 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706925&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carmen Garcia Prieto 
Author-X-Name-First: Carmen Garcia 
Author-X-Name-Last: Prieto 
Author-Name: Julio Lopez Diaz 
Author-X-Name-First: Julio Lopez 
Author-X-Name-Last: Diaz 
Title: How much do socio-economic conditions influence people's schooling duration? 
Abstract:
  A wide sample of countries has been used to contrast the effective
 influence on the population's schooling duration of some variables usually
 considered in theoretical models. But we have also found that
 socio-economic conditions have a special influence because they reduce the
 chance that people have to access the educational system. 
Journal: Applied Economics Letters 
Pages: 213-216 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600770939 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770939&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mary Silles 
Author-X-Name-First: Mary 
Author-X-Name-Last: Silles 
Title: Sheepskin effects in the returns to education 
Abstract:
  This article, using a data set for the United Kingdom, re-examines the
 sheepskin hypothesis at the secondary school level using test scores and
 public examinations for men and women who left school at the minimum
 school leaving age. Net of learning outcomes, there are no additional
 returns to the possession of formal credential at the secondary school
 level. The finding refutes the sheepskin effect hypothesis. 
Journal: Applied Economics Letters 
Pages: 217-219 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706099 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706099&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seonyoung Park 
Author-X-Name-First: Seonyoung 
Author-X-Name-Last: Park 
Author-Name: Donggyun Shin 
Author-X-Name-First: Donggyun 
Author-X-Name-Last: Shin 
Title: New evidence on the Korean wage curve 
Abstract:
  Our new empirical evidence suggests that wages are substantially flexible
 in South Korea. In particular, our longitudinal evidence on the wage curve
 follows the minus-point-one rule, set up by Blanchflower and Oswald (1994)
 and is consistent with evidence from other countries. 
Journal: Applied Economics Letters 
Pages: 221-224 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706321 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706321&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu-Lieh Huang 
Author-X-Name-First: Yu-Lieh 
Author-X-Name-Last: Huang 
Title: An alternative estimation algorithm for innovation regime-switching models 
Abstract:
  In this article, we derive an alternative estimation algorithm for the
 innovation regime-switching model, which avoids the potential divergence
 problem that may arise from the algorithm proposed by Kuan et al. (2005,
 JBES). Our simulation demonstrates that the proposed algorithm compares
 favourably with that of Kuan et al. (2005), in terms of both numerical
 accuracy and computing time. 
Journal: Applied Economics Letters 
Pages: 225-229 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706297 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706297&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Young Lee 
Author-X-Name-First: Young 
Author-X-Name-Last: Lee 
Author-Name: Omar Azfar 
Author-X-Name-First: Omar 
Author-X-Name-Last: Azfar 
Title: Corruption and trade regulations: an instrumental variable approach 
Abstract:
  We find that tariff rates decreased less rapidly in more corrupt
 countries in instrumental variables (IV) estimation, using mortality rates
 of European settlers at the time of colonization as IV. Our finding
 implies that tariff rates are endogenous to corruption. 
Journal: Applied Economics Letters 
Pages: 231-234 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706180 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706180&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jihn-Yih Lin 
Author-X-Name-First: Jihn-Yih 
Author-X-Name-Last: Lin 
Title: Are stock returns on the US used as an exogenous predictor to the Asian emerging equity markets 
Abstract:
  By using a block recursive vector autoregression model and two new
 out-of-sample tests, this study has found that the US stock returns have
 predictive ability for the four Asian emerging equity markets. The
 estimates from weekly data suggest that returns on S&P500 positively
 predict stock returns of Asian emerging markets up to three weeks. 
Journal: Applied Economics Letters 
Pages: 235-237 
Issue: 3 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600706289 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706289&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdulnasser Hatemi-J 
Author-X-Name-First: Abdulnasser 
Author-X-Name-Last: Hatemi-J 
Title: Forecasting properties of a new method to determine optimal lag order in stable and unstable VAR models 
Abstract:
  This simulation study investigates the forecasting performance of a new
 information criterion suggested by Hatemi-J (2003) to pick the optimal lag
 length in the stable and unstable vector autregression (VAR) models. The
 conducted Monte Carlo experiments reveal that this information criterion
 is successful in selecting the optimal lag order in the VAR model when the
 main aim is to draw ex-ante (forecasting) inference regardless if the VAR
 model is stable or not. In addition, the simulations indicate that this
 information criterion is robust to autoregressive conditional
 heteroskedasticity effects. 
Journal: Applied Economics Letters 
Pages: 239-243 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850500461613 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461613&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Georg Duernecker 
Author-X-Name-First: Georg 
Author-X-Name-Last: Duernecker 
Title: To begrudge or not to begrudge: consumption and leisure externalities revisited 
Abstract:
  This article employs a dynamic general equilibrium model to study the
 implications of a nonstandard preference structure for the short-run
 dynamics of the economy. Preferences in this model are assumed to contain
 comparison elements for consumption and leisure, i.e. agents care about
 how their own consumption and leisure compares to a certain reference
 stock that is determined by the economy's average level of consumption and
 leisure. This specification inevitably creates externalities. We then
 estimate the model and find that these externalities are both positive and
 statistically significant. 
Journal: Applied Economics Letters 
Pages: 245-252 
Issue: 4 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600592481 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592481&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saralees Nadarajah 
Author-X-Name-First: Saralees 
Author-X-Name-Last: Nadarajah 
Title: On the product of generalized Pareto random variables 
Abstract:
  The distribution of products of random variables arises explicitly in
 many areas of the sciences, engineering and medicine. This has increased
 the need to have available the widest possible range of statistical
 results on products of random variables. In this note, the distribution of
 the product XY is derived when X and Y are independent generalized Pareto
 random variables. Extensive tabulations of the associated percentage
 points are also given. 
Journal: Applied Economics Letters 
Pages: 253-259 
Issue: 4 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850500425378 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425378&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kjell Hausken 
Author-X-Name-First: Kjell 
Author-X-Name-Last: Hausken 
Author-Name: Andreas Ortmann 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Ortmann 
Title: A first experimental test of multilevel game theory: the PD case 
Abstract:
  The prisoner's dilemma (PD) is played by two players in each of two
 groups. The two groups compete for an external prize whose allocation is
 determined by the degree of within-group coordination. The experimental
 evidence supports the predictions of multilevel game theory well. 
Journal: Applied Economics Letters 
Pages: 261-264 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600592457 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592457&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John O'Connell 
Author-X-Name-First: John 
Author-X-Name-Last: O'Connell 
Title: Asymmetry and probit models: the case of labour unions 
Abstract:
  Binary choice models fail to capture the strength of one's preferences.
 An attempt is made to measure the context and environment which influence
 choice. Union elections provide some insight into the process because the
 electorate may vote either for or against a particular union. The roles
 that general sentiments as well as specific preferences play in an
 election can be examined. Negative sentiment dominates the positive and
 apathy in affecting the election outcome. In the case of union elections
 the administrative process does not appear to have an impact. 
Journal: Applied Economics Letters 
Pages: 265-269 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600567640 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600567640&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ismael Sanz 
Author-X-Name-First: Ismael 
Author-X-Name-Last: Sanz 
Author-Name: Ferran Martinez Coma 
Author-X-Name-First: Ferran Martinez 
Author-X-Name-Last: Coma 
Title: Skill and support to globalization in the EU 
Abstract:
  Are individuals' attitudes towards globalization consistent with the
 predictions of the Heckscher-Ohlin (HO) theory? Using newly available data
 from the Flash Eurobarometer 151b of the European Commission, we find that
 globalization preferences are significantly and robustly correlated with
 an individual's relative level of human capital, consistent with the HO
 theory. The impact of skill on globalization preferences is positive in
 skill-abundant EU countries and strongly negative in EU countries that are
 well-endowed with low-skill labour. This study is the first to find a
 robust and significant negative association between skill and support to
 globalization in low-skill-abundant countries. 
Journal: Applied Economics Letters 
Pages: 271-275 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600592416 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592416&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ilham Haouas 
Author-X-Name-First: Ilham 
Author-X-Name-Last: Haouas 
Author-Name: Mahmoud Yagoubib 
Author-X-Name-First: Mahmoud 
Author-X-Name-Last: Yagoubib 
Title: The effect of international trade on labour-demand elasticities: empirical evidence from Tunisia 
Abstract:
  This paper investigates the effects of trade liberalization on labour
 demand elasticities. The employment demand equation is estimated by using
 data for manufacturing industries in Tunisia covering the period from 1971
 to 1996. The empirical results suggest a weak support for the idea
 assuming that trade liberalization will lead to an increase in labour
 demand elasticities: in the vast majority of industries considered, we
 cannot reject the hypothesis of no relationship between trade openness and
 labour-demand elasticities. This weakness of labour demand elasticity in
 practice is perhaps explained by the tight labour market regulations in
 place during the 1987-1996. However, these results are robust to the type
 of labour considered (contract labour and permanent labour). This supports
 the conclusion that under liberalization labour markets have become more
 flexible, and that employers prefer recruiting contract workers. 
Journal: Applied Economics Letters 
Pages: 277-286 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850500390325 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500390325&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Massimiliano Mazzanti 
Author-X-Name-First: Massimiliano 
Author-X-Name-Last: Mazzanti 
Title: Is waste generation de-linking from economic growth? Empirical evidence for Europe 
Abstract:
  The article provides empirical evidence on the de-linking of waste
 generation from economic growth. The data used refer to the European
 countries. An investigation carried out into packaging and municipal waste
 indicators shows that any de-coupling which has eventually taken place has
 been of a relative nature. Estimated waste elasticities with respect to
 income highlight that a hypothetical turning point, that would eventually
 characterize a Kuznets curve for waste, is far from being reached. Europe
 thus appears to be lagging behind in the effort to invert the relationship
 between waste and income/consumption indicators. The lack of policy
 targets in reference to waste prevention at source, in addition to
 recovery/recycling goals, may be considered as a primary policy-related
 reason behind the absence of a stronger de-linking process for waste in
 Europe. The applied panel investigation, though informative since it
 refers to a homogenous regional area, reveals the need for further work,
 exploring de-linking processes that focus on specific materials and/or
 countries. 
Journal: Applied Economics Letters 
Pages: 287-291 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850500407640 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500407640&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chia-Chung Chan 
Author-X-Name-First: Chia-Chung 
Author-X-Name-Last: Chan 
Author-Name: Yung-Ho Chang 
Author-X-Name-First: Yung-Ho 
Author-X-Name-Last: Chang 
Title: Firm-specific stock return variation and capital structure decisions 
Abstract:
  We evaluate the association between the pace of the adjustment toward
 target capital structure and the extent to which equity prices reflect
 firm-specific information. The evidence indicates that firm-specific stock
 return variation explains significantly the pace of the adjustment toward
 target capital structure. We also show that the financing decisions of
 most Taiwanese firms support trade off theory. Only the samples of high
 (low) firm-specific stock return variation support pecking order (market
 timing) theory. Our findings suggest that firm-specific stock return
 variation provides considerable insight to capital structure decisions. In
 other words, corporate financing decisions cannot divorce from the
 efficiency of capital markets. 
Journal: Applied Economics Letters 
Pages: 293-299 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850500426244 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426244&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luca De Benedictis 
Author-X-Name-First: Luca 
Author-X-Name-Last: De Benedictis 
Author-Name: Marco Gallegati 
Author-X-Name-First: Marco 
Author-X-Name-Last: Gallegati 
Author-Name: Massimo Tamberi 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Tamberi 
Title: Semiparametric analysis of the specialization-income relationship 
Abstract:
  In this article we investigate the empirical relationship between overall
 specialization and per capita income. The metric we use to measure overall
 specialization is the median of the sectoral distribution of the Balassa
 Index of Revealed Comparative Advantages applied to four-digit (SITC
 rev.2) sectoral export manufactured data for 39 countries over the period
 1985 to 2001. Once we take into account countries' specificities using
 fixed effects GAM, the results of the semiparametric analysis indicate
 that sectoral diversification of manufactured exports increases
 monotonically with development, and thus the reconcentration observed at
 high levels of income in the recent literature may not be linked to
 trade-induced specialization. 
Journal: Applied Economics Letters 
Pages: 301-306 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850500428299 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500428299&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zeynel Abidin Ozdemir 
Author-X-Name-First: Zeynel Abidin 
Author-X-Name-Last: Ozdemir 
Title: The purchasing power parity hypothesis in Turkey: evidence from nonlinear STAR error correction models 
Abstract:
  This study re-examines the validity of long-run purchasing power parity
 (PPP) hypothesis for Turkey using nonlinear cointegration technique. The
 finding of this article provides the evidence that the long run PPP
 hypothesis is valid by using nonlinear cointegration technique. This
 finding argues the validity of the long-run PPP hypothesis in bilateral
 Turkish real exchange rates with the USA, which is also supported by Sarno
 (2000) and Erlat (2004). 
Journal: Applied Economics Letters 
Pages: 307-311 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850500447315 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447315&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vishal Jaunky 
Author-X-Name-First: Vishal 
Author-X-Name-Last: Jaunky 
Title: The real exchange rate and productivity differentials: a panel cointegration approach 
Abstract:
  Balassa (1964) and Samuelson (1964) have expressed the view that economic
 development is normally accompanied by a real exchange rate appreciation.
 The aim of the study is twofold: first, we investigate whether the
 Balassa-Samuelson (BS) hypothesis holds, and second we appraise the
 performance of the commonly used productivity differentials proxy. Results
 from the Prais and Winsten (1954), Im, Pesaran and Shin (2003) and
 McCoskey and Kao (2001) panel data techniques suggest that it is
 legitimate to consider the BS hypothesis at different stages of economic
 development. Additionally, the proxy works quite well. 
Journal: Applied Economics Letters 
Pages: 313-318 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850500461670 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461670&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cem Baslevent 
Author-X-Name-First: Cem 
Author-X-Name-Last: Baslevent 
Title: Equalizing and disequalizing income components: how to decide which is which 
Abstract:
  The purpose of this note is to clarify what is meant by the
 'proportionate contribution' of an income source to total inequality when
 the contributions of income sources are examined contemporaneously as
 opposed to simply measuring the impact of the addition (or exclusion) of
 an income source. It is shown that the proportionate contribution figures
 that come out of decomposition by factor components analyses need to be
 interpreted with caution. They may be misleading if one ignores the fact
 that those figures depend on the shares of the factors in total income.
 Another problem could be that the equalizing effect of a relatively more
 equally distributed factor is overlooked in the interest of treating the
 factors simultaneously. 
Journal: Applied Economics Letters 
Pages: 319-321 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600592549 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592549&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Show-Ling Jang 
Author-X-Name-First: Show-Ling 
Author-X-Name-Last: Jang 
Author-Name: Yen-Ting Tsai 
Author-X-Name-First: Yen-Ting 
Author-X-Name-Last: Tsai 
Author-Name: Jennifer Chen 
Author-X-Name-First: Jennifer 
Author-X-Name-Last: Chen 
Title: Persistent innovation: a cross-country study of output and diversity over time 
Abstract:
  This article analyses firms' dynamic behaviours of patent persistence and
 technology proximity in innovation activities for United States, Japan,
 South Korea and Taiwan during 1990-2003. We find that on average, the
 persistency of Japanese firms in sustaining their innovative activities is
 stronger than US firms, while South Korean firms are more tenacious than
 their Taiwanese counterparts. 
Journal: Applied Economics Letters 
Pages: 323-326 
Issue: 4 
Volume: 15 
Year: 2007 
X-DOI: 10.1080/13504850600592556 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592556&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jing Shi 
Author-X-Name-First: Jing 
Author-X-Name-Last: Shi 
Author-Name: Chris Bilson 
Author-X-Name-First: Chris 
Author-X-Name-Last: Bilson 
Author-Name: John Powell 
Author-X-Name-First: John 
Author-X-Name-Last: Powell 
Title: Valuation uncertainty risk compensation and IPO prospectus earnings forecasts 
Abstract:
  Younger, riskier, less credible firms do not voluntarily supply initial
 public offering prospectus earnings forecasts. Nondisclosure increases
 valuation uncertainty risk, thus necessitating higher first-day
 underpricing and long-run performance as compensation. 
Journal: Applied Economics Letters 
Pages: 331-335 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706107 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706107&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Senhui He 
Author-X-Name-First: Senhui 
Author-X-Name-Last: He 
Author-Name: Jeffrey Jordan 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Jordan 
Author-Name: Krishna Paudel 
Author-X-Name-First: Krishna 
Author-X-Name-Last: Paudel 
Title: Economic evaluation of bottled water consumption as an averting means: evidence from a hedonic price analysis 
Abstract:
  This study alerts researchers and policy makers to the importance of the
 price effect of bottle size in an economic evaluation of using bottled
 water as a means to avoid health risks from drinking home tap water. It
 derived a proxy for the economic value of smaller bottle size by analysing
 a hedonic price model. The results show that, by not accounting for the
 economic value of smaller bottle size, we can overstate consumer
 willingness-to-pay for safer drinking water by more than 100%. 
Journal: Applied Economics Letters 
Pages: 337-342 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706040 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706040&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Barry Reilly 
Author-X-Name-First: Barry 
Author-X-Name-Last: Reilly 
Author-Name: Michael Sumner 
Author-X-Name-First: Michael 
Author-X-Name-Last: Sumner 
Title: Demand for money in Sri Lanka, 1952-2002 
Abstract:
  The key issue in the analysis of demand for money in Sri Lanka is shown
 to be the specification of opportunity cost. A coherent definition yields
 stable long-run estimates of the demand function consistent with economic
 theory for all measures of money. 
Journal: Applied Economics Letters 
Pages: 343-347 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600705943 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705943&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matz Dahlberg 
Author-X-Name-First: Matz 
Author-X-Name-Last: Dahlberg 
Author-Name: Eva Mork 
Author-X-Name-First: Eva 
Author-X-Name-Last: Mork 
Author-Name: Per Tovmo 
Author-X-Name-First: Per 
Author-X-Name-Last: Tovmo 
Title: Power properties of the Sargan test in the presence of measurement errors in dynamic panels 
Abstract:
  This article investigates the power properties of the Sargan test in the
 presence of measurement errors in dynamic panel data models. The
 conclusion from Monte Carlo (MC) simulations and an application on the
 data used by Arellano and Bond (1991), is that in the very likely case of
 measurement errors in either the dependent or any of the independent
 variables, we will, if we rely on the Sargan test, quite likely accept a
 misspecified model and end up with biased results. 
Journal: Applied Economics Letters 
Pages: 349-353 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850500447414 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500447414&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jorg Dopke 
Author-X-Name-First: Jorg 
Author-X-Name-Last: Dopke 
Author-Name: Ulrich Fritsche 
Author-X-Name-First: Ulrich 
Author-X-Name-Last: Fritsche 
Title: Shocking! Do forecasters share a common belief? 
Abstract:
  We evaluate the interaction of inflation and growth forecast errors based
 on 17 distinct forecasts for the German economy for the period from 1970
 to 2004. The forecasts were produced by 14 institutions. Our findings show
 that, in general, the forecasters did not share a common belief about the
 shocks driving the economy at the time at which they made their forecasts.
 We use a standard textbook aggregate-demand/aggregate-supply curve to
 identify the nature of the shocks expected by the forecasters. This
 exercise reveals that the forecasters have very divergent expectations
 regarding the nature of the shocks predicted to hit the economy in the
 coming year. Moreover, the lion's share of forecast errors can be
 attributed to unexpected demand shocks. 
Journal: Applied Economics Letters 
Pages: 355-358 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600605978 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600605978&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jay Lillywhite 
Author-X-Name-First: Jay 
Author-X-Name-Last: Lillywhite 
Author-Name: Paul Preckel 
Author-X-Name-First: Paul 
Author-X-Name-Last: Preckel 
Author-Name: James Eales 
Author-X-Name-First: James 
Author-X-Name-Last: Eales 
Title: Maintaining parameter invariance in seemingly unrelated regressions estimation 
Abstract:
  Seemingly unrelated regressions (SUR) is an important estimation
 methodology in demand analysis. While possessing qualities that make it
 attractive to applied demand analysts, the SUR estimation technique poses
 several difficulties, including the lack of parameter invariance in some
 instances e.g. estimation of consumer demand systems with micro-level
 data. When data includes zero consumption, corrections used to account for
 censoring may result in different parameter estimates when different share
 equations are dropped for estimation. This article proposes an alternative
 estimation objective which results in invariant parameter estimates when
 imposing adding-up by dropping equations. 
Journal: Applied Economics Letters 
Pages: 405-409 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706156 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706156&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Junya Masuda 
Author-X-Name-First: Junya 
Author-X-Name-Last: Masuda 
Author-Name: Kazuhiro Ohtani 
Author-X-Name-First: Kazuhiro 
Author-X-Name-Last: Ohtani 
Title: Exact distribution and critical values of a unit root test when error terms are serially correlated 
Abstract:
  In this article we consider the unit root test based on the ordinary
 least squares (OLSs) estimator for a coefficient of a lagged dependent
 variable when the error terms are serially correlated. Using Imhof's
 (1961) method, we show how we numerically evaluate the exact distribution
 function of the unit root test when the error terms are serially
 correlated. Our numerical results show that when the error terms are
 serially correlated, the size distortion is not small even if the sample
 size is considerably large. Also, based on the distribution function, we
 evaluate numerically exact critical values when the sample size is small
 and moderate. 
Journal: Applied Economics Letters 
Pages: 359-362 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anastasios Koukoumelis 
Author-X-Name-First: Anastasios 
Author-X-Name-Last: Koukoumelis 
Title: On the measurement of convergence as an ongoing process 
Abstract:
  Time-varying parameter techniques are commonly used to examine whether
 convergence in income has been a stable process. This article incorporates
 additional local features to a model studying 14 EU countries, thereby
 providing better estimates of the current state of the system when the
 relative income series are highly nonlinear. 
Journal: Applied Economics Letters 
Pages: 363-365 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706222 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706222&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kosei Fukuda 
Author-X-Name-First: Kosei 
Author-X-Name-Last: Fukuda 
Title: The validity of trend-cycle decomposition using unobserved component model: Monte Carlo evidence 
Abstract:
  The validity of trend-cycle decomposition using the unobserved component
 model is examined via Monte Carlo simulations. It is shown that the nearer
 to the unit-root process the assumed cycle component and/or the larger the
 assumed innovation covariance, the more frequent the occurrence of the
 boundary estimate for the innovation covariance, that the nearer to the
 unit-root process the assumed cycle component in the case of applying the
 model with zero restriction on the innovation covariance, the more
 frequent the occurrence of a linear time trend in the trend estimation,
 and that a linear time trend cannot be obtained from the model without
 zero restriction. 
Journal: Applied Economics Letters 
Pages: 367-369 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706164 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706164&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Langnan Chen 
Author-X-Name-First: Langnan 
Author-X-Name-Last: Chen 
Author-Name: Xun Huang 
Author-X-Name-First: Xun 
Author-X-Name-Last: Huang 
Title: The effectiveness of joint intervention on the yen/US dollar exchange rate 
Abstract:
  This paper assesses the effectiveness and its duration of joint
 intervention on the yen/US dollar exchange rate by utilizing the
 intervention analysis model and employing the data for the period from 15
 August 1996 to 6 January 1999 that are released from Reuters. The results
 suggest that there should be no significant difference between the
 effectiveness of joint intervention and independent intervention. In
 addition, joint intervention has significant impact on the exchange rate,
 but only lasts for short periods of time. 
Journal: Applied Economics Letters 
Pages: 375-378 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600675484 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600675484&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Simon Fan 
Author-X-Name-First: C. Simon 
Author-X-Name-Last: Fan 
Author-Name: Yifan Hu 
Author-X-Name-First: Yifan 
Author-X-Name-Last: Hu 
Title: Imports of capital goods and enterprise performance: a firm-level analysis in China 
Abstract:
  Much recent research on openness and productivity has shifted attention
 away from regions and countries to firms. Most of those studies have
 focused on exports and productivity. However, empirical study on the
 relationship between imports and productivity with firm-level data is
 scarce. This note attempts to help fill this gap using firm-level data in
 China. Controlling firms' other characteristics, we find that firms with
 imports of capital goods have higher productivity. It implies that, in a
 developing country, firms utilizing foreign products, which embody foreign
 technologies, have better performance than those only using domestic
 technologies. 
Journal: Applied Economics Letters 
Pages: 391-394 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600690004 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600690004&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imre Ferto 
Author-X-Name-First: Imre 
Author-X-Name-Last: Ferto 
Title: Dynamics of intra-industry trade and adjustment costs. The case of Hungarian food industry 
Abstract:
  The structure of Hungary's food trade expansion over the transition
 period 1992 to 2002 and its implications for labour-market adjustment is
 examined. An econometric analysis of trade and employment data suggests
 that changes in domestic consumption and productivity have significant
 influence on employment changes. But our results do not provide support
 for the smooth-adjustment hypothesis of intra-industry trade. 
Journal: Applied Economics Letters 
Pages: 379-384 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600689949 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600689949&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Oxana Babetskaia-Kukharchuk 
Author-X-Name-First: Oxana 
Author-X-Name-Last: Babetskaia-Kukharchuk 
Author-Name: Ian Babetskii 
Author-X-Name-First: Ian 
Author-X-Name-Last: Babetskii 
Author-Name: Jiri Podpiera 
Author-X-Name-First: Jiri 
Author-X-Name-Last: Podpiera 
Title: Convergence in exchange rates: market's view on CE-4 joining EMU 
Abstract:
  We empirically analyse currency fluctuations in four central European
 states (CE-4) against the USD and Euro, employing daily data over 1
 January 1994 to 10 October 2005 and constructing a dynamic correlation
 coefficient based on the estimates of a bivariate generalized
 autoregressive conditional heteroscedasticity model. We find evidence of
 convergence in exchange rate volatilities between CE-4 currencies and the
 Euro. In other words, from the US market's point of view, currencies of
 the CE-4 region and the Euro tend to behave quite similarly. This degree
 of synchronicity is in line with the composition of currency baskets and
 the share of the Euro as a trade-invoicing currency in the CE-4 economies. 
Journal: Applied Economics Letters 
Pages: 385-390 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600705984 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600705984&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cho Joonmo 
Author-X-Name-First: Cho 
Author-X-Name-Last: Joonmo 
Author-Name: Cheon Byung You 
Author-X-Name-First: Cheon Byung 
Author-X-Name-Last: You 
Title: Exploring reasons why cross-section analysis underestimates the union premium in Korea 
Abstract:
  This study evaluates the cartel effects of Korean labour unions from the
 perspectives of job separation and loss of wage premium. Unlike the
 previous cross-sectional analysis showing that the wage premium of Korean
 labour unions is small, a high level of wage premium was observed in
 unionized companies. This was more prominent among long tenured union
 workers and among union workers in monopoly firms than it was amongst
 workers in other comparable groups. This demonstrates that those who work
 in unionized companies and enjoy a high level of employment security
 concentrate on building up firm-specific skills, and not on building-up
 alternative skills as preparation for potential job turnover. 
Journal: Applied Economics Letters 
Pages: 395-398 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706057 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706057&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. A. Pena Lopez 
Author-X-Name-First: J. A. Pena 
Author-X-Name-Last: Lopez 
Author-Name: J. M. Sanchez Santos 
Author-X-Name-First: J. M. Sanchez 
Author-X-Name-Last: Santos 
Title: Effects of competition on religious markets: some empirical evidence 
Abstract:
  The aim of this article is to assess, from an empirical point of view,
 the relative explanatory capacities of two hypotheses that address the
 link between economics and religion: the religious markets and the
 secularization hypothesis. First, we estimate a baseline model that takes
 into account both hypotheses jointly. Secondly, we study in a separate way
 the influence of socioeconomic development and market structure. Finally,
 we investigate the relationship between group size and religious
 commitment. Overall, the results suggest some supporting evidence for the
 predictions derived from the hypothesis of religious markets that
 emphasize the over-riding importance of the degree of competition as a
 determinant factor of religious behaviours. 
Journal: Applied Economics Letters 
Pages: 371-374 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706149 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706149&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shin-Jong Lin 
Author-X-Name-First: Shin-Jong 
Author-X-Name-Last: Lin 
Title: An analysis of lifestyles and health in Taiwan 
Abstract:
  This article investigates the relationship between lifestyles and health
 in Taiwan, and also examines the determinants of health outcomes. The
 analysis is based on data obtained from the 2001 National Health Interview
 Survey in Taiwan using ordered probit models. The results indicate that
 those who have healthier lifestyles tend to have better self-assessed
 health. In addition, gender, age, income, education and social support are
 also important factors affecting health outcomes. 
Journal: Applied Economics Letters 
Pages: 399-404 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706081 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706081&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. Balcombe 
Author-X-Name-First: K. 
Author-X-Name-Last: Balcombe 
Author-Name: A. Bailey 
Author-X-Name-First: A. 
Author-X-Name-Last: Bailey 
Author-Name: A. Chalak 
Author-X-Name-First: A. 
Author-X-Name-Last: Chalak 
Author-Name: I. Fraser 
Author-X-Name-First: I. 
Author-X-Name-Last: Fraser 
Title: Modifying willingness to pay estimates where respondents mis-report their preferences 
Abstract:
  The likelihood for the Logit model is modified, so as to take account of
 uncertainty associated with mis-reporting in stated preference experiments
 estimating willingness to pay (WTP). Monte Carlo results demonstrate the
 bias imparted to estimates where there is mis-reporting. The approach is
 applied to a data set examining consumer preferences for food produced
 employing a nonpesticide technology. Our modified approach leads to WTP
 that are substantially downwardly revised. 
Journal: Applied Economics Letters 
Pages: 327-330 
Issue: 5 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706123 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706123&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. Sephton 
Author-X-Name-First: P. 
Author-X-Name-Last: Sephton 
Title: Market shares and rivalry in the U.S. cigarette industry 
Abstract:
  In a recent article Gallet and List (2001) examined whether relative
 market shares in the U.S. cigarette market were mean-reverting using
 traditional univariate unit root tests and a test that allows for a
 breaking trend. Their results indicated most of the series were
 nonstationary, suggesting rivalry remained strong throughout most of the
 20th century, a result confirmed recently by Adhikari (2004) using a
 different methodology. The purpose of this note is to apply univariate and
 panel tests of stationarity to determine whether relative market shares
 can be assumed to be individually trend-stationary. If the relative shares
 are characterized by a unit root, the stationarity tests should confirm
 the results of the unit root tests. Additionally, panel unit root tests
 have been shown to have greater power than univariate tests. Results based
 on several different panel tests for stationarity and for unit roots, some
 of which allow for a structural break, are presented. These results
 suggest the U.S. cigarette industry was not as competitive as one might
 expect on the basis of univariate tests and the estimates reported by
 Adhikari (2004). 
Journal: Applied Economics Letters 
Pages: 417-422 
Issue: 6 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850500401643 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401643&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Macha Kemperman 
Author-X-Name-First: Macha 
Author-X-Name-Last: Kemperman 
Author-Name: Robert Lensink 
Author-X-Name-First: Robert 
Author-X-Name-Last: Lensink 
Title: State capture, income and institutional quality 
Abstract:
  This article argues that the impact of income on institutional quality
 depends on state capture, and that a rise in income contributes to
 institutional development only if the degree of state capture is low. 
Journal: Applied Economics Letters 
Pages: 423-426 
Issue: 6 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706172 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706172&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Goh Soo Khoon 
Author-X-Name-First: Goh Soo 
Author-X-Name-Last: Khoon 
Title: Consumption correlation and international capital market integration: evidence from Malaysia 
Abstract:
  By evaluating the Malaysian consumption patterns, this article measures
 capital mobility in Malaysia with three main trading countries, namely the
 United States, Japan and Singapore. The results indicate that Malaysia's
 national consumption was fully integrated with the United States over the
 period 1960-2000. Since the consumption models are based on a high degree
 of capital mobility, there is some evidence that this condition is met in
 the Malaysian data. This indicates that Malaysia exhibited a substantial
 amount of financial openness despite periodic exchange controls. 
Journal: Applied Economics Letters 
Pages: 489-494 
Issue: 6 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600675443 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600675443&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Author-Name: Gyaneshwar Rao 
Author-X-Name-First: Gyaneshwar 
Author-X-Name-Last: Rao 
Title: Are US gasoline price adjustments asymmetric? 
Abstract:
  We use the LSE-Hendry general to specific approach to analyse if US
 gasoline price adjustments are asymmetric with respect to changes in crude
 oil prices. Furthermore, we modify some weaknesses in the earlier works by
 Borenstein et al. (1997) and Bachmeier and Griffin (2003) and shows that
 if the price adjustment equations are properly specified and estimated,
 alternative specifications and temporal aggregation of data do not affect
 the results. Monthly US data are used to show that alternative
 specifications give equally good results and there is no asymmetry in the
 US gasoline price adjustments. 
Journal: Applied Economics Letters 
Pages: 443-447 
Issue: 6 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706412 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706412&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hiroshi Ono 
Author-X-Name-First: Hiroshi 
Author-X-Name-Last: Ono 
Title: Searching for nonlinear effects and fiscal sustainability in G-7 countries 
Abstract:
  This article investigates the possibility of nonlinearities and
 sustainability in the fiscal policy of G-7 countries. A large number of
 studies using unit root tests have been conducted on fiscal sustainability
 and the effects of nonlinearities. However, a majority of these have given
 scant attention to the combination of structural change and the effect of
 the threshold. We improve Sollis's (2004) test and investigate nonlinear
 effects and fiscal sustainability. Empirical evidence supports the fact
 that G-7 countries excluding Japan have nonlinear effects and fiscal
 sustainability. 
Journal: Applied Economics Letters 
Pages: 457-460 
Issue: 6 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706248 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706248&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Real GDP growth rates across countries: long memory and mean shifts 
Abstract:
  This article deals with the analysis of the long memory property in the
 growth rates of the real GDP series across various countries, allowing for
 a mean break at an unknown period of time. We use a procedure suggested by
 Hsu and Kuan (1998, 2000) and the results show that the mean break takes
 place at 1933 for the UK, at 1944 for the US and at 1946 for Germany and
 Japan. The order of integration seems to be around zero for Germany and
 Japan; it is slightly positive for the UK, and negative for the US. Thus,
 we only obtain some evidence of mean reversion in the real GDP series for
 the case of the US. 
Journal: Applied Economics Letters 
Pages: 449-455 
Issue: 6 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850500401460 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500401460&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Ferris 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Ferris 
Author-Name: Smart Saensuk 
Author-X-Name-First: Smart 
Author-X-Name-Last: Saensuk 
Title: The corporate effects of equity block creation and elimination 
Abstract:
  This study examines how changes in block ownership effects firm value and
 performance for a sample of US firms over the period 1993-2001. We find
 that the creation of a new block has a significant impact on shareholder
 wealth while block elimination does not. The wealth effect is most
 pronounced when the new block-holder is a corporation. We also determine
 that announcement period returns are larger when purchasers are classified
 as permanent rather than temporary block-holders. We find that the
 creation of a permanent block-holder improves industry-adjusted operating
 performance more than that of a temporary block-holder. Block elimination,
 however, does not impact the firm's subsequent operating performance. Our
 analysis of the sequencing of changes in the number of block-holders shows
 that firm value increases only when a block purchase produces an initial
 block-holder. We find that the superior long-term market performance of
 firms with new block-holders is due to the presence of permanent
 block-holders. 
Journal: Applied Economics Letters 
Pages: 431-436 
Issue: 6 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706362 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706362&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mayssun El-Attar 
Author-X-Name-First: Mayssun 
Author-X-Name-Last: El-Attar 
Author-Name: Enrique Lopez-Bazo 
Author-X-Name-First: Enrique 
Author-X-Name-Last: Lopez-Bazo 
Title: Firm size and the entire distribution of wages: a semiparametric approach 
Abstract:
  In this article we argue that parametric regression analysis might well
 provide only partial evidence on the firm size-wage effect and propose a
 methodology that focuses on the entire distribution of wages. Results for
 a sample of Spanish workers show that the size premium is almost
 completely concentrated in the middle of the distribution. 
Journal: Applied Economics Letters 
Pages: 427-430 
Issue: 6 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706230 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706230&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Newton Da Costa 
Author-X-Name-First: Newton 
Author-X-Name-Last: Da Costa 
Author-Name: Carlos Mineto 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Mineto 
Author-Name: Sergio Da Silva 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Da Silva 
Title: Disposition effect and gender 
Abstract:
  Investors seem to hold on to their losing stocks to a greater extent than
 they hold on to their winning stocks. This well-documented behavioural
 regularity is termed disposition effect (Shefrin and Statman, 1985). We
 set an experiment to replicate results from a previous study of the
 disposition effect (Weber and Camerer, 1998) and further show that a
 subject's gender may interfere with the effect's detection. 
Journal: Applied Economics Letters 
Pages: 411-416 
Issue: 6 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706560 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706560&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christiana Hilmer 
Author-X-Name-First: Christiana 
Author-X-Name-Last: Hilmer 
Author-Name: Michael Hilmer 
Author-X-Name-First: Michael 
Author-X-Name-Last: Hilmer 
Title: How does a 48-hour test-taking window affect performance? Results from a testing centre 
Abstract:
  This note examines the effect that different self-selected test-taking
 strategies have on a student's performance in an introductory economics
 course. Due to the policies of a centralized testing centre, students are
 allowed to choose when in a 48-hour period they take each exam as well as
 how long they work on the exam. The results suggest that the relationship
 between completion time and exam score follows an inverted U-shape while
 the relationship between relative order and exam score follows a U-shape.
 In other words, students who turn in their exams in a relatively short or
 a relatively long time tend to perform worse while students who choose to
 take their exams relatively early or relatively late tend to perform
 better. 
Journal: Applied Economics Letters 
Pages: 495-498 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706495 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706495&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Warr 
Author-X-Name-First: Peter 
Author-X-Name-Last: Warr 
Title: The transmission of import prices to domestic prices: an application to Indonesia 
Abstract:
  The manner in which the landed price of imports affects domestic prices
 is central to trade policy analysis. This study clarifies the relationship
 between two methods of modelling this relationship. These are the
 pass-through elasticity and the 'Armington' elasticity of substitution in
 demand between imported and domestically produced goods. The latter
 treatment is commonly used within applied general equilibrium models. The
 properties of the models are sensitive to the assumed values of these
 elasticities, but empirical estimates of Armington elasticities are rare.
 The theoretical relationship between the pass-through elasticity and the
 Armington elasticity is derived from a simple supply and demand model
 which incorporates Armingtion assumptions. The relationship is then
 illustrated empirically in the context of rice imports into Indonesia.
 Even though imported and domestically produced rice are considered
 relatively close substitutes in demand within Indonesia, time series
 econometric estimates of the pass-through elasticity imply Armington
 elasticities no greater than about 5. The Armington elasticities implied
 by the estimates of the pass-through elasticity presented here are well
 within the range of parameter estimates normally assumed within applied
 general equilibrium models. 
Journal: Applied Economics Letters 
Pages: 499-503 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850500425410 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500425410&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiaohui Liu 
Author-X-Name-First: Xiaohui 
Author-X-Name-Last: Liu 
Author-Name: Peter Sinclair 
Author-X-Name-First: Peter 
Author-X-Name-Last: Sinclair 
Title: Does the linkage between stock market performance and economic growth vary across Greater China? 
Abstract:
  Despite the phenomenal development in stock markets in China, there is
 little research on the linkage between stock prices and economic growth in
 Greater China: mainland China, Hong Kong and Taiwan. This article
 represents a step towards systematically investigating the relationship
 between stock market performance and economic growth in Greater China by
 conducting causality tests within the VECM framework. We find one-way
 causality running from growth to stock prices in the long run and also
 running from stock prices to economic growth in the short run. These
 findings suggest that economic fundamentals are the main determinants of
 movements in stock prices in the long run and stock markets act as a
 leading economic indictor of future economic growth in Greater China in
 the short run. 
Journal: Applied Economics Letters 
Pages: 505-508 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850500426277 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426277&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitrios Vougas 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Vougas 
Title: Power comparison of invariant unit root tests 
Abstract:
  In the context of a model with linear trend plus AR(1) error, this paper
 studies power of various unit root tests, under proper stationarity
 alternatives. A large number of invariant tests is examined to compare
 their power properties. 
Journal: Applied Economics Letters 
Pages: 509-512 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706628 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706628&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Florian Bardong 
Author-X-Name-First: Florian 
Author-X-Name-Last: Bardong 
Author-Name: Thorsten Lehnert 
Author-X-Name-First: Thorsten 
Author-X-Name-Last: Lehnert 
Title: TIPS and inflation expectations 
Abstract:
  Previous research suggests that the market for index-linked bonds is not
 entirely efficient and that these inefficiencies can be exploited by
 including inflation forecasts in trades on break-even inflation. Inspired
 by those results, we test the informational content of inflation
 expectations using survey data generated by the Survey of Professional
 Forecasters. We develop trading strategies speculating on the movement of
 break-even inflation. The results indicate that the market for US
 inflation-indexed government bonds offers the possibility to obtain excess
 returns. These results are fairly consistent regardless of market
 frictions introduced in the return calculation. 
Journal: Applied Economics Letters 
Pages: 513-517 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706933 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706933&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takeshi Hoshikawa 
Author-X-Name-First: Takeshi 
Author-X-Name-Last: Hoshikawa 
Title: The causal relationships between foreign exchange intervention and exchange rate 
Abstract:
  This article examines the causal relationships between foreign exchange
 intervention and exchange rate. We find evidence of instantaneous causal
 relationships in mean and variance and feedback causal relationships in
 mean. It suggests that the expectation for exchange rate and volatility is
 influenced by information on foreign exchange intervention. 
Journal: Applied Economics Letters 
Pages: 519-522 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600721890 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721890&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoo Yoo 
Author-X-Name-First: Seung-Hoo 
Author-X-Name-Last: Yoo 
Title: High-technology exports and economic output: an empirical investigation 
Abstract:
  This article explores the impacts of high-technology exports on economic
 output using a cross-country analysis based on data from 91 countries over
 the period 1988 to 2000. The results show that high-technology exports
 significantly contribute to economic output. 
Journal: Applied Economics Letters 
Pages: 523-525 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600721882 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721882&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sumon Kumar Bhaumik 
Author-X-Name-First: Sumon Kumar 
Author-X-Name-Last: Bhaumik 
Title: Interaction between formal and informal sector credit: new evidence from India 
Abstract:
  Using a new pan-Indian data set, we examine the factors that potentially
 influence joint access to formal and informal credit markets. Our results
 are consistent with the literature and bring some new factors influencing
 access to credit to the fore. 
Journal: Applied Economics Letters 
Pages: 527-531 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706636 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706636&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuan-Hung Hsu Ku 
Author-X-Name-First: Yuan-Hung 
Author-X-Name-Last: Hsu Ku 
Author-Name: Jai Jen Wang 
Author-X-Name-First: Jai Jen 
Author-X-Name-Last: Wang 
Title: Estimating portfolio value-at-risk via dynamic conditional correlation MGARCH model - an empirical study on foreign exchange rates 
Abstract:
  This study compares efficiencies of five Generalised Autoregressive
 Conditional Heteroskedasticity (GARCH) models in terms of value at risk
 (VaR) backtesting on the number of prediction failures and the average
 deviation between VaR and realized return series. Unlike the previous
 literature which presumes constant correlation coefficients, a new model
 proposed by Engle (2002, the DCC model) is applied to highlight
 time-varying conditional correlations amongst positions, which is
 essential for portfolio risk management. From the empirical studies of
 exchange rates data including the US Dollar to British Pound, Japanese Yen
 and Euro Dollar, we find that the DCC model produces least prediction
 failures. 
Journal: Applied Economics Letters 
Pages: 533-538 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706958 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706958&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlo Altavilla 
Author-X-Name-First: Carlo 
Author-X-Name-Last: Altavilla 
Title: The (UN-) stable relationship between the exchange rate and its fundamentals 
Abstract:
  This study investigates the relationship between the euro--dollar
 exchange rate and its underlying fundamentals by adopting nonlinear time
 series modelling. We found that this relationship is episodically
 unstable. We also found that an equilibrium-distorting shock is likely to
 have a greater effect on the exchange rate during periods when the
 deviation between exchange rate and fundamentals is large; as a
 consequence, when the exchange rate is close to its equilibrium value it
 tends to be less sensitive to any shocks in the fundamentals. 
Journal: Applied Economics Letters 
Pages: 539-544 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706610 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706610&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yi-Hsien Wang 
Author-X-Name-First: Yi-Hsien 
Author-X-Name-Last: Wang 
Author-Name: Chin-Tsai Lin 
Author-X-Name-First: Chin-Tsai 
Author-X-Name-Last: Lin 
Title: Empirical analysis of political uncertainty on TAIEX stock market 
Abstract:
  This article examines the relationship of between political activity and
 TAIEX stock market behaviour by the asymmetric GARCH. The results found
 that the congressional effect is negative on stock returns but volatility
 is not significant. The congressional effect on stock market returns
 following financial reform significantly dropped before financial reform,
 and significantly exceed for the volatility in the same circumstances.
 These results provide evidences that investors would hold a conservative
 position during the congressional sessions. 
Journal: Applied Economics Letters 
Pages: 545-550 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600592507 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600592507&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chien-Chiang Lee 
Author-X-Name-First: Chien-Chiang 
Author-X-Name-Last: Lee 
Author-Name: Chun-Ping Chang 
Author-X-Name-First: Chun-Ping 
Author-X-Name-Last: Chang 
Author-Name: Pei-Fen Chen 
Author-X-Name-First: Pei-Fen 
Author-X-Name-Last: Chen 
Title: Do CO2 emission levels converge among 21 OECD countries? New evidence from unit root structural break tests 
Abstract:
  This study empirically re-investigated whether carbon dioxide (CO2)
 emissions series were stationary in 21 OECD countries during the 1960-2000
 period. A suite of test statistics were employed, proposed by Sen (2003),
 with a model that simultaneously allows for a break within the context of
 Perron's (1989) mixed intercept and slope (Model C). The distinction
 between this study and previous ones lies in its control for breaks.
 Compared with the results from traditional unit root tests, the empirical
 findings provide further evidence that relative per capita CO2 emissions
 were stationary and were stochastically converging. In addition,
 structural breaks are identified in each country, and some important
 policy implications emerge from the results. 
Journal: Applied Economics Letters 
Pages: 551-556 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850500426236 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500426236&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Harald Badinger 
Author-X-Name-First: Harald 
Author-X-Name-Last: Badinger 
Title: Technology- and investment-led growth effects of economic integration: a panel cointegration analysis for the EU-15 (1960-2000) 
Abstract:
  Using a panel cointegration approach we test for technology- and
 investment-led growth effects of economic integration for the EU-15 Member
 States over the period 1960 to 2000. Integration is measured by an index
 that is mainly based on tariff reductions and accounts for both
 GATT-liberalization and European integration. We find that integration has
 induced sizeable level effects on GDP per capita of some 44%, with both
 technology-led and investment-led effects playing an important role. While
 integration-induced efficiency increases materialize within a few years,
 integration-induced effects on the equilibrium stock of capital require a
 long time to work themselves out. 
Journal: Applied Economics Letters 
Pages: 557-561 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600711669 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600711669&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Augustin Kwasi Fosu 
Author-X-Name-First: Augustin Kwasi 
Author-X-Name-Last: Fosu 
Title: Inequality and the growth-poverty nexus: specification empirics using African data 
Abstract:
  Applying analysis-of-covariance to 1990s African data, the study finds
 the impact of growth as a decreasing function of inequality and a
 poverty-growth elasticity range of 0.02-0.68 across the sample of
 countries. 
Journal: Applied Economics Letters 
Pages: 563-566 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706669 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706669&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bing Zhang 
Author-X-Name-First: Bing 
Author-X-Name-Last: Zhang 
Author-Name: Li Xindan 
Author-X-Name-First: Li 
Author-X-Name-Last: Xindan 
Title: A variance ratio test of the behaviour of Chinese stock indices 
Abstract:
  This study utilizes tests based on ranks and signs suggested by Wright
 (2000) together with the traditional variance ratio test to examine the
 behaviour of some Chinese stock indices. The results have shown that the
 null hypothesis of martingale difference behaviour of the Chinese index
 returns series examined is rejected for the whole samples. However, when
 the heteroskedastic stochastic disturbance term is used, the finding
 supports the random walk hypothesis for B shares by end of 1996, the
 Chinese stock market has become more efficient. 
Journal: Applied Economics Letters 
Pages: 567-571 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706941 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706941&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Ferruz Agudo 
Author-X-Name-First: Luis Ferruz 
Author-X-Name-Last: Agudo 
Author-Name: J. L. Sarto 
Author-X-Name-First: J. L. 
Author-X-Name-Last: Sarto 
Author-Name: L. Vicente 
Author-X-Name-First: L. 
Author-X-Name-Last: Vicente 
Title: Herding behaviour in Spanish equity funds 
Abstract:
  We analyse the herding phenomenon in the management style of Spanish
 equity funds. Using the methodology of Lakonishok et al. (1992) and
 Sharpe's style analysis (1992), we find interesting conclusions in the
 investment behaviour of fund managers, a barely-explored aspect,
 especially in the Spanish market. 
Journal: Applied Economics Letters 
Pages: 573-576 
Issue: 7 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706974 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706974&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gabe de Bondt 
Author-X-Name-First: Gabe 
Author-X-Name-Last: de Bondt 
Author-Name: Marie Diron 
Author-X-Name-First: Marie 
Author-X-Name-Last: Diron 
Title: Investment, financing constraints and profit expectations: new macro evidence 
Abstract:
  Regression results show that the external financing costs, the financing
 gap and profit expectations significantly matter for US and euro area
 aggregate (nonconstruction) investment. This finding supports the view
 that external and internal financing constraints hamper investment also at
 the macro level. 
Journal: Applied Economics Letters 
Pages: 577-581 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600722088 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722088&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Li-Hsueh Chen 
Author-X-Name-First: Li-Hsueh 
Author-X-Name-Last: Chen 
Author-Name: Neil Garston 
Author-X-Name-First: Neil 
Author-X-Name-Last: Garston 
Title: Impact of the introduction of index-linked bonds on a nonindexed bond 
Abstract:
  In 1982 the British government began to issue bonds indexed to the
 inflation rate. This article investigates the impact of the introduction
 of this asset on the market for a nonindexed security. The impact is
 estimated in the context of a model derived from the literature on
 interest rate determination and, implicitly, from the consumption
 technology model. As expected, the introduction of the new asset is found
 to reduce the price of a pre-existing nonindexed asset, as the
 introduction of a substitute good should do. Further, changes in the
 prices of indexed bonds are positively related to the price of the
 nonindexed security. 
Journal: Applied Economics Letters 
Pages: 583-586 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600722013 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722013&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Title: Cigarette smuggling: price vs.nonprice incentives 
Abstract:
  This article uses recent US state level data to estimate the demand for
 cigarettes. The main contribution of this work is that, unlike previous
 studies, it takes into account both price and nonprice incentives behind
 the smuggling of cigarettes. The results show the demand for cigarettes to
 be elastic and greater than that found in the previous literature. The
 effects of greater literacy and income on smoking are insignificant. Also,
 the magnitude of own price elasticity seems affected by whether a
 correction is made for border prices. Comparing the price and nonprice
 influences on cigarette smuggling, it seems that price inducements remain
 the main force behind smuggling. Policy implications are discussed. 
Journal: Applied Economics Letters 
Pages: 587-592 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600721981 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721981&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Svetlana Poukliakova 
Author-X-Name-First: Svetlana 
Author-X-Name-Last: Poukliakova 
Title: Bayesian estimates of FDI flows: the governance problem 
Abstract:
  This study uses Bayesian methods to estimate the impact of various
 governance measures on cross-country Foreign Direct Investment (FDI)
 flows. The governance measures are highly correlated such that estimation
 by standard methods does not provide reliable estimates of their
 individual impact. The results suggest that FDI inflows are influenced by
 a country's governance structure. 
Journal: Applied Economics Letters 
Pages: 593-596 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600722005 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722005&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Santin 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Santin 
Title: On the approximation of production functions: a comparison of artificial neural networks frontiers and efficiency techniques 
Abstract:
  The aim of this article is to show how Artificial Neural Networks (ANN)
 is a valid semi-parametric alternative for fitting empirical production
 functions and measuring technical efficiency. To do this a Monte-Carlo
 experiment is carried out on a simulated smooth production technology for
 assessing efficiency results of ANN compared with Data Envelopment
 Analysis (DEA) and Stochastic Frontier Analysis (SFA). As ANNs provides
 average production function estimations this article proposes a so-called
 thick frontier strategy for transform average estimations into a
 productive frontier. Main advantages of ANN are in contexts where the
 production function is smooth, completely unknown, contains nonlinear
 relationships among variables and the quantity of noise and efficiency in
 data is moderate. Under this scenario, the results display that an ANNs
 algorithm can detect, better than traditional tools, the underlying shape
 of the production function from observed data. 
Journal: Applied Economics Letters 
Pages: 597-600 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600721973 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721973&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sumon Kumar Bhaumik 
Author-X-Name-First: Sumon Kumar 
Author-X-Name-Last: Bhaumik 
Author-Name: Manisha Chakrabarty 
Author-X-Name-First: Manisha 
Author-X-Name-Last: Chakrabarty 
Title: Does move to market have an impact on earnings gap across gender? Some evidence from India 
Abstract:
  We use Indian National Sample Survey employment-unemployment data for the
 urban sector for the years 1987 and 1999. Our results indicate that the
 gender wage gap had narrowed considerably between these two years, for all
 earnings deciles and for all education cohorts. The narrowing of the
 earnings gap can be attributed largely to a sharp increase in the returns
 to the labour market experience of women. 
Journal: Applied Economics Letters 
Pages: 601-605 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706651 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706651&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saibal Ghosh 
Author-X-Name-First: Saibal 
Author-X-Name-Last: Ghosh 
Title: Leverage, foreign borrowing and corporate performance: firm-level evidence for India 
Abstract:
  This article examines the association between corporate leverage and
 profitability. Using firm-level data on manufacturing sector in India for
 1995-2004, the findings indicate that corporate profitability and cash
 flows declines as leverage rises. More importantly, the marginal effect of
 an increase in leverage on earnings is larger for firms that participate
 in international debt markets than other firms. The results are robust
 after controlling for the economic environment and various firm-specific
 controls. 
Journal: Applied Economics Letters 
Pages: 607-616 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600722047 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722047&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ioannis Kaskarelis 
Author-X-Name-First: Ioannis 
Author-X-Name-Last: Kaskarelis 
Title: The determinants of investment in Greek manufacturing: a reply 
Abstract:
Journal: Applied Economics Letters 
Pages: 617-617 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850802128837 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802128837&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdulnasser Hatemi-J 
Author-X-Name-First: Abdulnasser 
Author-X-Name-Last: Hatemi-J 
Author-Name: Manuchehr Irandoust 
Author-X-Name-First: Manuchehr 
Author-X-Name-Last: Irandoust 
Title: The Fisher effect: a Kalman filter approach to detecting structural change 
Abstract:
  This article uses quarterly data on short-run nominal interest rates and
 inflation rates over the last four or three decades collected from
 Australia, Japan, Malaysia and Singapore to test whether the Fisher
 relation has empirical support. Since meaningful Fisher effect tests
 critically depend on the integration and cointegration properties of the
 variables, we present some empirical evidence on these issues and we also
 apply the Kalman filter to estimate the time-varying parameters. The
 results show that the data are generally rejecting a full Fisher effect.
 This implies that nominal interest rates do not respond point-for-point to
 changes in the expected inflation rates. The possible reasons for the
 inability to detect a full Fisher effect are also discussed. 
Journal: Applied Economics Letters 
Pages: 619-624 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600721924 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721924&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ash Morgan 
Author-X-Name-First: Ash 
Author-X-Name-Last: Morgan 
Title: Loss aversion and a kinked demand curve: evidence from contingent behaviour analysis of seafood consumers 
Abstract:
  Several laboratory experiments and market-based research in the fields of
 psychology, economics and marketing have provided increasing evidence of
 individuals exhibiting loss aversion tendencies, with decision-making
 based on a pre-existing reference point. This creates an S-shaped value
 function and associated kink in the demand curve. This research provides
 contingent behaviour analysis of 1790 seafood consumers across the
 Mid-Atlantic region. A survey is specifically designed to elicit
 respondents' change in consumption from their reference point when faced
 with price variations in the seafood market. Results from a Tobit model
 with random effects provide empirical support of consumers behaving in a
 manner consistent with loss aversion theory, revealing a kinked demand
 curve for seafood meals at the respondents' reference point. 
Journal: Applied Economics Letters 
Pages: 625-628 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600721940 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721940&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dillon Alleyne 
Author-X-Name-First: Dillon 
Author-X-Name-Last: Alleyne 
Author-Name: Claremont Kirton 
Author-X-Name-First: Claremont 
Author-X-Name-Last: Kirton 
Author-Name: Georgia McLeod 
Author-X-Name-First: Georgia 
Author-X-Name-Last: McLeod 
Author-Name: Mark Figueroa 
Author-X-Name-First: Mark 
Author-X-Name-Last: Figueroa 
Title: Short-run macroeconomic determinants of remittances to Jamaica: a time varying parameter approach 
Abstract:
  This article uses a time varying parameter model (TVP) to examine the
 macroeconomic determinants of cash remittances to Jamaica over the period
 January 1983 to April 2001. We anticipated a positive relationship between
 changes in remittances and foreign income. We find an investment component
 in the relationship between changes in remittances and domestic income. In
 addition, the relationship between changes in remittances, the unofficial
 exchange rate premium and the exchange rate differential are in line with
 our expectations. In terms of the policy dimension of the results, it is
 clear that domestic policy has a significant impact on the responses of
 remitters. These responses do not merely reflect altruistic concerns for
 relatives but also investment related considerations. This means that
 policy makers might be able, through deliberate policy, to influence the
 flow of remittances over time. 
Journal: Applied Economics Letters 
Pages: 629-634 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600721965 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721965&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bing Zhang 
Author-X-Name-First: Bing 
Author-X-Name-Last: Zhang 
Title: Duration dependence test for rational bubbles in Chinese stock market 
Abstract:
  This article applies duration dependence tests to analyse the rational
 speculative bubbles in Chinese stock market. The results show that the
 probability of ending a run of positive excess returns decreases with the
 length of the run. Together with the evidence of autocorrelation and
 leptokurtosis, we confirm the existences of speculative bubbles. This can
 be explained by Chinese stock market's institutional characteristics. 
Journal: Applied Economics Letters 
Pages: 635-639 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600706966 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600706966&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tao Zhang 
Author-X-Name-First: Tao 
Author-X-Name-Last: Zhang 
Title: Environmental performance in China's agricultural sector: a case study in corn production 
Abstract:
  This article reviews environmental performance in China's corn
 production. It proposes that the improvement in environmental and
 technical efficiency of agricultural production is indispensable for the
 increased demand for green food and the increasing awareness of
 environmental protection. This article measures the environmental and
 technical efficiency of China's corn production. According to the result
 of estimate, the improvement of environmental performance in China's corn
 production is feasible, but it may encounter some difficulties with
 respect to the fragment of farming land blocks. 
Journal: Applied Economics Letters 
Pages: 641-645 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600721874 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721874&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ming-Miin Yu 
Author-X-Name-First: Ming-Miin 
Author-X-Name-Last: Yu 
Title: Measuring the efficiency and return to scale status of multi-mode bus transit - evidence from Taiwan's bus system 
Abstract:
  In this article not only the multi-activity DEA model is applied to
 determine the efficiency of individual services within different but
 highly homogeneous multi-mode transit firms, but the relationship between
 size and local returns to scale status of each transit service is also
 investigated. The empirical findings indicate that it does not necessarily
 imply that the transit firm will be as efficient as a single-activity
 model when the multi-activity model is estimated, and there are different
 optimal scale sizes for highway bus and urban bus service in the Taipei
 metropolitan area. 
Journal: Applied Economics Letters 
Pages: 647-653 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600721858 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721858&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: V. G. R. Chandran 
Author-X-Name-First: V. G. R. 
Author-X-Name-Last: Chandran 
Author-Name: Veera Pandiyan 
Author-X-Name-First: Veera 
Author-X-Name-Last: Pandiyan 
Title: Technical efficiency and technological change in Malaysian service industries 
Abstract:
  This article examines the total factor productivity (TFP) growth by
 decomposing it into technical efficiency and technological change for the
 20 service industries in a developing country - Malaysia from 1987 to
 1992. On average, the TFP growth of the service industries experienced
 positive TFP growth of 1.8%. The contributing factors for TFP growth was
 technical efficiency while technological regress was found to dampen the
 TFP progress. 
Journal: Applied Economics Letters 
Pages: 655-657 
Issue: 8 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600721932 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600721932&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ken Yamada 
Author-X-Name-First: Ken 
Author-X-Name-Last: Yamada 
Title: Estimating labour supply and time allocation by married Japanese men and unmarried Japanese women 
Abstract:
  In this article, I estimate the uncompensated and compensated wage
 elasticities and the income elasticity of time, for married men and
 unmarried women in Japan. For the purpose of the estimation, I control for
 the potential endogeneity of the wage and income variables. 
Journal: Applied Economics Letters 
Pages: 659-666 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749016 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749016&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: More uncertainty: on the trending nature of real GDP in the US and UK 
Abstract:
  While there is disagreement concerning the integrated nature of US Gross
 domestic product (GDP) over the long-run, there is a consensus that it is
 best characterized as I(1) over the post-World War II period. In this
 article the existing literature is extended via the use of an exponential
 smooth transition autoregressive (ESTAR)-based unit root test. It is shown
 that in contrast to the conventionally applied ADF test and the more
 powerful GLS-based ADF test, introduction of an alternative hypothesis of
 ESTAR adjustment results in the overwhelming rejection of the presence of
 a unit root. Similar results are presented for UK GDP over the same
 period. 
Journal: Applied Economics Letters 
Pages: 667-670 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600722039 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722039&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Harald Badinger 
Author-X-Name-First: Harald 
Author-X-Name-Last: Badinger 
Title: Cross-country evidence on the productivity effects of trade: the role of competition and country size 
Abstract:
  Using aggregate manufacturing data and a cross-section of 40 countries,
 we estimate the effects of trade, competition and country size on
 productivity. Endogeneity of trade and competition is accounted for using
 instruments that are based on entry barriers and geographical
 characteristics of the countries. We establish several empirical
 regularities: (i) Both trade and competition are statistically and
 economically significant determinants of productivity. (ii) The
 pro-competitive effect of trade accounts for a quarter of trade's total
 productivity effects. (iii) Country size appears to play no role, once
 trade and competition are controlled for. (iv) There is no evidence for a
 nonlinear relation between competition and productivity or for the
 hypothesis that larger countries gain less from trade. 
Journal: Applied Economics Letters 
Pages: 671-675 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600722112 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722112&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Bahmani-Oskooee 
Author-X-Name-First: M. 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: A. Gelan 
Author-X-Name-First: A. 
Author-X-Name-Last: Gelan 
Title: Kuznets inverted-U hypothesis revisited: a time-series approach using US data 
Abstract:
  Kuznets' inverted-U hypothesis implies that economic growth worsens
 income inequality first and improves it later at a higher stage of
 economic development. In addition to economic growth, other factors such
 as population growth, resource endowment, price instability, openness,
 currency devaluation, etc. have been identified as determinants of income
 inequality. Previous research used cross-sectional data to test not only
 the Kuznets' hypothesis, but also empirical validity of other factors and
 provided mixed conclusions. In this article we use time-series data from
 the US and recent advances in time-series modelling to show that economic
 growth worsens income inequality in the short-run and improves it in the
 long-run. 
Journal: Applied Economics Letters 
Pages: 677-681 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749040 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749040&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pilar Olave 
Author-X-Name-First: Pilar 
Author-X-Name-Last: Olave 
Author-Name: Eva Maria Andres 
Author-X-Name-First: Eva Maria 
Author-X-Name-Last: Andres 
Author-Name: Jose Tomas Alcala 
Author-X-Name-First: Jose Tomas 
Author-X-Name-Last: Alcala 
Title: Studying the relationship between unemployment periods in Spain: a nonparametric approach 
Abstract:
  The effect of successive periods of unemployment according to household
 type has not been analysed in any depth with respect to the Spanish labour
 market. In this article, we propose a nonparametric methodology based on a
 data-driven likelihood ratio function to describe the dependence between
 the duration of successive periods of unemployment according to different
 household typologies. This study, which uses a very large data set,
 specifically, the Spanish sample of the European Community Household Panel
 (ECHP), first reveals a weak dependence between the consecutive
 unemployment durations in the case of the most frequent household
 typology. In addition, we find that the first months of the previous
 spells of unemployment have a significant impact on subsequent expected
 unemployment duration. 
Journal: Applied Economics Letters 
Pages: 683-687 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749057 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749057&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Depken 
Author-X-Name-First: Craig 
Author-X-Name-Last: Depken 
Title: Benford, Zipf and the blogosphere 
Abstract:
  The blogosphere is a relatively recent development on the Internet and,
 for this reason, has received limited empirical investigation. This short
 note investigates whether the popularity of the 500 most popular blogs
 during August and September of 2005, as measured by in-coming links,
 followed the first-digit distribution attributed to Benford (1938) and the
 rank-size distribution attributed to Zipf (1949). The evidence suggests
 that the blogs investigated were not characterized by either empirical
 regularity, consistent with blog popularity being caused by network
 externalities. 
Journal: Applied Economics Letters 
Pages: 689-692 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600735270 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600735270&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hiroaki Chigira 
Author-X-Name-First: Hiroaki 
Author-X-Name-Last: Chigira 
Title: A test of cointegration rank based on principal component analysis 
Abstract:
  Using principal component methods, we construct a cointegration rank test
 that is less restrictive than Johansen's tests, easy to calculate, and
 independent of the dimension of the process. Monte Carlo simulations
 indicate that the proposed test outperforms Johansen's tests. 
Journal: Applied Economics Letters 
Pages: 693-696 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600722096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rob Euwals 
Author-X-Name-First: Rob 
Author-X-Name-Last: Euwals 
Title: Evaluation of a tax reform: a model with measurement error 
Abstract:
  Parts of the Dutch tax reform 2001 are directed towards fiscal partners
 in a household and aim at lowering the marginal tax burden of the partner
 with the lowest (potential) labour income. An important goal of the reform
 is to increase the employment rate of these partners, which are in
 majority women. The Dutch Labour Force Survey 1992-2003 shows that the
 growth of the employment rate of married women after 2001 was larger for a
 comparable group of single women. A statistical analysis using a model
 that accounts for measurement error shows that the growth of the
 employment rates of women without young children is in line with the
 predicted effect of the tax reform. 
Journal: Applied Economics Letters 
Pages: 697-700 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600722104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitrios Vougas 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Vougas 
Title: Size performance of the Lagrange Multiplier (LM) unit root test in the presence of a neglected break under the null 
Abstract:
  Via simulation, the size of the lagrange multiplier (LM) unit root test
 is examined, when there is a neglected level or trend break under the null
 hypothesis. It is found that unlike other more popular unit root tests in
 the literature, the size of the LM is not distorted/inflated. Thus,
 rejections of the LM tests must not be viewed as spurious with respect to
 this issue of neglected breaks. 
Journal: Applied Economics Letters 
Pages: 701-705 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600722120 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600722120&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Cademartori 
Author-X-Name-First: David 
Author-X-Name-Last: Cademartori 
Author-Name: Rodrigo Navia 
Author-X-Name-First: Rodrigo 
Author-X-Name-Last: Navia 
Author-Name: Manuel Galea 
Author-X-Name-First: Manuel 
Author-X-Name-Last: Galea 
Author-Name: Felipe Osorio 
Author-X-Name-First: Felipe 
Author-X-Name-Last: Osorio 
Title: Prediction of the economic activity from the short and long-term interest rate differential: new evidences in Chile and the United States of America cases 
Abstract:
  The purpose of this work is to verify the stability of the relationship
 between real activity and interest rate spread. The test is based on Chen
 (1988) and Osorio and Galea (2006). The analysis is applied to Chile and
 the United States, from 1980 to 1999. In general, in both cases the
 relationship was statistically significant in early 80s, but a break point
 is found in both countries during that decades, suggesting that the
 relationship depends on the monetary rule follow by the Central Bank. 
Journal: Applied Economics Letters 
Pages: 707-712 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600748950 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600748950&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephane Mussard 
Author-X-Name-First: Stephane 
Author-X-Name-Last: Mussard 
Author-Name: Virginie Terraza 
Author-X-Name-First: Virginie 
Author-X-Name-Last: Terraza 
Title: The Shapley decomposition for portfolio risk 
Abstract:
  The aim of this article is to provide an application of the Shapley value
 to decompose financial portfolio risk. Decomposing the sample covariance
 risk measure, gives us relative measures, which can be, classified
 securities of a portfolio according to risk scales. 
Journal: Applied Economics Letters 
Pages: 713-715 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600748968 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600748968&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Weide Mao 
Author-X-Name-First: Weide 
Author-X-Name-Last: Mao 
Author-Name: Chien-Ting Lin 
Author-X-Name-First: Chien-Ting 
Author-X-Name-Last: Lin 
Author-Name: Chia-Cheng Ho 
Author-X-Name-First: Chia-Cheng 
Author-X-Name-Last: Ho 
Author-Name: Ching-Chang Wang 
Author-X-Name-First: Ching-Chang 
Author-X-Name-Last: Wang 
Title: A fuzzy approach to water pricing: the case of Shanghai 
Abstract:
  In this article, we device a methodology to value water using Fuzzy
 theory that incorporates not only the physical cost of delivery but also
 the social and sustainable resource costs that water regulators often
 ignore. Specifically, we include the cost of water quality, cost of water
 resource, gross domestic product per capita and the household's
 willingness to pay into our estimation. We demonstrate the approach using
 the household sector in Shanghai where the residents face potential water
 shortage and poor water quality. We estimate a theoretical price of 1.82
 Chinese Yuan per cubic meter for the average household. 
Journal: Applied Economics Letters 
Pages: 717-722 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600748976 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600748976&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Junning Cai 
Author-X-Name-First: Junning 
Author-X-Name-Last: Cai 
Author-Name: PingSun Leung 
Author-X-Name-First: PingSun 
Author-X-Name-Last: Leung 
Title: Towards a more general measure of revealed comparative advantage variation 
Abstract:
  The change of Balassa's 'revealed comparative advantage' index is often
 directly used to measure comparative advantage variation over time, yet
 the theoretical foundation of this traditional measure has not been
 clarified. In this article we derive a 'revealed comparative advantage
 variation' index, which turns out to be a more general measure of
 comparative advantage variation than the traditional one. 
Journal: Applied Economics Letters 
Pages: 723-726 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600748992 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600748992&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joachim Wagner 
Author-X-Name-First: Joachim 
Author-X-Name-Last: Wagner 
Title: German works councils and productivity: first evidence from a nonparametric test 
Abstract:
  This article presents the first nonparametric test whether German works
 councils go hand-in-hand with higher labour productivity or not. It
 distinguishes between establishments that are covered by collective
 bargaining or not. Results from a Kolmogorov-Smirnov test for first-order
 stochastic dominance tend to indicate that pro-productive effects are
 found in firms with collective bargaining only. However, the significance
 level of the test statistic is higher than a usually applied critical
 level. This somewhat weak evidence casts doubts on the validity of results
 from recent parametric approaches using a regression framework that point
 to high positive effects of works councils on productivity. 
Journal: Applied Economics Letters 
Pages: 727-730 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749024 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749024&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shyh-Wei Chen 
Author-X-Name-First: Shyh-Wei 
Author-X-Name-Last: Chen 
Title: Long-run aggregate import demand function in Taiwan: an ARDL bounds testing approach 
Abstract:
  This article adopts the bounds test, developed by Pesaran et al. (2001),
 to determine whether there is a level long-run relationship exists between
 Taiwan's real import demand function and it determinants, namely real
 domestic income and relative prices. It is found that aggregate import
 quantities and their determinants do indeed exhibit a level long-run
 relationship. In addition, the empirical results show that estimated
 short-run elasticity and long-run income elasticity are both elastic but
 that short-run income elasticity is considerably greater than that of its
 long-run counterpart. This indicates that economic growth should have a
 relatively greater negative impact on trade balance in the short-run than
 in the long-run. 
Journal: Applied Economics Letters 
Pages: 731-735 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Minxian Yang 
Author-X-Name-First: Minxian 
Author-X-Name-Last: Yang 
Title: Normal log-normal mixture, leptokurtosis and skewness 
Abstract:
  The normal log-normal mixture (NLNM) is considered for modelling
 leptokurtosis and skewness. The moment of the mixture is shown to be
 finite for any positive order. The expectations of exponential functions
 of the NLNM variable are also investigated. The kurtosis and skewness of
 the NLNM are explicitly shown to be determined by the variance of the log
 normal and the correlation between the normal and log normal. A set of
 cross-sectional data is fitted to the NLNM to illustrate that
 idiosyncratic variances may be modelled by the mixture. 
Journal: Applied Economics Letters 
Pages: 737-742 
Issue: 9 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749073 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749073&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ramin Cooper Maysami 
Author-X-Name-First: Ramin Cooper 
Author-X-Name-Last: Maysami 
Author-Name: Chris Sakellariou 
Author-X-Name-First: Chris 
Author-X-Name-Last: Sakellariou 
Title: Financial liberalization, deposit insurance and bank stability 
Abstract:
  This article investigates the impact of implementing an explicit deposit
 insurance scheme on the likelihood of banking crisis in countries with
 well-liberalized financial systems. We estimate the probability of a
 systemic banking crisis using a multivariate logit model in which
 alternative variables capturing the nature of the deposit protection
 arrangement enter as explanatory variables along with a set of control
 variables. We conclude that deposit insurance will be successful in
 alleviating moral hazard and increase the stability of the financial
 system only if a sufficient degree of financial liberalization exists. 
Journal: Applied Economics Letters 
Pages: 743-747 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Vargas-Silva 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Vargas-Silva 
Title: The effect of monetary policy on housing: a factor-augmented vector autoregression (FAVAR) approach 
Abstract:
  This study examines the link between monetary policy and the housing
 market. The analysis is conducted using impulse response functions derived
 from a factor-augmented vector autoregression (FAVAR) model. The FAVAR
 methodology as developed by Bernanke et al. (2005) avoids the degrees of
 freedom problem present in standard vector autoregression (VARs) models.
 The estimations are conducted using 120 macroeconomic time series in
 monthly frequency for the period January 1959 to August 2001. Results
 indicate that housing starts respond negatively to monetary policy shocks.
 This result is consistent across regions in the United States. In the case
 of housing permits and mobile home shipments, the response to a monetary
 policy shock is positive at first, but becomes negative after a few
 periods. 
Journal: Applied Economics Letters 
Pages: 749-752 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600770947 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770947&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ozge Senay 
Author-X-Name-First: Ozge 
Author-X-Name-Last: Senay 
Author-Name: Alan Sutherland 
Author-X-Name-First: Alan 
Author-X-Name-Last: Sutherland 
Title: A quantitative analysis of cost-push shocks and optimal inflation volatility 
Abstract:
  This article presents a quantitative analysis of optimal inflation
 volatility in a simple sticky-price general equilibrium model subject to
 both supply and cost-push shocks. It is found that optimal policy implies
 a relatively small degree of inflation volatility even when cost-push
 shocks are the dominant source of economic disturbance. In addition, it is
 found that optimal policy generates only a very small welfare gain when
 compared to strict inflation targeting. 
Journal: Applied Economics Letters 
Pages: 753-757 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600770954 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770954&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephane Mussard 
Author-X-Name-First: Stephane 
Author-X-Name-Last: Mussard 
Author-Name: Maria Noel Pi Alperin 
Author-X-Name-First: Maria Noel 
Author-X-Name-Last: Pi Alperin 
Title: Inequalities in multidimensional poverty: evidence from Argentina 
Abstract:
  This article presents a new synthetic methodology that gauges
 simultaneously the inequalities in multidimensional poverty within and
 between groups of population and the dimensions that tend to increase
 inequality in poverty. 
Journal: Applied Economics Letters 
Pages: 759-765 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600770988 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770988&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shakil Quayes 
Author-X-Name-First: Shakil 
Author-X-Name-Last: Quayes 
Author-Name: A. Jamal 
Author-X-Name-First: A. 
Author-X-Name-Last: Jamal 
Title: Does inflation affect stock prices? 
Abstract:
  Incorporating demand and supply factors, this article investigates the
 relationship between inflation and stock prices, in a capital gains tax
 regime in USA. Based on annual data, the results show that inflation has a
 negative impact on stock prices. 
Journal: Applied Economics Letters 
Pages: 767-769 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600770871 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770871&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amaechi Nkemakolem Nwaokoro 
Author-X-Name-First: Amaechi Nkemakolem 
Author-X-Name-Last: Nwaokoro 
Title: Trade-restriction policies ineffectiveness in the US steel industry 
Abstract:
  This study examines the impact of the trade restrictions on steel imports
 in order to protect the US steel industry. During the period of 1963 to
 1988, the industry experienced a tremendous decline in its output. Trade
 restrictions are implemented to limit steel imports. The overall goal of
 this study is to estimate the impact of the steel trade restriction
 regimes on the output of the industry. Beside foreign competition, the
 study addresses the impact of other factors - other shipments (nonsteel
 shipments) and the prices of steel substitutes - aluminum, and plastic and
 rubber that may have also caused variation in steel production. The study
 makes two major contributions. First, the study constructs the trade
 restriction regimes and other high-frequency monthly data set on steel
 output and factor prices. Second, output is modelled as a function of the
 trade restriction regimes, other shipments and factor prices. Regression
 results show that the protection regimes are not statistically significant
 to enhance output expansion. This implies policies ineffectiveness and
 invalidates the call for the trade restrictions. The other shipments
 variable enhances output demand while the prices of the steel substitutes
 do not. Given the results here and for the fact that the mini-mills were
 competitive during the regime periods, a competition, not protective trade
 may be warranted. 
Journal: Applied Economics Letters 
Pages: 771-776 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600770863 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770863&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitrios Vougas 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Vougas 
Title: On the size of the DF-GLS test 
Abstract:
  Using Monte Carlo simulation, the size of the DF-GLS test is examined
 when there is a neglected level or trend break under the null hypothesis.
 Unlike the original DF test, the DF-GLS test has size which is not
 distorted/inflated. 
Journal: Applied Economics Letters 
Pages: 777-780 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749115 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749115&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Bruneau 
Author-X-Name-First: C. 
Author-X-Name-Last: Bruneau 
Author-Name: O. de Bandt 
Author-X-Name-First: O. 
Author-X-Name-Last: de Bandt 
Author-Name: A. Flageollet 
Author-X-Name-First: A. 
Author-X-Name-Last: Flageollet 
Title: Measuring co-movements in the Euro area using a nonstationary factor model 
Abstract:
  This article investigates to what extent business cycles co-move in the
 four largest euro area economies, using a large-scale database of
 nonstationary series for the euro area over the 1980:Q1 to 2003:Q4 period.
 We apply the methodology proposed by Bai (2004) and Bai and Ng (2004) to
 construct a coincident indicator of the euro area business cycle, based on
 the first common factor estimated from a dynamic factor analysis on the
 level of the variables. The indicator appears to be significantly close,
 from a statistical point of view, to the level of the euro area GDP in the
 most recent period. We also show that national developments are
 increasingly correlated to the indicator at the business cycle
 frequencies. We finally suggest a decomposition of GDP growth along the
 different stationary and nonstationary factors. 
Journal: Applied Economics Letters 
Pages: 781-785 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749099 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749099&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Oskar Nordstrom Skans 
Author-X-Name-First: Oskar Nordstrom 
Author-X-Name-Last: Skans 
Title: How does the age structure affect regional productivity? 
Abstract:
  The article studies the effects of a changing age structure on regional
 productivity using lagged population structure to purge estimates of the
 influence of endogenous migration. It is shown that workers aged 50-60
 years have a positive effect on regional productivity. Together with
 evidence from previous research showing that the effect of the same age
 group on unemployment is positive, the results support the notion that
 well-matched workers gives rise to both high productivity and high
 unemployment. 
Journal: Applied Economics Letters 
Pages: 787-790 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749123 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749123&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nathalie Colombier 
Author-X-Name-First: Nathalie 
Author-X-Name-Last: Colombier 
Author-Name: Laurent Denant Boemont 
Author-X-Name-First: Laurent Denant 
Author-X-Name-Last: Boemont 
Author-Name: Youenn Loheac 
Author-X-Name-First: Youenn 
Author-X-Name-Last: Loheac 
Author-Name: David Masclet 
Author-X-Name-First: David 
Author-X-Name-Last: Masclet 
Title: Risk aversion: an experiment with self-employed workers and salaried workers 
Abstract:
  In this article we present the results of a lottery-choice experiment to
 address the following questions: Do risk vary across individuals? What is
 the impact of context on risk aversion? The originality of this research
 lies in introducing variability in socio-demographic characteristics by
 recruiting not only students but also 'real people' among salaried workers
 and self-employed workers. Our results indicate that risk attitude
 strongly varies across individuals. In particular, individuals who are
 self employed tend to be significantly less risk averse than others. In
 addition, we replicated Holt and Laury (2002, 2005) and Harrison et al.
 (2005)'s findings that individuals tend to be more risk averse with higher
 payoffs. Finally, our results concerning a potential experience effect
 indicate the existence of a significant order effect for both treatments. 
Journal: Applied Economics Letters 
Pages: 791-795 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749149 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749149&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christophe Ehrhart 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Ehrhart 
Author-Name: Matthieu Llorca 
Author-X-Name-First: Matthieu 
Author-X-Name-Last: Llorca 
Title: The sustainability of fiscal policy: evidence from a panel of six South-Mediterranean countries 
Abstract:
  This article aims at assessing the sustainability of fiscal policies in a
 panel of six South-Mediterranean countries, namely Egypt, Israel, Lebanon,
 Morocco, Tunisia and Turkey. First, using panel data unit-root tests
 proposed by Im et al. (2003), Maddala and Wu (1999), and Choi (2001),
 econometric findings reveal that the variables of public expenditure,
 revenue and domestic debt in level are not stationary. However, employing
 panel cointegration tests designed by Pedroni (1999), it is found that
 government spending and revenue are cointegrated. This implies that fiscal
 policies in these countries are sustainable in the long run, i.e. they are
 consistent with inter-temporal budget balance in accordance with the
 present-value approach. 
Journal: Applied Economics Letters 
Pages: 797-803 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749156 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749156&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Minho Kim 
Author-X-Name-First: Minho 
Author-X-Name-Last: Kim 
Author-Name: Han Mo Oh 
Author-X-Name-First: Han Mo 
Author-X-Name-Last: Oh 
Author-Name: Ronald McNiel 
Author-X-Name-First: Ronald 
Author-X-Name-Last: McNiel 
Title: Determinants of online shoppers' satisfaction in Korea 
Abstract:
  The purpose of this article is to identify the factors that might lead to
 the customer satisfaction in the online shopping malls across Korea. It is
 hypothesized that customer's positive perception of usefulness of internet
 shopping, security, technical competence, customer support and the
 interface of shopping mall positively affects the customer satisfaction.
 It is also hypothesized that satisfied customer becomes loyal customer.
 The survey results confirm that customer satisfaction has a significantly
 positive impact on the customer loyalty, which reveals that internet
 shoppers show high loyalty when they are satisfied with the service. We
 also find that online customers' risk perception about the security of the
 transactions, customer support to the online shopping and interface of the
 shopping mall are positively related to the customer satisfaction. 
Journal: Applied Economics Letters 
Pages: 805-808 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600749164 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600749164&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Boopen Seetanah 
Author-X-Name-First: Boopen 
Author-X-Name-Last: Seetanah 
Title: Financial development and economic growth: an ARDL approach for the case of the small island state of Mauritius 
Abstract:
  The article investigates the dynamic empirical link between financial
 development and economic performance for the case of the developing small
 island state of Mauritius using a unique time-series data set over the
 period 1952 to 2004. The analysis was performed using two different
 proxies for financial development in an ARDL framework. The results
 suggest that financial development have been contributing to the output
 level of the economy in both short and long run. It thus highlights the
 economic importance of financial development and provides new evidence for
 the case of island economies using recent cointegration approach. 
Journal: Applied Economics Letters 
Pages: 809-813 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600770889 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770889&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guadalupe Fugarolas Alvarez-Ude 
Author-X-Name-First: Guadalupe 
Author-X-Name-Last: Fugarolas Alvarez-Ude 
Author-Name: David Matesanz Gomez 
Author-X-Name-First: David 
Author-X-Name-Last: Matesanz Gomez 
Title: Long- and short-run balance of payments adjustment: Argentine economic growth constrained 
Abstract:
  This article addresses insights on Argentina's slowness growth
 performance throughout the period 1968 to 2003 and, especially, on its
 recent crisis in 2002. Using time series unit roots tests, vector
 auto-regresive models and cointegration tests, this study deals with the
 effect of the external sector constraint on Argentinean output expansion
 and, in particular, with the empirical validation of a variant of
 Thirlwall's Law. The results suggest that, in the long-run, there exists a
 stable relationship between economic growth, exports and even terms of
 trade. These findings allow us to conclude that Argentina's international
 payments position constraints its economic activity. 
Journal: Applied Economics Letters 
Pages: 815-820 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600770897 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770897&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Erkan Erdil 
Author-X-Name-First: Erkan 
Author-X-Name-Last: Erdil 
Author-Name: Dilek Cetin 
Author-X-Name-First: Dilek 
Author-X-Name-Last: Cetin 
Author-Name: Derya Findik 
Author-X-Name-First: Derya 
Author-X-Name-Last: Findik 
Title: Effect of technology on gender wage differential: a panel analysis 
Abstract:
  There is a vast amount of literature focusing on the relationship between
 wage and technology. A panel of 13 countries from 1980 to 1998 period is
 used in attempt to find an answer whether technology has any effect on
 gender wage differential in manufacturing industry. The results indicate
 that as technological change accelerates approximated by the number of
 patents, wage difference between man and woman will diminish. 
Journal: Applied Economics Letters 
Pages: 821-825 
Issue: 10 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600770905 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770905&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joan-Ramon Borrell 
Author-X-Name-First: Joan-Ramon 
Author-X-Name-Last: Borrell 
Author-Name: Mara Tolosa 
Author-X-Name-First: Mara 
Author-X-Name-Last: Tolosa 
Title: Endogenous antitrust: cross-country evidence on the impact of competition-enhancing policies on productivity 
Abstract:
  This article presents empirical evidence regarding the effect of
 simultaneous antitrust and trade policy on productivity. We find that
 treating antitrust across countries as an exogenous policy overestimates
 the impact of competition on productivity by as much as 18%. 
Journal: Applied Economics Letters 
Pages: 827-831 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600949137 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600949137&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Sephton 
Author-X-Name-First: Peter 
Author-X-Name-Last: Sephton 
Title: On the finite sample size and power of the generalized KPSS test in the presence of level breaks 
Abstract:
  The KPSS stationarity test is oversized when it is applied to a series
 containing a strong autoregressive process. Hobijn et al. (2004)
 demonstrated that the test appears to be better-sized when an
 automatic-data dependent bandwidth selection procedure is used to estimate
 the long-run variance of the series. This article examines the impact of
 level breaks under the null on the finite sample size and power of their
 generalized KPSS test. It demonstrates that empirical sizes depend
 critically on the location and the magnitude of the break and that the
 generalized test is not as robust to variance estimation as was previously
 thought. The results are shown to be similar to those based on the
 traditional approach to calculating the KPSS test. 
Journal: Applied Economics Letters 
Pages: 833-843 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600770962 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770962&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rolf Fare 
Author-X-Name-First: Rolf 
Author-X-Name-Last: Fare 
Author-Name: Shawna Grosskopf 
Author-X-Name-First: Shawna 
Author-X-Name-Last: Grosskopf 
Author-Name: Valentin Zelenyuk 
Author-X-Name-First: Valentin 
Author-X-Name-Last: Zelenyuk 
Title: Aggregation of Nerlovian profit indicator 
Abstract:
  This note shows that the Nerlovian profit indicator may be aggregated
 over firms into an industry measure of profit efficiency. The note also
 provides conditions under which the technical component of the indicator
 may also be aggregated. 
Journal: Applied Economics Letters 
Pages: 845-847 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600825584 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600825584&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jorg Borrmann 
Author-X-Name-First: Jorg 
Author-X-Name-Last: Borrmann 
Author-Name: Michaela Schaffhauser-Linzatti 
Author-X-Name-First: Michaela 
Author-X-Name-Last: Schaffhauser-Linzatti 
Title: Franchise bidding with differences in demand 
Abstract:
  With a given static market demand and given static cost functions of all
 potential suppliers as well as sufficient competition, Demsetz' (1968)
 concept of franchise bidding leads to the selection of the
 welfare-maximizing supplier. However, with differences in demand among
 bidders, franchise bidding may lead to an inefficient choice of supplier.
 If the bidder with the lowest bid were barred from the auction, total
 surplus might rise, even under economies of scale. This result does not
 hold, if demand is noncrossing and if bidders' cost functions are
 identical and exhibit economies of scale. 
Journal: Applied Economics Letters 
Pages: 849-852 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600829123 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600829123&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tauhidur Rahman 
Author-X-Name-First: Tauhidur 
Author-X-Name-Last: Rahman 
Title: Determinants of public health expenditure: some evidence from Indian states 
Abstract:
  This study examines the evolution of public health expenditure in India.
 A panel data model is used to explain the main factors which affect public
 health expenditure in the period 1971 to 1991. The empirical results show
 that the key determinants in the explanation of the regional health
 expenditure are real state per capita income and literacy rate, while
 other structural demand variables such as the proportion of the state
 population over age 60, population per primary health care center and
 population per doctor are statistically insignificant factors. An income
 elasticity of 0.47 implies that health care is not a luxury good. 
Journal: Applied Economics Letters 
Pages: 853-857 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600770970 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600770970&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fabio Augusto Reis Gomes 
Author-X-Name-First: Fabio Augusto Reis 
Author-X-Name-Last: Gomes 
Author-Name: Afonso Henriques Borges Ferreira 
Author-X-Name-First: Afonso Henriques Borges 
Author-X-Name-Last: Ferreira 
Author-Name: Jaime de Jesus Filho 
Author-X-Name-First: Jaime de Jesus 
Author-X-Name-Last: Filho 
Title: The Feldstein-Horioka puzzle in South American countries:a time-varying approach 
Abstract:
  Inasmuch as the investment-savings correlation is related to capital
 immobility and each country has specific and time-varying capital account
 liberalization and financial deregulation processes, we might not expect a
 constant and identical correlation for a group of countries. We performed
 both a constant (OLS) and a time-varying (Kalman filter) estimation of the
 investment-savings coefficient for Argentina, Brazil and Chile. As
 expected, the time-varying model presented a better fit, but our findings
 suggested that the investment-savings correlation is a misleading measure
 of capital mobility. 
Journal: Applied Economics Letters 
Pages: 859-863 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600949129 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600949129&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Medcalfe 
Author-X-Name-First: Simon 
Author-X-Name-Last: Medcalfe 
Title: English league transfer prices: is there a racial dimension? A re-examination with new data 
Abstract:
  Reilly and Witt (1995) examined the role of race in determining English
 football transfer prices. The aim of this article is to update their work
 with new and later data on productivity of football players. Using data
 from the 2001-2002 English league season, a transfer price equation is
 estimated to establish if equally productive black players command lower
 transfer prices. The evidence suggests they do not. 
Journal: Applied Economics Letters 
Pages: 865-867 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600949178 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600949178&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yoon-Jun Lee 
Author-X-Name-First: Yoon-Jun 
Author-X-Name-Last: Lee 
Author-Name: Jeong-Dong Lee 
Author-X-Name-First: Jeong-Dong 
Author-X-Name-Last: Lee 
Title: Strategy of start-ups for IPO timing across high technology industries 
Abstract:
  The technology-based start-ups have emerged as important drivers of
 innovative activity across many industries. For these start-ups, the
 initial public offering (IPO) has been used as a measure for performance
 and leads to an influx of capital that enables these firms to implement
 their ideas. In this study, we focus on the timing of IPO between two
 industries. Empirically, we investigated corporate disclosure data and
 patent application data from 36 biotechnology (BT) firms and 166
 information technology (IT) firms that are registered in KOSDAQ between
 2000 and 2004. The results show that IT start-ups had better wait until
 the stock market becomes bullish, while BT start-ups had better go public
 quickly if possible. 
Journal: Applied Economics Letters 
Pages: 869-877 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600820650 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600820650&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Karim Eslamloueyan 
Author-X-Name-First: Karim 
Author-X-Name-Last: Eslamloueyan 
Title: The effect of an interest-free banking system on level and volatility of inflation: a GARCH model 
Abstract:
  Some Muslim researchers argue that a no-interest financial system better
 achieves the goal of price stability. Using a GARCH model, this article
 examines the effect of an interest-free banking system on level and
 volatility of inflation in a country with a full-fledged no-interest
 financial system. Iran is chosen for our case study because it has
 initiated the most far-reaching experiments with interest-free banking in
 the Muslim world. The results indicate that the new financial setting in
 Iran has reduced inflation uncertainty but has failed to lower the level
 of inflation. 
Journal: Applied Economics Letters 
Pages: 879-882 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600892840 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600892840&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gee San 
Author-X-Name-First: Gee 
Author-X-Name-Last: San 
Author-Name: Wen-Jhan Jane 
Author-X-Name-First: Wen-Jhan 
Author-X-Name-Last: Jane 
Title: Wage dispersion and team performance: evidence from the small size professional baseball league in Taiwan 
Abstract:
  By using professional baseball teams in Taiwan as an example, these
 articles address the issue of how wage disparities affect organizational
 performance. Salary and performance data on 364 players on seven teams for
 the years 1990 through 2000 in Taiwan are collected and both fixed and
 random effect models together with an index to measure the intra- and
 inter-salary dispersion are used to investigate the effects of player's
 wage dispersion on the team's winning percentage, i.e. the team
 performance. Our empirical results show that teams with less total salary
 expenditures or greater wage disparity reduce the team's winning
 percentage and thus hinder the organizational performance. 
Journal: Applied Economics Letters 
Pages: 883-886 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600905014 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600905014&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shujie Yao 
Author-X-Name-First: Shujie 
Author-X-Name-Last: Yao 
Author-Name: Kailei Wei 
Author-X-Name-First: Kailei 
Author-X-Name-Last: Wei 
Author-Name: Genfu Feng 
Author-X-Name-First: Genfu 
Author-X-Name-Last: Feng 
Author-Name: Lin Song 
Author-X-Name-First: Lin 
Author-X-Name-Last: Song 
Title: Economic growth in the presence of FDI: the perspective of newly industrializing economies 
Abstract:
  This article presents two propositions on the role of FDI in economic
 growth: (1) FDI is a mover of production efficiency and (2) FDI is a
 shifter of the host country's production frontier. It then employs a
 production function with a large panel data set from the Chinese regions
 over 1979-2003 to test the propositions. 
Journal: Applied Economics Letters 
Pages: 887-891 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600905022 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600905022&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shyh-Wei Chen 
Author-X-Name-First: Shyh-Wei 
Author-X-Name-Last: Chen 
Title: Identifying US turning points revisited: the panel model with the regime switching approach 
Abstract:
  This article proposes a panel model with a regime switching mechanism to
 analyse the feature of US business cycles. This Markov Switching Panel
 model is simple and can easily be estimated using Hamilton's (1989)
 method. We test the ability of the Markov Switching Panel model to
 identify US turning points using the US coincident indicator data. The
 empirical evidence shows that this model is highly capable of identifying
 US recessionary dates. It also has a better forecast performance than the
 Markov Switching vector autoregressive model. 
Journal: Applied Economics Letters 
Pages: 893-897 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600905030 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600905030&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Sonmez Atesoglu 
Author-X-Name-First: H. Sonmez 
Author-X-Name-Last: Atesoglu 
Author-Name: John Smithin 
Author-X-Name-First: John 
Author-X-Name-Last: Smithin 
Title: Canadian monetary policy and the US federal funds rate 
Abstract:
  This article examines the empirical relation between the Canadian
 overnight rate and the US federal funds rate over the period 1975 to 2005.
 There is evidence of cointegration in the earlier part of the period from
 1975 to 1988, but not in the post-1988 period to date. The inference is
 that the Bank of Canada has been pursuing monetary policy independently of
 the USA at least during the 1988 to 2005 period. 
Journal: Applied Economics Letters 
Pages: 899-904 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600905048 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600905048&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cheng-Hsun Lin 
Author-X-Name-First: Cheng-Hsun 
Author-X-Name-Last: Lin 
Author-Name: Nai-Fong Kuo 
Author-X-Name-First: Nai-Fong 
Author-X-Name-Last: Kuo 
Author-Name: Cheng-Da Yuan 
Author-X-Name-First: Cheng-Da 
Author-X-Name-Last: Yuan 
Title: Nonlinear vs. nonstationary of hysteresis in unemployment: evidence from OECD economies 
Abstract:
  This study examines the lower and higher boundaries for the threshold
 value to be considered an indicator of unemployment in a specific country.
 Specially, the objective is to conduct the critical moment of hysteresis
 effects happening in unemployment rate using a group of 16 OECD countries.
 The methodological strategy applies a developed tool of threshold tests
 involving unit root against stationary but nonlinear alternative by Caner
 and Hansen (2001). A significant contribution of this study is identifying
 a trigger point from the nonstationary of time series process for the
 first time in the literature. Our empirical results finds strong evidence
 of the existence of nonlinear stationary in Australia, Canada, Finland,
 France, Germany, Ireland, Japan, Netherlands and the USA when the
 threshold effect holds. The hysteresis hypothesis is further confirmed by
 the fact that the unemployment rate exceeds the boundaries of the band,
 for Australia, Finland, France, Germany, Japan and the USA when the
 threshold unit root test of Caner and Hansen is rigorously implemented. 
Journal: Applied Economics Letters 
Pages: 905-909 
Issue: 11 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600949145 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600949145&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chris Feige 
Author-X-Name-First: Chris 
Author-X-Name-Last: Feige 
Author-Name: Jeffrey Miron 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Miron 
Title: The opium wars, opium legalization and opium consumption in China 
Abstract:
  The effect of drug prohibition on drug consumption is a critical issue in
 debates over drug policy. One episode that provides information on the
 consumption-reducing efffect of drug prohibition is the Chinese
 legalization of opium in 1858. In this paper we examine the impact of
 China's opium legalization on the quantity and price of British opium
 exports from India to China during the nineteenth century. We find little
 evidence that legalization increased exports or decreased price. Thus, the
 evidence suggests China's opium prohibition had a minimal impact on opium
 consumption. 
Journal: Applied Economics Letters 
Pages: 911-913 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972295 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972295&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Claude Diebolt 
Author-X-Name-First: Claude 
Author-X-Name-Last: Diebolt 
Author-Name: Antoine Parent 
Author-X-Name-First: Antoine 
Author-X-Name-Last: Parent 
Title: 1861 
Abstract:
  We apply the outlier methodology to the issue of the regulation of
 Bimetallism. Did French and British central banks use their discount rates
 as a policy tool for currency stabilization over the period 1850-1870? The
 common view identifies Bimetallism as a pure automatic system constrained
 by specie points. Using outliers methodology we give evidence that the
 influence of the discount rate differential between France and England on
 the Sterling-Franc spot exchange rate was taken in default only on one
 occasion, on February 1861. The assessment of the historical context helps
 to understand this peculiar event which was only transitory. This article
 is an illustration of the importance of the outlier methodology in
 cliometrics as a mean to test conventional wisdom in economic history. 
Journal: Applied Economics Letters 
Pages: 915-919 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972253 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972253&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Davide Furceri 
Author-X-Name-First: Davide 
Author-X-Name-Last: Furceri 
Title: Zipf's law and world income distribution 
Abstract:
  The aim of this article is to demonstrate regularity in the world income
 distribution. In particular, using GDP per capita data for the period 1980
 to 2004, the article shows that the world income distribution follows the
 well know 'rank-size rule'. 
Journal: Applied Economics Letters 
Pages: 921-923 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972261 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972261&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John McDonald 
Author-X-Name-First: John 
Author-X-Name-Last: McDonald 
Title: Maximization of nonresidential property tax revenue by a local government 
Abstract:
  The article presents a model of the market for commercial or industrial
 real estate at the local level that is used to derive an equation for the
 property tax rate that maximizes tax revenue - given that demand for real
 estate at the local level is highly elastic and capital is mobile in the
 long-run. 
Journal: Applied Economics Letters 
Pages: 925-928 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972329 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972329&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: An alternative perspective on the stochastic convergence of incomes in the United States 
Abstract:
  In recent years a number of studies has examined the potential stochastic
 convergence of incomes in the United States. This research has been based
 upon examination of the order of integration of the ratios of regional
 levels of per-capita income relative to US aggregate per-capita income,
 with stationary of the ratios taken as evidence of stochastic convergence.
 In the present article this research and its implicit assumption that the
 individual regional and aggregate per-capita series are I(1), are
 revisited. In a departure from previous research, application of a more
 robust testing procedure incorporating two structural breaks to the
 individual aggregate and regional per-capita series, rather than their
 ratios, is seen to result in overwhelming rejection of the unit root
 hypothesis for all of the series examined. The unit root hypothesis is
 rejected also for more disaggregated State level data. The evidence of
 stationarity presented for the component per-capita income series suggests
 that care should be exercised when both interpreting results presented
 previously in the literature and conducting further research. 
Journal: Applied Economics Letters 
Pages: 929-934 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600949186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600949186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Srijit Mishra 
Author-X-Name-First: Srijit 
Author-X-Name-Last: Mishra 
Title: On measuring group-differentials displayed by socio-economic indicators: an extension 
Abstract:
  In a recent paper, Mishra and Subramanian (2006) propose a measure to
 explain group-differential which is sensitive to levels in the sense that
 a given hiatus at lower levels of failure (or higher levels of attainment)
 is considered worse off. This article critically evaluates their method -
 refines their two axioms, adds an additional axiom of normalization and
 proposes an alternative which is more general. It proposes to reduce
 subjectivity when there is lower hiatus at lower levels of failure and
 also addresses scenarios when rank ordering of sub-groups will be
 reversed. Empirical illustration with infant mortality rate data for
 selected Indian states is also provided. 
Journal: Applied Economics Letters 
Pages: 935-938 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972238 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972238&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Okmyung Bin 
Author-X-Name-First: Okmyung 
Author-X-Name-Last: Bin 
Author-Name: Carlos Martins-Filho 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Martins-Filho 
Title: Vehicle price and hydrocarbon emissions: evidence from the used-vehicle markets 
Abstract:
  This study examines how used-vehicle markets responded to the automobile
 hydrocarbon emissions by linking used-vehicle price to the large scale
 emission test data that contain 74 vehicle models manufactured over 18
 years. An additive semiparametric hedonic model is estimated to analyse
 the relationship between vehicle price and hydrocarbon emissions. The
 estimation procedure is novel and involves a local polynomial estimator
 nested in a backfitting algorithm with the bandwidths chosen by a
 data-driven plug-in method. The results indicate that hydrocarbon
 emissions have a significant negative impact on vehicle price, but the
 negative association is evident only at low emission levels. The price
 discount appears to be unrelated to the increased costs from recent
 emission regulations that mainly target high-polluting vehicles. 
Journal: Applied Economics Letters 
Pages: 939-943 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972303 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972303&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. James Hueng 
Author-X-Name-First: C. James 
Author-X-Name-Last: Hueng 
Author-Name: Ruey Yau 
Author-X-Name-First: Ruey 
Author-X-Name-Last: Yau 
Title: A dual-target monetary policy rule for open economies: an application to France 
Abstract:
  This article proposes a dual targets monetary policy rule for small open
 economies. In addition to a domestic monetary target, this rule targets
 the nominal exchange rate at a fixed level. The policy rule is derived
 from a dynamic programming problem and evaluated in the context of an
 open-economy model. Using French quarterly data from April 1977 to March
 1998, counterfactual simulations show that the dual targets rule performs
 better than both the historical discretionary policy and the single
 money-targeting rule in reducing the inflation rates. 
Journal: Applied Economics Letters 
Pages: 945-948 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972220 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972220&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takaaki Aoki 
Author-X-Name-First: Takaaki 
Author-X-Name-Last: Aoki 
Title: Proposed separability restriction tests using nonparametric regression methods 
Abstract:
  This article proposes some tests for separability restriction
 incorporating nonparametric regression methods, as well as offering their
 general statistic characteristics. An effective separability restriction
 test is essential for appropriate model specification or appropriate
 implementation of semi-parametric estimation. In this article, I describe
 two procedures to yield the estimated residuals, which is very sensitive
 to separability restriction, upon which one test statistics is proposed.
 In some benchmark models of sine/cosine functions, I simulate out the
 probability density function of test statistics in a small sample. These
 presented results and analysis show that the proposed estimator is robust
 and effective to variable functional form of regression curves and to
 variable scale factors, broader than the 'optimal' level, and can be put
 conveniently and widely into a practical use. 
Journal: Applied Economics Letters 
Pages: 949-954 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600949160 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600949160&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ahmad Zubaidi Baharumshah 
Author-X-Name-First: Ahmad Zubaidi 
Author-X-Name-Last: Baharumshah 
Author-Name: Venus Khim-Sen Liew 
Author-X-Name-First: Venus Khim-Sen 
Author-X-Name-Last: Liew 
Author-Name: Nor Aishah Hamzah 
Author-X-Name-First: Nor Aishah 
Author-X-Name-Last: Hamzah 
Title: Real interest rate parity in the ASEAN-5 countries: a nonlinear perspective 
Abstract:
  This article aims at testing real interest parity (RIP) by using
 nonlinear unit root tests. The results from Kapetanios et al. (2003)
 demonstrated that the adjustment of ASEAN-5 real interest rates towards
 real interest rates in Japan and the US follows a nonlinear (stationary)
 process. Overall, the evidence is in favour of RIP. 
Journal: Applied Economics Letters 
Pages: 955-958 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600949152 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600949152&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bing Zhang 
Author-X-Name-First: Bing 
Author-X-Name-Last: Zhang 
Author-Name: Xindan Li 
Author-X-Name-First: Xindan 
Author-X-Name-Last: Li 
Title: The asymmetric behaviour of stock returns and volatilities: evidence from Chinese stock market 
Abstract:
  This article investigates the partial adjustment process with asymmetries
 on Chinese stock index returns and volatilities. Rolling sample windows
 method is proper to capture evolving asymmetric behaviours of Chinese
 emerging stock market. The empirical evidence shows that index returns do
 have asymmetric adjustment behaviours in most of periods and the market
 tends to overreact to information contained in negative returns. No
 asymmetry volatility effect was present at the initial stages of the stock
 market. Along with the development of the market, the leverage effect are
 present. 
Journal: Applied Economics Letters 
Pages: 959-962 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600970042 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600970042&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: C. Chameni Nembua 
Author-X-Name-First: C. Chameni 
Author-X-Name-Last: Nembua 
Title: The 'natural' bidimensional decomposition of inequality indices: evaluating factor contributions to households welfare inequality in Cameroon, 1996-2001 
Abstract:
  This article proposes a simultaneous (income source and population
 subgroup) decomposition of inequality indices. The starting point is the
 Shorrocks' natural income source decomposition. The approach adopted leads
 to a factor contributions formula, which is independent of the inequality
 measure chosen. This method is applied to decompose and analyse
 Cameroonian households' inequality during the 1996-2001 period. 
Journal: Applied Economics Letters 
Pages: 963-970 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972311 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972311&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yujin Oh 
Author-X-Name-First: Yujin 
Author-X-Name-Last: Oh 
Author-Name: Beong Soo So 
Author-X-Name-First: Beong Soo 
Author-X-Name-Last: So 
Title: A new robust sign test for cointegration 
Abstract:
  We propose new tests for cointegration based on signs of the residuals of
 the conventional t-test. Our tests have the limiting normal distribution
 under the null hypothesis and are robust to heavy tailed disturbances. A
 Monte-Carlo simulation shows the new tests have a stable size property and
 are locally more powerful than that of Engle and Granger (1987) for heavy
 tailed error distribution. 
Journal: Applied Economics Letters 
Pages: 971-974 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972287 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972287&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hosung Jung 
Author-X-Name-First: Hosung 
Author-X-Name-Last: Jung 
Title: New results for nonstationary panel regression 
Abstract:
  This article derives the limiting distributions of the Ordinary Least
 Squares (OLS) and Least Square Dummy Variable (LSDV) estimators in both
 spurious and cointegrated panel regressions. The limit theories employed
 in this article are different from those of Kao (1999) and Phillips and
 Moon (1999), in which the time dimension of the panel is fixed. 
Journal: Applied Economics Letters 
Pages: 975-979 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972279 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972279&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Winston Moore 
Author-X-Name-First: Winston 
Author-X-Name-Last: Moore 
Title: The impact of cross-border mergers on investment 
Abstract:
  This article examines the empirical link between mergers and investment
 using a panel of 61 developed and developing countries between 1987 and
 2001. The results indicate that, on average, a rise in cross-border merger
 and acquisition activity tends to reduce investment. However, in
 high-income countries, the number of mergers had a positive impact on
 investment. This finding could be due to stock market inefficiencies in
 these low- to middle-income countries. 
Journal: Applied Economics Letters 
Pages: 981-984 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972212 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972212&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Liam Delaney 
Author-X-Name-First: Liam 
Author-X-Name-Last: Delaney 
Author-Name: Francis O'Toole 
Author-X-Name-First: Francis 
Author-X-Name-Last: O'Toole 
Title: Preferences for specific social welfare expenditures in Ireland 
Abstract:
  Many articles examine general level preferences for redistribution.
 However, few articles examine preferences for specific forms of
 redistribution. This article examines the decomposition of demand for
 three major categories of social welfare expenditure in Ireland:
 unemployment payments, old age pensions and child benefit. The
 determinants of preferences are found to be fairly consistent with a
 self-interested economics perspective with respect to the utilization and
 financing of these three specific schemes. In addition, the split sampling
 procedure used in the nationwide survey indicated that the provision of
 information on the schemes' costs did not have a significant effect on
 preferences. 
Journal: Applied Economics Letters 
Pages: 985-989 
Issue: 12 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972246 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972246&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ramu Govindasamy 
Author-X-Name-First: Ramu 
Author-X-Name-Last: Govindasamy 
Author-Name: Calum Turvey 
Author-X-Name-First: Calum 
Author-X-Name-Last: Turvey 
Author-Name: Venkata Puduri 
Author-X-Name-First: Venkata 
Author-X-Name-Last: Puduri 
Title: The influence of Agro-terrorism on consumers' preference for locally grown products: a case-study from New Jersey 
Abstract:
  The economics of agro-terrorism has not been fully developed within the
 economics literature, yet with increasing concerns about agro-terrorism it
 is important to understand how consumers will generally respond. This
 article presents an overview of food safety issues, and develops an
 economic model that can be used to illustrate and establish hypotheses
 regarding consumer behaviour and agro-terrorism. We then present sample
 and econometric results from a survey of 304 New Jersey consumers and
 explain the characteristics of the 33% that confirmed that they have
 increased purchases of locally grown produce due to terrorism fears. 
Journal: Applied Economics Letters 
Pages: 991-995 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972337 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972337&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alfredo Marvao Pereira 
Author-X-Name-First: Alfredo Marvao 
Author-X-Name-Last: Pereira 
Author-Name: Rui Manuel Pereira 
Author-X-Name-First: Rui Manuel 
Author-X-Name-Last: Pereira 
Title: Controlling the public wage bill in Portugal: the case of university professors 
Abstract:
  Public wages are a large share of the public budget in Portugal and,
 therefore, hiring freezes are a central feature of the efforts to control
 the public deficit. The system of public career advancement, however, may
 lead to increases in the wage bill even in the presence of hiring freezes.
 We estimate this wage drift effect in the case of university professors.
 We use a logit analysis with 1999 census data to identify the determinants
 of career advancement, to estimate the employment distribution in previous
 years and to obtain the corresponding wage bill. We estimate that the
 annual wage drift is 2.6%, a figure well above the gross domestic product
 growth rate and, therefore, we conclude that hiring freezes may be far
 from enough to stop the expansion of the public wage bill. 
Journal: Applied Economics Letters 
Pages: 997-1000 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972386 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972386&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Junya Masuda 
Author-X-Name-First: Junya 
Author-X-Name-Last: Masuda 
Title: Residual-based tests for cointegration in models with multi-breaks 
Abstract:
  In this article, we propose residual-based tests for cointegration in
 models with multi-breaks. Cointegration can be tested regardless of
 whether there exist structural breaks. For a one-point break, we usually
 use the test proposed by Gregory and Hansen (1996). However, this test has
 not been considered in the case of multistructural breaks. Therefore, we
 extend this test by considering multi-point breaks. We derive the
 asymptotic distribution and critical values of the test statistics. Since
 the critical values of the test statistics are not exact values, we derive
 these using the Monte Carlo simulation. 
Journal: Applied Economics Letters 
Pages: 1001-1006 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972378 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972378&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitrios Vougas 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Vougas 
Title: Final modification of the LM unit root test 
Abstract:
  This article proposes a modified version of the LM unit root test, which
 is efficient and independent from the levels regression intercept, under
 both null and alternative hypotheses. Simulated critical values are
 provided. 
Journal: Applied Economics Letters 
Pages: 1007-1009 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972345 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972345&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benhua Yang 
Author-X-Name-First: Benhua 
Author-X-Name-Last: Yang 
Author-Name: Yewfoong Lam 
Author-X-Name-First: Yewfoong 
Author-X-Name-Last: Lam 
Title: Resource booms and economic development: the time series dynamics for 17 oil-rich countries 
Abstract:
  This article examines the time series properties of oil prices and
 economic development for 17 oil-rich developing countries. Cointegration
 and error-correction estimation results indicate that in the majority of
 cases oil booms are followed by increases in both GDP per capita and
 investment. 
Journal: Applied Economics Letters 
Pages: 1011-1014 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972402 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972402&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Rosalia Vicente 
Author-X-Name-First: Maria Rosalia 
Author-X-Name-Last: Vicente 
Author-Name: Ana Jesus Lopez 
Author-X-Name-First: Ana Jesus 
Author-X-Name-Last: Lopez 
Title: Some empirical evidence on Internet diffusion in the New Member States and Candidate Countries of the European Union 
Abstract:
  This article contributes to the line of research devoted to the diffusion
 of Information and Communication Technologies (ICT). In particular, we
 analyse Internet adoption in the New Member States (NMS) and Candidate
 Countries (CC) of the European Union, for which empirical evidence is
 quite scarce. Results confirm that income, educational attainment and age
 are the main determinants of Internet use. Nonetheless, there are
 substantial differences in the impacts of such variables in the nine
 analysed countries. 
Journal: Applied Economics Letters 
Pages: 1015-1018 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972352 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972352&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eiichi Tomiura 
Author-X-Name-First: Eiichi 
Author-X-Name-Last: Tomiura 
Title: Foreign outsourcing and the product cycle: evidence from micro data 
Abstract:
  This article provides empirical evidence on the product cycle and the
 firm's make-or-buy decision by using a firm-level data set with a direct
 measure of foreign outsourcing. Across industries, foreign outsourcing
 tends to be inactive in R&D-intensive industries. Within each industry,
 products exported from the home country are on average significantly more
 R&D intensive than those outsourced to independent foreign firms. Products
 manufactured within subsidiaries at South tend to have medium R&D
 intensity. This ordering in R&D intensity is consistent with the
 theoretical prediction. 
Journal: Applied Economics Letters 
Pages: 1019-1022 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972360 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972360&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wataru Suzuki 
Author-X-Name-First: Wataru 
Author-X-Name-Last: Suzuki 
Title: What determines the spatial distribution of homeless people in Japan? 
Abstract:
  The number of homeless people has been increasing dramatically in Japan
 since the collapse of the bubble economy in the early of 1990s. This
 article is the first economic analysis using Geographic Information System
 (GIS) data to study the spatial distribution of Japan's homeless
 population. Results suggest that the availability of employment, public
 medical care and food significantly affect the spatial distribution of
 Japan's homeless. New supportive facilities and shelters for the homeless
 should be located in areas with a high availability of employment,
 inexpensive or free medical care and food. 
Journal: Applied Economics Letters 
Pages: 1023-1026 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972394 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972394&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Sanchez-Fung 
Author-X-Name-First: Jose 
Author-X-Name-Last: Sanchez-Fung 
Title: Measuring inflation targeting's impact on the macroeconomy 
Abstract:
  This article analyses inflation targeting's (IT) impact on key
 macroeconomic variables in Australia, Canada, Chile, Colombia, Israel,
 Korea, Mexico, New Zealand, Sweden and the United Kingdom in the spirit of
 Mishkin and Posen (1997). Across this sample, inflation and interest rates
 predicted from parsimonious, automatically reduced VARs consistently
 overestimate those observed following IT adoption. 
Journal: Applied Economics Letters 
Pages: 1027-1035 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600972410 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600972410&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kaliappa Kalirajan 
Author-X-Name-First: Kaliappa 
Author-X-Name-Last: Kalirajan 
Title: Gravity model specification and estimation: revisited 
Abstract:
  The gravity model is one of the most frequently estimated empirical
 relationships in economics. However, the most commonly used form of the
 relationship is not correctly specified. This article discusses the
 specific sources of imprecision in modelling and estimation of gravity
 equations and suggests a method to correct the specification bias. 
Journal: Applied Economics Letters 
Pages: 1037-1039 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993499 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993499&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Antonio Duro 
Author-X-Name-First: Juan Antonio 
Author-X-Name-Last: Duro 
Title: Cross-country inequalities in welfare and its decomposition by Sen factors: the virtues of the Theil index 
Abstract:
  In this study a new decomposition of the Theil index is proposed using
 multiplicative factors, which improves on that suggested in Duro (2001),
 and that, in particular, makes it possible to obtain, in isolation, the
 role attributable to the elements of factorial correlation. The Theil
 index, as a referential index in analysis, seems more attractive to us
 than log variance (Ezcurra and Pascual, 2005) for a variety of reasons.
 The application of the said decomposition for the analysis of
 international inequalities in terms of welfare levels, taking the Sen's
 factors (Sen, 1974, 1976), demonstrates that the bulk of these are
 determined by disparities in income per capita as well as their recent
 decrease. 
Journal: Applied Economics Letters 
Pages: 1041-1045 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993507 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993507&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. Sonmez Atesoglu 
Author-X-Name-First: H. Sonmez 
Author-X-Name-Last: Atesoglu 
Author-Name: Jamie Emerson 
Author-X-Name-First: Jamie 
Author-X-Name-Last: Emerson 
Title: Fiscal policy, profits and investment: some additional evidence 
Abstract:
  This article provides time series evidence on the effects of fiscal
 policy on profits and investment in the US. In addition to neoclassical
 models of investment and profits we also consider Keynesian models. Our
 findings provide some support for the neoclassical views. However,
 Keynesian explanations, which allow for the effects of the real interest
 rate, receive strong support from the data. 
Journal: Applied Economics Letters 
Pages: 1047-1051 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993515 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993515&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jui-Kou Shang 
Author-X-Name-First: Jui-Kou 
Author-X-Name-Last: Shang 
Author-Name: Wei-Ting Hung 
Author-X-Name-First: Wei-Ting 
Author-X-Name-Last: Hung 
Author-Name: Fei-Ching Wang 
Author-X-Name-First: Fei-Ching 
Author-X-Name-Last: Wang 
Title: Service outsourcing and hotel performance: three-stage DEA analysis 
Abstract:
  This article is the first to apply the three-stage DEA procedure to
 analyze the impact of service outsourcing on the performance of hotels. In
 the first stage of analysis, outsourcing hotels are more efficient than
 nonoutsourcing hotels. However, after purging the effects of exogenous
 factors, this study found that the average managerial efficiency score
 computed in the three-stage DEA procedure was 0.917 or alternatively that
 hotels on average are 8.3% resources waste. Furthermore, service
 outsourcing is not the main determinant of the efficiency of international
 tourist hotels in Taiwan. 
Journal: Applied Economics Letters 
Pages: 1053-1057 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993523 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993523&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyun Jin 
Author-X-Name-First: Hyun 
Author-X-Name-Last: Jin 
Title: Competitive structure of Canadian wheat exports in the world market 
Abstract:
  This article re-examines competitive structure of Canadian wheat
 exporters for evidence of pricing-to-market by the Canadian Wheat Board
 (CWB), and extends the extant literature by utilizing a broader range of
 data over importing countries, which better facilitates the detection of
 pricing behaviour. Our analysis yields interesting empirical results that
 contrast with other recent arguments. In particular, we find that the CWB
 exercises mixed practices having market power in a limited extent, getting
 premiums with better quality of its wheat in some markets and providing
 wheat at discounted prices in some other destination countries. 
Journal: Applied Economics Letters 
Pages: 1059-1064 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993531 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993531&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sacit Hadi Akdede 
Author-X-Name-First: Sacit Hadi 
Author-X-Name-Last: Akdede 
Author-Name: Jinyoung Hwang 
Author-X-Name-First: Jinyoung 
Author-X-Name-Last: Hwang 
Title: Empirical investigation of disintegrations and nationalism 
Abstract:
  This article empirically investigates the relationship between government
 size and country size for the new countries that gained independence
 between 1990 and 1993. The relationship between democracy and country size
 is also investigated. It is found that new independent states have higher
 public expenditures in gross domestic product and this may be a sign of
 inefficient use of public resources. However, political disintegrations do
 not necessarily deliver more civil liberties and political rights. 
Journal: Applied Economics Letters 
Pages: 1065-1071 
Issue: 13 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993549 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993549&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dan Li 
Author-X-Name-First: Dan 
Author-X-Name-Last: Li 
Title: Interregional productivity variations in Chinese manufacturing and mining industry 
Abstract:
  A shift-share model is employed to analyse the interregional productivity
 variations in Chinese manufacturing and mining industry. Our empirical
 results show that sector productivity difference is huge; surprisingly,
 the most productive coastal regions are found to be specialized in
 low-productive sectors; the inland provinces suffer a uniform productivity
 lag, which suggests policies geared to increase regional productivity,
 such as infrastructures and human capital, are crucial to close the
 productivity gap between the inland and the costal. 
Journal: Applied Economics Letters 
Pages: 1073-1077 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993580 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993580&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Taufiq Choudhry 
Author-X-Name-First: Taufiq 
Author-X-Name-Last: Choudhry 
Author-Name: Myles Wallace 
Author-X-Name-First: Myles 
Author-X-Name-Last: Wallace 
Title: Interest rate convergence in the Baltic countries of Latvia, Lithuania and Estonia 
Abstract:
  For the three Baltic countries we find foreign interest rates a more
 important determinant of domestic interest rates than domestic inflation. 
Journal: Applied Economics Letters 
Pages: 1079-1083 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993622 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993622&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Arthur Caplan 
Author-X-Name-First: Arthur 
Author-X-Name-Last: Caplan 
Author-Name: John Gilbert 
Author-X-Name-First: John 
Author-X-Name-Last: Gilbert 
Title: 'D' is for dilly-dally? 
Abstract:
  Evidence from online assignments in an intermediate microeconomics course
 suggests that nonprocrastinators (both early-starters and front-loaders)
 score higher than their dilly-dallying counterparts. Students who are
 busier in school tend to start their assignments earlier. 
Journal: Applied Economics Letters 
Pages: 1085-1088 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993663 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993663&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Haruko Noguchi 
Author-X-Name-First: Haruko 
Author-X-Name-Last: Noguchi 
Author-Name: Satoshi Shimizutani 
Author-X-Name-First: Satoshi 
Author-X-Name-Last: Shimizutani 
Author-Name: Wataru Suzuki 
Author-X-Name-First: Wataru 
Author-X-Name-Last: Suzuki 
Title: Nonprofit wage premium in the Japanese child care market: evidence from employer-employee matched data 
Abstract:
  Using unique employer-employee matched data, this study reveals the
 existence of a nonprofit wage premium in Japan's child care industry.
 Nonprofits reward experienced workers with higher education, associated
 with the quality of care, more than their for-profit counterparts. 
Journal: Applied Economics Letters 
Pages: 1089-1092 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993671 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993671&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: Further evidence on purchasing power parity over two centuries with multiple changes in persistence 
Abstract:
  By allowing for multiple changes in persistence, this note shows that the
 US/UK real exchange rate spanning two centuries is stationary. This result
 is consistent with the previous one in Lothian and Taylor (1996, 2000) and
 purchasing power parity is a useful approximation in the long run. 
Journal: Applied Economics Letters 
Pages: 1093-1096 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993556 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993556&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sang-Young Rhyu 
Author-X-Name-First: Sang-Young 
Author-X-Name-Last: Rhyu 
Title: Determining the existence of Amakudari in publicly-traded Japanese companies: a Poisson regression approach 
Abstract:
  Amakudari is a political-economic phenomenon frequently observed in the
 Japanese economy and other modern societies. Retired high-ranking
 bureaucrats are appointed as top executives in lucrative private firms
 that are controlled by the government ministry or main banks that
 Amakudari once regulated. These high-ranking ex-government officials use
 their influence for favourable legislation and treatment to help their
 companies. Due to the fact that Japanese publicly traded companies hire
 mostly a smaller portion of directors through Amakudari and sometimes none
 of them are hired, the most commonly used classical linear regression
 framework cannot be applied due to violating an assumption on the
 continuous dependent variable. Instead, this study adopts a
 counting-process regression approach in order to explain the existence of
 Amakudari using 2003 data of all publicly traded companies in Japan. 
Journal: Applied Economics Letters 
Pages: 1097-1103 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993564 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993564&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Bishop 
Author-X-Name-First: Paul 
Author-X-Name-Last: Bishop 
Title: Diversity and employment growth in sub-regions of Great Britain 
Abstract:
  This article presents evidence from an empirical study of employment
 growth across 203 sub-regions of Great Britain using OLS and maximum
 likelihood spatial econometric techniques. The results suggest a positive
 relationship between diversity and local employment growth implying that
 cross-sector externalities may be of considerable importance to the local
 growth process. The presence of spatial autocorrelation in the data
 suggests the existence of substantive interactions across contiguous
 sub-regions. 
Journal: Applied Economics Letters 
Pages: 1105-1109 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993572 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993572&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Terence Tai-Leung Chong 
Author-X-Name-First: Terence Tai-Leung 
Author-X-Name-Last: Chong 
Author-Name: Wing-Kam Ng 
Author-X-Name-First: Wing-Kam 
Author-X-Name-Last: Ng 
Title: Technical analysis and the London stock exchange: testing the MACD and RSI rules using the FT30 
Abstract:
  This article examines two oscillators - the Moving Average
 Convergence-Divergence (MACD) and the Relative Strength Index (RSI) - to
 see if these rules are profitable. Using 60-year data of the London Stock
 Exchange FT30 Index, it is found that the RSI as well as the MACD rules
 can generate returns higher than the buy-and-hold strategy in most cases. 
Journal: Applied Economics Letters 
Pages: 1111-1114 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993598 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993598&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tarcisio da Graca 
Author-X-Name-First: Tarcisio 
Author-X-Name-Last: da Graca 
Title: Leaving money on the table: evidence of underpricing in the Brazilian privatization auctions 
Abstract:
  The Brazilian privatization program raised about US$100 billion as a
 result of the sale of state-owned firms and assets over the period 1990 to
 2001. Despite official claims that the privatization auctions were
 successful in revenue raising, statistical evidence suggests that the
 buyers, not the government, profited from the auctions. Using an
 event-study methodology and financial market data, I estimated the
 abnormal returns realized by the winning bidders on the days of the
 Brazilan privatization auctions. Statistically significant evidence
 suggests that the acquirers accrued, on average, positive 0.70% abnormal
 returns on those days. In other words, if the privatization auctions had
 been able to extract the entire surplus from the buyers, the Brazilian
 government could have raised another US$ 13 billion. This finding
 contrasts with two branches of literature related to mergers and
 acquisitions in the private sector and to the privatization programs in
 other countries 
Journal: Applied Economics Letters 
Pages: 1115-1121 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993606 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993606&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alexandru Todea 
Author-X-Name-First: Alexandru 
Author-X-Name-Last: Todea 
Author-Name: Adrian Zoicas-Ienciu 
Author-X-Name-First: Adrian 
Author-X-Name-Last: Zoicas-Ienciu 
Title: Episodic dependencies in Central and Eastern Europe stock markets 
Abstract:
  This article introduces a modified version of the Hinich and Patterson
 (1995) windowed-test procedure and uses it to detect linear and nonlinear
 dependencies in the case of six Central and East European stock markets.
 Testing the original methodology leads us to the same conclusions as those
 found on other emerging markets: relatively long random walk periods are
 interrupted by short and intense linear and/or nonlinear correlations.
 But, our findings diverge when we run the modified test procedure,
 additional windows rejecting the random walk hypothesis (RWH) being
 isolated. This divergence, heavily weighing the task of correctly
 evaluating the informational efficiency degree (the weak form), is
 significant for the Czech, Hungarian and Romanian markets. 
Journal: Applied Economics Letters 
Pages: 1123-1126 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993614 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993614&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Fielding 
Author-X-Name-First: David 
Author-X-Name-Last: Fielding 
Author-Name: Anja Shortland 
Author-X-Name-First: Anja 
Author-X-Name-Last: Shortland 
Title: What drives national attitudes towards the threat of violence? Cross-sectional evidence from foreign tourism in Israel 
Abstract:
  We explore the factors explaining cross-sectional variation in changes in
 international tourist arrivals into Israel during the Intifada. Much of
 the variation is attributable to identifiable socio-economic
 characteristics, providing evidence on what drives public sensitivity to
 violence around the world. 
Journal: Applied Economics Letters 
Pages: 1127-1130 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993630 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993630&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. Varoutas 
Author-X-Name-First: D. 
Author-X-Name-Last: Varoutas 
Author-Name: K. Deligiorgi 
Author-X-Name-First: K. 
Author-X-Name-Last: Deligiorgi 
Author-Name: C. Michalakelis 
Author-X-Name-First: C. 
Author-X-Name-Last: Michalakelis 
Author-Name: T. Sphicopoulos 
Author-X-Name-First: T. 
Author-X-Name-Last: Sphicopoulos 
Title: A hedonic approach to estimate price evolution of telecommunication services: evidence from Greece 
Abstract:
  Following a description of the leased lines telecommunication market, a
 single index (based on hedonic approach) for this market is introduced
 based on data across Europe. This article aims to provide a framework for
 analysing telecommunication prices over time and study how the prices will
 fluctuate during coming years, especially as new technologies are
 commercially provided. The behaviour of the Greek market is analysed from
 1997 to 2002. 
Journal: Applied Economics Letters 
Pages: 1131-1134 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993648 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993648&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mei-Yin Lin 
Author-X-Name-First: Mei-Yin 
Author-X-Name-Last: Lin 
Author-Name: Jue-Shyan Wang 
Author-X-Name-First: Jue-Shyan 
Author-X-Name-Last: Wang 
Title: Capital outflow and unemployment: evidence from panel data 
Abstract:
  The effect of moving capital abroad on the domestic labour market is
 ambiguous. We examine the relation between capital outflow and
 unemployment with the use of panel data techniques. The result shows that
 in developing countries, the outward direct investment is beneficial to
 employment and the effect of portfolio investment abroad on domestic
 employment is negative. However, the association between outward
 investment and employment is insignificant in industrial countries. 
Journal: Applied Economics Letters 
Pages: 1135-1139 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993655 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993655&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsung-Wu Ho 
Author-X-Name-First: Tsung-Wu 
Author-X-Name-Last: Ho 
Title: On the dynamic relationship of exchange rates and monetary fundamentals: an impulse-response analysis by local projections 
Abstract:
  Meese and Rogoff (1983) first examined the dynamic relationship between
 exchange rates and monetary fundamentals and indicated that monetary
 fundamentals do not contain predictive component of exchange rates changes
 at short horizon. This note re-examines this relationship by estimating
 the local projections (Jorda, 2005) to calculate the responses of the
 exchange rate to monetary fundamental impulse. As a result, we confirm the
 dynamic relationship: Evidence from both cubic and linear projections show
 that monetary fundamentals contain information of future exchange rate
 changes. 
Journal: Applied Economics Letters 
Pages: 1141-1145 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993689 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993689&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chengsi Zhang 
Author-X-Name-First: Chengsi 
Author-X-Name-Last: Zhang 
Title: Structural instability of US inflation persistence 
Abstract:
  The article employs recently developed unknown break tests to
 characterize the nature of structural instability in inflation persistence
 and find multiple structural breaks in the persistence of six major US
 inflation series. 
Journal: Applied Economics Letters 
Pages: 1147-1151 
Issue: 14 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993697 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993697&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Valerie Cerra 
Author-X-Name-First: Valerie 
Author-X-Name-Last: Cerra 
Author-Name: Sweta Saxena 
Author-X-Name-First: Sweta 
Author-X-Name-Last: Saxena 
Title: Business cycle dynamics in a small open economy 
Abstract:
  This article combines common factor extraction techniques with permanent
 and temporary regime switching to analyse Chile's business cycle
 fluctuations. We find asymmetries across business cycle episodes as well
 as within the cycle. 
Journal: Applied Economics Letters 
Pages: 1153-1157 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850601018031 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018031&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Schaub 
Author-X-Name-First: Mark 
Author-X-Name-Last: Schaub 
Title: A note on reverse competition and the Martha Stewart sentencing 
Abstract:
  This study notes that the light sentence for insider trading that
 resulted in a nearly 37% gain for Martha Stewart Living Omnimedia, Inc.
 also may have been responsible for a small but significant average loss
 for industry rivals on the sentencing date. The sentence that was 'good'
 news for Martha was also 'bad' news for her competitors on the sentencing
 date. 
Journal: Applied Economics Letters 
Pages: 1159-1161 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850601018064 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018064&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gail Shields 
Author-X-Name-First: Gail 
Author-X-Name-Last: Shields 
Author-Name: Michael Shields 
Author-X-Name-First: Michael 
Author-X-Name-Last: Shields 
Title: Four themes to explain the rise in hours worked in the United States 
Abstract:
  This article examines why hours worked in the United States have risen
 for the last thirty years. This increase has been contrasted by Prescott
 and Blanchard to the European experience of falling hours worked. Four
 basic explanations of this divergence are combined in a reduced form model
 of hours worked in the United States from 1965 to 2001. The explanation
 that seems to fit the data best is that rising health care costs in the
 United States is a key explanation. Other explanations for the increase in
 United States average hours worked per week include a decline in marginal
 tax rates, a rise in income inequality coupled with a decline in real wage
 rates, and productivity growth. A reduced form model is estimated using
 four explanatory variables representing each of these four themes. 
Journal: Applied Economics Letters 
Pages: 1163-1166 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850601007109 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601007109&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yasuo Nishiyama 
Author-X-Name-First: Yasuo 
Author-X-Name-Last: Nishiyama 
Title: German leadership: evidence from retail mortgage rates 
Abstract:
  The article finds evidence that the converging trend of euro-zone
 countries' retail mortgage rates, observed before and shortly after the
 introduction of the euro, is dictated by the German mortgage rate, hence
 supporting the German leadership role. 
Journal: Applied Economics Letters 
Pages: 1167-1170 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993713 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993713&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saumik Paul 
Author-X-Name-First: Saumik 
Author-X-Name-Last: Paul 
Author-Name: Ronita Mitra 
Author-X-Name-First: Ronita 
Author-X-Name-Last: Mitra 
Title: How predictable are the FIFA worldcup football outcomes? An empirical analysis 
Abstract:
  Since 1993 the Federation of International Football Association's (FIFA)
 monthly world ranking system for senior national football teams has become
 a reliable source to judge a team's potentiality in football. In the past
 four FIFA worldcup football tournaments from 1994 to 2006, the top seeded
 team never won the FIFA worldcup except in 1994 when Brazil won as the
 number one team. This article examines the strength of this element of
 uncertainty in FIFA worldcup using two empirical models. We find empirical
 evidence of the fact that in spite of the number of cases of surprise
 upsets from the lower ranked teams or poor performance by the top seeded
 teams; overall the results are strongly in favour of the higher ranked
 teams. 
Journal: Applied Economics Letters 
Pages: 1171-1176 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850601007117 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601007117&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kong Weng Ho 
Author-X-Name-First: Kong Weng 
Author-X-Name-Last: Ho 
Author-Name: Randy Tan 
Author-X-Name-First: Randy 
Author-X-Name-Last: Tan 
Title: Nonmonotonic relationship between human capital and unemployment: an exploratory study with empirical evidence on Singapore 
Abstract:
  We examine empirically the role of human capital, together with global
 and domestic technologies, in the evolution of unemployment in Singapore.
 Our results show a threshold level of human capital, below (above) which
 increases (decreases) in human capital will reduce (raise) unemployment.
 This nonmonotonic relationship is caused by a greater substitution from
 labour toward technology feasible at higher levels of human capital. 
Journal: Applied Economics Letters 
Pages: 1177-1185 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850500461399 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850500461399&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Minchoul Kim 
Author-X-Name-First: Minchoul 
Author-X-Name-Last: Kim 
Author-Name: Minho Kim 
Author-X-Name-First: Minho 
Author-X-Name-Last: Kim 
Author-Name: Ronald McNiel 
Author-X-Name-First: Ronald 
Author-X-Name-Last: McNiel 
Title: Predicting survival prospect of corporate restructuring in Korea 
Abstract:
  The purpose of this article is to identify the success factors of
 corporate restructuring by studying the firms that have survived from the
 financial distress in South Korea. The logit analysis is used with the two
 qualitative variables of success and failure. Selected independent
 variables are firm risk, free asset, audit opinion, liquidity, firm size
 and period of existence. The results show that audit opinion, risk of the
 firm and firm size are the important variables in predicting the survival
 prospect of financially distressed firms. The percentage of correct
 prediction is 81.4% for the estimation sample. 
Journal: Applied Economics Letters 
Pages: 1187-1190 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850601018080 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018080&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Young-Yong Kim 
Author-X-Name-First: Young-Yong 
Author-X-Name-Last: Kim 
Title: Some reasons for the existence of real bills 
Abstract:
  It is profitable to accept a bill as long as dishonouring probability of
 the bill is less than the ratio of operating income to sales, which is
 supported by empirical observations. Also accepting bills tends to
 establish high quality customer relationships, thereby increasing the
 long-run profits and decreasing their variability. 
Journal: Applied Economics Letters 
Pages: 1191-1195 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993721 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993721&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Konstantinos Drakos 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Drakos 
Author-Name: Eleftherios Goulas 
Author-X-Name-First: Eleftherios 
Author-X-Name-Last: Goulas 
Title: The relative importance of sector and country factors for leasing penetration rates across European industries 
Abstract:
  We investigate the relative importance of sector and country factors in
 explaining the variation of leasing penetration rates across industries in
 Europe. According to our results, country effects represent the dominant
 driving factor for leasing when compared to sector effects. An explanation
 might be that the country factors overshadow the corresponding sector ones
 for they capture the depth and development of the leasing sector. 
Journal: Applied Economics Letters 
Pages: 1197-1200 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850601007083 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601007083&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank Westerhoff 
Author-X-Name-First: Frank 
Author-X-Name-Last: Westerhoff 
Title: Consumer sentiment and business cycles: a Neimark-Sacker bifurcation scenario 
Abstract:
  We seek to demonstrate that consumer sentiment may create fluctuations in
 economic activity. Our nonlinear discrete-time model possesses, for
 instance, a Neimark-Sacker bifurcation, after which a stable steady state
 is replaced by (quasi-)periodic motion. Countercyclical interventions to
 stabilize the economy may even produce complex (chaotic) business cycles. 
Journal: Applied Economics Letters 
Pages: 1201-1205 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850600993705 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850600993705&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yong-Huang Lin 
Author-X-Name-First: Yong-Huang 
Author-X-Name-Last: Lin 
Author-Name: Yun-Wu Wu 
Author-X-Name-First: Yun-Wu 
Author-X-Name-Last: Wu 
Author-Name: Jer-Shiou Chiou 
Author-X-Name-First: Jer-Shiou 
Author-X-Name-Last: Chiou 
Title: The impacts of sociopolitical instability on construction dimension 
Abstract:
  Most existing studies focus on establishing models of interdependence
 between the construction sector and performance of the national economy,
 this issue was initiated from financial markets in this study. By adopting
 an autoregressive conditional jump intensity model, this study examined
 how various unpredictable events impact the construction sector.
 Dependence on the arrival process governing jump events in a discrete-time
 setting was explored, in addition to the behaviour of the fundamental
 properties of structure index during periods of distinct events. Although
 the market efficiency hypothesis still holds, results of this study
 demonstrate that acquisition announcements are perceived as discrete
 sudden shocks by the stock market. 
Journal: Applied Economics Letters 
Pages: 1207-1211 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850601007091 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601007091&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sunil Kumar Bundoo 
Author-X-Name-First: Sunil Kumar 
Author-X-Name-Last: Bundoo 
Title: An augmented Fama and French three-factor model: new evidence from an emerging stock market 
Abstract:
  There were forty equity stocks listed on the stock exchange of Mauritius
 as at end of December 2004. Fama and French (1993) posit that a possible
 explanation for the size and book-to-market equity effects could be due to
 other risk factors not captured in a standard capital asset pricing model.
 This paper therefore investigates whether on the stock exchange of
 Mauritius, when taking into account the time variation in risk (as
 measured by time-varying betas), the two additional factors are still
 priced. The paper presents an augmented model, which takes into account
 the time variation in beta, in addition to the size and book-to-market
 equity factors. It is found that the coefficients for the size effect and
 the book-to-market equity effect are all significant at the one percent
 level and with the expected signs. These effects do not disappear. This
 shows that the Fama and French three factor model is robust to taking into
 account time-varying betas. 
Journal: Applied Economics Letters 
Pages: 1213-1218 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850601018049 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018049&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ming-Chih Lee 
Author-X-Name-First: Ming-Chih 
Author-X-Name-Last: Lee 
Author-Name: Yen-Hsien Lee 
Author-X-Name-First: Yen-Hsien 
Author-X-Name-Last: Lee 
Title: Do foreign trading patterns cause abnormal information from Taiwanese stock markets? 
Abstract:
  This study investigates whether foreign investors cause abnormal
 information by jump process in the Taiwanese stock market during before
 and after relaxation of the restrictions on QFII investors on 2 October
 2003 (pre- and post-QFII). By conducting further analysis, this study
 conducts detailed analysis and explores how abnormal information and QFII
 behaviour are related by performing correlation and Granger causality
 analyses. This study concludes that the release of restrictions on QFII
 has been extremely helpful in improving the domestic investment
 environment and stabilizing the Taiwanese stock market. 
Journal: Applied Economics Letters 
Pages: 1219-1224 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850601018056 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018056&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jen-Je Su 
Author-X-Name-First: Jen-Je 
Author-X-Name-Last: Su 
Title: A note on spurious regressions between stationary series 
Abstract:
  This article examines if the convergent t-test suggested by Sun (2004) is
 able to solve spurious regressions with stationary series. In brief, we
 find that the convergent t-test does provide better control over size
 compared to the usual t-test and its Newey-West modification and, in most
 cases implementing a pre-whitening procedure size is further controlled. 
Journal: Applied Economics Letters 
Pages: 1225-1230 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850601018106 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018106&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eiji Yamamura 
Author-X-Name-First: Eiji 
Author-X-Name-Last: Yamamura 
Title: Diffusion of home computers and social networks: a study using Japanese panel data 
Abstract:
  In this article, I explore the interaction effects of social networks and
 local spillovers in the diffusion of computers using the panel data from
 47 Japanese prefectures for the years 1988-2000. Controlling for
 unobserved prefecture-specific fixed effects and an endogeneity bias of
 the lagged dependent variable (the computer possession rate), I find that
 people are more likely to own computers in areas where the possession rate
 of computers is higher and where social networks are more strongly
 connected. Further results suggest a robust complementarity between
 existing computer owners and the social network. Overall, the empirical
 study provides evidence that the people learn from neighbours who own
 computers via a social network enhancing spillovers and reducing
 transaction costs. That is, the social network reduces the cost of being
 acquainted with experienced computer owners and so being able to learn
 from them, thereby attracting new adopters. 
Journal: Applied Economics Letters 
Pages: 1231-1235 
Issue: 15 
Volume: 15 
Year: 2008 
X-DOI: 10.1080/13504850601018098 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018098&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Taylor 
Author-X-Name-First: Mark 
Author-X-Name-Last: Taylor 
Title: Editorial: Long-run purchasing power parity and real exchange rates: introduction and overview 
Abstract:
  We introduce and summarize the results of 18 empirical studies that make
 up this special issue on long-run purchasing power parity (PPP) and real
 exchange rates. The motivation for the special issue was to bring together
 a set of studies as diverse as possible in terms of countries, real
 exchange rates and methodology, as a means of testing the robustness of
 long-run PPP. Overall, the results of the various studies provide robust
 support for long-run PPP. 
Journal: Applied Economics Letters 
Pages: 1-4 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850802704280 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802704280&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Author-Name: Seema Narayan 
Author-X-Name-First: Seema 
Author-X-Name-Last: Narayan 
Author-Name: Arti Prasad 
Author-X-Name-First: Arti 
Author-X-Name-Last: Prasad 
Title: Evidence on PPP from a cointegration test with multiple structural breaks 
Abstract:
  Despite a plethora of studies on purchasing power parity (PPP), those
 that take a cointegration approach have found mixed evidence on PPP. The
 goal of this article is to obviate existing tensions in the PPP literature
 by using a simple test for cointegration between nominal exchange rate and
 relative prices that accounts for multiple structural breaks. We find that
 for 14 out of 15 OECD countries, there is evidence of a cointegration
 relationship between nominal exchange rate and relative prices at the 5%
 level. Only for Japan, we find evidence for cointegration at the 2.5%
 level. These results suggest overwhelming evidence of support for PPP for
 the OECD countries. 
Journal: Applied Economics Letters 
Pages: 5-8 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222160 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222160&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale 
Author-X-Name-First: Guglielmo Maria 
Author-X-Name-Last: Caporale 
Author-Name: Christoph Hanck 
Author-X-Name-First: Christoph 
Author-X-Name-Last: Hanck 
Title: Cointegration tests of PPP: do they also exhibit erratic behaviour? 
Abstract:
  We analyse whether tests of PPP exhibit erratic behaviour (as previously
 reported by Caporale et al., 2003) even when (possibly unwarranted)
 homogeneity and proportionality restrictions are not imposed, and
 trivariate cointegration (stage-three) tests between the nominal exchange
 rate, domestic and foreign price levels are carried out (instead of
 stationarity tests on the real exchange rate, as in stage-two tests). We
 examine the US dollar real exchange rate vis-a-vis 21 other currencies
 over a period of more than a century, and find that stage-three test
 statistics are also somewhat erratic, though less than stage-two ones. 
Journal: Applied Economics Letters 
Pages: 9-15 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802092198 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802092198&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: Are real exchange rates more likely to be stationary during the fixed nominal exchange rate regimes? 
Abstract:
  By testing for the presence of multiple changes in persistence at a
 priori unknown dates in the real exchange rates spanning more than 100
 years over different nominal exchange rate regimes, this note shows that
 the real exchange rates are more likely to be stationary during the fixed
 nominal exchange rate regimes than during the floating ones. 
Journal: Applied Economics Letters 
Pages: 17-22 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719801 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719801&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ozgur Aslan 
Author-X-Name-First: Ozgur 
Author-X-Name-Last: Aslan 
Author-Name: Levent Korap 
Author-X-Name-First: Levent 
Author-X-Name-Last: Korap 
Title: Are real exchange rates mean reverting? Evidence from a panel of OECD countries 
Abstract:
  In our article we employ some contemporaneous panel unit root tests
 (Maddala and Wu, 1999; Im et al., 2003) to examine whether the real
 exchange rates are mean reverting. Considering a panel of 26 OECD
 countries from 1987 to 2006 both using monthly and quarterly observations,
 we find that assuming a panel framework significantly increases the power
 of unit root tests. As a result, we find that the nonstationarity of the
 real exchange rate has strongly been rejected in favour of giving support
 to the purchasing power parity. 
Journal: Applied Economics Letters 
Pages: 23-27 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701735773 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735773&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Kargbo 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Kargbo 
Title: Financial integration and parity reversion in real exchange rates of emerging markets 
Abstract:
  Johansen's cointegration technique was utilized with annual data on
 exchange rates and GDP deflators to investigate the validity of long-run
 PPP (power purchasing parity) in emerging markets during the 1955-2005
 period. We found support for PPP. Given the globalization of financial
 markets and their impacts on the macroeconomy, PPP is a useful guide for
 exchange rate policy reforms. 
Journal: Applied Economics Letters 
Pages: 29-33 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701735823 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735823&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. V. Perez-Rodriguez 
Author-X-Name-First: J. V. 
Author-X-Name-Last: Perez-Rodriguez 
Author-Name: F. Ledesma-Rodriguez 
Author-X-Name-First: F. 
Author-X-Name-Last: Ledesma-Rodriguez 
Author-Name: S. Torra-Porras 
Author-X-Name-First: S. 
Author-X-Name-Last: Torra-Porras 
Title: Purchasing power parity and nonlinear adjustment 
Abstract:
  In this article we study the out-of-sample real exchange rate forecasts
 of an Artificial Neural Network model, an AR model and a random walk
 model. The results confirm the relevance of nonlinear adjustment in the
 dynamics of the real exchange rate. 
Journal: Applied Economics Letters 
Pages: 35-38 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719645 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719645&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Minoas Koukouritakis 
Author-X-Name-First: Minoas 
Author-X-Name-Last: Koukouritakis 
Title: Testing the purchasing power parity: evidence from the new EU countries 
Abstract:
  This article examines the validity of the purchasing power parity (PPP)
 between each of the 12 new EU countries vis-a-vis the Eurozone. Using the
 Johansen cointegration methodology for a period that begins from the
 mid-1990s and allowing for a structural break for the countries that
 joined the EU on May 2004, it is found that there is a long-run
 equilibrium relationship among the nominal exchange rate, the domestic
 prices and the foreign prices, for all the new EU countries. The evidence
 also suggests that the PPP vector enters the cointegration space for
 Bulgaria, Cyprus, Romania and Slovenia, which means that only for these
 countries the long-run PPP vis-a-vis the Eurozone is verified. For the
 rest of the new EU countries the long-run PPP is violated, may due to the
 fact that the currencies of these countries have been pegged to the euro
 and cannot reflect the inflation differences vis-a-vis the Eurozone. 
Journal: Applied Economics Letters 
Pages: 39-44 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701735807 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735807&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Y. Oh 
Author-X-Name-First: Y. 
Author-X-Name-Last: Oh 
Author-Name: K. Han 
Author-X-Name-First: K. 
Author-X-Name-Last: Han 
Title: Purchasing power parity in Korean city panels with disaggregate price indices 
Abstract:
  We examine whether the purchasing power parity holds between Korean major
 cities. We use the disaggregated consumer price index data for Korean
 cities including 13 tradable or nontradable goods. We apply panel unit
 root tests of Maddala and Wu (1999), Choi (2001) and Im et al. (2003).
 From the empirical result, we are able to reject the nonstationary null
 hypothesis for six of eight tradable goods and for two of five nontradable
 goods at the 10% level. Thus we could conclude that the theory holds
 between Korean major cities. Also, it holds more for tradable goods than
 nontradable goods. 
Journal: Applied Economics Letters 
Pages: 45-49 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850801964323 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850801964323&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Venus Khim-Sen Liew 
Author-X-Name-First: Venus Khim-Sen 
Author-X-Name-Last: Liew 
Author-Name: Hock-Ann Lee 
Author-X-Name-First: Hock-Ann 
Author-X-Name-Last: Lee 
Author-Name: Kian-Ping Lim 
Author-X-Name-First: Kian-Ping 
Author-X-Name-Last: Lim 
Title: Purchasing power parity in Asian economies: further evidence from rank tests for cointegration 
Abstract:
  The finding of nonlinear cointegration between Asian exchange rates with
 the corresponding relative prices and aggregate price levels based on
 Breitung's (2001) nonparametric rank tests reinforces previous validations
 of purchasing power parity (PPP) by the parametric testing procedures.
 Hence, the long-run Asian exchange rates are in equilibrium with the
 relevant fundamentals as suggested by the PPP hypothesis. 
Journal: Applied Economics Letters 
Pages: 51-54 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601032057 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601032057&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: Purchasing power parity and long memory 
Abstract:
  This article examines the validity of purchasing power parity by
 estimating long memory parameters with recently suggested exact local
 Whittle estimators of Shimotsu and Phillips (2005). Little evidence is
 found for stationarity in the real exchange rates spanning more than 100
 years from 16 advanced countries. However, most of the estimates of long
 memory parameters are less than 1, so that they indicate mean-reversion to
 parity. Hence, purchasing power parity holds for most real exchange rates
 studied here. 
Journal: Applied Economics Letters 
Pages: 55-61 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601044961 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601044961&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Huseyin Kalyoncu 
Author-X-Name-First: Huseyin 
Author-X-Name-Last: Kalyoncu 
Title: New evidence of the validity of purchasing power parity from Turkey 
Abstract:
  The validity of purchasing power parity (PPP) is examined between Turkey
 and trading partners, namely USA, Germany, Japan, France, Netherlands and
 UK. Different unit root test and different base countries are used to
 determine if the validity of PPP is influenced by the type of test and/or
 the base country. According to estimation results PPP in Turkey is
 sensitive to the choice of the base country and can be influenced by the
 type of test. 
Journal: Applied Economics Letters 
Pages: 63-67 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701351902 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701351902&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Kargbo 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Kargbo 
Title: Financial globalization and purchasing power parity in the G7 countries 
Abstract:
  Financial globalization has huge opportunities and risks as it transforms
 supply and demand conditions in various countries. Competent macroeconomic
 management is needed to address the growing links between national
 economies and global financial markets. Johansen's cointegration technique
 was utilized with annual data on exchange rates and four price deflators
 (e.g. consumer price index, Wholesale Price Index (WPI), food price index
 and producer price index for manufacturing) to investigate the validity of
 long-run purchasing power parity in the G7 countries during the 1951 to
 2006 period. We found support for purchasing power parity, thereby making
 it a useful guide for exchange rate policy reforms. Depending on the price
 index used, adjustment to exchange rate and price shocks take 0.35-8.20
 years to return to equilibrium levels. 
Journal: Applied Economics Letters 
Pages: 69-74 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802360058 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802360058&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chi Keung Marco Lau 
Author-X-Name-First: Chi Keung Marco 
Author-X-Name-Last: Lau 
Title: A more powerful panel unit root test with an application to PPP 
Abstract:
  Applying the new panel unit root test developed in this article, we can
 overcome the pitfalls of old-fashioned panel unit root tests making it
 possible for researchers testing individual series for a unit root while
 taking contemporaneous cross- sectional dependence into account. The
 proposed test is indeed more powerful than univariate Augmented
 Dickey-Fuller (ADF) test in rejecting false I(1) time series. The long-run
 purchasing power parity (PPP) hypothesis on four OECD countries was tested
 between year 1950 and 1995. Evidence in favor of long-run PPP was absent
 when using single ADF and traditional panel data unit root test, however,
 when using the new test developed in this article we find strong evidence
 in favour of long-run purchasing power parity for three out of four OECD
 countries. The finite sample performance of the new test is examined
 though Monte Carlo Simulation, and was superior as compared to that of
 single ADF unit root test. 
Journal: Applied Economics Letters 
Pages: 75-80 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701735815 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735815&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nasip Bolatoglu 
Author-X-Name-First: Nasip 
Author-X-Name-Last: Bolatoglu 
Author-Name: Funda Telatar 
Author-X-Name-First: Funda 
Author-X-Name-Last: Telatar 
Author-Name: Erdinc Telatar 
Author-X-Name-First: Erdinc 
Author-X-Name-Last: Telatar 
Title: Stochastic behaviour of the real exchange rate for Jordan: a re-examination 
Abstract:
  The purpose of this article is to re-examine the validity of the long-run
 purchasing power parity (PPP) hypothesis for Jordan. Using a
 Markov-switching model, we provide some evidence that the real exchange
 rate of Jordan is stationary during periods of low real exchange rate
 volatility and nonstationary during periods of high real exchange rate
 volatility. 
Journal: Applied Economics Letters 
Pages: 81-85 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719504 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719504&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Carlos Cuestas 
Author-X-Name-First: Juan Carlos 
Author-X-Name-Last: Cuestas 
Title: Purchasing power parity in Central and Eastern European countries: an analysis of unit roots and nonlinearities 
Abstract:
  The aim of this article is to analyse the empirical fulfilment of
 purchasing power parity (PPP) in a number of Central and Eastern European
 countries. For this purpose we apply two different unit root tests in
 order to control for two sources of nonlinearities, i.e. Bierens (1997)
 and Kapetanios et al. (2003). We find that PPP holds in most of these
 countries once account has been taken of nonlinear deterministic trends
 and smooth transitions. 
Journal: Applied Economics Letters 
Pages: 87-94 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850802112252 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802112252&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: Functional forms and PPP: new evidence for eight Asian countries 
Abstract:
  This article applies the extended Box-Cox model to test functional forms
 of purchasing power parity (PPP) for eight selected Asian countries. Both
 the CPI and the PPI are considered. The relative price is the major
 determinant of the nominal exchange rate except for Malaysia when the CPI
 is used. The widely used double-log form for PPP can be rejected in seven
 of the eight countries when the CPI is used and in six of the eight
 countries when the PPI is used. The unitary elasticity cannot be rejected
 for Korea when the CPI is used and can be rejected for other cases. Hence,
 most countries have a nonlinear functional form of PPP and exhibit a
 nonunitary elasticity. 
Journal: Applied Economics Letters 
Pages: 95-98 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701720064 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701720064&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yilmaz Akdi 
Author-X-Name-First: Yilmaz 
Author-X-Name-Last: Akdi 
Author-Name: Zeynel Abidin Ozdemir 
Author-X-Name-First: Zeynel Abidin 
Author-X-Name-Last: Ozdemir 
Author-Name: Hasan Olgun 
Author-X-Name-First: Hasan 
Author-X-Name-Last: Olgun 
Title: Testing the PPP hypothesis for G-7 countries 
Abstract:
  This article applies the model free, seasonality robust periodogram test,
 and the conventional augmented Dickey-Fuller (ADF) unit root test to the
 real exchange rates (RER) of the G-7 countries. The empirical results show
 that the periodogram test rejects the null of unit root for a larger
 number of countries compared to the ADF test. 
Journal: Applied Economics Letters 
Pages: 99-101 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018551 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018551&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ruhul Salim 
Author-X-Name-First: Ruhul 
Author-X-Name-Last: Salim 
Author-Name: Kamrul Hassan 
Author-X-Name-First: Kamrul 
Author-X-Name-Last: Hassan 
Title: Does the relative population growth affect purchasing power parity? 
Abstract:
  Relative population growth affects price levels through its effect on
 money demand and that in turn impacts Purchasing Power Parity (PPP).
 Standard time series econometrics is used to investigate this issue using
 data from 30 selected countries. The empirical results show that there is
 stable relationship between PPP exchange rate and relative population
 growth in selected countries in the long run. These findings demonstrate
 that population growth influences exchange rate determination through PPP. 
Journal: Applied Economics Letters 
Pages: 103-107 
Issue: 1 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850802616484 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802616484&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pablo Acosta 
Author-X-Name-First: Pablo 
Author-X-Name-Last: Acosta 
Author-Name: Gabriel Montes Rojas 
Author-X-Name-First: Gabriel Montes 
Author-X-Name-Last: Rojas 
Title: A simple IM test for exponential distributions 
Abstract:
  We construct a simple information matrix misspecification test for
 exponential distributions that can be applied in duration models. We
 evaluate the test performance using Monte Carlo simulation experiments. We
 found good empirical size properties and good power against Weibull and
 Gamma distributions. 
Journal: Applied Economics Letters 
Pages: 109-112 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018221 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018221&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pornsit Jiraporn 
Author-X-Name-First: Pornsit 
Author-X-Name-Last: Jiraporn 
Author-Name: Peter DaDalt 
Author-X-Name-First: Peter 
Author-X-Name-Last: DaDalt 
Title: Does founding family control affect earnings management? 
Abstract:
  Because of concentrated ownership stakes, board composition and
 longer-investment horizons, founding-family controlled firms provide an
 interesting setting for examining issues relating to governance and
 control. Anderson and Reeb (2003a, b, 2004), find that the founding-family
 controlled structure results in superior stock market and accounting
 performance and lower cost of debt compared to their nonfamily controlled
 counterparts. We add to their findings by examining the relationships
 between founding family control and earnings management. The unique
 characteristics of family controlled firms could insulate these firms from
 pressures to manage earnings. Our results support this notion, and find
 that family firms are significantly less likely to manage earnings. 
Journal: Applied Economics Letters 
Pages: 113-119 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540701720592 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540701720592&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeong-Ryeol Kurz-Kim 
Author-X-Name-First: Jeong-Ryeol 
Author-X-Name-Last: Kurz-Kim 
Title: A comparison of forecasting performance between ECM and the difference ARX model 
Abstract:
  Using Monte Carlo simulations, we compare the forecasting performance of
 the single equation error correction model (SEECM) with that of the
 (misspecified) difference autoregressive model with exogenous variables
 (ARX). The main result of the article is that the SEECM produces superior
 forecasts for short horizons, but not for long horizons, as shown
 analytically by Christoffersen and Diebold (1999). 
Journal: Applied Economics Letters 
Pages: 121-124 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018171 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018171&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Haibin Wu 
Author-X-Name-First: Haibin 
Author-X-Name-Last: Wu 
Title: Entry barriers and markup ratios: evidence from OECD countries 
Abstract:
  This article examines the effects of industrial natural entry barrier and
 country entry regulation on industrial markups for 13 OECD countries. We
 find that markup ratios are high in industries with high natural entry
 barrier and in countries with high-entry regulation. In addition, markups
 are high in high natural entry barrier industries in high-entry regulation
 countries. However, all these effects are not significant, thus implying
 that entry barrier may not have a strong effect on the market power or
 profitability. 
Journal: Applied Economics Letters 
Pages: 125-130 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018122 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018122&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ruth Williams 
Author-X-Name-First: Ruth 
Author-X-Name-Last: Williams 
Author-Name: D. P. Doessel 
Author-X-Name-First: D. P. 
Author-X-Name-Last: Doessel 
Title: Improving mental health inequality? Some initial evidence from Australia 
Abstract:
  This study statistically analyses the location and distribution of some
 aspects of mental health in Queensland. The health status measured here is
 not the conventional 'count' approach, i.e. counting people diagnosed
 with/without illness, but rather an approach that was developed in the
 context of mortality, by Silber and subsequently Le Grand. The present
 context is morbidity. We measure the years lived free of serious mental
 illness, for people who subsequently contract these illnesses. A complete
 enumeration dataset (i.e. not a sample), namely, the Queensland hospital
 admissions dataset commencing in 1964, is available. Specific illness
 codings are for conditions so consistently serious that hospital admission
 invariably occurred throughout the 40-year period. The present study is
 partial, but has two major advantages. First, the measure incorporates the
 notion that the later in life is the onset of serious mental illness, the
 better. Second, although age distribution measurement is not possible with
 'count' data, it is possible with this approach. Inequality measures, such
 as the Gini coefficient, are applied to measure the inequality in the
 distribution. Time series on mental health and mental health inequality,
 for males and females, are thus generated and statistically analysed. 
Journal: Applied Economics Letters 
Pages: 131-136 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018130 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018130&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bijou Yang 
Author-X-Name-First: Bijou 
Author-X-Name-Last: Yang 
Author-Name: David Lester 
Author-X-Name-First: David 
Author-X-Name-Last: Lester 
Title: Is there a natural suicide rate? 
Abstract:
  In order to explore whether societies have a natural (nonzero) suicide
 rate, regression equations were derived predicting the suicide rate over
 the regions of 11 nations and over time in 13 nations from the divorce and
 unemployment rates. All of the regression equations had positive constant
 terms, indicating a nonzero, positive natural suicide when socio-economic
 conditions were set to minimize the suicide rate. 
Journal: Applied Economics Letters 
Pages: 137-140 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018189 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018189&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Bayer 
Author-X-Name-First: Christian 
Author-X-Name-Last: Bayer 
Author-Name: Carsten Burhop 
Author-X-Name-First: Carsten 
Author-X-Name-Last: Burhop 
Title: If only I could sack you! Management turnover and performance in Great German Banks between 1874 and 1913 
Abstract:
  We analyse the relation of firm performance and managerial turnover in
 19th century German banking by probit estimation. This period covers a
 major reform of corporate governance. Before the reform performance and
 turnover were unrelated, whereas after the reform more successful managers
 left firms more seldom. However, only short-run performance matters in
 this turnover-success relationship. 
Journal: Applied Economics Letters 
Pages: 141-145 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018205 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018205&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Deergha Raj Adhikari 
Author-X-Name-First: Deergha Raj 
Author-X-Name-Last: Adhikari 
Author-Name: Wayne Everson 
Author-X-Name-First: Wayne 
Author-X-Name-Last: Everson 
Author-Name: Lynn Gray 
Author-X-Name-First: Lynn 
Author-X-Name-Last: Gray 
Title: Effect of unemployment insurance tax on wages and reallocation of labour 
Abstract:
  We develop a labour market equilibrium model and show how the federally
 collected Unemployment Insurance (UI) Tax affects labour force allocation
 between regular labour and contract labour. We also analyse the effect of
 UI tax on wages of the two types of labour. Our model suggests that the
 effect of a UI tax will be to increase the employment and wages of
 contract labour and to reduce the employment and wages of regular labour. 
Journal: Applied Economics Letters 
Pages: 147-150 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018247 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018247&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wuyang Hu 
Author-X-Name-First: Wuyang 
Author-X-Name-Last: Hu 
Title: On the relevance of t-ratios in empirical modelling: two special cases 
Abstract:
  It is a common practice to rescale data to assist model estimation.
 Rescaling in general does not affect the model fit or the statistical
 inference from the estimation results. This article however, describes two
 cases where care is called upon when interpreting the t-ratio associated
 with the constant terms. One case is a linear model with a continuous
 dependent variable and the other case is a nonlinear model with a discrete
 dependent variable. It is proved in this article that in these two cases,
 one can arbitrarily manipulate the t-ratio associated with the constant
 term by rescaling the data. Implications from these results on empirical
 modelling are also given. 
Journal: Applied Economics Letters 
Pages: 151-155 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018288 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018288&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guneratne Wickremasinghe 
Author-X-Name-First: Guneratne 
Author-X-Name-Last: Wickremasinghe 
Title: Are real exchange rates of Papua New Guinea mean-reverting? Evidence from panel unit root tests 
Abstract:
  This article examines mean-reversion of real exchange rates of Papua New
 Guinea (PNG), which is the crucial condition for purchasing power parity
 (PPP) to hold. Taking a departure from the most previous studies, we used
 six panel unit root tests to investigate the empirical validity of the PPP
 hypothesis to PNG. Both the preliminary analysis performed by examining
 time series plots of real exchange rates and the results of the panel unit
 root tests indicate that the PPP does not hold for PNG. These results may
 be attributed to frictions, such as transportations costs, prevailing in
 international trade that lead PPP to follow a nonlinear stochastic
 process. This issue will be investigated in future research. 
Journal: Applied Economics Letters 
Pages: 157-161 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018296 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018296&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mubariz Hasanov 
Author-X-Name-First: Mubariz 
Author-X-Name-Last: Hasanov 
Title: Is South Korea's stock market efficient? Evidence from a nonlinear unit root test 
Abstract:
  In this article we re-examine efficiency of the South Korea's stock
 market, extending recent work of Narayan and Smyth (2004). For this
 purpose we apply the nonlinear unit root test procedure recently developed
 by Kapetanios et al. (2003). The nonlinear unit root test rejects the null
 hypothesis of unit root, suggesting that the South Korea's stock market is
 not weak form efficient, contrary to the findings of Narayan and Smyth
 (2004). 
Journal: Applied Economics Letters 
Pages: 163-167 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018270 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018270&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Yuksel 
Author-X-Name-First: E. 
Author-X-Name-Last: Yuksel 
Author-Name: Y. Akdi 
Author-X-Name-First: Y. 
Author-X-Name-Last: Akdi 
Title: The effect of different inflation risks on interest rates of the US 
Abstract:
  This article examines the effect of different inflation uncertainty
 measures on interest rates of the US in a Fisher hypothesis framework.
 Generalized Autoregressive Conditional Heteroskedasticity (GARCH)
 specification with a time-dependent parameter model is used to obtain
 three types of inflation uncertainties, namely, impulse uncertainty,
 structural uncertainty and steady-state uncertainty. It has been observed
 that the impulse uncertainty has negative but the structural uncertainty
 has positive impact on both short-term and long-term interest rates. Both
 of these effects are statistically significant. The influence of
 steady-state uncertainty on interest rates is positive, but the level of
 significance depends on the inclusion of output gap. Without the inclusion
 of output gap, the effect is insignificant, whereas the effect becomes
 significant when output gap is introduced. 
Journal: Applied Economics Letters 
Pages: 169-175 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018072 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018072&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. -Y. Chen 
Author-X-Name-First: M. -Y. 
Author-X-Name-Last: Chen 
Author-Name: F. -L. Lin 
Author-X-Name-First: F. -L. 
Author-X-Name-Last: Lin 
Author-Name: C. -K. Chang 
Author-X-Name-First: C. -K. 
Author-X-Name-Last: Chang 
Title: Relations between health care expenditure and income: an application of local quantile regressions 
Abstract:
  In this article, local relationship between per capita health care
 expenditure (HCE hereafter) and GDP is investigated with local quantile
 regressions. Logarithmic per capita GDP and HCE of 154 countries in 2001
 and 25, 50 and 75% quantile regressions are considered. Three main
 findings are obtained from our empirical study. First, conditional
 distribution of per capita HCE on GDP is asymmetric. For lower GDP
 countries, the conditional distribution is skewed to the right which means
 less health care tends to be consumed. On the contrary, the conditional
 distribution is skewed to the left which implies more health care is apt
 to be consumed for high GDP countries. Second, variance of the conditional
 distribution is larger when per capita GDP is low and smaller when per
 capita GDP is high. This confirms the necessity of restricting the sample
 observations to OECD countries for holding the homogeneity of HCE when the
 conditional mean is considered. Third, whether health care is 'necessary'
 or 'luxury' depends on the level of per capita GDP. For 50% quantile, the
 income elasticity is significant &#x3e;1 when per capita GDP is greater
 than US$ 1882 (ln(1882) = 7.56), which indicates that health care becomes
 luxury for countries with per capita GDP higher than US$ 1882. For 75%
 quantile, the elasticity is significantly &#x3e;1 and health care becomes
 luxury for countries with per capita GDP higher than US$ 1737 (ln(1737) =
 7.46). As to 25% quantile, the elasticity is significantly &#x3e;1 and
 health care becomes luxury for countries with per capita GDP higher than
 US$ 1920 (ln(1920) = 7.56). These results indicate that health care is a
 necessity for 37 countries with per capita income lower than $ 1920 and is
 luxury for other countries. 
Journal: Applied Economics Letters 
Pages: 177-181 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018114 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018114&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ming-Yuan Leon Li 
Author-X-Name-First: Ming-Yuan Leon 
Author-X-Name-Last: Li 
Title: Multiple asymmetries in index stock returns from boom/bust and stable/volatile markets states- an empirical study of US and UK stock markets 
Abstract:
  This article tries to answer the question: is the response of current
 returns to past returns asymmetric when the returns follow an
 autoregressive, spillover GARCH model? Our empirical findings are
 consistent with the following notions. First, both US and UK markets
 appear to overreact to the drastic events in the 1990s. Second, the
 impacts of the 1-week-ahead foreign market returns were marked during the
 1980s, especially when the home market returns were both volatile and
 negative. In contrast, the impacts were insignificant during the 1990s.
 Third, in the 1990s, the UK (US) investors' behaviour during the bust
 appears to be consistent (inconsistent) with the leverage effects. 
Journal: Applied Economics Letters 
Pages: 183-191 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018148 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018148&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tiziano Razzolini 
Author-X-Name-First: Tiziano 
Author-X-Name-Last: Razzolini 
Title: A note on the estimation of the PD-GEV models 
Abstract:
  This note provides a formula to compute the value of the mean utilities
 as a function of market shares in Bresnahan et al.'s (1997) production
 differentiation models (PD-GEV) (1997). Such a formula avoids the time
 consuming contraction mapping procedure suggested by Berry et al. (1995). 
Journal: Applied Economics Letters 
Pages: 193-197 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018155 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018155&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hironobu Miyazaki 
Author-X-Name-First: Hironobu 
Author-X-Name-Last: Miyazaki 
Title: An analysis of the relation between R&D and M&A in high-tech industries 
Abstract:
  This article discusses the relation between research and development
 (R&D) investment and mergers and acquisitions (M&A) in Japanese high-tech
 industries. Using a count data model, it is found that there exists a
 positive correlation (complementarity) between R&D investment and M&A. 
Journal: Applied Economics Letters 
Pages: 199-201 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018163 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018163&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Belen Rey 
Author-X-Name-First: Belen 
Author-X-Name-Last: Rey 
Author-Name: Vicente Inglada 
Author-X-Name-First: Vicente 
Author-X-Name-Last: Inglada 
Author-Name: Cipriano Quiros 
Author-X-Name-First: Cipriano 
Author-X-Name-Last: Quiros 
Author-Name: Ana Rodriguez-Alvarez 
Author-X-Name-First: Ana 
Author-X-Name-Last: Rodriguez-Alvarez 
Author-Name: Pablo Coto-Millan 
Author-X-Name-First: Pablo 
Author-X-Name-Last: Coto-Millan 
Title: From European to Asian leadership in the economic efficiency of the world air industry 
Abstract:
  This article sets out to compare the economic efficiency (EE) and
 decomposing of the changes in productivity of international air transport
 companies, during the period of 1996-2000. In these years, competition has
 been increased with the low-cost carriers and changes in Asian markets.
 Our purpose is to prove if these kinds of changes have damaged the EE of
 European and American companies compared with Asian carriers, and if Asian
 carriers are the new leaders in the air transport market. A stochastic
 frontier is estimated for cost function. From these estimations, we obtain
 indices for EE. For measuring productivity change, we use Malmquist
 indexes. They are computed using nonparametric programming techniques and
 we decompose them into technical and efficiency change. Our evidence
 suggests that the benefits of increasing competition in terms of EE and
 productivity are large for the Asian companies. 
Journal: Applied Economics Letters 
Pages: 203-209 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018197 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018197&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yeti Nisha Madhoo 
Author-X-Name-First: Yeti Nisha 
Author-X-Name-Last: Madhoo 
Title: Policy and nonpolicy determinants of progressivity of block residential water rates - a case study of Mauritius 
Abstract:
  This article presents empirical results on increasing block water rates
 that contradict conventional wisdom in developing countries and many
 developed countries. Unlike in other countries, family size in Mauritius
 increases with income. Due to this unusual demographic dimension,
 increasing block tariffs coupled with lifeline rates that are below
 long-run marginal cost applicable to low-volume users produce a different
 result. Regional variations in water demand and extensive metering both in
 rural and urban areas reinforce the redistributing nature of water
 charges. Traditional incidence analysis with adjustment for family size,
 linear expenditure systems approach and interactive demand models
 empirically support this result. 
Journal: Applied Economics Letters 
Pages: 211-215 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018213 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018213&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gilberto Paula 
Author-X-Name-First: Gilberto 
Author-X-Name-Last: Paula 
Author-Name: Francisco Jose Cysneiros 
Author-X-Name-First: Francisco Jose 
Author-X-Name-Last: Cysneiros 
Title: Systematic risk estimation in symmetric models 
Abstract:
  The aim of this article is to discuss the estimation of the systematic
 risk in capital asset pricing models with heavy-tailed error distributions
 to explain the asset returns. Diagnostic methods for assessing departures
 from the model assumptions as well as the influence of observations on the
 parameter estimates are also presented. It may be shown that outlying
 observations are down weighted in the maximum likelihood equations of
 linear models with heavy-tailed error distributions, such as Student-t,
 power exponential, logistic II, so on. This robustness aspect may also be
 extended to influential observations. An application in which the
 systematic risk estimate of Microsoft is compared under normal and
 heavy-tailed errors is presented for illustration. 
Journal: Applied Economics Letters 
Pages: 217-221 
Issue: 2 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018239 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018239&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale 
Author-X-Name-First: Guglielmo Maria 
Author-X-Name-Last: Caporale 
Author-Name: Andros Gregoriou 
Author-X-Name-First: Andros 
Author-X-Name-Last: Gregoriou 
Title: Non-normality, heteroscedasticity and recursive unit root tests of PPP: solving the PPP puzzle? 
Abstract:
  In this article, we carry out unit root tests on real exchange rates
 recursively as in Caporale et al. (2003), but, following Arghyrou and
 Gregoriou (2007), we adjust the residuals for non-normality and
 heteroscedasticity using a wild bootstrap method. The results are
 striking: this correction sharply increases the rejection percentages of
 the unit root null and attenuates the erratic behaviour of the
 t-statistic, providing evidence in favour of purchasing power parity (PPP)
 and suggesting that such a correction might at least go some way towards
 solving the 'PPP puzzle'. 
Journal: Applied Economics Letters 
Pages: 223-226 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802167321 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802167321&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ilias Livanos 
Author-X-Name-First: Ilias 
Author-X-Name-Last: Livanos 
Title: What determines self-employment? A comparative study 
Abstract:
  This article consists of a comparative study of the incidence of
 self-employment (SE) between Greece, which has the highest rate of SE in
 the European Union and the United Kingdom, which has amongst the lowest.
 Data from the Greek and the UK Labour Force Surveys are used in order to
 assess how personal attributes of an individual have an impact on the
 incidence of SE. It is found that common patterns exist between these two
 countries. In particular, it is found that for both countries, males have
 greater odds of being self-employed than females, older people have
 greater odds than younger, individuals employed in the primary and
 tertiary sectors have greater odds than the ones employed in the
 secondary, and that individuals with primary or secondary education have
 greater odds of being self-employed than individuals holding higher
 degrees. The incidence of SE is also found to differ according to the
 occupation of the individual. On the other hand, the findings indicate
 that individuals, residing in London, have greater odds of being
 self-employed than individuals working outside UK's capital, whereas in
 Greece the pattern is reversed. 
Journal: Applied Economics Letters 
Pages: 227-232 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018320 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018320&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Title: Inflation targeting and the inflation-inflation uncertainty relationship: evidence from Thailand 
Abstract:
  This study extends the literature on the relationships between inflation
 and inflation volatility by examining the impact of inflation targeting on
 inflation volatility in Thailand. The ARIMA-GARCH model reveals that
 inflation targeting marginally reduced the degree of volatility
 persistence in response to inflationary shocks (i.e. inflation
 uncertainty). Granger-causality tests show that an increase in inflation
 causes an increase in inflation uncertainty. However, an increase in
 inflation uncertainty causes a decrease in inflation. Thus, the
 relationship between inflation and inflation uncertainty in Thailand
 support Holland's (1995) stabilization hypothesis. 
Journal: Applied Economics Letters 
Pages: 233-238 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802078007 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802078007&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Barry Ma 
Author-X-Name-First: Barry 
Author-X-Name-Last: Ma 
Author-Name: Jeffrey Weiss 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Weiss 
Title: A variance decomposition in the evaluation of the effects of educational policies in economic education 
Abstract:
  A student's grade is decomposed into a part due to ability plus a part
 due to random guessing. Holding the variance of the ability distribution
 constant, we show that the introduction of a positive educational policy
 will increase the mean but decrease the variance of the grade
 distribution. 
Journal: Applied Economics Letters 
Pages: 239-242 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018460 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018460&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Garrett 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Garrett 
Title: Evaluating state tax revenue variability: a portfolio approach 
Abstract:
  This article develops a volatility model based on portfolio theory to
 examine state tax revenue variability. Unlike traditional parametric
 methods used to analyse state tax revenue variability, the portfolio
 approach allows the computation of a tax's share of total tax revenue that
 minimizes the overall variability in total state tax revenue given a
 state's portfolio of tax revenue sources. The model can thus be used to
 evaluate how closely a state's revenue portfolio is constructed to
 minimize variability in total state tax revenue. An empirical application
 of the model is conducted on a sample of US states. The volatility model
 presented here serves as a useful complement to parametric techniques that
 have been used to estimate tax revenue variability. 
Journal: Applied Economics Letters 
Pages: 243-246 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018403 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018403&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Deergha Raj Adhikari 
Author-X-Name-First: Deergha Raj 
Author-X-Name-Last: Adhikari 
Author-Name: Lynn Gray 
Author-X-Name-First: Lynn 
Author-X-Name-Last: Gray 
Author-Name: Jackie Burns 
Author-X-Name-First: Jackie 
Author-X-Name-Last: Burns 
Title: Effect of unemployment insurance tax on wages and employment: a partial equilibrium analysis 
Abstract:
  We develop a partial equilibrium model under a cost minimization problem
 to derive the effect of an unemployment insurance tax. The model suggests
 that a portion of the tax is passed on to employees by means of reduced
 wages and employment. 
Journal: Applied Economics Letters 
Pages: 247-250 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018254 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018254&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Myers 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Myers 
Author-Name: Inhyuck &#x201c;Steve&#x201d; Ha 
Author-X-Name-First: Inhyuck &#x201c;Steve&#x201d; 
Author-X-Name-Last: Ha 
Title: Estimation of race-neutral goals in public procurement and contracting 
Abstract:
  Federal guidelines require that public entities receiving federal transit
 authority (FTA) funds take affirmative steps to allocate funds to
 disadvantaged business enterprises (DBEs). Business firms owned and
 operated by women and/or racial minority group members are presumptively
 classified as disadvantaged. To assure that the affirmative efforts to
 allocate contract dollars to DBEs don't discriminate against nonDBEs and
 white male-owned firms, the guidelines require that maximum use of
 race-neutral means be adopted to assure the inclusion of women and
 minority-owned firms in public contracting. The guidelines do not provide
 specific guidance on how to determine the size of the race-neutral portion
 of contracts awarded to DBEs. This article provides an empirically valid
 and easy to implement method for achieving race-neutral goals when a
 public agency or authority collects information on contracts with and
 without targeted goals. 
Journal: Applied Economics Letters 
Pages: 251-256 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018338 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018338&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Neugart 
Author-X-Name-First: Michael 
Author-X-Name-Last: Neugart 
Title: Pensions with early retirement and without commitment 
Abstract:
  In this article it is shown that more generous early retirement
 provisions as well as lower employment lead to lower steady state pension
 rates if governments weigh the welfare of the older persons relatively
 strongly. A relatively stronger weight on the welfare of the young
 reverses the results. The driving force behind those findings are
 governments that cannot commit to pension policies and consequently take
 into account future governments' policies when maximizing electoral
 support from the currently young and old constituencies. 
Journal: Applied Economics Letters 
Pages: 257-260 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018353 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018353&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eiji Yamamura 
Author-X-Name-First: Eiji 
Author-X-Name-Last: Yamamura 
Title: Technology transfer and convergence of performance: an economic study of FIFA football ranking 
Abstract:
  The seminal work of Gerschenkron (1962) stated that latecomers borrow
 advanced technology from their predecessors, resulting in convergence of
 productivity among nations. Additionally, the diffusion of technology
 among developing nations has been fulfilled not only directly from
 developed nations but also from surrounding nations through local
 spillovers such as learning from others. Recently, the disparity in
 national football performance among the nations appears to have improved,
 and it is evident that talented players are mobilized from developing
 nations to developed ones. The present article attempts to apply the
 framework of development economics, as introduced earlier, to the case of
 international football. An empirical examination of FIFA's world ranking
 points considered as reflecting nations' performances was conducted,
 applying panel data to control for unobserved nations' specific effects
 (Baltagi 2005). The results indicate that both technology transfer and the
 local information spillover play a crucial role in improving the
 performance of developing nations, but not of developed nations. The
 presented results are interpreted as implying that developing nations are
 able to catch up with developed ones due to the effects of technology
 transfer and local information spillover. 
Journal: Applied Economics Letters 
Pages: 261-266 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018361 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018361&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Albertson 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Albertson 
Author-Name: Jonathan Aylen 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Aylen 
Title: Long lags or seasonal mis-specification? A note on co-integration testing and the consumption function 
Abstract:
  Writing in this journal, Sumner (2004) advocates use of long lag lengths
 when conducting co-integration tests. Replication of Sumner's consumption
 model suggests long lag lengths are a mis-specification: the true
 underlying model is periodic. We test for periodically distributed unit
 roots - unit roots that differ with the season and vary with past
 behaviour. Co-integration between income and consumption, based on a
 periodic error correction model, is rejected. A PADL specification is
 preferred for modelling the income-consumption relationship, using
 seasonally unadjusted data. 
Journal: Applied Economics Letters 
Pages: 267-271 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018387 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018387&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Kamerschen 
Author-X-Name-First: David 
Author-X-Name-Last: Kamerschen 
Title: Another view of the social costs from rent seeking 
Abstract:
  No matter whether the Posner or the game theory approach for measuring
 rent-seeking losses is utilized, the trapezoidal social costs of monopoly
 are significantly greater than the Harberger deadweight triangle
 allocative efficiency losses. This means public policy can improve social
 welfare in any country by reducing nonnatural monopolies. 
Journal: Applied Economics Letters 
Pages: 273-275 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018411 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018411&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Glauco de Vita 
Author-X-Name-First: Glauco 
Author-X-Name-Last: de Vita 
Author-Name: Khine Kyaw 
Author-X-Name-First: Khine 
Author-X-Name-Last: Kyaw 
Title: Growth effects of FDI and portfolio investment flows to developing countries: a disaggregated analysis by income levels 
Abstract:
  What is the impact of foreign direct investment (FDI) and portfolio
 investment flows on the economic growth of low-, lower middle- and upper
 middle-income countries? In this article we address this question using a
 dynamic panel model and a large data set of 126 developing countries for
 the period 1985 to 2002. Employing the system-generalized methods of
 moments (GMM) estimation approach, our findings suggest that only
 developing countries that have reached a minimum level of economic
 development and absorptive capacity are capturing the growth-enhancing
 effects of both forms of investment inflows. 
Journal: Applied Economics Letters 
Pages: 277-283 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018437 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018437&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gang Liu 
Author-X-Name-First: Gang 
Author-X-Name-Last: Liu 
Author-Name: Terje Skjerpen 
Author-X-Name-First: Terje 
Author-X-Name-Last: Skjerpen 
Author-Name: Kjetil Telle 
Author-X-Name-First: Kjetil 
Author-X-Name-Last: Telle 
Title: Unit roots, polynomial transformations and the environmental Kuznets curve 
Abstract:
  Properties of estimators of long-run parameters in a polynomial
 regression with nonstationary, strongly exogenous regressors are
 considered in the context of the Environmental Kuznets Curve using Monte
 Carlo simulations. Standard inferential procedures seem to work well in
 this context. 
Journal: Applied Economics Letters 
Pages: 285-288 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018478 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018478&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariacristina Piva 
Author-X-Name-First: Mariacristina 
Author-X-Name-Last: Piva 
Author-Name: Marco Vivarelli 
Author-X-Name-First: Marco 
Author-X-Name-Last: Vivarelli 
Title: Demand-pulled innovation under liquidity constraints 
Abstract:
  Using a panel of 211 Italian manufacturing firms for 1995-2001 and the
 Least Squares Dummy Variable Corrected (LSDVC) estimator recently
 discussed in the econometric literature, it is shown that demand-pull
 innovation is particularly significant in liquidity-constrained companies
 in both the short run and long run. 
Journal: Applied Economics Letters 
Pages: 289-293 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018304 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018304&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Mak Arvin 
Author-X-Name-First: B. 
Author-X-Name-Last: Mak Arvin 
Author-Name: Byron Lew 
Author-X-Name-First: Byron 
Author-X-Name-Last: Lew 
Title: Foreign aid and ecological outcomes in poorer countries: an empirical analysis 
Abstract:
  This article examines the relationship between foreign aid and ecological
 harm in developing countries. The study covers three types of ecological
 injury: carbon dioxide damage, water pollution and net deforestation.
 Results based on an empirical model where aid and injury are jointly
 determined, suggest that aid flows affect ecological conditions in poorer
 countries as well as being the result of these conditions. 
Journal: Applied Economics Letters 
Pages: 295-299 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018312 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018312&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Worthington 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Worthington 
Author-Name: Helen Higgs 
Author-X-Name-First: Helen 
Author-X-Name-Last: Higgs 
Title: Efficiency in the Australian stock market, 1875-2006: a note on extreme long-run random walk behaviour 
Abstract:
  This article examines the weak-form market efficiency of the Australian
 stock market. Daily returns from 6 January 1958 to 12 April 2006 and
 monthly returns from February 1875 to December 2005 are examined for
 random walks using serial correlation coefficient and runs tests,
 augmented Dickey-Fuller, Phillips-Perron and Kwiatkowski, Phillips,
 Schmidt and Shin unit root tests and multiple variance ratio tests. The
 serial correlation tests indicate inefficiency in daily returns and
 borderline efficiency in monthly returns, while the runs tests conclude
 that both series are weak form inefficient. The unit root tests suggest
 weak-form inefficiency in both return series. The results of the more
 stringent and least restrictive variance ratio tests indicate that the
 monthly returns series is characterized by a homoscedastic random walk,
 but the daily series violates weak-form efficiency because of the
 short-term autocorrelation in returns. 
Journal: Applied Economics Letters 
Pages: 301-306 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018379 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018379&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Corrado Andini 
Author-X-Name-First: Corrado 
Author-X-Name-Last: Andini 
Title: On the return-risk link in education 
Abstract:
  In a contribution to Economics Letters, Pereira and Martins (2002) point
 out that there exists a positive link between risk and return in
 education. We perform a sensitivity analysis and argue that the evidence
 on this link is not robust. 
Journal: Applied Economics Letters 
Pages: 307-314 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018395 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018395&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hefa Gui 
Author-X-Name-First: Hefa 
Author-X-Name-Last: Gui 
Author-Name: Mingchao Cai 
Author-X-Name-First: Mingchao 
Author-X-Name-Last: Cai 
Author-Name: Yongxiang Wang 
Author-X-Name-First: Yongxiang 
Author-X-Name-Last: Wang 
Title: The overconfident, or the more informed? 
Abstract:
  We discuss some problems with the modelling methods in the overconfidence
 literature. We argue that overconfidence models should be well constructed
 such that overconfident investors in the behavioural model could be
 distinguished clearly from the more informed investors in the rational
 asset-pricing model. 
Journal: Applied Economics Letters 
Pages: 315-318 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018429 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018429&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Papachristou 
Author-X-Name-First: George 
Author-X-Name-Last: Papachristou 
Title: Scale economies of lotto once more 
Abstract:
  Under the assumption of random number selection, higher moments of a
 lotto ticket payoff seem to exhibit a peculiar behaviour; variance (and
 probably skewness) rises up to some number of bets before approaching its
 limit from above. A close inspection of the 'simplest' expression obtained
 by means of a hypergeometric summation algorithm suggests that the payoff
 variance (and probably skewness) is unimodal and attains its highest at a
 realistic scale. 
Journal: Applied Economics Letters 
Pages: 319-323 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018445 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018445&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Manoj Raj 
Author-X-Name-First: Manoj 
Author-X-Name-Last: Raj 
Title: Financial dependence and growth: further evidence 
Abstract:
  This article empirically shows that in developing countries, financial
 development facilitates firms to grow disproportionately in industries
 with higher external finance dependence or better growth opportunities.
 This effect is absent in developed countries. 
Journal: Applied Economics Letters 
Pages: 325-330 
Issue: 3 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018452 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018452&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Deller 
Author-X-Name-First: Steven 
Author-X-Name-Last: Deller 
Author-Name: Craig Maher 
Author-X-Name-First: Craig 
Author-X-Name-Last: Maher 
Title: Is the treatment of intergovernmental aid symmetric? 
Abstract:
  In this note we use a variable parameter model to test for asymmetries in
 the treatment of intergovernmental aid. The central question is whether
 local government officials treat intergovernmental aid differently during
 periods of aid certainty and uncertainty. We find evidence of fiscal
 replacement for 94% of Wisconsin municipalities and fiscal inducement for
 only a small handful of municipalities. The lower the dependency on shared
 revenues, the higher the odds that the municipality will replace lost
 shared revenues with own source revenues. 
Journal: Applied Economics Letters 
Pages: 331-335 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018668 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018668&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Author-Name: Peter Nijkamp 
Author-X-Name-First: Peter 
Author-X-Name-Last: Nijkamp 
Title: Two aspects of waste management from the viewpoints of a waste generator and a recipient 
Abstract:
  Regulations specify the maximum amount of waste that can be stored on
 site by a waste generating firm. When this regulatory threshold is
 reached, a polluting firm must move its on site waste to an off site
 recipient. In this setting, we analyse two questions in a stochastic
 framework from the viewpoints of a waste generator and a recipient that
 have received scant theoretical attention in the literature. First, given
 that off site storage is costlier than on site storage, we derive the
 long-run average cost incurred by a waste generating firm that stores
 waste both on and off site. Second, we compute the expected amount of time
 until the off site recipient's waste storage facility is full. 
Journal: Applied Economics Letters 
Pages: 337-341 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018528 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018528&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Ball 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Ball 
Author-Name: Javier Reyes 
Author-X-Name-First: Javier 
Author-X-Name-Last: Reyes 
Title: International reserve holdings: interest rates matter! 
Abstract:
  We argue that the literature on optimal international reserve holdings in
 an era of high-capital mobility fails to find interest rates is a strongly
 significant factor because of the endogeneity of interest rates and
 reserves under fixed exchange rate regimes. Using two-stage least squares
 we control this and regain statistical significance for interest rates. 
Journal: Applied Economics Letters 
Pages: 343-348 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018619 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018619&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitrios Vougas 
Author-X-Name-First: Dimitrios 
Author-X-Name-Last: Vougas 
Title: Modification of the point optimal unit root test 
Abstract:
  A modification of the existing point optimal unit root test is proposed.
 The new test has very good finite sample power and is easily correctable
 via semi-parametric methods. Critical values are provided along with power
 simulation and empirical examples. 
Journal: Applied Economics Letters 
Pages: 349-352 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018635 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018635&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Deergha Raj Adhikari 
Author-X-Name-First: Deergha Raj 
Author-X-Name-Last: Adhikari 
Title: Evaluating NAFTA - an impulse function approach 
Abstract:
  Models developed under ex ante approach are mostly based on some utility
 function. The assumptions underlying these models are hard to meet. These
 models also have stringent data requirements. The models developed under
 ex post approach, on the other hand, are simple to use, avoid the need of
 using a utility function and require less information. However, these
 models only offer two points in time: one before a trade reform and the
 other after the reform. As such, they do not provide a region of
 acceptance or rejection, which enables us to test the models empirically.
 Our study overcomes those problems, develops an intervention model,
 estimates the impulse response function and estimates the short-term and
 the long-run impacts of NAFTA (the North American Free Trade Agreement) on
 the variable representing Canada's welfare. Our results show that both the
 short-term and the long-term impacts are negative. Therefore, we conclude
 that Canada's welfare has, in fact, deteriorated, or at least not improved
 due to NAFTA. 
Journal: Applied Economics Letters 
Pages: 353-357 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018262 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018262&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cynthia Bansak 
Author-X-Name-First: Cynthia 
Author-X-Name-Last: Bansak 
Author-Name: Christopher McLaren 
Author-X-Name-First: Christopher 
Author-X-Name-Last: McLaren 
Title: Parental eligibility for public health insurance: a study of the State Children's Health Insurance Program and child coverage rates 
Abstract:
  This article investigates whether offering parental coverage for public
 health insurance increases coverage rates among children. Using data from
 the Current Population Survey (CPS), we examine the effect of parental
 benefits on participation rates of children in the State Children's Health
 Insurance Program (SCHIP). Our findings indicate a significant difference
 in take-up rates for children in states offering parental coverage
 compared to neighbouring states that did not in the period surrounding the
 introduction of the SCHIP program (1997-2002). Specifically, states
 offering parental coverage have greater program participation (on the
 order of 10% points) among children even after controlling for observable
 demographic characteristics and the household's position in the income
 distribution. Thus, extending coverage to the parents of SCHIP-eligible
 children appears to be an effective strategy to reduce uninsurance rates
 among children. 
Journal: Applied Economics Letters 
Pages: 359-363 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018536 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018536&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lloyd Thomas 
Author-X-Name-First: Lloyd 
Author-X-Name-Last: Thomas 
Author-Name: Danhua Wu 
Author-X-Name-First: Danhua 
Author-X-Name-Last: Wu 
Title: Long-term interest rates and expected future budget deficits: evidence from the term structure 
Abstract:
  This article examines the relationship between current and expected
 future real Treasury bond yields, forecasts of budget deficits and market
 risk. Both expected future deficits and risk strongly influenced expected
 future real Treasury bond yields in the United States in the 1983-2005
 period. 
Journal: Applied Economics Letters 
Pages: 365-368 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018544 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018544&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marshall Gramm 
Author-X-Name-First: Marshall 
Author-X-Name-Last: Gramm 
Author-Name: C. Nicholas McKinney 
Author-X-Name-First: C. Nicholas 
Author-X-Name-Last: McKinney 
Title: The effect of late money on betting market efficiency 
Abstract:
  This article is an analysis of the price movements in a speculative
 market at closing. Specifically, we look at 1644 US horse races and
 analyse the change in betting pool totals and their suggested
 probabilities to confirm that late wagers on average come from more
 informed bettors. Almost 40% of all wagering dollars enter betting pools
 in the last minute of wagering. This 'late' money is found to increase
 efficiency and itself is the best prediction of the true win, place and
 show probability of a horse. A clustered tobit regression shows that late
 increases in the betting share on a specific horse increase net returns. 
Journal: Applied Economics Letters 
Pages: 369-372 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018577 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018577&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Brad Trenkamp 
Author-X-Name-First: Brad 
Author-X-Name-Last: Trenkamp 
Title: Does the advertising effect of athletics impact academic rankings? 
Abstract:
  The study presented here examines the relationship between athletic
 success and academic quality among Division 1 universities. The analysis
 begins by revisiting models that have seen previously examined by other
 researchers. The current literature is then extended using a new model
 incorporating academic rankings. The previously used models incorporate
 objective measures of academic quality. The new model presented here uses
 rankings which have a subjective input. It is then examined to see whether
 the subjective opinions present in the academic rankings are influenced by
 athletic success. 
Journal: Applied Economics Letters 
Pages: 373-378 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018585 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018585&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Rauterkus 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Rauterkus 
Title: Do bank lending relationships always enhance financial distress resolution? The case of Germany 
Abstract:
  This article examines the financial distress resolution benefit of bank
 lending relationships in a system where because of the lack of access to
 public debt and equity markets, banks do not face competition as providers
 of capital. For a sample of German firms, this article finds that
 companies in financial distress are more likely to be liquidated if they
 have high amounts of bank debt. Furthermore, companies that are saved show
 higher potential for financial distress a year prior to bankruptcy. This
 suggests that certain aspects of value of bank lending relationships are
 dependent on the financial system in which they occur. 
Journal: Applied Economics Letters 
Pages: 379-385 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802129784 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802129784&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Title: Dealing with the willingness to pay data with preference intensity: a semiparametric estimation 
Abstract:
  This article considers the Type 3 Tobit models to deal with the
 willingness to pay data with preference intensity by employing both
 parametric and semiparametric estimation methods. The overall results show
 that the semiparametric estimation significantly outperforms the
 parametric estimation. 
Journal: Applied Economics Letters 
Pages: 387-390 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018486 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018486&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thorsten Schank 
Author-X-Name-First: Thorsten 
Author-X-Name-Last: Schank 
Author-Name: Claus Schnabel 
Author-X-Name-First: Claus 
Author-X-Name-Last: Schnabel 
Author-Name: Hans-Dieter Gerner 
Author-X-Name-First: Hans-Dieter 
Author-X-Name-Last: Gerner 
Title: Stimulating part-time work by legal entitlements? Evidence from a German policy experiment 
Abstract:
  Difference-in-difference estimates indicate that the new law on part-time
 work in Germany has raised the share of part-time workers in those plants
 that already used part-time employment whereas it has not stimulated the
 introduction of part-time work in other plants. 
Journal: Applied Economics Letters 
Pages: 391-394 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018494 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018494&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Moore 
Author-X-Name-First: Simon 
Author-X-Name-Last: Moore 
Title: The nonpecuniary effects of smoking cessation: happier smokers smoke less 
Abstract:
  The objective of this article is to describe the relationship between
 past changes in daily cigarette consumption and happiness using a national
 longitudinal panel survey. Data from 724 smokers who participated in the
 first 11 waves of the British Household Panel Survey were analysed using a
 fixed effects regression model. An increase in daily smoking frequency
 corresponded with a decrease in happiness (&#x3b2; = -0.004, 95%
 confidence interval -0.006 to -0.001). Independent of this relationship,
 happiness decreased as health deteriorated with a transition to the
 poorest health group associated with greatest unhappiness (&#x3b2; =
 -0.190, 95% confidence interval -0.258 to -0.123) followed by those in the
 next poorest health group (&#x3b2; = 0.114, 95% confidence interval -0.176
 to -0.051) and as health improved further, the effect on happiness
 diminished (&#x3b2; = -0.077, 95% confidence interval -0.127 to -0.027)
 indicating a dose-repose relationship between health and happiness.
 Smokers who reduce cigarette consumption can expect greater happiness in a
 relationship that is not mediated by changes in health. This relationship
 is interpreted as cigarettes showing reference dependence 
Journal: Applied Economics Letters 
Pages: 395-398 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018502 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018502&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Elena Casquel 
Author-X-Name-First: Elena 
Author-X-Name-Last: Casquel 
Author-Name: Ezequiel Uriel 
Author-X-Name-First: Ezequiel 
Author-X-Name-Last: Uriel 
Title: The determinants of post-compulsory education in Spain 
Abstract:
  In this article we explain why Spain is at the bottom of the developed
 countries in secondary education. We have made use of extensive
 information contained in the ECHP supplemented with labour market data. We
 find that higher rates of unemployment diminish the probability of
 investing in post-compulsory education and this effect differs across the
 population. Our results suggest that a 'poverty effect' makes access more
 difficult to secondary education in Spain. 
Journal: Applied Economics Letters 
Pages: 399-404 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018510 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018510&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carsten Ochsen 
Author-X-Name-First: Carsten 
Author-X-Name-Last: Ochsen 
Title: On the measurement of mismatch 
Abstract:
  We use a definition of an equilibrium rate of unemployment as a mismatch
 indicator. An application of the indicator to nine Organization for
 Economic Cooperation and Development (OECD) countries leads to diverging
 results. Most of the considered countries have experienced increasing
 mismatch in the 1970s and decreasing mismatch in the 1990s. The latter
 result is somewhat surprising, since mismatch was expected to be
 increasing in the 1990s. However, the estimates for Germany are against
 this international trend. Mismatch is not in general lower in countries
 with a more flexible labour market, but is decreasing in some of the
 countries which have chosen more flexibility on the labour market. 
Journal: Applied Economics Letters 
Pages: 405-409 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018569 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018569&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Masayoshi Maruyama 
Author-X-Name-First: Masayoshi 
Author-X-Name-Last: Maruyama 
Author-Name: Le Viet Trung 
Author-X-Name-First: Le Viet 
Author-X-Name-Last: Trung 
Title: High shopping frequency of Vietnamese consumers: theory and measurement 
Abstract:
  Almost all Vietnamese consumers shop at least five or six times a week or
 everyday or more. We formulated a basic model of the optimal level of
 shopping frequency. Hanoi consumer survey data has been analysed using the
 binary choice Probit model to measure factors that influence the major
 characteristics related to the high-shopping frequency patterns of
 Vietnamese consumers. The results consolidate the validity of the basic
 model and show that freshness, convenience (distance), gender and the
 presence of children in the household had a significant effect on the
 frequency of shopping. In contrast, factors such as owning a refrigerator
 as well as income did not have a significant effect in shaping consumer
 shopping behaviour. 
Journal: Applied Economics Letters 
Pages: 411-415 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018593 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018593&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: Estimation of a regional wage curve and policy implications 
Abstract:
  Based on all the metropolitan statistical areas in the state of Texas
 during 2002-2004, this study finds that the real wage rate and the
 unemployment rate have a significant negative relationship. However, the
 value of R2 is relatively low. Policy implications are that the efficiency
 wage model may be used to explain the outcome and that there are other
 factors explaining the behaviour of wages. 
Journal: Applied Economics Letters 
Pages: 417-419 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018601 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018601&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Aaron Hatcher 
Author-X-Name-First: Aaron 
Author-X-Name-Last: Hatcher 
Title: A note on relative violation arguments in expected penalty functions for permit noncompliance 
Abstract:
  Models of firm noncompliance under imperfectly enforced standards and
 permit regimes normally include a level violation argument in the firm's
 expected penalty function, analogous to the constraint term in a
 Lagrangian function. This article suggests that a relative violation
 argument may be more appropriate in many cases and demonstrates how this
 can change our predictions about firm behaviour under permit regimes. 
Journal: Applied Economics Letters 
Pages: 421-423 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Mangeloja 
Author-X-Name-First: E. 
Author-X-Name-Last: Mangeloja 
Author-Name: J. Pehkonen 
Author-X-Name-First: J. 
Author-X-Name-Last: Pehkonen 
Title: Availability and consumption of alcoholic beverages: evidence from Finland 
Abstract:
  The study examines the consumption of alcoholic beverages in Finland over
 the period 1960 to 2004. Consumption is explained by its own real price,
 relative prices, expenditure and variables measuring the availability of
 alcohol. The empirical analysis utilizes information on linkages across
 different beverages and uses co-integration techniques. The study finds
 that changes in the availability of alcohol, typically related to
 institutional changes, have played an important role in determining
 consumption, especially of beer. 
Journal: Applied Economics Letters 
Pages: 425-429 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018643 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018643&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Helmut Herwartz 
Author-X-Name-First: Helmut 
Author-X-Name-Last: Herwartz 
Author-Name: Martin Siegel 
Author-X-Name-First: Martin 
Author-X-Name-Last: Siegel 
Title: Development and determinants of systemic risk in European banking - an empirical note 
Abstract:
  Compared with the broad supply of theoretical approaches towards systemic
 risk in (international) banking systems empirical contributions measuring
 its degree or potential triggering factors are rather scarce. Kwast and de
 Nicolo (2002) put systemic risk and (conditional) stock price correlations
 into a unique relation. Adopting this perspective, we provide a dynamic
 conditional correlation (DCC, Engle, 2002) analysis for the European
 banking sector. Our sample period covers establishment and advent of the
 Euro. Apart from time variation of correlation measures we investigate the
 content of exogenous factor variables to explain correlation patterns.
 Overall, we find a moderate and stable average level of systemic risk in
 European banking. The advent of the Euro came along with a 1-year period
 of short-run transition dynamics. Systemic risk is found to increase over
 states of high uncertainty in national stock markets and states of
 small-to-medium variation in European interest rates. 
Journal: Applied Economics Letters 
Pages: 431-438 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/09603100802047027 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/09603100802047027&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ivar Kolstad 
Author-X-Name-First: Ivar 
Author-X-Name-Last: Kolstad 
Title: The resource curse: which institutions matter? 
Abstract:
  Two types of models are dominant in the current resource curse
 literature. One type of model studies the selection of entrepreneurs into
 rent-seeking versus productive activities. The other type analyses the use
 of patronage by politicians seeking re-election. The policy implications
 of the two models are quite different. The first model suggests that
 institutions governing the private sector ought to be improved. The second
 model suggests that institutions governing the public sector should be
 emphasized. This article empirically tests the impact of the private
 versus public sector institutions on the resource curse, using
 cross-country data from Sachs and Warner (1997a) and Polity IV. The main
 result is that only improved private sector institutions ameliorate the
 resource curse. 
Journal: Applied Economics Letters 
Pages: 439-442 
Issue: 4 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802167339 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802167339&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takaaki Aoki 
Author-X-Name-First: Takaaki 
Author-X-Name-Last: Aoki 
Title: Some notes on statistic robustness of nonparametric bivariate probit model in a finite sample 
Abstract:
  This article describes qualitatively some interesting statistic aspects
 of the nonparametric bivariate Probit model, which was examined in Aoki
 (2005) as a nonparametrically modified version of the estimator to test
 asymmetric information, originally proposed in Chiappori and Salanie
 (2000). My computation results and analysis show that even in a finite
 sample case the nonparametric version is very robust to the variable
 bandwidth, which is relatively smaller than the optimal bandwidth policy.
 This statistic characteristics enables the proposed nonparametric
 estimator to be put widely and conveniently into practical use, without
 applied researcher's necessity to pay too much attention to the precise
 value of optimal bandwidth. 
Journal: Applied Economics Letters 
Pages: 443-447 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601032115 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601032115&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ram Acharya 
Author-X-Name-First: Ram 
Author-X-Name-Last: Acharya 
Author-Name: Krishna Paudel 
Author-X-Name-First: Krishna 
Author-X-Name-Last: Paudel 
Author-Name: L. Upton Hatch 
Author-X-Name-First: L. Upton 
Author-X-Name-Last: Hatch 
Title: Impact of nostalgia and past experience on recreational demand for wilderness 
Abstract:
  This primary objective of this study was to examine whether nostalgia
 plays any role in determining the demand for wilderness recreation using
 onsite survey data from Cheaha Wilderness in Alabama. In addition, an
 attempt was made to determine the impact of past wilderness experience and
 current residential setting on recreational demand. Since experience is a
 latent construct, a number of indicators, measuring the visitor's
 experience use history, were used to measure it. The results based on a
 truncated count data model show that trip cost and other visitor
 characteristics such as age, income, residential setting, and past
 wilderness experience were significant determinants for the visitation
 frequency. Moreover, the rural to urban migrants, who were expected to be
 more sensitive to nostalgic feelings, were making seven more trips than
 others. 
Journal: Applied Economics Letters 
Pages: 449-453 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601032099 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601032099&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Toshihiko Mukoyama 
Author-X-Name-First: Toshihiko 
Author-X-Name-Last: Mukoyama 
Title: A simple model of productivity slowdown 
Abstract:
  This article demonstrates a simple mechanism of productivity slowdown.
 There are two types of technological change: exogenous and endogenous.
 After news arrives that there will be an acceleration of exogenous
 technological progress in the future, endogenous technological progress
 may slow down. 
Journal: Applied Economics Letters 
Pages: 455-458 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018734 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018734&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lixin Cai 
Author-X-Name-First: Lixin 
Author-X-Name-Last: Cai 
Title: Is self-reported disability status endogenous to labour force status? 
Abstract:
  By estimating a simultaneous equation model on panel data, this study
 examines whether self-reported disability status is endogenous to labour
 force status. While for males the exogeneity of disability status cannot
 be rejected, it is rejected for females. However, for both males and
 females the results reject the justification hypothesis on self-reported
 disability status. 
Journal: Applied Economics Letters 
Pages: 459-464 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018692 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018692&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Tenn 
Author-X-Name-First: Steven 
Author-X-Name-Last: Tenn 
Title: Demand estimation under limited product availability 
Abstract:
  Consumer purchases are determined, in part, by the assortment of products
 available at retailers. Despite this, commonly employed aggregate demand
 models fail to control for the fraction of stores that carry a given item.
 We detail the conditions under which aggregate demand is consistently
 estimated when heterogeneity in product assortment is ignored. The
 required assumptions are quite strict and likely violated in many
 empirical applications. Even when they hold, however, a problem of
 inference arises. One cannot tell whether a lack of interaction between
 two products is due to limited substitution in those stores where both are
 available or because many stores do not carry both products. This is a
 significant shortcoming since in many situations it is important to
 distinguish between these two possibilities. 
Journal: Applied Economics Letters 
Pages: 465-468 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018650 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018650&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: Estimating the time-varying NAIRU for Germany and policy implications 
Abstract:
  This article extends Ball and Mankiw (2002) and applies the
 Hodrick-Prescott filter (1997) to estimate the time-varying NAIRU for
 Germany. The slope estimate of the Phillips curve is insignificant when
 the widely used lagged inflation rate &#x3c0;t-1 is selected as a proxy
 for the expected inflation rate. The average inflation rate in past 4
 years is a better proxy for the expected inflation rate. Estimated NAIRUs
 with &#x3bb; = 1000 show a steady rising trend. The estimated NAIRU of
 9.84% with &#x3bb; = 1000 in 2005 is slightly higher than the actual
 unemployment rate of 9.70% in 2005, suggesting that monetary easing or
 large deficit spending may cause the inflation rate to accelerate. 
Journal: Applied Economics Letters 
Pages: 469-473 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018742 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018742&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Monzur Hossain 
Author-X-Name-First: Monzur 
Author-X-Name-Last: Hossain 
Title: Divergence from de jure exchange rate regime: a stochastic process of learning 
Abstract:
  This article provides a model framework to characterize the process of
 stochastic learning during the period of divergence from a de jure
 currency regime. The model outcome shows that divergence from a de jure
 regime is a process of slow learning in small steps, which indicates that
 the learning completes over time. Therefore, divergence does not have a
 long-term effect on the distribution of exchange rate regime. Empirical
 illustration indicates that countries work toward the development of their
 financial sector during the period of divergence. 
Journal: Applied Economics Letters 
Pages: 475-479 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802277146 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802277146&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xinpeng Xu 
Author-X-Name-First: Xinpeng 
Author-X-Name-Last: Xu 
Title: Consumption and aggregate constraints: new evidence from Chinese provinces 
Abstract:
  Using a newly created panel dataset at the provincial level in China,
 this article revisits the hypothesis that state-specific consumption
 exhibits less sensitivity to lagged state-specific disposable income once
 aggregate income and consumption fluctuations are controlled for, as
 proposed by Ostergaard et al. (2002). 
Journal: Applied Economics Letters 
Pages: 481-484 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601032065 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601032065&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wiston Adrian Risso 
Author-X-Name-First: Wiston Adrian 
Author-X-Name-Last: Risso 
Title: The informational efficiency: the emerging markets versus the developed markets 
Abstract:
  The purpose of the article is to study the difference between the
 informational efficiency levels between the emerging and developed
 markets. We applied the symbolic time series analysis approach and the
 Shannon entropy in order to measure and rank the informational efficiency
 of 20 stock markets from 1 July 1997 to 14 December 2007. Three Asian
 markets take the first positions as the most efficient (Taiwan, Japan and
 Singapore). The last positions are taken by the ex-socialist countries as
 the most inefficient markets. The latter could be due to the lack of
 experience of these markets. 
Journal: Applied Economics Letters 
Pages: 485-487 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802216219 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802216219&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joaquim Ramalho 
Author-X-Name-First: Joaquim 
Author-X-Name-Last: Ramalho 
Title: A test statistic equation for obtaining alternative Wald and score statistics in the generalized method of moments framework 
Abstract:
  In this article we derive a test statistic generating equation (TSGE)
 from which several statistics suitable for testing parametric restrictions
 in models estimated by the generalized method of moments (GMM) may be
 obtained. This statistic presents three main features: it is valid for
 producing statistics appropriate for testing constraints expressed in very
 general forms, which may involve not only the parameters of interest but
 also a vector of nuisance parameters; some of the tests proposed in the
 GMM literature are special cases of the TSGE; it can be evaluated at any
 consistent and asymptotically normal estimator. 
Journal: Applied Economics Letters 
Pages: 489-494 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018676 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018676&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paolo Buonanno 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Buonanno 
Author-Name: Daniel Montolio 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Montolio 
Title: Juvenile crime in Spain 
Abstract:
  This article studies the role of age structure and gender on crime rates
 across Spanish regions. Using a regional dataset for the period 1993 to
 2003, and after controlling for social and economic factors such as
 unemployment, urbanization, migration, regional welfare and economic
 development, results support the existence of an age-crime profile:
 Spanish youngsters are more prone to commit crime. 
Journal: Applied Economics Letters 
Pages: 495-500 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018684 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018684&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sang Jin Lee 
Author-X-Name-First: Sang Jin 
Author-X-Name-Last: Lee 
Title: Volatility spillover effects amongsix Asian countries 
Abstract:
  This article examines the volatility spillover effects among six Asian
 country stock markets using bivariate vector autoregression-generalized
 autoregressive conditional heteroskedasticity [VAR(p)-GARCH(1,1)] model.
 The six Asian countries are India, Hong Kong, South Korea, Japan,
 Singapore and Taiwan. This study found that there are statistically
 significant volatility spillover effects within the stock markets of these
 countries. 
Journal: Applied Economics Letters 
Pages: 501-508 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018700 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018700&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Isabel Ruiz 
Author-X-Name-First: Isabel 
Author-X-Name-Last: Ruiz 
Title: Linkages among Latin American foreign exchange markets: a long-run perspective in the presence of structural breaks 
Abstract:
  This article examines stationarity properties, linkages and market
 efficiency of the Latin American foreign exchange markets over the 1994 to
 2005 period. By using daily data for 14 countries we apply bivariate and
 multivariate cointegration estimations and we further account for the
 presence of structural breaks or changes in regime. Bivariate
 cointegration tests revealed that most currencies have a long-run
 equilibrium relationship with the Brazilian real. Moreover, approximately
 between 1999 and 2001, there was a shift to a new 'long-run' equilibrium
 relationship. 
Journal: Applied Economics Letters 
Pages: 509-514 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018718 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018718&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Adolfo Maza 
Author-X-Name-First: Adolfo 
Author-X-Name-Last: Maza 
Author-Name: Ignacio Moral-Arce 
Author-X-Name-First: Ignacio 
Author-X-Name-Last: Moral-Arce 
Title: A semiparametric approach to examine wage flexibility 
Abstract:
  This article analyses wage flexibility within the framework of a
 semiparametric panel data model by using a bi-dimensional nonparametric
 term in the wage regression. The results point to a high degree of wage
 rigidity in Spain. However, semiparametric estimation allows us to find an
 interaction effect involving regional unemployment and productivity when
 explaining regional wages and, as a result of that, some signs of
 flexibility in the Spanish labour market. 
Journal: Applied Economics Letters 
Pages: 515-518 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018726 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018726&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kian-Ping Lim 
Author-X-Name-First: Kian-Ping 
Author-X-Name-Last: Lim 
Title: Weak-form market efficiency and nonlinearity: evidence from Middle East and African stock indices 
Abstract:
  This study examines the existence of nonlinear serial dependence in five
 stock markets in the Middle East and Africa. The results from the
 application of a battery of nonlinearity tests reveal that after removing
 all short-term linear dependence, the stock returns still contain
 predictable nonlinearities that contradict the unpredictable criterion of
 weak-form efficient markets hypothesis. 
Journal: Applied Economics Letters 
Pages: 519-522 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601032032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601032032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mathieu Audet 
Author-X-Name-First: Mathieu 
Author-X-Name-Last: Audet 
Author-Name: Paul Makdissi 
Author-X-Name-First: Paul 
Author-X-Name-Last: Makdissi 
Title: Assessing the impact of historical changes in social protection on poverty in Canada 
Abstract:
  In this article, we analyse how various historical modifications to
 welfare and old age pensions programmes have affected poverty in Canada. 
Journal: Applied Economics Letters 
Pages: 523-526 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601032073 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601032073&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald Freeman 
Author-X-Name-First: Donald 
Author-X-Name-Last: Freeman 
Title: The 'Resource Curse' and regional US development 
Abstract:
  The 'Resource Curse' is a stylized fact that has been observed
 consistently in a number of development studies: countries that are
 relatively well-endowed with natural resources tend to grow more slowly
 than resource-poor economies. This article documents evidence that the
 Resource Curse extends to the individual states of the US Using a variety
 of specifications, regression of state GSP growth on resource intensity
 consistently shows a negative and significant relationship. There is
 evidence that crowding out of the manufacturing sector may contribute to
 the slower growth of resource-based economies. 
Journal: Applied Economics Letters 
Pages: 527-530 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601032107 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601032107&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephanos Papadamou 
Author-X-Name-First: Stephanos 
Author-X-Name-Last: Papadamou 
Title: Yield spreads and real economic activity in East European transition economies 
Abstract:
  Recent research in developed countries provides evidence for the
 significant role of the yield spread on real economic activity. Using
 k-months industrial production growth rate model, this article attempts to
 ascertain whether similar results are obtained for countries from East
 Europe (Czech Republic, Poland, Hungary and Slovakia). The results suggest
 that the interest rate spread does indeed have some predictive power over
 the 24-months across the countries. These results remain qualitative
 robust to the inclusion of additional variables and to the change of
 unemployment rate as a different measure of economic activity. Cyclical
 movements of volatility appear to be unable to account for the usefulness
 of the spread for forecasting industrial production growth. Finally, it is
 found that the term spread is a better indicator of future real growth in
 countries with low and stable inflation (Czech Republic) and not in
 countries characterized by high and volatile inflation (Hungary). 
Journal: Applied Economics Letters 
Pages: 531-537 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601032123 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601032123&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Russell James 
Author-X-Name-First: Russell 
Author-X-Name-Last: James 
Title: An econometric analysis of household political giving in the USA 
Abstract:
  Advocates of political contribution limitations contend that such
 contributions can transform economic and social inequalities into
 political inequalities. This article examines the extent to which
 traditional markers of social and economic power are associated with
 political giving. A Tobit analysis of 56 663 households participating in
 the Consumer Expenditure Survey from 1995 to 2005 indicates that political
 giving is positively associated with income, wealth, education and White
 racial status and is negatively associated with single female (but not
 single male) status. A double-hurdle analysis indicates that nonWhite or
 single female status affects expected giving most clearly through
 diminished participation in political giving, rather than simply through
 lower amounts given by such contributors. Descriptive statistics and a
 multinomial logistic regression suggest that the importance of traditional
 markers of social and economic status is greater for political giving than
 for charitable giving or religious giving. 
Journal: Applied Economics Letters 
Pages: 539-543 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601032131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601032131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Subadar Agathee Ushad 
Author-X-Name-First: Subadar Agathee 
Author-X-Name-Last: Ushad 
Title: Seasonality, returns and volatility on the Stock Exchange of Mauritius 
Abstract:
  This article investigates the effects of any seasonality on stock market
 returns and volatility on the Stock Exchange of Mauritius. A standard
 GARCH model was used on daily SEMDEX returns from 1998 to 2006. The
 results obtained indicate that the return series are leptokurtic,
 indicating a higher peak and a thicker tail than a normal distribution.
 Also, the mean returns on Fridays seem to be the highest while average
 returns on Mondays turn out to be insignificant. Finally, significant
 effects of weekdays were found on the conditional variance on the stock
 returns. 
Journal: Applied Economics Letters 
Pages: 545-548 
Issue: 5 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802277153 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802277153&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sherrill Shaffer 
Author-X-Name-First: Sherrill 
Author-X-Name-Last: Shaffer 
Title: Industrial structure and economic stability 
Abstract:
  Motivated by prior results predicting contrasting linkages between
 industrial structure and economic stability, we present exploratory
 empirical evidence on this important issue. Consistent with the turnover
 hypothesis, we find that employment grew more steadily where business
 establishments in all sectors were larger, suggesting an offsetting
 benefit to the first-moment costs of establishment size identified by
 previous research. Consistent with the job-matching hypothesis, we find
 that employment grew more steadily where more establishments per capita
 operated in all sectors. Similar but less consistent results were also
 found regarding the stability of income growth. 
Journal: Applied Economics Letters 
Pages: 549-555 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701206536 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701206536&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Junyi Shen 
Author-X-Name-First: Junyi 
Author-X-Name-Last: Shen 
Title: A choice experiment approachin evaluating publictransportation projects 
Abstract:
  The necessity of applying cost benefit analysis in evaluating the
 validity of a public transportation project is well recognized by policy
 makers in recent days. Originating in this fact, we implement CBA in a new
 project called Osaka Monorail Saito Line Extension by applying a choice
 experiment approach. It is estimated that the benefit-cost ratio is 1.87
 under a basic scenario. In addition, with a consideration on different
 kinds of uncertainty in the future, a number of sensitivity analyses are
 implemented. The results of sensitivity analyses indicate that the
 possibility of generating net benefit is extremely high for the project
 studied in this article. 
Journal: Applied Economics Letters 
Pages: 557-561 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701206502 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701206502&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Camilo Sarmiento 
Author-X-Name-First: Camilo 
Author-X-Name-Last: Sarmiento 
Title: Note rate modifications and subprime default rates 
Abstract:
  An important instrument to mitigate credit losses is modification of note
 rates of distressed borrowers. From a logistic model of early default,
 this article inferred the note rate impact on loan default probabilities,
 while controlling for loan characteristics (credit quality) and borrower
 location. 
Journal: Applied Economics Letters 
Pages: 563-566 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802260878 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802260878&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Firat Demir 
Author-X-Name-First: Firat 
Author-X-Name-Last: Demir 
Title: Macroeconomic uncertainty and private investment in Argentina, Mexico and Turkey 
Abstract:
  This article by using micro-level data analyses the impacts of
 macroeconomic uncertainty and country risk on real investment under
 financial liberalization. The results suggest that increasing
 macroeconomic volatility and country risk hurt fixed investment spending
 of real sector firms. 
Journal: Applied Economics Letters 
Pages: 567-571 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701206528 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701206528&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Miguel Benavente 
Author-X-Name-First: Jose Miguel 
Author-X-Name-Last: Benavente 
Author-Name: Sabien Dobbelaere 
Author-X-Name-First: Sabien 
Author-X-Name-Last: Dobbelaere 
Author-Name: Jacques Mairesse 
Author-X-Name-First: Jacques 
Author-X-Name-Last: Mairesse 
Title: Interaction between product market and labour market power: evidence from France, Belgium and Chile 
Abstract:
  This article jointly estimates price-cost mark-ups and union bargaining
 power of manufacturing firms in France, Belgium and Chile. Our GMM results
 provide strong evidence of price-cost mark-ups being underestimated when
 labour market imperfections are ignored, corresponding to the omission of
 the part of product rents captured by the workers. 
Journal: Applied Economics Letters 
Pages: 573-577 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701206478 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701206478&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alain Hecq 
Author-X-Name-First: Alain 
Author-X-Name-Last: Hecq 
Title: Asymmetric business cycle co-movements 
Abstract:
  We investigate the presence of common cyclical features at different data
 points separated by a threshold variable. Our two-step procedure consists
 of first estimating the unknown threshold in a VAR or a VECM (Tsay, 1998).
 Next, cofeature test-statistics are carried out on the parts. 
Journal: Applied Economics Letters 
Pages: 579-584 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701206486 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701206486&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo Flores-Fillol 
Author-X-Name-First: Ricardo 
Author-X-Name-Last: Flores-Fillol 
Title: Airline alliances: parallel or complementary? 
Abstract:
  This article provides a rationale for the present trend towards
 complementary airline alliance formation, by studying the strategic
 behaviour of carriers that may decide whether to form an alliance (that
 may be either parallel or complementary) or stay alone. 
Journal: Applied Economics Letters 
Pages: 585-590 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701206460 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701206460&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthias Weiss 
Author-X-Name-First: Matthias 
Author-X-Name-Last: Weiss 
Title: On the evolution of wage inequality in Acemoglu's model of directed technical change 
Abstract:
  In Acemoglu's model of directed technical change, the skill-premium
 increases in consequence of an increase in the relative supply of skilled
 labour. In this article, I argue that other measures of wage inequality
 such as the Gini-coefficient do not necessarily rise as well. The
 Gini-coefficient depends positively on the skill-premium, but the effect
 of an increase in the relative supply of skilled labour is ambiguous. A
 simulation of Acemoglu's model shows that the growth in the relative
 supply of skilled labour has led to increased wage inequality in the past,
 but will lead to decreasing wage inequality in the future. 
Journal: Applied Economics Letters 
Pages: 591-595 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701206452 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701206452&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nikolay Zubanov 
Author-X-Name-First: Nikolay 
Author-X-Name-Last: Zubanov 
Title: Too many, too fast? Dynamics of net migration in OECD, 1984-2001 
Abstract:
  A dynamic model of migration developed by Hatton (1995) has been applied
 to the panel of 23 OECD countries observed during 1984-2001. Migration
 flows have been found to have a tendency to overreact to changes in
 economic conditions. Thus, simulations have shown that in the
 Anglo-American group of countries (Australia, Canada, Ireland, UK and USA)
 a given relative improvement in economic circumstances which brings an
 extra 0.840 immigrants per 1000 population per year (334 800 in total) in
 the short run, brings somewhat fewer (288 700 in total) in the long-run. 
Journal: Applied Economics Letters 
Pages: 597-602 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701206437 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701206437&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: On the relation between central and sub-national government fiscal balances 
Abstract:
  Unbalanced panel least squares regression results (with fixed
 cross-section and period effects) suggest that changes in the fiscal
 balances of central and sub-national tiers of government in OECD countries
 tend to be highly positively correlated and that this partly reflects the
 existence of administrative controls and fiscal rules that govern central-
 and sub-national government fiscal relations. In contrast, cooperative
 institutional frameworks and reliance on market forces do not appear to
 have secured complementary fiscal adjustment at the sub-national tier of
 government. 
Journal: Applied Economics Letters 
Pages: 603-608 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601118260 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601118260&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Hollingsworth 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Hollingsworth 
Author-Name: Jeff Richardson 
Author-X-Name-First: Jeff 
Author-X-Name-Last: Richardson 
Title: A conceptual model of the economic impact of international movements in the health labour force 
Abstract:
  Many developed countries are net recipients of skilled health
 professionals from developing countries. Potentially these movements
 provide major economic benefits to developed countries. The distribution
 of any benefits and any associated health and social costs, however, need
 investigation that is more systematic and thorough than has been
 documented thus far, especially the consequences to net donor countries.
 This article proposes a model that could be adopted to examine
 systematically the impact of the international movement of health workers
 upon the health of populations (and health related institutions) affected
 by these movements. 
Journal: Applied Economics Letters 
Pages: 609-613 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701206494 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701206494&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Burkhard Heer 
Author-X-Name-First: Burkhard 
Author-X-Name-Last: Heer 
Author-Name: Bernd Sussmuth 
Author-X-Name-First: Bernd 
Author-X-Name-Last: Sussmuth 
Title: The savings-inflation puzzle 
Abstract:
  We find that inflation does not unanimously decrease savings in the US
 during the postwar period. This result is puzzling as it contradicts the
 implications of most monetary general equilibrium models. 
Journal: Applied Economics Letters 
Pages: 615-617 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701206510 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701206510&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fotios Pasiouras 
Author-X-Name-First: Fotios 
Author-X-Name-Last: Pasiouras 
Author-Name: Chrysovalantis Gaganis 
Author-X-Name-First: Chrysovalantis 
Author-X-Name-Last: Gaganis 
Title: Are the financial characteristics of acquired banks similar across the EU? Evidence from the principal markets 
Abstract:
  We use a sample of acquired and non-acquired commercial banks from the
 principal EU markets and logistic regression analysis to investigate the
 relationship between bank characteristics and the likelihood to be
 acquired. The results indicate the existence of differences across
 countries either in terms of the significance of the variables or the sign
 of their coefficients. 
Journal: Applied Economics Letters 
Pages: 619-623 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701206544 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701206544&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hossein Asgharian 
Author-X-Name-First: Hossein 
Author-X-Name-Last: Asgharian 
Author-Name: Bjorn Hansson 
Author-X-Name-First: Bjorn 
Author-X-Name-Last: Hansson 
Title: An analysis of momentum and contrarian anomalies using an orthogonal portfolio approach 
Abstract:
  We use a latent factor approach to investigate if the momentum and
 contrarian profits, observed in the US stock market, should be considered
 as risk premiums or have nonrisk-based explanations. The model is also
 employed as a benchmark to assess the explanatory power of the traditional
 asset-pricing models in this context. Our findings show that the profits
 of the long-run contrarian strategy are related to some other background
 risk factors, whereas the momentum and the short-run contrarian profits
 are mostly nonrisk based. The latter finding mainly supports investors'
 behavioural irrationality as an explanation of these anomalies. 
Journal: Applied Economics Letters 
Pages: 625-628 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802277161 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802277161&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Manapon Limkriangkrai 
Author-X-Name-First: Manapon 
Author-X-Name-Last: Limkriangkrai 
Author-Name: Robert Durand 
Author-X-Name-First: Robert 
Author-X-Name-Last: Durand 
Author-Name: Iain Watson 
Author-X-Name-First: Iain 
Author-X-Name-Last: Watson 
Title: A robustness test of asset-pricing models using individual security returns 
Abstract:
  Tests of asset-pricing models typically form portfolios of stocks (based
 on criteria such as market capitalization and book-to-market values). The
 validity of this approach has been debated (see, for example, Berk, 2000).
 We consider a simple method of testing asset-pricing models using the
 returns of individual securities and illustrate the approach in a test of
 the robustness of analyses reported by Durand et al. (2006) and
 Limkriangkrai et al. (2008). 
Journal: Applied Economics Letters 
Pages: 629-637 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802277179 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802277179&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saibal Ghosh 
Author-X-Name-First: Saibal 
Author-X-Name-Last: Ghosh 
Title: Bank risk, charter value and depositor discipline: a simultaneous equations approach 
Abstract:
  Using data on listed Indian banks for 1996-2006, the article finds that
 charter value, depositor discipline and bank risk-taking are intertwined,
 with each tending to reinforce the other. Whereas charter value is found
 to be a nonlinear determinant of market discipline, the latter is found to
 positively impact charter value. Additionally, higher risk-taking is found
 to exert a weakening effect on market discipline. 
Journal: Applied Economics Letters 
Pages: 639-644 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802243775 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802243775&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: On the negative relationship between the wage rate and the unemployment rate: application of efficiency wage models 
Abstract:
  Applying efficiency wage models, this article finds that there is a
 strong evidence of a negative wage curve for the state of Alabama. The
 elasticity of the wage curve is estimated to be -0.28, suggesting that the
 wage rate in Alabama is much more sensitive to a change in the
 unemployment rate than the USA and there exist segmented labour markets.
 The log-linear function performs slightly better than the semi-log
 function. 
Journal: Applied Economics Letters 
Pages: 645-647 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601032081 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601032081&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kian-Ping Lim 
Author-X-Name-First: Kian-Ping 
Author-X-Name-Last: Lim 
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Title: On the validity of conventional statistical tests given evidence of nonsynchronous trading and nonlinear dynamics in returns generating process: a further note 
Abstract:
  Given the growing empirical evidence that returns predictability follows
 an evolutionary path, it calls into question not only the usefulness of
 conventional statistical tests of market efficiency as highlighted by
 Saadi et al. (2006), but also the adequacy of the efficient markets
 hypothesis to explain observed market dynamics. 
Journal: Applied Economics Letters 
Pages: 649-652 
Issue: 6 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601032040 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601032040&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Toma 
Author-X-Name-First: Michael 
Author-X-Name-Last: Toma 
Author-Name: Richard McGrath 
Author-X-Name-First: Richard 
Author-X-Name-Last: McGrath 
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Title: Hotel tax receipts and the 'Midnight in the Garden of Good and Evil': a time series intervention seasonal ARIMA model with time-varying variance 
Abstract:
  This study examines the influence of the release of a best-selling book
 and movie, Midnight in the Garden of Good and Evil, set in Savannah,
 Georgia on local tourism demand. Tourism demand is proxied by revenue
 collected from an ad valorem hotel room tax in Savannah. The hotel tax
 revenue series is first modelled as a seasonal ARIMA model with three
 intervention variables: an index variable to capture the influence of the
 best-selling book and two dummy variables to represent the impact of the
 9/11 terrorist attacks and hurricane Floyd. The presence of time-varying
 variance in the residuals is captured through an ARCH model. The results
 indicate that the book index had a positive and significant impact on
 hotel tax receipts, while the dummy variables for the terrorist attacks of
 9/11 and hurricane Floyd were each negative with only the dummy variable
 for hurricane Floyd marginally significant. 
Journal: Applied Economics Letters 
Pages: 653-656 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221808 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221808&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeffrey Edwards 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Edwards 
Author-Name: Marshall Garland 
Author-X-Name-First: Marshall 
Author-X-Name-Last: Garland 
Title: An evaluation of the effects of major trading partner growth using a GMM system 
Abstract:
  While the models used in evaluating the effect of a country's trading
 partners' growth rate on their own are fairly consistent across studies,
 the results are not. We propose using a GMM system instead of the standard
 instrumental variables method. 
Journal: Applied Economics Letters 
Pages: 657-661 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221865 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221865&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Sephton 
Author-X-Name-First: Peter 
Author-X-Name-Last: Sephton 
Title: Prostate cancer: a New Brunswick tale 
Abstract:
  This note provides a descriptive view of prostate cancer mortality in the
 Canadian province of New Brunswick over a ten year period spanning the
 1980s and 1990s. 
Journal: Applied Economics Letters 
Pages: 663-667 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221899 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221899&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wentworth Boynton 
Author-X-Name-First: Wentworth 
Author-X-Name-Last: Boynton 
Author-Name: Henry Oppenheimer 
Author-X-Name-First: Henry 
Author-X-Name-Last: Oppenheimer 
Author-Name: Sean Reid 
Author-X-Name-First: Sean 
Author-X-Name-Last: Reid 
Title: The day-of-the-week anomaly: the role of institutional investors in Japan 
Abstract:
  A large 'day-of-the-week' literature shows abnormal losses on Mondays.
 Recent articles for US stocks focus on the role of the type of investor.
 The central idea in these articles is that the marginal-price setting
 changes on Monday. To identify the type of investor, these articles look
 at the proportion of stock ownership held by individuals and institutions.
 For an out-of-sample test to the US market studies, we study the Japanese
 stock market. Consistent with the US results, Japanese day-of-the-week
 patterns show Monday losses and strong Monday losses predicted by Friday
 losses. However, we find no evidence that the type of investor influences
 the Monday loss or Friday-to-Monday autocorrelation. 
Journal: Applied Economics Letters 
Pages: 669-676 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802260894 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802260894&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anna Dodonova 
Author-X-Name-First: Anna 
Author-X-Name-Last: Dodonova 
Title: An experimental test of anchoring effect 
Abstract:
  This article presents an experimental evidence of the anchoring effect
 for people's valuations of different items. We show that people who were
 given both retail and wholesale prices of the item bid less aggressively
 than people who were given the retail price only. 
Journal: Applied Economics Letters 
Pages: 677-678 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221766 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221766&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sven-Olov Daunfeldt 
Author-X-Name-First: Sven-Olov 
Author-X-Name-Last: Daunfeldt 
Author-Name: Niklas Rudholm 
Author-X-Name-First: Niklas 
Author-X-Name-Last: Rudholm 
Title: Revenues as a proxy for profits: a cautionary note 
Abstract:
  In the entry literature, researchers sometimes use revenues as a proxy
 for profits because this is the only data available. Doing so could
 seriously bias the results. 
Journal: Applied Economics Letters 
Pages: 679-681 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221774 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221774&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Byung-In Lim 
Author-X-Name-First: Byung-In 
Author-X-Name-Last: Lim 
Author-Name: Jin Kwon Hyun 
Author-X-Name-First: Jin Kwon 
Author-X-Name-Last: Hyun 
Title: What makes the income tax system so progressive? - the case of Korea 
Abstract:
  We analyse the impact of each component of Korea's income tax system,
 which includes tax rates, allowance, deduction and tax credit, on overall
 level of progressivity, using micro-level data in 1991, 1996 and 2000. We
 find that Korea's income tax system has a surprisingly high level of gap
 between economic income and taxable income, due to remarkably generous
 levels of allowance and deduction. These have made nearly half of total
 taxpayers, specifically 47% in 2000, to pay no taxes effectively. Having
 analysed the impact of each component of Korea's income tax system on
 overall progressivity, we find that deduction policy has more impact on
 progressivity than tax rates and allowance. We highlight that tax credit
 has played an opposite role in determining the level of progressivity,
 which is regressive. Our recommendation is that decision makers in Korea
 should pay more attention to tax credit to increase the progressivity of
 the income tax system. 
Journal: Applied Economics Letters 
Pages: 683-687 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601131644 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601131644&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fuhmei Wang 
Author-X-Name-First: Fuhmei 
Author-X-Name-Last: Wang 
Title: The inflation rate and financial premium 
Abstract:
  The conventional wisdom recognizes that depreciating the official
 exchange rate reduces the spread between official and financial exchange
 rates and hence financial premium decreases in the financial market. This
 article aims to investigate whether a trade-off between the inflation rate
 and financial premium does exist. Both theoretical examinations and
 numerical simulations indicate that the support for this property is
 extremely fragile. We also find that the less patient the government, the
 more stability of domestic price and financial premium. 
Journal: Applied Economics Letters 
Pages: 689-692 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221741 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221741&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eiji Yamamura 
Author-X-Name-First: Eiji 
Author-X-Name-Last: Yamamura 
Title: Rethinking rational addictive behaviour and demand for cinema: a study using Japanese panel data 
Abstract:
  In this article, I explore the extent to which the rational addiction
 model developed by Becker and Murphy (1988) can account for cinema
 attendance, using panel data from 47 Japanese prefectures for the years
 1994-1998. Controlling for unobserved prefecture-specific fixed effects
 and an endogeneity bias of the lagged and lead-dependent variables (the
 volume of cinema attendance), by using a fixed effect two-stage least
 squares estimation, I find that people in Japan are likely to be
 addictive. This finding is contrary to that found in the United Kingdom
 (Cameron, 1999). Further results suggest that the younger the people are,
 the more video is a favoured substitute for the cinema. If other factors
 are equal, the past accumulated consumption of young people is, of course,
 smaller than that of older people. Hence, the addictive behaviour is more
 attenuated for younger people because of their lesser past consumption.
 The complementary effect of past consumption is more likely to outweigh
 the substitution effect of preferring video as people become older. These
 findings are in accord with the Becker and Murphy (1988) model of rational
 addiction. 
Journal: Applied Economics Letters 
Pages: 693-697 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221782 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221782&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saralees Nadarajah 
Author-X-Name-First: Saralees 
Author-X-Name-Last: Nadarajah 
Title: Models for over reported income 
Abstract:
  Over reported income is commonly expressed as Z = X/Y, where X denotes
 the true income and Y a multiplicative error taking values in (0, 1). If Y
 has the power function distribution then it is well known that X is Pareto
 distributed if and only if Z is also. Often, the gamma distribution is
 preferred as a model for income. In this note, we derive the exact
 distribution of Z as well as the associated percentage points assuming X
 is gamma distributed. 
Journal: Applied Economics Letters 
Pages: 699-703 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221790 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221790&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Olga Kiuila 
Author-X-Name-First: Olga 
Author-X-Name-Last: Kiuila 
Author-Name: Anil Markandya 
Author-X-Name-First: Anil 
Author-X-Name-Last: Markandya 
Title: Can transition economies implement a carbon tax and hope for a double dividend? The case of Estonia 
Abstract:
  This article presents a simulation of the impact of the carbon tax reform
 on the Estonian economy using a computable general equilibrium model. Nine
 different scenarios have been considered. The long-term results of the
 proposed tax reform should not hamper the country's economic development,
 provided that the appropriate tax option is used. The reform has to be
 implemented as a package of changes in the entire tax system. 
Journal: Applied Economics Letters 
Pages: 705-709 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221816 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221816&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christine Lai 
Author-X-Name-First: Christine 
Author-X-Name-Last: Lai 
Author-Name: Tsung-Chyan Lai 
Author-X-Name-First: Tsung-Chyan 
Author-X-Name-Last: Lai 
Title: Analysing the c-minus-age strategy for life-cycle investing 
Abstract:
  The c-minus-age strategy is a popular strategy for life-cycle investing.
 When applying the c-minus-age strategy, an investor first chooses an
 indirect preference parameter c and at age t will hold a percentage of c
 minus t in equity assets. In this article, we use a linear and a
 multiplicative mean-variance utility function to quantitatively analyse
 the term structure of the mean-variance tradeoffs implied by the
 c-minus-age strategy. We also provide an optimal procedure to determine c,
 based on the two direct preference parameters, elicited from an investor,
 of a multiplicative mean-variance utility function. 
Journal: Applied Economics Letters 
Pages: 711-718 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221758 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221758&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Massimiliano Mazzanti 
Author-X-Name-First: Massimiliano 
Author-X-Name-Last: Mazzanti 
Author-Name: Anna Montini 
Author-X-Name-First: Anna 
Author-X-Name-Last: Montini 
Author-Name: Roberto Zoboli 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Zoboli 
Title: Municipal waste generation and the EKC hypothesis new evidence exploiting province-based panel data 
Abstract:
  This article provides empirical evidence on delinking and Environmental
 Kuznets Curve (EKC) for municipal waste generation in Italy. A
 disaggregated panel data-set on Italian Provinces is exploited. The
 empirical analysis of different specifications shows a first evidence in
 favour of an EKC relationship with regard to waste generation.
 Nevertheless, the turning point (TP) is at very high levels of added value
 per capita (around 23 000-26 000&#x20ac;), which concern a very limited
 number of wealthy Northern Italian provinces. Finally, the test on some
 waste management instruments proxies, leads to the conclusion that they
 are not yet impacting waste generation. To lower the TPs and to avoid an
 increasing gap between geographical areas, market based and more effective
 policy instruments should be implemented. In particular, the weight of
 waste policies should be rebalanced towards waste prevention targets
 according to the European waste hierarchy. 
Journal: Applied Economics Letters 
Pages: 719-725 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221824 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221824&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Feeny 
Author-X-Name-First: Simon 
Author-X-Name-Last: Feeny 
Author-Name: Bazoumana Ouattara 
Author-X-Name-First: Bazoumana 
Author-X-Name-Last: Ouattara 
Title: What type of economic growth does foreign aid support? 
Abstract:
  This article contributes to the aid effectiveness literature by
 investigating the type of economic growth that foreign aid spurs. The
 impact of foreign on agricultural growth and industrial growth is
 examined. Results provide strong evidence to suggest that foreign aid is
 effective at increasing the former in recipient countries. 
Journal: Applied Economics Letters 
Pages: 727-730 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221832 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221832&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dario Maimone Ansaldo Patti 
Author-X-Name-First: Dario Maimone Ansaldo 
Author-X-Name-Last: Patti 
Author-Name: Pietro Navarra 
Author-X-Name-First: Pietro 
Author-X-Name-Last: Navarra 
Title: Globalization, democratization and economic growth 
Abstract:
  Using a two-equations model we estimate whether and to what extent the
 interplay between FDI and democratization affects economic growth. Two
 results emerge. First, endogenous FDI impact significantly on economic
 growth. Second democracy is a substantive predictor of both FDI and
 growth. 
Journal: Applied Economics Letters 
Pages: 731-734 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221840 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221840&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Matha 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Matha 
Author-Name: Ladislav Wintr 
Author-X-Name-First: Ladislav 
Author-X-Name-Last: Wintr 
Title: Commuting flows across bordering regions: a note 
Abstract:
  This article analyses the bilateral commuting flows across bordering
 regions of four European Union countries. The results suggest that
 aggregate cross-border commuting increases as the asymmetries in income
 per capita and the unemployment rate increase. Commuting time or distance
 and language differences between the bordering regions impede cross-border
 commuting. 
Journal: Applied Economics Letters 
Pages: 735-738 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221857 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221857&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Lin Tao 
Author-X-Name-First: Hung-Lin 
Author-X-Name-Last: Tao 
Author-Name: I-Ting Chen 
Author-X-Name-First: I-Ting 
Author-X-Name-Last: Chen 
Title: The level of technology employed and the internal hierarchical wage structure 
Abstract:
  This study demonstrates that the level of firm-specific technology
 significantly enlarges the wage gaps of managers. Firm-specific technology
 is found to be more powerful than industrial risk or the promotion rate in
 explaining the wage gaps of managers. 
Journal: Applied Economics Letters 
Pages: 739-744 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221873 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221873&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mats Hammarstedt 
Author-X-Name-First: Mats 
Author-X-Name-Last: Hammarstedt 
Author-Name: Ghazi Shukur 
Author-X-Name-First: Ghazi 
Author-X-Name-Last: Shukur 
Title: Testing the home-country self-employment hypothesis on immigrants in Sweden 
Abstract:
  This article tests the home-country self-employment hypothesis on
 immigrants in Sweden. The results show that the self-employment rates vary
 between different immigrant groups but we find no support for the
 home-country self-employment hypothesis using traditional estimation
 methods. However, when applying quantile regression method we find such
 evidence when testing results from the 90th quantile. This indicates that
 home-country self-employment traditions are important for the
 self-employment decision among immigrant groups with high self-employment
 rates in Sweden. Furthermore, the result underlines the importance of
 utilizing robust estimation methods when the home-country self-employment
 hypothesis is tested. 
Journal: Applied Economics Letters 
Pages: 745-748 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221907 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221907&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Camillo Lento 
Author-X-Name-First: Camillo 
Author-X-Name-Last: Lento 
Title: Combined signal approach: evidence from the Asian-Pacific equity markets 
Abstract:
  This article tests the profitability of the Combined Signal Approach
 (CSA) (Lento and Gradojevic, 2007) in the Asian-Pacific equity markets.
 The CSA is based on the premise that the consensus agreement of profitable
 trading signals should outperform any single signal. The results present
 further evidence that the CSA improves the profitability of individual
 trading rules and consistently earns profits in excess of the buy-and-hold
 trading strategy. The significance of the results is tested through a
 bootstrap simulation. 
Journal: Applied Economics Letters 
Pages: 749-753 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802260886 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802260886&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amelia Correa 
Author-X-Name-First: Amelia 
Author-X-Name-Last: Correa 
Author-Name: Romar Correa 
Author-X-Name-First: Romar 
Author-X-Name-Last: Correa 
Author-Name: D. Tripati Rao 
Author-X-Name-First: D. Tripati 
Author-X-Name-Last: Rao 
Author-Name: Graciella Tavares 
Author-X-Name-First: Graciella 
Author-X-Name-Last: Tavares 
Title: The dynamic inefficiency of financial capitalism 
Abstract:
  We show that the interest rate cannot both coordinate the savings plans
 of borrowers and lenders and equal the marginal product of capital. 
Journal: Applied Economics Letters 
Pages: 755-757 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802260902 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802260902&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Adnan Kasman 
Author-X-Name-First: Adnan 
Author-X-Name-Last: Kasman 
Title: The impact of sudden changes on the persistence of volatility: evidence from the BRIC countries 
Abstract:
  This article analyses sudden changes of volatility in the stock markets
 of the BRIC countries (Brazil, Russia, India and China) using the iterated
 cumulative sums of squares algorithm for the period 1990 to 2007 and
 examines their impacts on the persistence of volatility. The results show
 that when endogenously determined sudden shifts in variance are taken into
 account in the Generalized Autoregressive Conditional Heteroscedasticity
 (GARCH) model, the estimated persistence in return volatility is reduced
 significantly in every return series. These results suggest that the
 findings of previous studies could have overestimated the degree of the
 persistence of volatility existing in the financial time series. These
 results have important policy implications for the financial market
 participants and policy makers. 
Journal: Applied Economics Letters 
Pages: 759-764 
Issue: 7 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802277138 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802277138&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gaines Liner 
Author-X-Name-First: Gaines 
Author-X-Name-Last: Liner 
Author-Name: Ellen Sewell 
Author-X-Name-First: Ellen 
Author-X-Name-Last: Sewell 
Title: Research requirements for promotion and tenure at PhD granting departments of economics 
Abstract:
  We surveyed 125 chairs of PhD granting departments of economics for their
 valuation of articles in top-tier journals relative to less prestigious
 journals, for co-author contribution relative to single author
 contribution and for the worth of books and grants relative to journal
 articles. 
Journal: Applied Economics Letters 
Pages: 765-768 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221998 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221998&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Afonso 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Afonso 
Author-Name: Pedro Gomes 
Author-X-Name-First: Pedro 
Author-X-Name-Last: Gomes 
Author-Name: Philipp Rother 
Author-X-Name-First: Philipp 
Author-X-Name-Last: Rother 
Title: Ordered response models for sovereign debt ratings 
Abstract:
  Using ordered logit and probit plus random effects ordered probit
 approaches, we study the determinants of sovereign debt ratings. We found
 that the last procedure is the best for panel data as it takes into
 account the additional cross-section error. 
Journal: Applied Economics Letters 
Pages: 769-773 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221931 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221931&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Twm Evans 
Author-X-Name-First: Twm 
Author-X-Name-Last: Evans 
Author-Name: David McMillan 
Author-X-Name-First: David 
Author-X-Name-Last: McMillan 
Title: Asymmetric return patterns: evidence from 33 international stock market indices 
Abstract:
  Recent evidence has suggested an asymmetric effect in US equity return
 dynamics on the basis of positive and negative consecutive return or
 holding days. This note extends that analysis by considering 33
 international stock indices and longer consecutive day and holding
 periods. The results of this analysis may be of interest to those engaged
 in both technical trading and portfolio management. Our results support
 asymmetric return patterns for all stock markets and on the two
 definitions of return continuations. Further, we also identify that
 consecutive positive return days exhibit greater persistence than
 consecutive negative return days. Finally, using the holding-period
 definition we also identify whether longer holding periods are always
 associated with increased returns. Evidence whilst generally supportive is
 not ubiquitous, furthermore, the majority of the increase in returns
 occurs over a holding period of 7-10 days, with more limited increases
 over the remainder of the 45-day holding-period considered. This latter
 result may be of particular importance to those engaged in portfolio
 building. 
Journal: Applied Economics Letters 
Pages: 775-779 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222020 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222020&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Glynn Tonsor 
Author-X-Name-First: Glynn 
Author-X-Name-Last: Tonsor 
Author-Name: Terry Kastens 
Author-X-Name-First: Terry 
Author-X-Name-Last: Kastens 
Title: Do starting values really matter? Development of a genetic algorithm approach 
Abstract:
  Evaluating the impact of using different starting conditions in
 econometric models is increasingly critical. This study demonstrates
 implications of using alternative starting value conditions and how these
 implications vary with econometric model complexity. This piece also
 proposes a universal approach in developing appropriate starting values
 for use in subsequent model estimation. 
Journal: Applied Economics Letters 
Pages: 781-784 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222046 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222046&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Sylwester 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Sylwester 
Title: A note on democratization: does history still matter? 
Abstract:
  This article examines associations between historical factors and whether
 or not autocratic regimes in 1972 later democratized after controlling for
 current characteristics. Many historical factors are not relevant,
 although European influence as measured by the fraction of the population
 speaking a western European language is an exception and is positively
 associated with democratization. 
Journal: Applied Economics Letters 
Pages: 785-789 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221980 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221980&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ayse Evrensel 
Author-X-Name-First: Ayse 
Author-X-Name-Last: Evrensel 
Title: Determinants of bank supervisory agencies' power and accountability: a cross-country analysis 
Abstract:
  This article empirically investigates the recent hypothesis advanced by
 Demirguc-Kunt et al. (2004) and Barth et al. (2006) that countries'
 choices regarding bank regulations reflect their historical and political
 characteristics. Based on a dataset with 151 developed and developing
 countries, the empirical results verify that banking freedom, constraints
 on the political power, longer history of institutional evolution and the
 presence of common law are associated with less powerful and more
 accountable bank supervisory agencies. Therefore, policy efforts that are
 directed toward a change in banking regulations should be mindful of
 countries' historical and political characteristics. 
Journal: Applied Economics Letters 
Pages: 791-795 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222012 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222012&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imre Karafiath 
Author-X-Name-First: Imre 
Author-X-Name-Last: Karafiath 
Title: Detecting cumulative abnormal volume: a comparison of event study methods 
Abstract:
  A growing body of research in accounting and finance examines the
 reaction of trading volume to new information. The typical 'volume event
 study' employs a single-index market model borrowed mutatis mutandis from
 abnormal returns event studies. In this article, several alternative event
 study test statistics are compared using Brown and Warner (1985) style
 simulations, i.e. random samples of securities are drawn from the data set
 provided by the Center for Research in Security Prices (CRSP) and the
 empirical distributions of alternative test statistics are compared. In
 contrast to the extant literature, these simulations show that estimated
 generalized least squares with first- and second-order autoregressive
 structures do not offer material improvement over ordinary least squares
 (OLS) regression. A first-order moving average structure also does not
 offer material improvement. These simulations also show that test
 statistics that are robust with regard to cross-sectional
 heteroskedasticity are essential for testing the hypothesis that the
 cross-sectional mean cumulative abnormal log turnover is zero. 
Journal: Applied Economics Letters 
Pages: 797-802 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802277187 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802277187&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Helmut Herwartz 
Author-X-Name-First: Helmut 
Author-X-Name-Last: Herwartz 
Author-Name: Fang Xu 
Author-X-Name-First: Fang 
Author-X-Name-Last: Xu 
Title: Panel data model comparison for empirical saving-investment relations 
Abstract:
  The Feldstein-Horioka puzzle has triggered a broad range of econometric
 specifications to investigate saving-investment (SI) relations. In this
 article, we attempt to determine a family of econometric models that is
 most suitable in explaining actual ratios of domestic investment to GDP
 via cross-validation techniques. Comparing between, pooled, time and
 country dependent specifications of the SI relation, the country dependent
 model is best performing. Moreover, error correction models formalizing
 adjustment dynamics of domestic investment ratios are markedly
 outperformed by static panel models. Supporting evidence for a
 cointegration relation between domestic saving and investment ratios is
 not found. 
Journal: Applied Economics Letters 
Pages: 803-807 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221949 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221949&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthias Busse 
Author-X-Name-First: Matthias 
Author-X-Name-Last: Busse 
Author-Name: Carsten Hefeker 
Author-X-Name-First: Carsten 
Author-X-Name-Last: Hefeker 
Title: Trade, labour market regulations and growth 
Abstract:
  We empirically analyse the role of labour market regulations for the
 impact of trade on growth. The results indicate that countries with
 flexible labour markets are more likely to harness the gains from trade.
 This outcome may help to explain the diverse impact of trade on growth. 
Journal: Applied Economics Letters 
Pages: 809-812 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221956 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221956&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Argentino Pessoa 
Author-X-Name-First: Argentino 
Author-X-Name-Last: Pessoa 
Title: Kuznets's hypothesis and the data constraint 
Abstract:
  Five decades ago, Simon Kuznets expressed an important hypothesis about
 the relationship between the degree of income inequality within a country
 and its level of economic development: the Kuznets's inverted-U
 hypothesis. The lack of longitudinal data has forced the use of
 cross-section or pooled datasets in order to draw conclusions about that
 relationship. In the present note we highlight the lack of international
 comparability of surveys where the measures of inequality are based, and
 we show two main findings: (1) data comparability goes on constituting a
 problem, particularly in what respects to the different welfare indicators
 used in national surveys, and (2) the procedure usually used to minimize
 the problem of noncomparability is likely to enforce the bias rather than
 to solve it. 
Journal: Applied Economics Letters 
Pages: 813-818 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221881 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221881&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Monish Chhabra 
Author-X-Name-First: Monish 
Author-X-Name-Last: Chhabra 
Author-Name: Stephen Ferris 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Ferris 
Author-Name: Nilanjan Sen 
Author-X-Name-First: Nilanjan 
Author-X-Name-Last: Sen 
Title: Investor protection effects on corporate liquidity and the cost of capital 
Abstract:
  Studies by LaPorta et al. (2000, 2002) show that the strong protection of
 investor rights encourage the development of capital markets and are
 associated with higher levels of firm valuation as measured by Tobin's Q.
 Related research finds that well-developed capital markets produce higher
 rates of economic growth and allocate capital more efficiently. These
 studies fail, however, to explain how the investor protection environment
 produces higher firm values or facilitates the more efficient allocation
 of investment capital. Using a sample of 158 ADRs representing 26
 different countries, this study provides such a linkage by examining the
 effect of investor protection levels on share liquidity and the firm's
 cost of capital. We find that lower levels of investor protection reduce
 share liquidity while simultaneously resulting in a higher cost of equity
 capital. The combination of less liquidity with a higher cost of capital
 suggests an explanation for the lower values observed for firms
 incorporated in countries with fewer investor protections. 
Journal: Applied Economics Letters 
Pages: 819-826 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221915 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221915&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Weixing Wu 
Author-X-Name-First: Weixing 
Author-X-Name-Last: Wu 
Author-Name: Yongxiang Wang 
Author-X-Name-First: Yongxiang 
Author-X-Name-Last: Wang 
Title: Does overconfidence always matter for asset prices? 
Abstract:
  Research in behaviour finance has provided seemingly persuasive evidences
 that overconfidence affects asset prices. We provide a model with model
 uncertainty and overconfidence in which overconfidence could have no
 effect on asset prices. 
Journal: Applied Economics Letters 
Pages: 827-830 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221923 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221923&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Author-Name: Seema Narayan 
Author-X-Name-First: Seema 
Author-X-Name-Last: Narayan 
Author-Name: Arti Prasad 
Author-X-Name-First: Arti 
Author-X-Name-Last: Prasad 
Title: Modelling Fiji-US exchange rate volatility 
Abstract:
  In this article, we examine the Fiji-US exchange rate volatility using
 daily data for the period 2000 to 2006. Our modelling framework is based
 on the EGARCH model. We find robust evidence of conditional shocks having
 a positive effect on exchange rate volatility, shocks having asymmetric
 effects on exchange rate volatility and shocks having a transitory effect
 on exchange rate volatility. 
Journal: Applied Economics Letters 
Pages: 831-834 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222004 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222004&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Aleksanyan 
Author-X-Name-First: Mark 
Author-X-Name-Last: Aleksanyan 
Title: Does the information environment affect the value relevance of financial statement data? 
Abstract:
  Recent studies demonstrate that the usefulness of financial statement
 data for valuation of stocks varies depending on specific economy- and
 firm-level conditions. This empirical study identifies a novel firm-level
 influential condition. It hypothesizes and finds that for firms that trade
 at a premium to book value the value-relevance of two fundamental
 financial statement value drivers (i.e. earnings and book value), is
 negatively related to the level of sophistication of the firm's
 information environment. However, for firms that trade at a discount to
 book value, the level of sophistication of information environment does
 not affect the value-relevance of these financial statement value drivers.
 The level of complexity of the firm's information environment is proxied
 by the firm's capitalized value. The empirical analysis is based on a
 sample of nonfinancial firms listed on the London Stock Exchange. 
Journal: Applied Economics Letters 
Pages: 835-839 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221972 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221972&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wann-Yih Wu 
Author-X-Name-First: Wann-Yih 
Author-X-Name-Last: Wu 
Author-Name: Cheng-Feng Cheng 
Author-X-Name-First: Cheng-Feng 
Author-X-Name-Last: Cheng 
Title: The optimal internal marketing strategy in services under open economy 
Abstract:
  This article attempts to develop a conceptual model to evaluate the
 optimal internal marketing strategy in services under open economy, and
 then verifies the effect of this marketing strategy on the satisfaction of
 marketing channel members. For its conceptual model, this study employs
 the concept of natural logarithm and Lagrange function to optimize an
 internal marketing strategy for international service that can maximize
 satisfaction of marketing channel members. The results suggest that
 service providers should increase the proportion of their portfolio's
 standardization strategy in their overall international marketing strategy
 if the positive association between their standardization strategy and
 strategic performance is relatively strong. We also provide optimal
 guideline for determining the allocation of resources. Furthermore, the
 results of structural equation modelling also ascertain the fitness of
 structure of the model. 
Journal: Applied Economics Letters 
Pages: 841-845 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701221964 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701221964&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Growitsch 
Author-X-Name-First: Christian 
Author-X-Name-Last: Growitsch 
Author-Name: Borge Hess 
Author-X-Name-First: Borge 
Author-X-Name-Last: Hess 
Title: On the sensitivity of US electric utilities' efficiency estimates - a distance function approach 
Abstract:
  Previous applications of different benchmarking techniques, both in
 academia and regulation practice, have shown substantial differences among
 the models' results. To analyse the sensitivity of efficiency estimates of
 a sample of US electricity distribution utilities, we compare the results
 of the generalized least squares frontier model proposed by Schmidt and
 Sickles (1984) and the maximum likelihood estimation frontier model of
 Pitt and Lee (1981) with the true random effects frontier model introduced
 by Greene (2004, 2005). We find substantially higher efficiency scores for
 the Greene model, indicating that the other formulations underestimate
 firms' efficiency due to an insufficient consideration of firm specific
 heterogeneity. In contrast to other studies, the efficiency estimates in
 this article do not differ considerably. 
Journal: Applied Economics Letters 
Pages: 847-851 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222053 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222053&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Author-Name: Wen-Jen Hsieh 
Author-X-Name-First: Wen-Jen 
Author-X-Name-Last: Hsieh 
Title: Currency appreciation, rising financial asset values, and output fluctuations in China 
Abstract:
  Applying a general equilibrium model and the Newey-West method, this
 article finds that real output in China has a positive relationship with
 real M2, the government deficit/GDP ratio, and the real stock price and a
 negative relationship with real appreciation. The expected inflation rate
 is insignificant. It is estimated that when the real effective exchange
 rate rises 1%, real GDP in China is expected to decrease by 0.938% and
 that a 1% increase in real stock prices would raise output by 0.126%. 
Journal: Applied Economics Letters 
Pages: 853-857 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222061 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222061&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amelia Correa 
Author-X-Name-First: Amelia 
Author-X-Name-Last: Correa 
Author-Name: Romar Correa 
Author-X-Name-First: Romar 
Author-X-Name-Last: Correa 
Title: Microfinance: equity and debt contracts 
Abstract:
  We offer an explanation, drawn from first principles, of the belief that
 the consumption needs of the asset-poor are best met by debt contracts,
 whereas equity arrangements are tailored to the financing requirements of
 poor entrepreneurs. 
Journal: Applied Economics Letters 
Pages: 859-862 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802314501 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802314501&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yongchern Su 
Author-X-Name-First: Yongchern 
Author-X-Name-Last: Su 
Author-Name: Weiling Tseng 
Author-X-Name-First: Weiling 
Author-X-Name-Last: Tseng 
Author-Name: Peiwen Chen 
Author-X-Name-First: Peiwen 
Author-X-Name-Last: Chen 
Title: Intraday return and order imbalance relation in NASDAQ speculative new highs 
Abstract:
  According to previous studies, speculative trades generate positively
 autocorrelated returns. Therefore, we focus on speculative stocks that
 reach to 52-week new high records. They might be possibly with more
 information inside because they have kept good performance in earnings or
 revenues. Order imbalance (OI) is employed as a proxy of information
 asymmetry in this article. Relation between intraday return and OI is
 investigated under a time-varying framework. A contemporaneous significant
 positive relation exists in all kinds of interval tests, especially for
 90-second and 3-minute intervals. The coefficients of lagged OIs are
 negative but not significant. It can be explained as asymmetric
 information effect. After controlling for contemporaneous OI, it shows
 continuation in lag-one relations in 90-second interval. In 3-minute and
 15-minute interval tests, the results are mixed. Finally, the relation of
 contemporaneous coefficients and market capitalization is significantly
 negative. It implies that there is more information asymmetry in smaller
 firms. 
Journal: Applied Economics Letters 
Pages: 863-869 
Issue: 8 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802277195 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802277195&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Zapf 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Zapf 
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Title: Asymmetric modelling of the revenue-expenditure nexus: evidence from aggregate state and local government in the US 
Abstract:
  This study examines the time series dynamics between US aggregate state
 and local government receipts and expenditures in differentiating between
 four hypotheses related to the revenue-expenditure nexus: tax-spend,
 spend-tax, fiscal synchronization and institutional separation hypotheses.
 Unlike previous research at the state and local level, the possibility of
 asymmetries in the budgetary process is explored using the threshold
 autoregressive (TAR) and momentum threshold autoregressive (MTAR)
 cointegration framework of Enders and Siklos (2001). The results indicate
 the absence of any asymmetries (TAR or MTAR) in the adjustment towards
 budgetary equilibrium. The symmetric error correction model provides
 support for the spend-tax hypothesis. 
Journal: Applied Economics Letters 
Pages: 871-876 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222095 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222095&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marco Caliendo 
Author-X-Name-First: Marco 
Author-X-Name-Last: Caliendo 
Author-Name: Ludovica Gambaro 
Author-X-Name-First: Ludovica 
Author-X-Name-Last: Gambaro 
Author-Name: Peter Haan 
Author-X-Name-First: Peter 
Author-X-Name-Last: Haan 
Title: The impact of income taxation on the ratio between reservation and market wages and the incentives for labour supply 
Abstract:
  This article extends previous research about the determinants of
 reservation wages by analysing the effect of progressive income taxation
 on the ratio between reservation and net market wages. Based on micro data
 for Germany Socio-Economic-Panel (SOEP) we show that joint income taxation
 in Germany which discriminates by marital status, has a strong and highly
 significant impact on the reservation/market wage ratio. Relative to
 single filers, this leads to strong negative labour supply incentives for
 secondary earners and to positive incentives for first earners in married
 couples. 
Journal: Applied Economics Letters 
Pages: 877-883 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222103 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222103&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rene Fahr 
Author-X-Name-First: Rene 
Author-X-Name-Last: Fahr 
Author-Name: Uwe Sunde 
Author-X-Name-First: Uwe 
Author-X-Name-Last: Sunde 
Title: Gender differentials in skill use and skill formation in the aftermath of vocational training 
Abstract:
  This article investigates gender differentials in skill-use and training
 participation in the aftermath of vocational training in Germany. We find
 that women use less of their apprenticeship skills than men once they have
 left their apprenticeship occupation. Moreover, women are significantly
 less likely to obtain further formal training upon completing
 apprenticeship than men, whether staying within the same occupation or
 not. 
Journal: Applied Economics Letters 
Pages: 885-889 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222137 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222137&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maximo Mejia 
Author-X-Name-First: Maximo 
Author-X-Name-Last: Mejia 
Author-Name: Pierre Cariou 
Author-X-Name-First: Pierre 
Author-X-Name-Last: Cariou 
Author-Name: Francois-Charles Wolff 
Author-X-Name-First: Francois-Charles 
Author-X-Name-Last: Wolff 
Title: Is maritime piracy random? 
Abstract:
  Far from being an extinct phenomenon, piracy still exists in the modern
 world and is a growing menace to the security and safety of shipping.
 Using the data on attacks against vessels reported between 1996 and 2005
 merged with the data on the total world merchant fleet, this article
 inquires whether acts of piracy are a truly random occurrence. Results
 show that both flag of registry and type of vessel are significant factors
 in explaining maritime piracy. 
Journal: Applied Economics Letters 
Pages: 891-895 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Ezcurra 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Ezcurra 
Title: Polarization trends across the US states 
Abstract:
  This note examines the level of polarization in the US state per capita
 income distribution during the period 1929 to 2005, using, for the first
 time in this context, the set of measures proposed by Esteban and Ray
 (1994) and Esteban et al. (2007). Our results show that income
 polarization has decreased over the sample period, regardless of the
 number of groups considered in the study or the value assigned to the
 polarization sensitivity parameter. In addition, the analysis carried out
 reveals the existence of a statistically significant relationship between
 the evolution of spatial autocorrelation and income polarization, which
 highlights the relevance of physical-geography spillover effects in
 explaining the observed changes in the distribution under consideration
 between 1929 and 2005. 
Journal: Applied Economics Letters 
Pages: 897-902 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222194 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222194&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Borghesi 
Author-X-Name-First: Richard 
Author-X-Name-Last: Borghesi 
Author-Name: Rodney Paul 
Author-X-Name-First: Rodney 
Author-X-Name-Last: Paul 
Author-Name: Andrew Weinbach 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Weinbach 
Title: Market frictions and overpriced favourites: evidence from arena football 
Abstract:
  Prior academic studies find that bets on underdogs persistently win more
 often than expected in National Football League (NFL) and National
 Collegiate Athletic Association (NCAA) football gambling markets. We
 extend this stream of literature by examining this 'underdog bias' in the
 market for Arena Football League (AFL) bets, a setting in which both
 betting limits and bettor sophistication are comparatively low. Results
 show that the underdog bias is significantly stronger in the AFL,
 suggesting that smaller and less liquid markets are more heavily
 influenced by these, and perhaps other, behavioural biases. 
Journal: Applied Economics Letters 
Pages: 903-906 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802314519 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802314519&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chun-Da Chen 
Author-X-Name-First: Chun-Da 
Author-X-Name-Last: Chen 
Title: Return autocorrelations in the stock markets 
Abstract:
  This article investigates the return autocorrelation in four stock
 markets around the Asia-Pacific rim: the USA, Japan, Taiwan and South
 Korea. The results indicate that there are conditional return
 autocorrelation in Taiwan's and South Korea's stock markets for daily
 data. Moreover, there are negative relationships between autocorrelation
 and two factors (trading volume and return volatility) significantly in
 Taiwan and South Korea, implying that the stock markets in Taiwan and
 South Korea are not as efficient as those in developed countries (the USA
 and Japan). For weekly data, however, none of the above four markets has
 significant return autocorrelation. 
Journal: Applied Economics Letters 
Pages: 907-911 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802314535 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802314535&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gyu-Hyen Moon 
Author-X-Name-First: Gyu-Hyen 
Author-X-Name-Last: Moon 
Author-Name: Wei-Choun Yu 
Author-X-Name-First: Wei-Choun 
Author-X-Name-Last: Yu 
Author-Name: Chung-Hyo Hong 
Author-X-Name-First: Chung-Hyo 
Author-X-Name-Last: Hong 
Title: Dynamic hedging performance with the evaluation of multivariate GARCH models: evidence from KOSTAR index futures 
Abstract:
  This article examines the hedging performance of the conventional
 Ordinary Least Squares (OLS) model and a variety of dynamic hedging models
 for the in-sample and out-of-sample periods of Korean daily Korea
 Securities Dealers Automated Quotation (KOSDAQ) STAR (KOSTAR) index
 futures. We employ the rolling OLS and various popular multivariate
 Generalized Autoregressive Conditional Heteroscedasticity (GARCH) models
 to estimate and forecast the conditional covariances and variances of
 KOSTAR spot and futures returns. This article finds that dynamic hedging
 methods outperform the conventional method for the out-of-sample period.
 However, the simple rolling OLS is superior to all the other popular
 multivariate GARCH models. 
Journal: Applied Economics Letters 
Pages: 913-919 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802314527 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802314527&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Marie Cardebat 
Author-X-Name-First: Jean-Marie 
Author-X-Name-Last: Cardebat 
Author-Name: Jean-Marc Figuet 
Author-X-Name-First: Jean-Marc 
Author-X-Name-Last: Figuet 
Title: Estimation of a hedonic price equation for Alsace, Beaujolais and Provence wines 
Abstract:
  The aim of this article is to explain Alsace, Beaujolais and Provence
 wine prices. The hedonic price method is applied to determine the main
 explanatory variables factors of price differences. This method indicates
 that the relationship between quality and price of the Alsace, Beaujolais
 and Provence wine areas is poor. This result explains, at least partially,
 the fall from favour of French wines in the eyes of foreign consumers and
 the resulting crisis in the French wine industry. 
Journal: Applied Economics Letters 
Pages: 921-927 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222145 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222145&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eelke de Jong 
Author-X-Name-First: Eelke 
Author-X-Name-Last: de Jong 
Author-Name: Willem Verschoor 
Author-X-Name-First: Willem 
Author-X-Name-Last: Verschoor 
Author-Name: Remco Zwinkels 
Author-X-Name-First: Remco 
Author-X-Name-Last: Zwinkels 
Title: A heterogeneous route to the European monetary system crisis 
Abstract:
  We estimate a dynamic heterogeneous agents model for the British pound
 during the European monetary system crisis. We illustrate the chain of
 events leading to the suspension of the pound from the exchange rate
 mechanism in terms of switching beliefs, from fundamentalist to chartist. 
Journal: Applied Economics Letters 
Pages: 929-932 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222152 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222152&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Bailey 
Author-X-Name-First: Mark 
Author-X-Name-Last: Bailey 
Author-Name: Vani Borooah 
Author-X-Name-First: Vani 
Author-X-Name-Last: Borooah 
Title: Decomposing the characteristics of undergraduate student attrition 
Abstract:
  The authors use the techniques of decomposition analysis to explain
 differences in survival rates between different groups of 1st year
 undergraduate students at the University of Ulster in Northern Ireland and
 explain how much of the overall inequality in survival rates can be
 explained by inequality within groups and how much can be explained by
 inequality between groups. They find that 45.1% of the observed difference
 of 8.2 points in survival rates between female and male students can be
 explained by gender whereas only 1.4% of the observed difference of 7.4
 points in survival rates between Protestant and Catholic students only
 1.4% can be explained by religion. Therefore, attribute differences are
 important in explaining differences in survival rates between males and
 females, but not between Protestants and Catholics. When looking at how
 much of the overall inequality in survival rates could be explained by
 inequality within groups and how much by inequality between groups; they
 find that the best explanation for the observed inequality in the
 distribution of survival probabilities was given by the type of course
 studied accounting for nearly 2/3 of the inequality between students. 
Journal: Applied Economics Letters 
Pages: 933-937 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222111 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222111&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Sonora 
Author-X-Name-First: Robert 
Author-X-Name-Last: Sonora 
Title: City relative price convergence in the USA with structural break(s) 
Abstract:
  As in international tests of purchasing power parity, new more powerful
 univariate unit root tests have been successful in rejecting a unit root
 process in US city relative prices over the period 1918-1997. However,
 convergence rates calculated with these tests are at odds with theories of
 price convergence. This article addresses structural breaks that may be
 misinterpreted as nonstationary permanent stochastic process. Using unit
 root tests with structural breaks, we are able to reject a unit root
 process in the majority of US city relative prices over the entire sample
 period. Moreover, convergence rates fall to those more in line with
 theory. 
Journal: Applied Economics Letters 
Pages: 939-944 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802298035 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802298035&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Foldvari 
Author-X-Name-First: Peter 
Author-X-Name-Last: Foldvari 
Author-Name: Bas van Leeuwen 
Author-X-Name-First: Bas 
Author-X-Name-Last: van Leeuwen 
Title: An alternative interpretation of 'average years of education' in growth regressions 
Abstract:
  The majority of the empirical literature uses average years of education
 as a proxy of the human capital stock. Based on Lucas (1988) we argue that
 the level of average years of education can also be seen as a proxy for
 the growth rate of the per capita human capital stock. This has
 fundamental impact on the interpretation of the coefficient and may
 explain some of the contradictory empirical results. 
Journal: Applied Economics Letters 
Pages: 945-949 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222178 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222178&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sumon Kumar Bhaumik 
Author-X-Name-First: Sumon Kumar 
Author-X-Name-Last: Bhaumik 
Author-Name: Ralitza Dimova 
Author-X-Name-First: Ralitza 
Author-X-Name-Last: Dimova 
Title: Economic reforms as a tool to attract foreign direct investment: is it a chimera? 
Abstract:
  The policy implication of the existing literature on foreign direct
 investment (FDI) inflows is that countries that require FDI can attract it
 by adopting policy measures that facilitate the emergence of appropriate
 regulatory and institutional environment, greater integration with the
 global economy and the development of resources like human capital. We
 test the plausible hypothesis that, on the contrary, FDI flows are largely
 path dependent, and our empirical exercise finds prima facie support in
 favour of this hypothesis. This has obvious implications for FDI flows to
 poor countries. 
Journal: Applied Economics Letters 
Pages: 951-957 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222087 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222087&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wen-Jen Hsieh 
Author-X-Name-First: Wen-Jen 
Author-X-Name-Last: Hsieh 
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: Tests of currency substitution, capital mobility and nonlinearity of Hungary's money demand function 
Abstract:
  The demand for M2 in Hungary is positively associated with real output
 and the nominal effective exchange rate and negatively influenced by the
 deposit rate, the euro interest rate, and expected inflation rate. The
 coefficient of the euro interest rate for the demand for M1 is
 insignificant. Hence, depreciation of the forint or a higher euro interest
 rate would help raise Hungary's real output. The Box-Cox transformation
 shows that the log-linear form for M1 or M2 demand cannot be rejected at
 the 5% level while the linear form for M1 or M2 demand can be rejected at
 the 5% level. However, the log-linear form for M2 demand can be rejected
 at the 10% level. The CUSUM and CUSUMSQ tests show that M2 demand based on
 the Box-Cox model and M1 demand are relatively stable. Based on the mean
 absolute percent error and the Theil inequality coefficient, M2 demand
 based on the Box-Cox model yields better forecasting outcomes. 
Journal: Applied Economics Letters 
Pages: 959-964 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222079 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222079&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pedro Landeras 
Author-X-Name-First: Pedro 
Author-X-Name-Last: Landeras 
Title: Student effort: standards vs. tournaments 
Abstract:
  In this article we compare a competency system based on an absolute
 standard vs. a competitive grading system (tournament) in terms of the
 student effort level they are able to motivate. We prove, unlike other
 previous work, that more risk does not always discourage effort under a
 competency grading system. Furthermore, relative advantage depends
 crucially on the nature of the noise distorting academic achievement. If
 systematic factors prevail then a tournament is preferred to a competency
 system based on absolute standards, while if idiosyncratic factors
 predominate the last is more efficient. Comparisons are effective only and
 only if the passing standard is fixed at the efficient level that promotes
 in the student the highest optimal effort. 
Journal: Applied Economics Letters 
Pages: 965-969 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222129 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222129&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhenquan Wang 
Author-X-Name-First: Zhenquan 
Author-X-Name-Last: Wang 
Author-Name: Shouyang Wang 
Author-X-Name-First: Shouyang 
Author-X-Name-Last: Wang 
Author-Name: Tonghua Huang 
Author-X-Name-First: Tonghua 
Author-X-Name-Last: Huang 
Title: Re-estimation of capital flights from China: 1982-2005 
Abstract:
  Cuddington and World Bank-method are modified with trade credits and
 trade misinvoicing to estimate the short-term and total capital flight
 (CF) from China. Trade Misinvoicing are adjusted with the transit trade
 through Hong Kong. It is shown that the short-term is the main component
 of the CFs from China. Export under-invoicing is the main channel of CFs
 since 1994, and illegal capital inflow and CF exist simultaneously in
 China. 
Journal: Applied Economics Letters 
Pages: 971-976 
Issue: 9 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222038 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222038&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pornsit Jiraporn 
Author-X-Name-First: Pornsit 
Author-X-Name-Last: Jiraporn 
Author-Name: Wallace Davidson 
Author-X-Name-First: Wallace 
Author-X-Name-Last: Davidson 
Title: Regulation, shareholder rights and corporate governance: an empirical note 
Abstract:
  We investigate the impact of regulation on shareholder rights and
 corporate governance. We gauge the strength of shareholder rights by
 measuring the number of restrictive governance provisions that suppress
 shareholder rights - the more restrictive the governance, the weaker the
 shareholder rights. We find that financial firms have less restrictive
 corporate governance, suggesting that financial regulations promote
 shareholder rights. On the other hand, regulation does not seem to impact
 shareholder rights in the utility industry. 
Journal: Applied Economics Letters 
Pages: 977-982 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802345430 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802345430&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dejan Krusec 
Author-X-Name-First: Dejan 
Author-X-Name-Last: Krusec 
Title: The monetary transmission in the euro area: post-1999 data assessment 
Abstract:
  This article investigates the transmission of monetary policy shocks in
 the euro area after 1999. To examine this we use empirical structural
 vector error correction models, built on the data for the period from 1999
 to mid-2005. We identify a monetary shock by restricting it to have only
 temporary effects on output and inflation. We obtain negative responses of
 inflation and output to a restrictive monetary shock in the period under
 investigation. These results are obtained with the HICP based as well as
 the core inflation measure included in the model. 
Journal: Applied Economics Letters 
Pages: 983-988 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850601018346 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850601018346&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiaoquan Liu 
Author-X-Name-First: Xiaoquan 
Author-X-Name-Last: Liu 
Author-Name: Mark Shackleton 
Author-X-Name-First: Mark 
Author-X-Name-Last: Shackleton 
Author-Name: Stephen Taylor 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Taylor 
Author-Name: Xinzhong Xu 
Author-X-Name-First: Xinzhong 
Author-X-Name-Last: Xu 
Title: Empirical pricing kernels obtained from the UK index options market 
Abstract:
  Empirical pricing kernels for the UK equity market are derived as the
 ratio between risk-neutral densities, inferred from FTSE 100 index
 options, and historical real-world densities, estimated from time series
 of the index. The kernels thus obtained are almost compatible with a risk
 averse representative agent, unlike similar estimates for the US market. 
Journal: Applied Economics Letters 
Pages: 989-993 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222210 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222210&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kenji Azetsu 
Author-X-Name-First: Kenji 
Author-X-Name-Last: Azetsu 
Author-Name: Mototsugu Fukushige 
Author-X-Name-First: Mototsugu 
Author-X-Name-Last: Fukushige 
Title: The estimation of asymmetric adjustment costs for the number of workers and working hours - empirical evidence from Japanese industry data 
Abstract:
  Using monthly data on Japanese industries, we estimate a model of dynamic
 labour demand that incorporates adjustment costs for hiring and firing
 workers, and for changing working hours. 
Journal: Applied Economics Letters 
Pages: 995-998 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701320147 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701320147&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julie Hotchkiss 
Author-X-Name-First: Julie 
Author-X-Name-Last: Hotchkiss 
Author-Name: Olga Pavlova 
Author-X-Name-First: Olga 
Author-X-Name-Last: Pavlova 
Title: The impact of 9/11 on hours of work and labour force participation in the US 
Abstract:
  The purpose of this article is to use observed changes in hours of work
 and labour force participation to draw inferences regarding behavioural
 responses to the 9/11 terrorist attacks in the US. Using the Current
 Population Survey and controlling for differences in demographics, labour
 market conditions and a time-invariant unobserved individual fixed effect,
 we determine that for most sub-samples there was no change in labour force
 participation or in hours of work after 9/11 relative to before.
 Exceptions were women, who increased their labour force participation, and
 workers living in the proximity of one of the 9/11 events, who increased
 their hours of work. These results are consistent with a precautionary
 increase in labour supply during an uncertain time, and with others'
 documentation of women responding more dramatically to external stressors. 
Journal: Applied Economics Letters 
Pages: 999-1003 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701250252 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701250252&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Soderlind 
Author-X-Name-First: Paul 
Author-X-Name-Last: Soderlind 
Title: An extended Stein's lemma for asset pricing 
Abstract:
  Stein's lemma is extended to the case where asset returns have skewed and
 leptokurtic distributions. The risk premium is still the negative of the
 covariance of the excess return with the log stochastic discount factor.
 The risk-neutral distribution has a simple form but is a nontrivial
 transformation of the physical distribution. 
Journal: Applied Economics Letters 
Pages: 1005-1008 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802345422 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802345422&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Adel Boubaker 
Author-X-Name-First: Adel 
Author-X-Name-Last: Boubaker 
Author-Name: Saber Sebai 
Author-X-Name-First: Saber 
Author-X-Name-Last: Sebai 
Title: Inter-market information flow: a nonlinear approach 
Abstract:
  This article attempts to characterize the pattern of information flows
 between the stock markets by determining mean and variance causal
 relationships. A two-step procedure proposed by Cheung and Ng (1996) is
 used. Stock market returns are specified as Autoregressive-Generalized
 Autoregressive Conditional Heteroskedasticity (AR-GARCH) models with
 Monday and Friday effects. Stock markets of our sample are chosen to
 analyse the main causes of information flows documented in the literature:
 linkage between economic fundamentals and the time lag between the stock
 markets' opening hours. Results provide evidence of nonlinear causality
 between stock markets, even when linear Granger causality is rejected.
 Causality seems to be attributed to both economic linkage and time lag
 between market openings. 
Journal: Applied Economics Letters 
Pages: 1009-1015 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802345414 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802345414&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dave Lane 
Author-X-Name-First: Dave 
Author-X-Name-Last: Lane 
Title: The cost of capital, corporation finance and the theory of investment: a refinement 
Abstract:
  The proof of Proposition I in the work of Modigliani and Miller (MM)
 (1958) is based on the mechanism of arbitrage. Two cases are considered:
 first, the case where the value of the levered firm is larger than that of
 the unlevered one; second, the case where the value of the levered firm is
 smaller than that of the unlevered one. The first case involves the
 investor engaging in personal borrowing. This article shows that the
 amount borrowed is greater than the amount envisaged by MM, and that the
 proof of Proposition I is slightly altered. 
Journal: Applied Economics Letters 
Pages: 1017-1019 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802345448 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802345448&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Udaya Mishra 
Author-X-Name-First: Udaya 
Author-X-Name-Last: Mishra 
Author-Name: Rudra Narayan Mishra 
Author-X-Name-First: Rudra Narayan 
Author-X-Name-Last: Mishra 
Title: On comparison of nutritional deprivation: an illustration using Foster Greer Thorbecke criterion 
Abstract:
  This is an illustrative note on application of Foster Greer Thorbecke
 (FGT) criterion to measurement and comparison of undernourishment among
 children. Given the semblance between head-count measure of poverty and
 measuring undernourishment among children, there arises a need for
 application of FGT criterion in assessment of undernourishment as well.
 This not only helps in assessing intensity and inequality aspect but also
 can adjust the head count accounting for both to make a valid comparison
 on levels of undernourishment across situations. 
Journal: Applied Economics Letters 
Pages: 1021-1024 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222202 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222202&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Falk 
Author-X-Name-First: Martin 
Author-X-Name-Last: Falk 
Title: High-tech exports and economic growth in industrialized countries 
Abstract:
  The present article provides new evidence on the impact of the change in
 the high-tech export share on economic growth in OECD countries. We
 estimate a dynamic growth model on panel data for 22 OECD countries for
 1980-2004, in which the data is measured as 5-year averages. Using the
 system GMM panel estimator, which corrects for simultaneity, we find that
 both business R&D intensity and the share of high-tech exports are
 significantly positively related to the GDP per working age population.
 The estimated elasticities are rather sizable but the magnitude suggests
 that business R&D intensity is more important than the share of high-tech
 exports in explaining GDP per working age population. 
Journal: Applied Economics Letters 
Pages: 1025-1028 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701222228 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701222228&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Peel 
Author-X-Name-First: David 
Author-X-Name-Last: Peel 
Author-Name: David Law 
Author-X-Name-First: David 
Author-X-Name-Last: Law 
Title: On skewness of return and buying more than one ticket in a lottery 
Abstract:
  The purpose in this article is to demonstrate that buying more than one
 ticket in a lottery is readily explicable in models of utility that permit
 gambling at actuarially unfair odds. However, contrary to popular view, we
 show this choice cannot be explained in terms of a variance-skew
 trade-off. 
Journal: Applied Economics Letters 
Pages: 1029-1032 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701320154 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701320154&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yung-Ming Shiu 
Author-X-Name-First: Yung-Ming 
Author-X-Name-Last: Shiu 
Title: Economic factors, firm characteristics and performance: a panel data analysis for United Kingdom life offices 
Abstract:
  This article examines panel data evidence to investigate the linkage
 between insurer performance proxied by investment yield and several
 economic and firm-specific factors in the United Kingdom life insurance
 industry. The empirical results indicate that investment yield is
 positively related interest rate level, but negatively related to interest
 rate changes, reinsurance dependence, assets held to cover linked
 liabilities and instability of asset structure. 
Journal: Applied Economics Letters 
Pages: 1033-1037 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335269 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335269&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Natividad Blasco 
Author-X-Name-First: Natividad 
Author-X-Name-Last: Blasco 
Author-Name: Pilar Corredor 
Author-X-Name-First: Pilar 
Author-X-Name-Last: Corredor 
Author-Name: Rafael Santamaria 
Author-X-Name-First: Rafael 
Author-X-Name-Last: Santamaria 
Title: Information spillovers between derivative markets with differences in transaction costs and liquidity 
Abstract:
  In line with the transactions cost theory, this article shows that the
 futures market with its higher liquidity and lower transactions costs,
 leads the options market in the price discovery process. Liquidity and
 transaction costs are also shown to play a key role in market sensitivity
 to information, since the futures market s response to shocks is quicker,
 which means that it receives higher volatility spillovers than does the
 options market. 
Journal: Applied Economics Letters 
Pages: 1039-1047 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335277 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335277&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Uwe Jirjahn 
Author-X-Name-First: Uwe 
Author-X-Name-Last: Jirjahn 
Author-Name: Christian Pfeifer 
Author-X-Name-First: Christian 
Author-X-Name-Last: Pfeifer 
Author-Name: Georgi Tsertsvadze 
Author-X-Name-First: Georgi 
Author-X-Name-Last: Tsertsvadze 
Title: Class size, student performance and Tiebout bias 
Abstract:
  If students tend to choose instructors with high teaching ability, a
 negative link between class size and student performance may remain
 obscured until this kind of sorting has been taken into account. Using
 data from student evaluation surveys, we confirm that it is crucial to
 control for instructor fixed effects. 
Journal: Applied Economics Letters 
Pages: 1049-1052 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335285 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335285&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Bicket 
Author-X-Name-First: Mark 
Author-X-Name-Last: Bicket 
Author-Name: Aparna Mitra 
Author-X-Name-First: Aparna 
Author-X-Name-Last: Mitra 
Title: Demographics and living arrangements of the minority elderly in the United States 
Abstract:
  Using data from the U.S. Census Bureau, this study assesses the
 demographics and living arrangements of the minority elderly population of
 the United States. Rapid growth in both the number and the proportion of
 all elderly minority populations are expected. By 2050, one-third of the
 elderly population will be other than a non-Hispanic White. While existing
 literature primarily focuses on the demographics and living arrangements
 of the White elderly population, this study attempts to show the diversity
 and differences in economic and cultural patterns among the minority
 elderly population and the implications of such diversity on the living
 arrangements of the elderly. The data show variations in elderly living
 arrangements in minority population groups by gender, and across and
 within the groups themselves. Such differences in living arrangements have
 important policy implications on both macro and micro level. 
Journal: Applied Economics Letters 
Pages: 1053-1057 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335293 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335293&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Knezevic 
Author-X-Name-First: Mark 
Author-X-Name-Last: Knezevic 
Title: Estimating the long-term costs of diabetic kidney disease: an economic approach 
Abstract:
  Healthcare spending in Australia has increased rapidly in recent decades,
 partly due to the prevalence of lifestyle related illness, as physical
 inactivity and ageing have become common. Diabetes is a chronic and costly
 illness resulting from poor lifestyle choice and ageing. In this study, we
 estimate the long-run cumulative costs of a complication of diabetes,
 diabetic kidney disease, using well-known techniques from health
 economics. We find that spending on treatment for diabetic kidney disease
 will amount to $9.2 billion over the next 30 years. Most of the cost from
 this complication comes from the clinical stage of diabetic kidney
 disease. 
Journal: Applied Economics Letters 
Pages: 1059-1064 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335301 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335301&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Falk 
Author-X-Name-First: Martin 
Author-X-Name-Last: Falk 
Author-Name: Thomas Leoni 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Leoni 
Title: Characteristics of self-employment among university graduates 
Abstract:
  In this article, we investigate the characteristics of nonagricultural
 self-employment (SE) among university graduates in Austria. Probit
 regressions based on 380 000 observations from the country's 2001
 population census indicate that the probability of choosing SE rises
 significantly with age. We find that men are more likely to be
 entrepreneurs than women. There are also strong sectoral and regional
 effects, such as higher probabilities in rural areas. Furthermore, we
 observe a significant link between the propensity to be self-employed and
 the type of university degree. Our findings concerning the relationship
 between citizenship and SE indicate that highly-skilled immigrants from
 low-wage countries are less likely to be entrepreneurs than native-born
 citizens and graduates from high-wage countries. 
Journal: Applied Economics Letters 
Pages: 1065-1071 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335319 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335319&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Russell James 
Author-X-Name-First: Russell 
Author-X-Name-Last: James 
Title: Tenant time preference as a barrier to homeownership 
Abstract:
  Many US government programs focus on reducing the financial barriers to
 homeownership. This paper uncovers evidence of an additional barrier -
 high time discounting by renters. Results from cumulative logistic and
 ordinary least squares models of 4228 households participating in the 2004
 Survey of Consumer Finances indicate that renters self-report a
 significantly shorter financial planning time-horizon than owners do.
 Additionally, a tobit analysis reveals that renters tend to choose
 short-term, low-return investments when they save. A probit analysis of 14
 743 household observations in the 2003-2004 Consumer Expenditure Survey
 reveals a significantly higher probability for consumption of tobacco by
 renters-a choice frequently associated with high time discounting due to
 negative long-term health effects. Each of these results is consistent
 with high time discounting by renters. Such discounting of future
 consequences can impede the transition to homeownership, which often
 requires delaying current consumption in exchange for future benefit. 
Journal: Applied Economics Letters 
Pages: 1073-1077 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335327 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335327&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Victor Matheson 
Author-X-Name-First: Victor 
Author-X-Name-Last: Matheson 
Title: Alternative methods of calculating optimal timber rotations: a critique of the Stokey/Lucas/Prescott tree-cutting problem 
Abstract:
  The traditional question of optimally deciding when to cut down a tree is
 among the most commonly posed questions asked of students learning the
 technique of dynamic programming. This paper shows that the traditional
 tree-cutting example is improperly formulated when the question of
 replanting is addressed, derives the proper method of finding optimal
 harvest length, and applies this method to an empirical forest growth
 function. 
Journal: Applied Economics Letters 
Pages: 1079-1081 
Issue: 10 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335376 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335376&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lourenco Senne Paz 
Author-X-Name-First: Lourenco Senne 
Author-X-Name-Last: Paz 
Title: Corporate foreign currency debt in Brazil: will dollar indebted firms invest more after real exchange rate depreciations? 
Abstract:
  In this article the effect of real exchange rate movements over the
 investment of Brazilian firms with foreign currency debt is assessed.
 Moreover, the hypothesis of currency matching between firm s revenues and
 expenditures will be tested. To do so, a new theoretical model is
 provided. Contrary to previous results of a positive effect of exchange
 rate devaluations over investment, our results show that the effect is
 decreasing on the share of the foreign currency liabilities. For small
 shares of foreign debt, the effect is positive, but by increasing the
 share it turns negative. We didn t find evidence of currency matching in
 our data. 
Journal: Applied Economics Letters 
Pages: 1083-1088 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335335 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335335&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Shields 
Author-X-Name-First: Michael 
Author-X-Name-Last: Shields 
Author-Name: Gail Shields 
Author-X-Name-First: Gail 
Author-X-Name-Last: Shields 
Title: Estimating external returns to education in the US: a production function approach 
Abstract:
  Individual US data are merged with aggregate data by state for the US and
 used to estimate the external benefits of education. Aggregate state-wide
 variables used are the average level of education and per capita physical
 capital for each state. Individual variables used are each working adult's
 labour force experience, years of completed schooling, gender and
 immigration status. One difference from previous studies that estimate
 external benefits to education is that data on physical capital for each
 region (state) are available and used. Hence, the study is based on an
 explicit production function of the form suggested by Lucas. Strong
 evidence of the presence of external benefits to education for the US is
 found. 
Journal: Applied Economics Letters 
Pages: 1089-1092 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335343 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335343&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Geraint Johnes 
Author-X-Name-First: Geraint 
Author-X-Name-Last: Johnes 
Title: Occupation and the labour market participation of women: why do some people trade down jobs when careers are interrupted? 
Abstract:
  A dynamic structural discrete choice model of labour market
 participation, schooling and occupational choice is applied to data for
 women drawn from the British Cohort Study. It is established that, for
 relatively highly educated workers, the return attached to childrearing is
 higher in the part-time non-managerial work regime than in the part-time
 managerial work regime. As a consequence, following childbirth, many
 female managers switch to occupations that underutilise their skills. 
Journal: Applied Economics Letters 
Pages: 1093-1096 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367155 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367155&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ralf Fendel 
Author-X-Name-First: Ralf 
Author-X-Name-Last: Fendel 
Title: A note on Taylor rules and the term structure 
Abstract:
  This article augments the well-known dynamic macro-economic model of
 Svensson (1997) to include the term structure of interest rates, in order
 to support the empirical findings of Fendel and Frenkel (2005) on the
 information content of the term structure of interest rates for monetary
 policy published in Applied Economics Letters. The derived Taylor-type
 rule is an implicit rule that cannot be used mechanically, because it
 contains an additional forward-looking argument. Only under special
 conditions of a stable and flat yield curve and/or an aggregate demand
 specification that only depends on the short-term interest rate this
 augmented rule collapses to the class of well-known Taylor-type rules. 
Journal: Applied Economics Letters 
Pages: 1097-1101 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367171 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367171&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paolo Zagaglia 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Zagaglia 
Title: Fractional integration of inflation rates: a note 
Abstract:
  This note studies the persistence of CPI inflation for 12 OECD countries.
 The fraction order of integration is estimated through the wavelet-OLS
 estimator of Jensen (1999). The results show that CPI inflation is
 characterized by mean reversion in the long run with finite variance. 
Journal: Applied Economics Letters 
Pages: 1103-1105 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lixin Cai 
Author-X-Name-First: Lixin 
Author-X-Name-Last: Cai 
Title: Estimation of simultaneous equation models with latent dependent variables: a Monte Carlo evaluation 
Abstract:
  Three methods can be used to estimate simultaneous equation models with
 latent dependent variables: two-stage, minimum distance (MD) and
 full-information maximum likelihood. Theoretically all the three methods
 provide asymptotically consistent estimates, but the performance of these
 estimators in finite samples cannot be determined in theory. This letter
 evaluates the performance of these estimators in finite samples using
 Monte Carlo simulation. The results show that the MD estimator performs
 very poorly; overall the full information maximum likelihood estimator
 performs better than the other two estimators. 
Journal: Applied Economics Letters 
Pages: 1107-1112 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335368 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335368&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Author-Name: Naoko Hamori 
Author-X-Name-First: Naoko 
Author-X-Name-Last: Hamori 
Title: International term structure of interest rates in the Euro area 
Abstract:
  This article empirically analyses the international term structure of
 interest rates in the Euro area over the period from 1999 to 2006. To
 address the small sample problem, we apply the nonstationary panel data
 analysis to two data sets: (1) seven countries (Belgium, Finland, France,
 Germany, Italy, the Netherlands and Spain) from 1999 to 2006 and (2) eight
 countries (Belgium, Finland, France, Germany, Greece, Italy, the
 Netherlands and Spain) from 2001 to 2006. Our results support the
 expectations theory of the term structure of interest rates. 
Journal: Applied Economics Letters 
Pages: 1113-1116 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802389040 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802389040&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Javier Estrada 
Author-X-Name-First: Javier 
Author-X-Name-Last: Estrada 
Title: Black swans, market timing and the Dow 
Abstract:
  Do investors in the US stock market obtain their long-term returns
 smoothly and steadily over time or is their long-term performance largely
 determined by the return of just a few outliers? How likely are investors
 to successfully predict the best days to be in and out of the market? The
 evidence from the Dow Jones Industrial Average over the 1900-2006 period
 shows that a few outliers have a massive impact on long-term performance.
 Missing the best 10 days resulted in portfolios 65% less valuable than a
 passive investment and avoiding the worst 10 days resulted in portfolios
 206% more valuable than a passive investment. Given that 10 days represent
 0.03% of the days in the sample, the odds against successful market timing
 are staggering. 
Journal: Applied Economics Letters 
Pages: 1117-1121 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802360074 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802360074&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Ashton 
Author-X-Name-First: John 
Author-X-Name-Last: Ashton 
Title: Does the United Kingdom have regional banking markets? An assessment of UK deposit provision 1992-2006 
Abstract:
  This study examines whether geographical differences in deposit interest
 rate setting persists in a bank market with national bank branching. As
 most UK retail banks have located their branch networks in different
 combinations within the regions and nations of the United Kingdom, the
 availability of banking services across the United Kingdom differs. This
 study examines whether this uneven dispersion of bank branching is
 associated with deposit account interest rate setting by UK banks over the
 sample period 1992 to 2006. While banks with branch networks predominately
 located in certain regions set deposit interest rates at different levels,
 the degree of overlap between bank branch networks is not a significant
 factor in deposit interest rate setting. These findings have importance
 for the definition of banking markets in competition assessments and
 future assessments of interest rate setting within international banking
 markets where bank branching restrictions have been lifted. 
Journal: Applied Economics Letters 
Pages: 1123-1128 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802389024 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802389024&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kian-Ping Lim 
Author-X-Name-First: Kian-Ping 
Author-X-Name-Last: Lim 
Title: Efficiency tests of the UK financial futures markets and the impact of electronic trading systems: a note on relative market efficiency 
Abstract:
  The literature on weak-form efficient market hypothesis (EMH) has
 experienced a phenomenal growth over the past few decades, with the
 empirical framework mostly directed towards testing the absolute version
 of market efficiency. Evans (2006) represents a small amount of studies
 that addressed the relative efficiency of financial markets. The present
 paper discusses the limitations of absolute market efficiency and surveys
 some measures proposed for assessing relative efficiency in extant
 literature. 
Journal: Applied Economics Letters 
Pages: 1129-1132 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335350 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335350&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dan O'Donnell 
Author-X-Name-First: Dan 
Author-X-Name-Last: O'Donnell 
Author-Name: Dirk Baur 
Author-X-Name-First: Dirk 
Author-X-Name-Last: Baur 
Title: Momentum in the Irish stock market 
Abstract:
  This article is the first to study momentum trading strategies in the
 Irish stock market. The findings can be summarized as follows: (i)
 unconditional momentum trading strategies do not outperform the market,
 (ii) winner and loser trading strategies do outperform the market and
 (iii) controlling for heteroscedasticity significantly changes the results
 and yields positive and significant excess returns for most of the 16
 momentum trading strategies analysed. These findings illustrate that
 investors can persistently earn excess returns in the Irish stock market. 
Journal: Applied Economics Letters 
Pages: 1133-1138 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802389032 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802389032&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Victor Pontines 
Author-X-Name-First: Victor 
Author-X-Name-Last: Pontines 
Title: Optimal common currency basket in East Asia 
Abstract:
  This article employs the currency invariant index due to Hovanov et al.
 (2004) to construct an optimal or stable common G-3 currency basket across
 different groups of countries in East Asia. Calculated optimal weights
 show a larger weight for the US dollar but a nonnegligible role for the
 Japanese yen. The volatility of the optimal common G-3 currency basket is
 several times smaller than that of a similarly proposed common G-3
 currency basket in East Asia. 
Journal: Applied Economics Letters 
Pages: 1139-1141 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701335392 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701335392&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hsinan Hsu 
Author-X-Name-First: Hsinan 
Author-X-Name-Last: Hsu 
Author-Name: Yaw-Bin Wang 
Author-X-Name-First: Yaw-Bin 
Author-X-Name-Last: Wang 
Title: Feasibility of riskless hedged portfolios in imperfect markets 
Abstract:
  The Black-Scholes model (1973) is developed under the concept of the
 riskless hedged portfolio by hedging the call option against the
 underlying stock. If the riskless hedged portfolio is feasible, investors'
 preference is independent of option pricing and the implied growth rate of
 stock price will be the riskless interest rate. Noticeably, the
 feasibility of this concept is based on the perfect market assumptions and
 no riskless arbitrage opportunity. However, none of the conditions of
 perfect capital markets is true in real capital markets. Therefore,
 whether the growth rate of the hedged portfolio is the riskless interest
 rate is an interesting and challenging topic. The purpose of this article
 is to provide a theoretical relationship between the return of the hedged
 portfolio and risk in imperfect markets. This theoretical foundation can
 be viewed as a supplementary work to Hsu and Wang (2004) and Wang and Hsu
 (2006). 
Journal: Applied Economics Letters 
Pages: 1149-1153 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701349161 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701349161&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vince Daly 
Author-X-Name-First: Vince 
Author-X-Name-Last: Daly 
Author-Name: Jalal Siddiki 
Author-X-Name-First: Jalal 
Author-X-Name-Last: Siddiki 
Title: The twin deficits in OECD countries: cointegration analysis with regime shifts 
Abstract:
  We investigate the question of whether or not government budget deficits
 and real interest rates have a long-run relationship with the current
 account of the balance of payments in 23 Organization for Economic
 cooperation and Development (OECD) countries. Such an investigation is
 important, since large and persistent budget deficits may impose strains
 on the foreign exchange markets and are considered by some to be one of
 the main causes of crises in international financial markets. We permit
 regime shifts in the cointegration analysis, which extends empirical
 modelling relative to existing studies. We find that the admission of
 regime shifts substantially influences the empirical conclusions: we find
 a long-run relationship between budget deficits, real interest rate and
 current account deficit in 13 out of 23 countries, whereas the number of
 countries with apparent long-run relationships is dramatically reduced
 when regime shifts are not permitted. We argue that, when structural
 breaks are taken into account, it seems to be the countries with a more
 extensive financial infrastructure in which the twin deficits are less
 likely to be conjoined. 
Journal: Applied Economics Letters 
Pages: 1155-1164 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701349179 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701349179&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:16:y:2009:i:11:p:1155-1164




Template-Type: ReDIF-Article 1.0
Author-Name: Atanas Christev 
Author-X-Name-First: Atanas 
Author-X-Name-Last: Christev 
Author-Name: Allen Featherstone 
Author-X-Name-First: Allen 
Author-X-Name-Last: Featherstone 
Title: A note on Allen-Uzawa partial elasticities of substitution: the case of the translog cost function 
Abstract:
  This note provides a useful property of the Allen-Uzawa partials for the
 translog cost function. It also suggests how the main results extend to
 any functional form with certain properties. The curvature of the
 Allen-Uzawa matrix is the same as the curvature of the Hessian matrix.
 Intuitively and empirically, the Allen-Uzawa partials allow for the
 verification of curvature properties. 
Journal: Applied Economics Letters 
Pages: 1165-1169 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367130 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367130&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:16:y:2009:i:11:p:1165-1169




Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Francois Hoarau 
Author-X-Name-First: Jean-Francois 
Author-X-Name-Last: Hoarau 
Author-Name: Stephane Blancard 
Author-X-Name-First: Stephane 
Author-X-Name-Last: Blancard 
Author-Name: Philippe Jean-Pierre 
Author-X-Name-First: Philippe 
Author-X-Name-Last: Jean-Pierre 
Title: Testing for nominal convergence in the Central American area: evidence from panel data unit-root tests 
Abstract:
  Inflation convergence between the Central American Area and the United
 States is investigated using both recent homogeneous and heterogeneous
 panel data unit-root methods. Strong rejections of unit-root hypothesis
 are found, and therefore evidence of Purchasing Power Parity, in the
 Central American countries for the 1981:1-2005:4 period. Then by
 considering the nominal convergence criterion, the dollarization system
 seems to be suited to this region. 
Journal: Applied Economics Letters 
Pages: 1171-1174 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367148 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367148&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zsolt Darvas 
Author-X-Name-First: Zsolt 
Author-X-Name-Last: Darvas 
Author-Name: Zoltan Schepp 
Author-X-Name-First: Zoltan 
Author-X-Name-Last: Schepp 
Title: Long maturity forward rates of major currencies are stationary 
Abstract:
  Using eight unit root tests and a stationarity test and three decades of
 monthly data for the currencies between the US, Germany, UK and
 Switzerland, we find that, while spot exchange rates are nonstationary,
 long maturity forward rates are stationary. 
Journal: Applied Economics Letters 
Pages: 1175-1181 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367163 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367163&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:16:y:2009:i:11:p:1175-1181




Template-Type: ReDIF-Article 1.0
Author-Name: Su-Lien Lu 
Author-X-Name-First: Su-Lien 
Author-X-Name-Last: Lu 
Title: Comparing the reliability of a discrete-time and a continuous-time Markov chain model in determining credit risk 
Abstract:
  This article compares the reliability of a discrete-time and a
 continuous-time Markov chain model for estimating credit risk and for
 investigating loans of Chiao Tung Bank in Taiwan. The continuous-time
 Markov chain model can capture the migration of rare events. The
 time-varying risk premium was also extracted from the loan value and
 corresponding risk-free price and the transition matrix was transferred to
 risk-neutral transition matrix by the time-varying risk premium. Finally,
 the empirical results indicate that the discrete-time Markov chain model
 may be underestimating the default probability in both the lowest risk and
 speculative rating class. Comparing the loss given default and the NPL
 ratio, the continuous-time Markov chain model is more reliable and
 effective for gauging the credit risk of bank loans. 
Journal: Applied Economics Letters 
Pages: 1143-1148 
Issue: 11 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701349153 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701349153&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Venkata Puduri 
Author-X-Name-First: Venkata 
Author-X-Name-Last: Puduri 
Author-Name: Ramu Govindasamy 
Author-X-Name-First: Ramu 
Author-X-Name-Last: Govindasamy 
Author-Name: Benjamin Onyango 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Onyango 
Title: Country of origin labelling of fresh produce: a consumer preference analysis 
Abstract:
  This article investigates the relationships between country of origin
 labelling issues and consumers concern about safety and health towards use
 of foreign produce. A consumer survey showed that about 84% of respondents
 overall, and more specifically, about 84% of female and 83% of male
 respondents would like markets to provide information about country of
 origin of fresh produce. The result also shows that about 73% of
 respondents regularly read food advertisements in newspapers and grocery
 brochures. 
Journal: Applied Economics Letters 
Pages: 1183-1185 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367213 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367213&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kaddour Hadri 
Author-X-Name-First: Kaddour 
Author-X-Name-Last: Hadri 
Author-Name: Yao Rao 
Author-X-Name-First: Yao 
Author-X-Name-Last: Rao 
Title: KPSS test and model misspecifications 
Abstract:
  The KPSS test is very popular and used extensively by practitioners. The
 test considers two models under the null: stationarity around a
 deterministic level or around a deterministic trend. There is no study, as
 far as we know, on the statistical properties of the test when the wrong
 model is used. This article endeavour to fill this gap. We found, using
 simulation, that choosing a deterministic trend when a deterministic level
 is true does not affect significantly the properties of the test. But,
 choosing a deterministic level when a deterministic trend is true leads to
 extreme over-rejection of the null. These results are obtained for i.i.d.
 and autocorrelated errors. 
Journal: Applied Economics Letters 
Pages: 1187-1190 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367239 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367239&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:16:y:2009:i:12:p:1187-1190




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Owyang 
Author-X-Name-First: Michael 
Author-X-Name-Last: Owyang 
Author-Name: Howard Wall 
Author-X-Name-First: Howard 
Author-X-Name-Last: Wall 
Title: Regional VARs and the channels of monetary policy 
Abstract:
  We find that the magnitudes of the regional effects of monetary policy
 were considerably dampened during the Volcker-Greenspan era. For this era,
 regional differences in the depths and total costs of
 monetary-policy-induced recessions were related to the concentration of
 the banking sector. 
Journal: Applied Economics Letters 
Pages: 1191-1194 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367247 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367247&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Payne 
Author-X-Name-First: James 
Author-X-Name-Last: Payne 
Title: Official dollarization in El Salvador and the inflation-inflation uncertainty nexus 
Abstract:
  This study extends the literature on the relationship between inflation
 and inflation uncertainty by examining the impact of official
 dollarization on inflation uncertainty in El Salvador. The ARIMA-GARCH
 model reveals that official dollarization significantly reduces the degree
 of volatility persistence in response to inflationary shocks. However,
 based on Granger causality tests, if inflation should increase there would
 be an increase in inflation uncertainty as suggested by the Friedman-Ball
 hypothesis. 
Journal: Applied Economics Letters 
Pages: 1195-1199 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802389065 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802389065&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gil Cohen 
Author-X-Name-First: Gil 
Author-X-Name-Last: Cohen 
Author-Name: Joseph Yagil 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Yagil 
Title: Why do financially distressed firms pay dividends? 
Abstract:
  In this study we use a sample of 334 S&P500 companies to examine the
 extent to which financially distressed firms pay dividends in order to
 attract investors. We find a higher dividend yield and a higher pay-out
 ratio for financially distressed firms than for financially stable firms.
 We also find that financially distressed firms tend to change the dividend
 per share more rapidly than stable firms. Furthermore, these firms'
 dividends depend more on earnings than do the dividends of stable
 companies. This finding is consistent with the frequent dividend changes
 observed in distressed firms. Stable firms, in contrast, prefer paying
 dividends that are less dependent upon earnings. These results may stem
 from the relatively high level of importance that financially distressed
 firms ascribe to dividend payments or to the aggressive dividend policy
 that eroded the firms' financial stability and forced them to reduce the
 dividend per share rapidly. 
Journal: Applied Economics Letters 
Pages: 1201-1204 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802389057 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802389057&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wei-Choun Yu 
Author-X-Name-First: Wei-Choun 
Author-X-Name-Last: Yu 
Title: Markov switching and long memory: a Monte Carlo analysis 
Abstract:
  This article finds the close relationship between long memory and some
 forms of Markov-switching models. The simulation results suggest: (1) when
 the transition probabilities are closer to unity, it is more likely to
 generate long memory process; (2) magnitude of regime-switching plays an
 important role in generating long memory; and (3) process with switching
 in variance (disturbance) is much less likely to explain long-memory
 process than switching in mean (intercept) and autoregressive coefficient.
 Therefore, given the observed high persistence in financial volatility
 data, volatility modelling by switching in mean and AR coefficient is
 preferred to that by switching in variance. 
Journal: Applied Economics Letters 
Pages: 1205-1210 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367296 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367296&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amy Moore 
Author-X-Name-First: Amy 
Author-X-Name-Last: Moore 
Author-Name: Michael Taylor 
Author-X-Name-First: Michael 
Author-X-Name-Last: Taylor 
Title: Why buy when you can rent? A brief investigation of differences in acquisition mode based on duration 
Abstract:
  This article highlights an intriguing finding that the duration of use
 significantly affects consumers' choice of acquisition mode. When the
 duration is short, renting is preferred, while buying is preferred for
 longer durations, even when the economic consequences of both choices are
 exactly the same. 
Journal: Applied Economics Letters 
Pages: 1211-1213 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367304 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367304&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hafedh Bouakez 
Author-X-Name-First: Hafedh 
Author-X-Name-Last: Bouakez 
Author-Name: Takashi Kano 
Author-X-Name-First: Takashi 
Author-X-Name-Last: Kano 
Title: Tests of the present-value model of the current account: a note 
Abstract:
  Using a Monte Carlo approach, we evaluate the small-sample properties of
 four different tests of the present-value model (PVM) of the current
 account: the nonlinear Wald, linear Wald, Lagrange multiplier and
 likelihood ratio tests. We find that the nonlinear Wald test is biased
 towards over-rejecting the cross-equation restrictions implied by the PVM,
 and that the test statistic is uncorrelated with the goodness of fit of
 the PVM. The three alternative tests are essentially equivalent and are
 more reliable in evaluating the PVM. 
Journal: Applied Economics Letters 
Pages: 1215-1219 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367288 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367288&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pasquale Scandizzo 
Author-X-Name-First: Pasquale 
Author-X-Name-Last: Scandizzo 
Author-Name: Raghav Gaiha 
Author-X-Name-First: Raghav 
Author-X-Name-Last: Gaiha 
Author-Name: Katsushi Imai 
Author-X-Name-First: Katsushi 
Author-X-Name-Last: Imai 
Title: Does the employment guarantee scheme stabilize household incomes in rural India? 
Abstract:
  Our analysis, based on the ICRISAT panel survey of villages in the
 semi-arid region of south India, confirms the income stabilizing effect of
 the Employment Guarantee Scheme in India. Variability of household income
 is measured by an unconditional variance of residuals of an income
 equation. A (variant) of Heckman's sample selection model is employed to
 allow for the endogeneity of EGS participation and to assess its income
 stabilizing role. The (instrumented) EGS participation reduces the
 residual variance of household income, implying consequent income
 stabilization. 
Journal: Applied Economics Letters 
Pages: 1221-1225 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367262 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367262&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Boris Lokshin 
Author-X-Name-First: Boris 
Author-X-Name-Last: Lokshin 
Title: Further results on bias in dynamic unbalanced panel data models with an application to firm R&D investment 
Abstract:
  This article extends the LSDV bias-corrected estimator in (Bun and
 Carree, 2005) to unbalanced panels and discusses the analytic method of
 obtaining the solution. Using a Monte Carlo approach the article compares
 the performance of this estimator with three other available techniques
 for dynamic panel data models. Simulation reveals that LSDV-bc estimator
 is a good choice except for samples with small T, where it may be
 unpractical. The methodology is applied to examine the impact of internal
 and external R&D on labour productivity in an unbalanced panel of
 innovating firms. 
Journal: Applied Economics Letters 
Pages: 1227-1233 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367270 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367270&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marco Percoco 
Author-X-Name-First: Marco 
Author-X-Name-Last: Percoco 
Author-Name: Peter Nijkamp 
Author-X-Name-First: Peter 
Author-X-Name-Last: Nijkamp 
Title: Estimating individual rates of discount: a meta-analysis 
Abstract:
  In this article, we present the results from a meta-analysis conducted
 over 44 experimental and field studies, which report individual discount
 rate estimates. We find in our research that the experimental design of a
 study has a decisive impact on these estimates, and conclude that
 meta-analysis, in the case of individual discount rates, has a low
 transfer value. 
Journal: Applied Economics Letters 
Pages: 1235-1239 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367189 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367189&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julien Fouquau 
Author-X-Name-First: Julien 
Author-X-Name-Last: Fouquau 
Author-Name: Ghislaine Destais 
Author-X-Name-First: Ghislaine 
Author-X-Name-Last: Destais 
Author-Name: Christophe Hurlin 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Hurlin 
Title: Energy demand models: a threshold panel specification of the 'Kuznets curve' 
Abstract:
  This article proposes an original panel specification of the energy
 demand model. Based on panel threshold regression models, we derive
 country-specific and time-specific energy elasticity. We find a fall of
 the elasticity when the income level increase. 
Journal: Applied Economics Letters 
Pages: 1241-1244 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367197 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367197&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Venus Khim-Sen Liew 
Author-X-Name-First: Venus Khim-Sen 
Author-X-Name-Last: Liew 
Author-Name: Yusuf Ahmad 
Author-X-Name-First: Yusuf 
Author-X-Name-Last: Ahmad 
Title: Income convergence: fresh evidence from the Nordic countries 
Abstract:
  Using the recently developed linearity test and nonlinear unit root test,
 this study shows that the income gaps of Finland, Norway and Sweden with
 respect to Denmark are nonlinear but stationary with no significant trend
 effect, implying the Nordic countries have already attained steady state
 of income equality, a state beyond catching up as identified earlier in
 Oxley and Gresley (1999). This fresh evidence strengthens the finding of
 Nordic Convergence Club by these authors. 
Journal: Applied Economics Letters 
Pages: 1245-1248 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367205 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367205&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Boriss Siliverstovs 
Author-X-Name-First: Boriss 
Author-X-Name-Last: Siliverstovs 
Author-Name: Kinstantin Kholodilim 
Author-X-Name-First: Kinstantin 
Author-X-Name-Last: Kholodilim 
Title: On selection of components for a diffusion index model: it's not the size, it's how you use it 
Abstract:
  This article suggests a novel approach to pre-selection of the component
 series of the diffusion index based on their individual forecasting
 performance. It is shown that this targeted selection allows substantially
 improving the forecasting ability compared to the diffusion index models
 that are based on the largest available data set. 
Journal: Applied Economics Letters 
Pages: 1249-1254 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367221 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367221&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tzu-Pu Chang 
Author-X-Name-First: Tzu-Pu 
Author-X-Name-Last: Chang 
Author-Name: Jin-Li Hu 
Author-X-Name-First: Jin-Li 
Author-X-Name-Last: Hu 
Title: Incorporating a leading indicator into the trading rule through the Markov-switching vector autoregression model 
Abstract:
  This article examines the profitability of trading rules based on the
 smoothed probability of Markov-switching models and executes two models in
 Taiwan's case. The results present that both proposed models can earn
 excess returns over the buy-and-hold strategy and support that both can be
 used to trade. However, the univariate Markov-switching model, which only
 uses daily returns series does not successfully capture the trend in the
 stock market, especially during a bull market. This implies that
 high-frequency returns series contain lots of noises. In order to overcome
 this problem, the Markov-switching vector autoregression model that
 combines a leading indicator and returns is performed in this study. The
 results indicate a better trading pattern. We conclude that the leading
 indicator chosen from open interest in the future market increases useful
 information and reduces noises to improve model estimation, which can well
 identify the position of bull and bear markets. 
Journal: Applied Economics Letters 
Pages: 1255-1259 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367254 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367254&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marina Murat 
Author-X-Name-First: Marina 
Author-X-Name-Last: Murat 
Author-Name: Barbara Pistoresi 
Author-X-Name-First: Barbara 
Author-X-Name-Last: Pistoresi 
Title: Emigrant and immigrant networks in FDI 
Abstract:
  This article studies the relationship between emigration, immigration and
 the bilateral foreign direct investments (FDI), inward and outward,
 between Italy and 51 foreign countries. The results suggest that the
 networks of Italian emigrants abroad significantly promote both inward and
 outward bilateral FDI. The overall influence of immigrants is weaker.
 Their role is positively dependent on distance for FDI inward, only. 
Journal: Applied Economics Letters 
Pages: 1261-1264 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367312 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367312&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Black 
Author-X-Name-First: David 
Author-X-Name-Last: Black 
Author-Name: Michael Dowd 
Author-X-Name-First: Michael 
Author-X-Name-Last: Dowd 
Title: The changing composition of output and the great moderation 
Abstract:
  An additional explanation is provided for the decline in output
 variability that began in the mid-1980s. Using state, regional and
 aggregate data for the US, we examine the shifting influence from
 manufacturing to services on this variability. At all levels, we find
 support for this output composition change contributing to the reduced
 variability of output growth. 
Journal: Applied Economics Letters 
Pages: 1265-1270 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367320 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367320&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Patrick Lunnemann 
Author-X-Name-First: Patrick 
Author-X-Name-Last: Lunnemann 
Author-Name: Thomas Matha 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Matha 
Title: Mean reversion and sales 
Abstract:
  This article analyses the degree of inflation persistence in the EU15
 using disaggregate HICP price indices. The results, based on a
 nonparametric measure proposed by Marques (2004) suggest a very moderate
 degree of median and mean inflation persistence. The modified treatment of
 sales in the Harmonised Index of Consumer Prices tends to reduce the
 measured degree of inflation persistence. 
Journal: Applied Economics Letters 
Pages: 1271-1275 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719876 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719876&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Markus Haas 
Author-X-Name-First: Markus 
Author-X-Name-Last: Haas 
Title: Modelling skewness and kurtosis with the skewed Gauss-Laplace sum distribution 
Abstract:
  An asymmetric extension of the recently proposed (symmetric)
 Gauss-Laplace sum distribution for stock returns is developed, motivated
 by the fact that many stock return distributions display significant
 asymmetries. The properties of the new distribution, insofar as relevant
 for estimation, testing, and the modelling of skewness and kurtosis, are
 derived. An application to three major US stock return indices shows an
 excellent fit of the model, which outperforms many popular alternatives. 
Journal: Applied Economics Letters 
Pages: 1277-1283 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802400441 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802400441&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Khaled Hussainey 
Author-X-Name-First: Khaled 
Author-X-Name-Last: Hussainey 
Title: Do dividends signal information about future earnings? 
Abstract:
  This article aims to examine the extent to which dividends signal
 information about future earnings. It examines the effects of dividend
 payment status and the change in dividend payment on the relation between
 current stock returns and future earnings. The results show that dividends
 contain value relevant information about future earnings and that this
 information is incorporated into current stock returns. In particular, we
 find that firms that pay dividends at the current year exhibit higher
 levels of share price anticipation of earnings than nondividend-paying
 firms. We also find that the change in dividends is positively related to
 changes in the importance of future earnings news for current stock
 returns. Finally, we find that the relevance of dividends for forecasting
 future earnings is greater for loss-making firms than for profitable
 firms. 
Journal: Applied Economics Letters 
Pages: 1285-1288 
Issue: 12 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802403635 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802403635&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gabe de Bondt 
Author-X-Name-First: Gabe 
Author-X-Name-Last: de Bondt 
Title: Predictive content of the stock market for output revisited 
Abstract:
  In-sample and out-of-sample evidence for major countries shows that stock
 price determinants (earnings, risk-free interest rate and equity risk
 premium) accurately predict real Gross Domestic Product beyond 1 year
 compared to the stock price index, dividend yield, price/earnings ratio
 and the Fed model. 
Journal: Applied Economics Letters 
Pages: 1289-1294 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802481821 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802481821&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeong-Ryeol Kurz-Kim 
Author-X-Name-First: Jeong-Ryeol 
Author-X-Name-Last: Kurz-Kim 
Title: Further evidence for the negative relationship between stock returns and volatility 
Abstract:
  Using a simple autoregression with exogenous variables (and its
 transformed error-correction model), we investigate relationships between
 realized return and risk measured by realized volatility. The empirical
 results obtained from analysing the German Stock Index (DAX) and the Dow
 Jones Index (DJ) show a negative relationship between the realized return
 and risk and also between changes of the realized return and risk for both
 monthly and quarterly frequencies. There is also some weak evidence of a
 negative impact of large volatility on changes of the return that can be
 detected. 
Journal: Applied Economics Letters 
Pages: 1295-1300 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802481854 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802481854&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joan Costa-Font 
Author-X-Name-First: Joan 
Author-X-Name-Last: Costa-Font 
Author-Name: Montserrat Font 
Author-X-Name-First: Montserrat 
Author-X-Name-Last: Font 
Title: Does 'early purchase' improve the willingness to pay for long-term care insurance? 
Abstract:
  Coverage for long-term care insurance (LTCI) is scant. One common reason
 analysts refer to is individual's myopia in planning insurance well ahead
 of need. We attempt to test this by empirically eliciting the willingness
 to pay for a hypothetical long-term care insurance policy at two different
 periods of time namely: (a) current respondent time and (b) assuming the
 respondent is 40. We draw upon data from Spain where no insurance was
 available at the time of the study. We find that on average only one-fifth
 of the respondents find LTCI a suitable alternative and that
 interestingly, the willingness to pay does not seem to change
 significantly when individuals are at an 'optimal' purchasing age. The
 willingness to pay for LTCI is driven by individual's perceptions of risks
 conditional on survival instead. 
Journal: Applied Economics Letters 
Pages: 1301-1305 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701720171 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701720171&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Deller 
Author-X-Name-First: Steven 
Author-X-Name-Last: Deller 
Author-Name: James McConnon 
Author-X-Name-First: James 
Author-X-Name-Last: McConnon 
Title: Microenterprises and economic growth: a panel study of the US states 1977-1997 
Abstract:
  In this study, we examine the role of microenterprises in US economic
 growth. Using a panel of the 48 lower US states from 1977 to 1997, we
 estimate an expanded Carlino-Mills type model of growth. Microenterprises
 are defined as having between one and four employees. Results suggest that
 a higher share of goods producing firms that are microenterprises tend to
 be associated with lower levels of population, employment and income
 growth, while a higher share of service producing firms classified as
 micro are associated with higher levels of growth. These results suggest
 that care must be taken when promoting microenterprises as a major engine
 of economic growth. 
Journal: Applied Economics Letters 
Pages: 1307-1312 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367361 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367361&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Camilo Sarmiento 
Author-X-Name-First: Camilo 
Author-X-Name-Last: Sarmiento 
Title: Pricing delinquent mortgages 
Abstract:
  One of the most challenging tasks facing financial institutions is how
 much to mark down mortgage loans with delinquency events in the book of
 business. Since delinquent loans are not actively traded in the market, a
 modelling approach is needed for re-pricing these loans. Here, we show a
 two-step methodology for re-pricing delinquent loans. The first step uses
 the history of mortgage delinquencies to mark down the Fair Isaac
 Corporation Credit (FICO) score. The second step applies the mark down
 FICO score to a risk price model. 
Journal: Applied Economics Letters 
Pages: 1313-1317 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802534306 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802534306&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Caudill 
Author-X-Name-First: Steven 
Author-X-Name-Last: Caudill 
Author-Name: Ram Acharya 
Author-X-Name-First: Ram 
Author-X-Name-Last: Acharya 
Author-Name: Diane Hite 
Author-X-Name-First: Diane 
Author-X-Name-Last: Hite 
Title: A note on combining on-site samples and supplemental samples in a logit model of recreation demand 
Abstract:
  In recreation demand studies much of the data is collected via on-site
 samples. Thus, no data is collected for those not visiting the recreation
 site. The fact that no information is available for those not visiting the
 recreation area complicates statistical analyses because the result is an
 endogenously stratified sample. A supplemental sample contains information
 on the exogenous variables but no information on the response variable. A
 supplemental sample can be used, along with an on-site sample, to estimate
 a probability model for site visitation. In this article, we develop and
 apply the logit formulation of the model of Lancaster and Imbens (1996).
 We use an on-site sample from the Sipsey wilderness area in northwest
 Alabama. For our supplemental sample, we use the Integrated Public Use
 Microdata Series for corresponding counties in Alabama. Together, these
 samples are used to estimate factors influencing the probability of
 visiting the site. 
Journal: Applied Economics Letters 
Pages: 1319-1322 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701426563 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701426563&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Higgins 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Higgins 
Author-Name: Shohreh Majin 
Author-X-Name-First: Shohreh 
Author-X-Name-Last: Majin 
Title: Inflation uncertainty and money demand 
Abstract:
  We enter inflation uncertainty into error-correction models (EC) of US M1
 and M2 money demand. We estimate the models using an instrumental
 variables procedure that is robust to mis-specification of inflation
 uncertainty. We find inflation uncertainty has a negative effect on M1
 demand and a positive effect on M2 demand. Our results suggest that when
 confronted with increased inflation uncertainty, agents substitute away
 from M1 and to the interest bearing components of M2. 
Journal: Applied Economics Letters 
Pages: 1323-1328 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701452023 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701452023&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Faff 
Author-X-Name-First: Robert 
Author-X-Name-Last: Faff 
Author-Name: Terrence Hallahan 
Author-X-Name-First: Terrence 
Author-X-Name-Last: Hallahan 
Author-Name: Michael McKenzie 
Author-X-Name-First: Michael 
Author-X-Name-Last: McKenzie 
Title: Nonlinear linkages between financial risk tolerance and demographic characteristics 
Abstract:
  We explore the nonlinear linkage between financial risk tolerance and
 demographic characteristics. Our tests support the nonlinear role of age,
 income and number of dependents. 
Journal: Applied Economics Letters 
Pages: 1329-1332 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701381123 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701381123&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joe Akira Yoshino 
Author-X-Name-First: Joe Akira 
Author-X-Name-Last: Yoshino 
Author-Name: Edson Bastos e Santos 
Author-X-Name-First: Edson Bastos 
Author-X-Name-Last: e Santos 
Title: Revisiting the interest rate puzzle 
Abstract:
  This article makes a connection between Lucas' (1978) asset pricing model
 and the macroeconomic dynamics for some selected countries. Both the
 relative risk aversion and the impatience for postponing consumption by
 synthesizing the investor behaviour can help to understand some key
 macroeconomic issues across countries, such as the savings decision and
 the real interest rate. I find that the government consumption makes worse
 the so-called 'equity premium-interest rate puzzle'. The first root of the
 quadratic function for explaining the real interest rate can produce this
 puzzle, but not the second root. Thus, Mehra and Prescott (1985)
 identified only one possible solution. 
Journal: Applied Economics Letters 
Pages: 1333-1340 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802403643 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802403643&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shamim Ahmed 
Author-X-Name-First: Shamim 
Author-X-Name-Last: Ahmed 
Author-Name: Brian Cozzarin 
Author-X-Name-First: Brian 
Author-X-Name-Last: Cozzarin 
Title: Start-up funding sources and biotechnology firm growth 
Abstract:
  Biotechnology is one of the world's fastest growing industries, expanding
 almost four times faster than the G-7 average for all sectors with global
 demand of US$50 billion in 2005. Biotechnology offers significant economic
 benefits, particularly in exports and job creation, as well as important
 health, safety and environmental benefits. Although it has the potential
 to be an important engine of economic development in the twenty-first
 century, its research-intensity and the associated long lead times have
 intensified the equity gap faced by all rapidly growing firms. As a
 result, there are concerns about start-up financing on growth and
 performance. Our results show that angel, venture and conventional capital
 have contributed significantly to R&D capital formation and sales growth.
 Conversely, the contribution of funding from government, IPO and alliance
 capital sources are unimportant for our sample of biotechnology firms.
 These are counter intuitive results for conventional capital's importance
 for firm growth rates. It was expected that venture capital would be most
 important; however, it may be that older firms with more mature products
 or products ready for market are chosen as bank customers. In that case,
 perhaps it makes sense that bank capital is correlated with higher growth
 rates. 
Journal: Applied Economics Letters 
Pages: 1341-1345 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367338 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367338&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Herve Queneau 
Author-X-Name-First: Herve 
Author-X-Name-Last: Queneau 
Title: Trends in occupational segregation by race and ethnicity in the USA: evidence from detailed data 
Abstract:
  This article analyses trends in occupational segregation by race and
 ethnicity in the USA over the period 1983 to 2002. During this period,
 racial segregation markedly declined, while there was a fairly sizable
 increase in ethnic segregation. Almost all the changes in racial and
 ethnic segregation were due to the racial or ethnic composition effect.
 This finding is important since the composition effect truly measures the
 change in racial or ethnic segregation by eliminating the effect of
 changes in the size of occupations. During the period 1983-2002, the
 service, managerial, sales, operators and professional specialty
 occupations contributed the most to the decline in segregation between
 Blacks and NonBlacks, while the service, production and farming
 occupations contributed the most to the increase in segregation between
 Hispanics and NonHispanics. 
Journal: Applied Economics Letters 
Pages: 1347-1350 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367346 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367346&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guido Heineck 
Author-X-Name-First: Guido 
Author-X-Name-Last: Heineck 
Title: Sexual orientation and earnings: evidence from the ISSP 
Abstract:
  There is a small literature suggesting for earnings differentials of
 nonheterosexual individuals. This study adds to this research using 1994
 International Social Survey Programme data. While earnings of lesbian
 women and bisexual individuals are unaffected, results from selection
 corrected Mincer-type regressions indicate earnings penalties of about
 17-20% for gay men. Oaxaca decomposition suggests that two-thirds of this
 differential arise from discrimination. 
Journal: Applied Economics Letters 
Pages: 1351-1354 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367353 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367353&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Einat Neuman 
Author-X-Name-First: Einat 
Author-X-Name-Last: Neuman 
Author-Name: Shoshana Neuman 
Author-X-Name-First: Shoshana 
Author-X-Name-Last: Neuman 
Title: Agency in health-care: are medical care-givers perfect agents? 
Abstract:
  It has been suggested in the literature that a source of incompleteness
 in the agency relationship between the doctor and the patient is that the
 provider may respond to an incomplete or biased perception of the
 patient's interests. However, this has not been shown empirically. This
 article is novel in presenting an empirical test of the fundamental
 assumption of the agency model that health-care professionals understand
 what their patients want. Discrete choice experiments (DCEs) are conducted
 simultaneously within samples of patients (women who gave birth) and
 care-givers (doctors and nurses), to elicit and contrast patients'
 authentic preferences (for five maternity ward attributes) with what
 care-givers believe them to be. Conclusion: agents have a biased
 perception of principals' preferences, and therefore a complete agency
 relationship does not exist. Our findings add a novel empirical
 contribution to the agency relationship literature. Moreover, parallel
 preference patterns of patients and care-givers are certainly of much
 interest to the field of health economics: Informing the unaware medical
 care-givers about the patients' preferences, will improve treatment and
 patients' satisfaction. 
Journal: Applied Economics Letters 
Pages: 1355-1360 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701367379 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701367379&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Brooks 
Author-X-Name-First: Robert 
Author-X-Name-Last: Brooks 
Author-Name: Edwyna Harris 
Author-X-Name-First: Edwyna 
Author-X-Name-Last: Harris 
Author-Name: Yovina Joymungul 
Author-X-Name-First: Yovina 
Author-X-Name-Last: Joymungul 
Title: Market depth in an illiquid market: applying the VNET concept to Victorian water markets 
Abstract:
  In the context of highly liquid markets and intra-day data, Engle and
 Lange (2001) successfully develop a measure of market depth they call
 VNET. This article explores the applicability of a modified version of
 this measure in the case of the weekly market for seasonal water in rural
 Victoria. The modified VNET measure is found to be successful in this much
 more illiquid market, and interestingly our results on determinants are
 qualitatively similar to those obtained in Engle and Lange (2001). 
Journal: Applied Economics Letters 
Pages: 1361-1364 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701426571 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701426571&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roberto Ezcurra 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Ezcurra 
Author-Name: Pedro Pascual 
Author-X-Name-First: Pedro 
Author-X-Name-Last: Pascual 
Title: Convergence in income inequality in the United States: a nonparametric analysis 
Abstract:
  This note investigates the spatial distribution of income inequality in
 the US over the period 1969 to 1999. Taking into account the
 methodological limitations of traditional convergence analysis, a non
 parametric approach is applied to examine the dynamics of the entire
 cross-sectional distribution. The study reveals the presence of a process
 of convergence in income inequality across the US states throughout the
 sample period, as a result of the evolution experienced by those sates
 located at both ends of the distribution in 1969. Nevertheless, the
 estimates performed suggest that this process will not continue
 indefinitely. 
Journal: Applied Economics Letters 
Pages: 1365-1368 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701439319 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701439319&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jae-Young Lim 
Author-X-Name-First: Jae-Young 
Author-X-Name-Last: Lim 
Title: The effect of communication between doctor and patient on patient's medical care use 
Abstract:
  Although rapidly developing information technologies, like the Internet,
 can improve the patient's access to health information, a patient still
 doesn't have enough ability to appropriately use health information. Hence
 doctors' efforts to help patient understand and interpret medical
 information by efficiently communicating with patient might enhance the
 patient's ability to utilize relevant medical information by which the
 patient's use of medical care would be affected. Furthermore, by
 manipulating doctor's payment method, doctor's effort of effectively
 communicating with patient would be affected and in turn patient's medical
 care use would be affected. This research seeks to determine whether a
 doctor's effort mentioned above can affect the patient's use of medical
 care, and in the policy perspective, whether the doctor's payment method
 can affect effort level provided to patients. The empirical results
 suggest the doctor's rate of supply-side cost sharing, representing a
 doctor's financial constraint, has a statistically significant positive
 effect on doctor's effort level and the doctor's effort level in turn has
 a statistically significant negative effect on medical care use of those
 patients who are prone to overuse it. 
Journal: Applied Economics Letters 
Pages: 1369-1374 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701439335 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701439335&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Don Webber 
Author-X-Name-First: Don 
Author-X-Name-Last: Webber 
Title: Who stopped flying around September 11? 
Abstract:
  This article presents the first set of empirical results on the effects
 of the events of 11 September 2001, on individual flying demand using data
 collected before and after these atrocities. 
Journal: Applied Economics Letters 
Pages: 1375-1381 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701452031 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701452031&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christer Thrane 
Author-X-Name-First: Christer 
Author-X-Name-Last: Thrane 
Title: Explaining variation in wine prices: the battle between objective and sensory attributes revisited 
Abstract:
  The relative influence of objective and sensory attributes' effects on
 wine prices have intrigued scholars recently. In this regard, a study by
 Lecocq and Visser (2006) concluded that the objective attributes were of
 primary importance. Against this background the purpose of this article is
 two-fold: (i) to establish that Lecocq and Visser's (2006) conclusion
 might be premature and (ii) to demonstrate how any study aiming at
 comparing the relative strengths of different sets of explanatory
 variables might be carried out more effectively. 
Journal: Applied Economics Letters 
Pages: 1383-1386 
Issue: 13 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701466056 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701466056&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Enlinson Mattos 
Author-X-Name-First: Enlinson 
Author-X-Name-Last: Mattos 
Title: Median-voter, size of the government and budget spillover: evidence for US states 
Abstract:
  The article tests an extended version of Meltzer and Richard's model
 where the redistributive policy of the government is made through in kind
 transfer. The median-voter of one region decides the size of the
 government of her region taking into account the expenditures made by
 neighbours' location. The theoretical model predicts that the poorer the
 median-voter, the higher the size of government must be. Also, the effect
 of neighbour's region expenditures on own location's decision of
 government size is undetermined. Estimations for the American states for
 1999-2000 year data suggest that there is no spatial interaction among
 states' expenditures. However, there is evidence in favour of the positive
 relation between the size of the government and inequality which supports
 Meltzer and Richard's theoretical model. 
Journal: Applied Economics Letters 
Pages: 1387-1392 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701493704 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701493704&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sophie Mitra 
Author-X-Name-First: Sophie 
Author-X-Name-Last: Mitra 
Author-Name: Usha Sambamoorthi 
Author-X-Name-First: Usha 
Author-X-Name-Last: Sambamoorthi 
Title: Wage differential by disability status in an agrarian labour market in India 
Abstract:
  This article is the first to estimate the magnitude and determinants of a
 wage differential by disability status in the context of an agrarian
 labour market through a wage decomposition method. In rural Uttar Pradesh,
 India, we find evidence of an unexplained wage gap in favour of
 nondisabled men of 8% after controlling for selection bias into employment
 and using different reference groups for wage decomposition. 
Journal: Applied Economics Letters 
Pages: 1393-1398 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850802047011 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802047011&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. H. Berry 
Author-X-Name-First: R. H. 
Author-X-Name-Last: Berry 
Author-Name: X. Zuo 
Author-X-Name-First: X. 
Author-X-Name-Last: Zuo 
Title: Calculating implied volatility using the bisection algorithm: a note 
Abstract:
  In a recent article in this journal Jiang (2002) argues that the
 bisection method is unable to cope with the task of calculating implied
 volatility from either the Black Scholes or Merton's jump diffusion option
 pricing models. A re-examination of the bisection method fails to support
 Jiang's contention. The bisection method proves capable of correctly
 calculating the implied volatility in a wide range of circumstances. The
 circumstances in which the bisection and other root finding methods
 struggle are highlighted. 
Journal: Applied Economics Letters 
Pages: 1399-1402 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701591325 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701591325&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Alagidede 
Author-X-Name-First: Paul 
Author-X-Name-Last: Alagidede 
Title: Relationship between stock returns and inflation 
Abstract:
  The question of whether common stocks can act as a hedge against
 inflation has received tremendous attention in the economics and finance
 literature, but with little or no evidence for African countries. This
 letter examines the Fisher hypothesis for 6 African countries. Using OLS
 estimates we find positive relationship between inflation and stock
 returns in Kenya and Nigeria. However, instrumental variable estimates
 provide consistent results and confirms the validity of a generalised
 Fisher hypothesis in 3 markets: Kenya and Nigeria at the 12 month horizon,
 and Tunisia at 60 month horizon. This suggests that investors should
 expect stocks to be a good hedge against inflation over long horizons. 
Journal: Applied Economics Letters 
Pages: 1403-1408 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701537682 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701537682&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohamed Chikhi 
Author-X-Name-First: Mohamed 
Author-X-Name-Last: Chikhi 
Author-Name: Claude Diebolt 
Author-X-Name-First: Claude 
Author-X-Name-Last: Diebolt 
Title: The Reichsbank: a nonparametric modelling of historical time series 
Abstract:
  This article applies nonparametric methods to the monthly monetary stock
 time series of the Reichsbank, constructed in weekly data, with 2160
 observations, covering the time period January 1876 to December 1920. Our
 analysis begins with a historical description followed by a cliometric
 application. 
Journal: Applied Economics Letters 
Pages: 1409-1414 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802599713 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802599713&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Colin Vance 
Author-X-Name-First: Colin 
Author-X-Name-Last: Vance 
Title: Marginal effects and significance testing with Heckman's sample selection model: a methodological note 
Abstract:
  This article illustrates two techniques for calculating the statistical
 significance of the marginal effects derived from Heckman's sample
 selection model, an increasingly common econometric specification in
 economics and political science. The discussion draws on an analysis by
 Sweeney (2003) of the incidence and intensity of interstate disputes.
 After replicating his results, the article presents the delta method and
 the nonparametric bootstrap as alternative techniques for obtaining SEs of
 the marginal effects, which themselves are calculated from a
 transformation of the model parameters. The analysis reveals two variables
 for which misleading inferences are drawn with respect to the precision of
 the estimated coefficients in the original study, suggesting that
 significance testing of the derived marginal effects is warranted. 
Journal: Applied Economics Letters 
Pages: 1415-1419 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701466049 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701466049&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jannett Highfill 
Author-X-Name-First: Jannett 
Author-X-Name-Last: Highfill 
Author-Name: Kevin O'Brien 
Author-X-Name-First: Kevin 
Author-X-Name-Last: O'Brien 
Title: The determinants of sales on eBay: the case of baseball cards 
Abstract:
  The popularity of online auctions has grown immensely with the eBay site
 being the largest auction site. One issue that has not received sufficient
 attention in the eBay auction literature is the effect of reserve-prices
 (or minimum prices) on the probability of a sale. Studies that have
 included this variable in their empirical specifications include
 Lucking-Reiley et al. (2000), Eaton (2002) and Jin and Kato (2002).
 However, all these studies used the book-price itself to determine its
 effect on auction outcomes. This study used alternative specifications of
 the reserve-price to determine if there were different effects of this
 variable on the probability of sale of baseball cards. These alternative
 specifications combined the reserve-price with the published book-prices
 for the baseball cards being sold. None of the three specifications of the
 reserve-price affected the probability of a sale including a binary
 variable representing reserve to book-price ratios &#x3e;2.00. The
 rationale offered for these results is that there is a geographic mismatch
 when baseball cards are distributed and eBay extends the reach of the card
 market, which allows collectors to buy desirable cards at a premium. 
Journal: Applied Economics Letters 
Pages: 1421-1424 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701493712 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701493712&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank Fabozzi 
Author-X-Name-First: Frank 
Author-X-Name-Last: Fabozzi 
Author-Name: Yi-Chen Wang 
Author-X-Name-First: Yi-Chen 
Author-X-Name-Last: Wang 
Author-Name: Shih-Kuo Yeh 
Author-X-Name-First: Shih-Kuo 
Author-X-Name-Last: Yeh 
Author-Name: Ren-Raw Chen 
Author-X-Name-First: Ren-Raw 
Author-X-Name-Last: Chen 
Title: An empirical analysis of the CDX index and its tranches 
Abstract:
  The desire of market participants to go long or short a portfolio of
 corporate credits led to the introduction of various types of indices of
 credit default swaps. In this article, we empirically investigate the
 relationships between the spreads of the North America CDX index and its
 tranches and their theoretical determinants. We find (1) support for a
 number of results predicted by the structural models used in credit risk
 modelling, such as the Merton model and (2) that CDX spreads are highly
 responsive to microstructure variables but not to macroeconomic variables. 
Journal: Applied Economics Letters 
Pages: 1425-1431 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802584889 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802584889&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chien-Wen Mo 
Author-X-Name-First: Chien-Wen 
Author-X-Name-Last: Mo 
Author-Name: Wen-Chi Liu 
Author-X-Name-First: Wen-Chi 
Author-X-Name-Last: Liu 
Title: International equity diversification between Japan and its major trading partners 
Abstract:
  This study attempts to re-investigate whether there exist long-run
 benefits from international equity diversification between Japan and its
 major trading partners, Asian countries (Malaysia, Singapore, South Korea
 and Taiwan) and the USA, using a more powerful nonparametric cointegration
 test developed by Bierens (1997), over the period 1 July 1999 to 31
 December 2004. The results from this test suggest that the Japanese stock
 market is pairwise cointegrated with the Malaysia, Singapore, Taiwan and
 the US stock market but not with the market of South Korea. These findings
 should prove valuable to individual investors and financial institutions
 holding long-run investment portfolios in these markets. 
Journal: Applied Economics Letters 
Pages: 1433-1437 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802597212 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802597212&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tal Shavit 
Author-X-Name-First: Tal 
Author-X-Name-Last: Shavit 
Author-Name: Shosh Shahrabani 
Author-X-Name-First: Shosh 
Author-X-Name-Last: Shahrabani 
Author-Name: Uri Benzion 
Author-X-Name-First: Uri 
Author-X-Name-Last: Benzion 
Title: The impact of preferences on the WTP premium and the WTA premium 
Abstract:
  The study examined the impact of preferences for an item on the
 Willingness to Pay (WTP) and Willingness to Accept (WTA). The results show
 that the differences between biddings for preferred and less preferred
 items are smaller in the selling position than in the buying position.
 This result can be explained by the existence of the ownership effect in
 the selling position for both preferred and less preferred items. 
Journal: Applied Economics Letters 
Pages: 1439-1442 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/17446540802599739 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802599739&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Murat Do&#x11f;anlar 
Author-X-Name-First: Murat 
Author-X-Name-Last: Do&#x11f;anlar 
Author-Name: Harun Bal 
Author-X-Name-First: Harun 
Author-X-Name-Last: Bal 
Author-Name: Mehmet Ozmen 
Author-X-Name-First: Mehmet 
Author-X-Name-Last: Ozmen 
Title: Testing long-run validity of purchasing power parity for selected emerging market economies 
Abstract:
  This study presents an empirical analysis of purchasing power parity for
 10emerging market economies, namely Brazil, India, Indonesia, South Korea,
 Mexico, Pakistan, Peru, Philippines, South Africa and Turkey. This is done
 by using cointegration technique. Time series properties of nominal
 exchange rate and price series show that they are nonstationary. The
 exchange rate and price series do not appear to be cointegrated for most
 of the countries. We reject the validity of purchasing power parity for
 Brazil, India, Indonesia, Pakistan, Philippines, South Africa, South Korea
 and Turkey, but we can accept it for Mexico and Peru. 
Journal: Applied Economics Letters 
Pages: 1443-1448 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701522817 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701522817&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Gallet 
Author-X-Name-First: Craig 
Author-X-Name-Last: Gallet 
Title: Snuff the puff: international evidence on the determinants of anti-smoking laws 
Abstract:
  Using data from a cross-section of countries, we find to varying degrees
 of significance that the probability governments adopt smoking bans and
 youth access restrictions depends upon per capita income, per capita
 cigarette consumption, life expectancy, government health care
 expenditures, economic freedom and population density. Because some
 results differ from studies of US anti-smoking policy, this highlights a
 limitation of using US results to draw inferences about other countries. 
Journal: Applied Economics Letters 
Pages: 1449-1453 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701537690 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701537690&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tiago Neves Sequeira 
Author-X-Name-First: Tiago Neves 
Author-X-Name-Last: Sequeira 
Author-Name: Margarida Rodrigues 
Author-X-Name-First: Margarida 
Author-X-Name-Last: Rodrigues 
Title: Social or human infrastructure? Re-examining essential determinants of output per worker among countries 
Abstract:
  Hall and Jones (1999) presented Social Infrastructure as an essential
 determinant of differences in Output per Worker among countries. We show
 that other types of infrastructure may influence Production per Worker
 even more. We call this type of infrastructure Human Infrastructure. 
Journal: Applied Economics Letters 
Pages: 1455-1459 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701564280 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701564280&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: The (non)impact of revenue decentralization on fiscal deficits: some evidence from OECD countries 
Abstract:
  Recent studies examining the relation between fiscal decentralization and
 consolidated government fiscal balances generally have not taken proper
 account of the extent of the independent taxing powers available to
 sub-national governments and thus have overstated the degree of effective
 revenue decentralization. Results from a panel regression study of 19 OECD
 member countries suggest that when the measure of fiscal decentralization
 is limited to the revenues over which sub-national governments have full
 autonomy, its impact on fiscal balances is not statistically significant.
 Accordingly, when accurately measured revenue decentralization appears to
 have had no negative impact on fiscal discipline. 
Journal: Applied Economics Letters 
Pages: 1461-1466 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701564298 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701564298&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joshua Gans 
Author-X-Name-First: Joshua 
Author-X-Name-Last: Gans 
Author-Name: Andrew Leigh 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Leigh 
Title: The millennium bub 
Abstract:
  How much do nonmedical factors affect the timing of conceptions, births
 and deaths? To test this, we estimate the effect of the millennium on
 conceptions, births and deaths. With a highly flexible empirical
 specification, we find large and significant increases in conceptions and
 births, and suggestive evidence of an effect on deaths. 
Journal: Applied Economics Letters 
Pages: 1467-1470 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701564306 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701564306&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Desiderio Romero-Jordan 
Author-X-Name-First: Desiderio 
Author-X-Name-Last: Romero-Jordan 
Author-Name: Jose Felix Sanz-Sanz 
Author-X-Name-First: Jose Felix 
Author-X-Name-Last: Sanz-Sanz 
Author-Name: Inmaculada Alvarez-Ayuso 
Author-X-Name-First: Inmaculada 
Author-X-Name-Last: Alvarez-Ayuso 
Title: Further considerations on the link between adjustment costs and the productivity of R&D investment: evidence for Spain 
Abstract:
  This article constructs a dynamic model to estimate the impact of
 adjustment costs on the productivity of investment in R&D. In order to
 take into account the possible endogeneity of adjustment costs, the model
 is estimated by means of instrumental variables (IV), using a panel of
 Spanish companies. The results show that the elasticity of the
 productivity of R&D investment with regard to adjustment costs is high,
 with a value close to -1 (-0.96). This confirms that it is essential to
 include adjustment costs in the empirical analysis of R&D productivity, as
 suggested by Jones and Williams (1998) and Comin (2002, 2004). 
Journal: Applied Economics Letters 
Pages: 1471-1476 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701564322 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701564322&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu-Lieh Huang 
Author-X-Name-First: Yu-Lieh 
Author-X-Name-Last: Huang 
Title: Identifying turbulent and calm regimes in stock prices: evidence from the Taiwan stock market 
Abstract:
  In this article, we apply the innovation regime-switching model, recently
 proposed by Kuan et al. (2005, JBES), to identify turbulent and calm
 regimes in stock prices. Based on the predictions of both regimes, we
 construct simple trading rules and investigate their profitability. Our
 results suggest that the proposed trading rules outperform the
 buy-and-hold strategy. 
Journal: Applied Economics Letters 
Pages: 1477-1481 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578793 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578793&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cristina Borra 
Author-X-Name-First: Cristina 
Author-X-Name-Last: Borra 
Author-Name: Francisco Gomez-Garcia 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Gomez-Garcia 
Author-Name: Manuel Salas-Velasco 
Author-X-Name-First: Manuel 
Author-X-Name-Last: Salas-Velasco 
Title: Entry of young economists into working life: analysis of the determinants of first unemployment duration 
Abstract:
  This article studies the determinants of the unemployment duration for a
 cohort of young graduates: those who obtained their university degree in
 Business, Economics, Management and Marketing in the academic year
 2001/2002 at the University of Seville, Spain. After estimating an ordered
 logit model for duration data, we conclude that graduates' final marks
 effect a positive impact on their labour insertion. Working while studying
 and the educational level of the mothers of the graduates also decrease
 the duration of this first unemployment. No significant effect is found
 for gender or type of degree dummies. 
Journal: Applied Economics Letters 
Pages: 1483-1488 
Issue: 14 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701591333 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701591333&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dan Andrews 
Author-X-Name-First: Dan 
Author-X-Name-Last: Andrews 
Author-Name: Andrew Leigh 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Leigh 
Title: More inequality, less social mobility 
Abstract:
  We investigate the relationship between inequality and intergenerational
 mobility. Proxying fathers' earnings with using detailed occupational
 data, we find that sons who grew up in countries that were more unequal in
 the 1970s were less likely to have experienced social mobility by the
 late-1990s. 
Journal: Applied Economics Letters 
Pages: 1489-1492 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701720197 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701720197&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Valentin Zelenyuk 
Author-X-Name-First: Valentin 
Author-X-Name-Last: Zelenyuk 
Title: Power of significance test of dummy variables in two-stage efficiency analysis model 
Abstract:
  In this note we investigate the power of significance test for dummy
 variables in the context of Simar and Wilson (2007) two-stage efficiency
 analysis model. 
Journal: Applied Economics Letters 
Pages: 1493-1495 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578884 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578884&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Puller 
Author-X-Name-First: Steven 
Author-X-Name-Last: Puller 
Title: Estimation of competitive conduct when firms are efficiently colluding: addressing the Corts critique 
Abstract:
  I address a recent critique by Corts (1999) who finds that traditional
 approaches in New Empirical Industrial Organization to estimate the
 competitive conduct in an oligopoly market can yield inconsistent
 estimates of the conduct parameter if firms are engaged in efficient
 collusion. This article derives a general empirical model that allows
 consistent estimation of the conduct parameter that is robust to efficient
 collusion. 
Journal: Applied Economics Letters 
Pages: 1497-1500 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578900 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578900&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Qiang Chen 
Author-X-Name-First: Qiang 
Author-X-Name-Last: Chen 
Title: The labour scarcity paradox reconsidered: a simple growth theoretic explanation 
Abstract:
  By calibrating a Solow model augmented by natural resources, this paper
 offers a simple explanation of the labor scarcity paradox during the
 process of America's catching up with Britain, which static models have
 difficulties in accounting for so far. 
Journal: Applied Economics Letters 
Pages: 1501-1504 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578843 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578843&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Kerr 
Author-X-Name-First: Peter 
Author-X-Name-Last: Kerr 
Author-Name: Bruce Domazlicky 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Domazlicky 
Title: Tipping and service quality: results from a large database 
Abstract:
  Tipping is a big business in the United States economy. We use a large
 data base from a restaurant delivery service to determine if the quality
 of service, as measured by the delivery time, is a significant determinant
 of the percentage tip by the customer. After controlling for the
 demographic characteristics, the location and income of the customer as
 well as the payment method, we find that the percentage tip decreases by
 0.12% for every minute of delivery time. Similar to other studies we find
 that minorities and the elderly tend to tip smaller amounts than do other
 groups. 
Journal: Applied Economics Letters 
Pages: 1505-1510 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578827 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578827&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Carree 
Author-X-Name-First: Martin 
Author-X-Name-Last: Carree 
Author-Name: Ingrid Verheul 
Author-X-Name-First: Ingrid 
Author-X-Name-Last: Verheul 
Title: Time allocation by the self-employed: the determinants of the number of working hours in start-ups 
Abstract:
  This article examines determinants of working hours by self-employed,
 explicitly discriminating between preference and productivity effects. A
 simple model of working hours is derived, not requiring expected profit
 data. The model is estimated using data from a Dutch survey of 1350
 start-ups. Outsourcing and number of employees appear related to both
 preference and productivity. The model has out-of-sample predictive power
 for the number of working hours. 
Journal: Applied Economics Letters 
Pages: 1511-1515 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701580542 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701580542&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles Moss 
Author-X-Name-First: Charles 
Author-X-Name-Last: Moss 
Author-Name: Grigorios Livanis 
Author-X-Name-First: Grigorios 
Author-X-Name-Last: Livanis 
Title: Implementation of stochastic dominance: a nonparametric kernel approach 
Abstract:
  The empirical application of stochastic dominance in the selection of
 crop alternatives under risk has typically been based on a step function
 specification of the empirical cumulative distribution function (cdf).
 This specification has questionable consequences for the analysis,
 particularly with regards to the tails of the distribution. This article
 proposes an alternative nonparametric approach based on a nonparametric
 regression of the cdf. The effect of this alternative specification is
 then demonstrated using data from Northern Florida. Results are more
 realistic. The first-degree stochastic dominance results are less
 discriminating under the new specification while the second-degree results
 are more discriminating. 
Journal: Applied Economics Letters 
Pages: 1517-1522 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578876 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578876&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Leightner 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Leightner 
Author-Name: Tomoo Inoue 
Author-X-Name-First: Tomoo 
Author-X-Name-Last: Inoue 
Title: Negative fiscal multipliers exceed positive multipliers during Japanese deflation 
Abstract:
  Bi-Directional Reiterative Truncated Projected Least Squares is used with
 quarterly Japanese data for 1955 to 2001 to find that the multiplier
 effect from increases in public and private investment was less than the
 multiplier effect from decreases in public and private investment between
 1989 and 2001. 
Journal: Applied Economics Letters 
Pages: 1523-1527 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578934 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578934&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andres Victorio 
Author-X-Name-First: Andres 
Author-X-Name-Last: Victorio 
Title: Altruism and externalities 
Abstract:
  The Coase theorem and the Rotten-Kid theorem are compared against each
 other in a simplified model of altruism and externalities. The efficiency
 predictions of the Coase theorem are found to be unaltered by the
 altruism, whereas those of the Rotten-Kid theorem are found to be
 applicable only to a more specialized type of social-welfare function. 
Journal: Applied Economics Letters 
Pages: 1529-1531 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578868 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578868&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Isabell Koske 
Author-X-Name-First: Isabell 
Author-X-Name-Last: Koske 
Title: International R&D spillovers: the role of financial markets 
Abstract:
  This article examines the role of financial markets as a catalyst for
 international technology diffusion using a panel data set on 72 countries
 over the period 1981 to 2005. The results suggest that countries with
 better developed financial markets benefit more from foreign R&D stocks to
 promote domestic productivity growth. This finding is robust to the
 inclusion of proxies for human capital and domestic R&D stocks as
 alternative measures of absorptive capacity. 
Journal: Applied Economics Letters 
Pages: 1533-1536 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701748917 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701748917&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Aoki 
Author-X-Name-First: Yu 
Author-X-Name-Last: Aoki 
Author-Name: Yasuyuki Todo 
Author-X-Name-First: Yasuyuki 
Author-X-Name-Last: Todo 
Title: Are immigrants more likely to commit crimes? Evidence from France 
Abstract:
  Using French data, we find that the share of immigrants in the population
 has no significant impact on crime rates once immigrants' economic
 circumstances are controlled for, while finding that unemployed immigrants
 tend to commit more crimes than unemployed nonimmigrants. 
Journal: Applied Economics Letters 
Pages: 1537-1541 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578892 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578892&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Naveen Srinivasan 
Author-X-Name-First: Naveen 
Author-X-Name-Last: Srinivasan 
Author-Name: Vidya Mahambare 
Author-X-Name-First: Vidya 
Author-X-Name-Last: Mahambare 
Author-Name: M. Ramachandran 
Author-X-Name-First: M. 
Author-X-Name-Last: Ramachandran 
Title: Preference asymmetry and international reserve accretion in India 
Abstract:
  Reduced-form estimates of the Reserve Bank of India's (RBI) first-order
 condition indicate that its preferences have been asymmetric with respect
 to exchange-rate management, with the response to the rate of rupee
 appreciation being relatively larger than to the rate of rupee
 depreciation of the same magnitude. This behaviour is shown to account for
 a sizable fraction of reserve accretion in recent years. 
Journal: Applied Economics Letters 
Pages: 1543-1546 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578942 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578942&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christophe Rault 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Rault 
Author-Name: Robert Sova 
Author-X-Name-First: Robert 
Author-X-Name-Last: Sova 
Author-Name: Ana Maria Sova 
Author-X-Name-First: Ana Maria 
Author-X-Name-Last: Sova 
Title: Modelling international trade flows between CEEC and OECD countries 
Abstract:
  This article deals with econometric developments for the estimation of
 gravity model, which allow to get convergent parameter estimates even when
 a correlation exists between the explanatory variables and the specific
 unobservable characteristics of each individual. We implement panel data
 econometric techniques to characterize bilateral trade flows between
 heterogeneous economies. Our econometric results based on a sample of 4
 Central and Eastern European countries (CEEC-4) and 19 OECD countries over
 a 18-year period highlight the importance by taking into account the
 unobservable heterogeneity to obtain a robust empirical specification and
 unbiased coefficients. 
Journal: Applied Economics Letters 
Pages: 1547-1554 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701564330 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701564330&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xindan Li 
Author-X-Name-First: Xindan 
Author-X-Name-Last: Li 
Author-Name: Bing Zhang 
Author-X-Name-First: Bing 
Author-X-Name-Last: Zhang 
Title: Price discovery for copper futures in informationally linked markets 
Abstract:
  The purpose of this article is to contribute to the research on
 informationally linked markets by investigating the relationships between
 the Chinese copper futures market and its London counterparts. There is a
 long run relationship between the Shanghai Futures Exchanges (SFE) with
 London Metals Exchange (LME) copper futures prices. Furthermore, we find
 that three regime Markov switching model with changing intercept and
 variance turns out to be good description of the data. The influence of
 LME on SFE is bigger than that of SFE on LME. 
Journal: Applied Economics Letters 
Pages: 1555-1558 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578801 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578801&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Title: The determinants of foreign direct investment in MENA countries: an extreme bounds analysis 
Abstract:
  The determinants of foreign direct investment inflows are examined by
 applying extreme bounds analysis to a cross-sectional sample encompassing
 data on 18 Middle Eastern and North African countries. With the gross
 domestic product growth rate serving as the free variable, eight potential
 explanatory variables are tried as the variables of interest in
 combination with three other variables. The results reveal that only one
 variable is robust when traditional EBA is used. However, when restricted
 EBA is used, the results based on the 60% of the regressions with the
 highest R2 reveal three more robust variables. Some explanations for the
 results are put forward. 
Journal: Applied Economics Letters 
Pages: 1559-1563 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578819 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578819&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hamid Baghestani 
Author-X-Name-First: Hamid 
Author-X-Name-Last: Baghestani 
Author-Name: Mohamed Soliman 
Author-X-Name-First: Mohamed 
Author-X-Name-Last: Soliman 
Title: Federal Reserve vs. consumer forecasts of inflation: 1979-1983 
Abstract:
  This article tests the asymmetric information hypothesis using the CPI
 inflation forecasts of the Federal Reserve and consumers for the volatile
 inflationary period of 1979-1983. The Fed generally over-predicted
 inflation, but consumers produced unbiased forecasts with superior
 predictive content. In fighting inflation, the Fed was, perhaps, cautious
 by assigning much cost to under-predictions, but little or no cost to
 over-predictions. Under such an asymmetric loss function, the bias in the
 Federal Reserve forecast of inflation appears to be rational. However,
 this explanation, while plausible, cannot be substantiated from the
 Federal Open Market Committee (FOMC) transcripts. 
Journal: Applied Economics Letters 
Pages: 1565-1568 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578835 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578835&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Salih Turan Kat&#x131;rc&#x131;oglu 
Author-X-Name-First: Salih Turan 
Author-X-Name-Last: Kat&#x131;rc&#x131;oglu 
Author-Name: Sami Feth&#x131; 
Author-X-Name-First: Sami 
Author-X-Name-Last: Feth&#x131; 
Author-Name: Meryem Duygun Feth&#x131; 
Author-X-Name-First: Meryem Duygun 
Author-X-Name-Last: Feth&#x131; 
Title: Twin deficits phenomenon in small islands: an empirical investigation by panel data analysis 
Abstract:
  This article empirically investigates the direction of causality between
 current account balance and the overall budget balance of a selected 24
 small island state economies by conducting panel data econometric
 techniques. The results of both bivariate and pairwise Granger causality
 tests suggest that there is unidirectional causation which runs from
 current account balance to the overall budget balance. On the other hand,
 no evidence has been obtained on the causation which runs from budget
 balance to current account balance in small island states. 
Journal: Applied Economics Letters 
Pages: 1569-1573 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578850 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578850&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Barros 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Barros 
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Stock market returns and terrorist violence: evidence from the Basque Country 
Abstract:
  We analyse the extent of the negative effects of violence in the Basque
 Country on the financial and economic activity of the region. We use daily
 data of the Basque stock market index and employ long memory regression
 models, with the Spanish stock market index and an index for violence
 employed as weakly exogenous regressors. The results show that violence
 significantly reduces the stock market returns in the area. On the other
 hand, the volatility processes are positively correlated with violence,
 though not statistically significant. 
Journal: Applied Economics Letters 
Pages: 1575-1579 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578918 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578918&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Holger Bonin 
Author-X-Name-First: Holger 
Author-X-Name-Last: Bonin 
Author-Name: Amelie Constant 
Author-X-Name-First: Amelie 
Author-X-Name-Last: Constant 
Author-Name: Konstantinos Tatsiramos 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Tatsiramos 
Author-Name: Klaus Zimmermann 
Author-X-Name-First: Klaus 
Author-X-Name-Last: Zimmermann 
Title: Native-migrant differences in risk attitudes 
Abstract:
  This article questions the perceived wisdom that migrants are more
 risk-loving than the native population. We employ a new large German
 survey of direct individual risk measures to find that first-generation
 migrants have lower risk attitudes than natives, which only equalize in
 the second generation. 
Journal: Applied Economics Letters 
Pages: 1581-1586 
Issue: 15 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578926 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578926&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Title: Smoking restrictions and spillovers across jurisdictions 
Abstract:
  We use state-level data to estimate the demand for cigarettes and the
 determinants of smoking prevalence in the United States. The main
 contribution lies in considering spillovers from geographic smoking
 restrictions. Results show that price affects cigarette demand, but not
 smoking prevalence. Cigarette demand turns out be unit elastic and similar
 in magnitude to the border-price elasticity. Home-based smoking
 restrictions lower both cigarette demand and participation, while work
 restrictions only lower participation. Border home restrictions seem
 inconsequential, whereas border work restrictions have a marginally
 positive effect, especially on cigarette demand. Policy implications are
 discussed. 
Journal: Applied Economics Letters 
Pages: 1587-1592 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604102 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604102&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Reidar Hagtvedt 
Author-X-Name-First: Reidar 
Author-X-Name-Last: Hagtvedt 
Title: Stock return dynamics and the CAPM anomalies 
Abstract:
  In this study the chaotic properties of stocks were calculated at the
 firm level rather than focusing on the properties of indices. The dominant
 Lyapunov exponent and the Correlation Dimension were estimated for weekly
 returns to individual stocks, and the relationships between these and the
 firm characteristics size (market value) and book-to-market-equity (BME)
 ratio were examined. Size was found to have an effect on the dynamic
 characteristics of the stocks, but BME had no statistically significant
 impact. 
Journal: Applied Economics Letters 
Pages: 1593-1596 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701582159 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701582159&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kang Yong Tan 
Author-X-Name-First: Kang Yong 
Author-X-Name-Last: Tan 
Title: A pooled mean group analysis on aid and growth 
Abstract:
  This article uses the pooled mean group estimator and an extended annual
 dataset to examine the effectiveness of aid on growth. The results
 indicate a significant long-run impact of aid and 'good' policy on growth,
 but conditioning aid on 'good' policy reduces the long-run growth rate. 
Journal: Applied Economics Letters 
Pages: 1597-1601 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604128 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604128&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michele Fratianni 
Author-X-Name-First: Michele 
Author-X-Name-Last: Fratianni 
Author-Name: Chang Hoon Oh 
Author-X-Name-First: Chang Hoon 
Author-X-Name-Last: Oh 
Title: Size of regional trade agreements and regional trade bias 
Abstract:
  We test the relationship between size of regional trade agreement (RTA)
 and regional trade bias using a gravity equation on a large sample of 143
 countries for the period 1980-2003. We find that regional trade bias
 declines with the size of the club and that three of the four expanding
 RTAs have already surpassed their 'optimal' sizes. There is no evidence
 that RTAs have set protection levels against outsiders noncooperatively. 
Journal: Applied Economics Letters 
Pages: 1603-1606 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604110 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604110&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ilias Livanos 
Author-X-Name-First: Ilias 
Author-X-Name-Last: Livanos 
Title: Modelling the incidence of unemployment: the case of Greece 
Abstract:
  In this article, micro-data from the 2004 Labour Force Survey are used to
 model the incidence of unemployment in Greece and assess whether personal
 attributes of the individual, such as educational level, affect the
 probability of being unemployed. For that purpose, a logit regression
 model was constructed. It is found that the type of qualification (PhD,
 Masters, University degree, etc.) that an individual holds does not affect
 the probability of being unemployed. However, the incidence of
 unemployment is found to be affected by the subject studied. Other
 attributes of the individuals that were found to affect the probability of
 unemployment are: gender, marital status and region of residence. 
Journal: Applied Economics Letters 
Pages: 1607-1611 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578959 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578959&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Davis 
Author-X-Name-First: Michael 
Author-X-Name-Last: Davis 
Title: Environmental regulations and the increasing seasonality of gasoline prices 
Abstract:
  We analyse gasoline prices over the past 27 years and find that there has
 been an increase in the seasonal variation since 2000. This finding is
 attributed to an increase in the environmental regulations on gasoline
 during the summer months. 
Journal: Applied Economics Letters 
Pages: 1613-1616 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701591291 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701591291&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Andresen 
Author-X-Name-First: Martin 
Author-X-Name-Last: Andresen 
Title: The border puzzle is solved 
Abstract:
  This article solves the border puzzle that asks why countries have such a
 strong preference for consuming their own goods. After replicating the
 negative impact of the border on Canada-United States international trade
 using the methods of previous research, it is shown that past estimates
 that find the border to be a significant barrier to international trade
 are the result of statistical misspecification. 
Journal: Applied Economics Letters 
Pages: 1617-1620 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701591317 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701591317&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Rubb 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Rubb 
Title: Over education among older workers: impact on wages and early retirement decisions 
Abstract:
  As baby boomers approach the later years of their careers and potentially
 face early retirement decisions, it is worth remembering that their
 average level of schooling exceeds that of all previous generations.
 Accordingly, this paper examines the effects of overeducation on wages and
 early retirement decisions. The impact of overeducation on the wages of
 older workers is remarkably similar to that found in younger cohorts. With
 regards to the retirement decision, the literature suggests a link between
 overeducation and job dissatisfaction and a separate link between job
 dissatisfaction and early retirement. However, overeducation late in one's
 career may not be reflective of genuine skill mismatches or job
 dissatisfaction if skill mismatches occur. If overeducation has any impact
 on the likelihood of early retirement it is small as the empirical
 analysis finds no such evidence 
Journal: Applied Economics Letters 
Pages: 1621-1626 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604052 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604052&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Don Galagedera 
Author-X-Name-First: Don 
Author-X-Name-Last: Galagedera 
Title: Economic significance of downside risk in developed and emerging markets 
Abstract:
  This study examines in the cross-section the association between excess
 return and systematic risk measured in the downside framework. Two
 measures of risk in the downside; downside beta and downside co-skewness
 are investigated. Both downside risk measures perform poorly compared to
 the CAPM beta in developed markets. In emerging markets there is evidence
 to suggest that downside co-skewness may be a better measure of risk
 compared to the CAPM beta and downside beta. 
Journal: Applied Economics Letters 
Pages: 1627-1632 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604060 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604060&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rebeca Jimenez-Rodriguez 
Author-X-Name-First: Rebeca 
Author-X-Name-Last: Jimenez-Rodriguez 
Author-Name: Marcelo Sanchez 
Author-X-Name-First: Marcelo 
Author-X-Name-Last: Sanchez 
Title: Oil shocks and the macro-economy: a comparison across high oil price periods 
Abstract:
  Oil prices are found to exert nonlinear effects on major advanced
 economies. Real output's reaction is much more visible during the periods
 of high oil prices of the mid-1970s and early 1980s. Oil prices have had
 inflationary consequences in several economies not only in those two
 periods, but also during the spike of 1990. There is also evidence that
 inflation has picked up in some economies as a result of the oil price
 hikes of 1999-2000, and even more recently in the case of the US. 
Journal: Applied Economics Letters 
Pages: 1633-1638 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604086 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604086&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Bastos 
Author-X-Name-First: A. 
Author-X-Name-Last: Bastos 
Author-Name: G. Leao Fernandes 
Author-X-Name-First: G. Leao 
Author-X-Name-Last: Fernandes 
Author-Name: J. Passos 
Author-X-Name-First: J. 
Author-X-Name-Last: Passos 
Title: Analysis of school failure based on Portuguese micro data 
Abstract:
  In this article we investigate the main causes of school failure in the
 primary public schools in Lisbon. Poisson count-data models are used to
 analyse the relationship between the number of failures and a wide set of
 explanatory variables. However heterogeneity due to unobserved differences
 in intellectual abilities of the students is of primary concern.
 Neglecting it causes biased estimates and therefore a proper method is
 required to accommodate it. In this article we suggest a finite mixture of
 Poisson's. We found that variables associated to gender, ethnicity, family
 dimension, parent's level of education and income poverty are the most
 important observable determinants of school failure. 
Journal: Applied Economics Letters 
Pages: 1639-1643 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604094 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604094&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alfredo Martin-Oliver 
Author-X-Name-First: Alfredo 
Author-X-Name-Last: Martin-Oliver 
Author-Name: Vicente Salas-Fumas 
Author-X-Name-First: Vicente 
Author-X-Name-Last: Salas-Fumas 
Author-Name: Jesus Saurina 
Author-X-Name-First: Jesus 
Author-X-Name-Last: Saurina 
Title: Informational differentiation, interest rate dispersion and market power 
Abstract:
  This article investigates the existence and determinants of interest rate
 dispersion in loans and deposits of Spanish banks under the lens of
 informational differentiation. We find that interest rate dispersion and
 market power co-vary in the same direction across bank products under
 differences in variables that affect customers' incentives to search. 
Journal: Applied Economics Letters 
Pages: 1645-1649 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604144 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604144&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zafer Caliskan 
Author-X-Name-First: Zafer 
Author-X-Name-Last: Caliskan 
Title: The relationship between pharmaceutical expenditure and life expectancy: evidence from 21 OECD countries 
Abstract:
  The purpose of this article is to examine the effect of pharmaceutical
 expenditures on life expectancy for 21 OECD countries. An unbalanced panel
 data model is used to investigate the role of socio-economic, lifestyle
 and demographic factors as well as public and private pharmaceutical
 expenditures in determining life expectancy for six age-gender strata over
 the period 1985 to 2002. The empirical results show that pharmaceutical
 expenditure has a positive, but different effect on life expectancy for
 females and males with various ages. 
Journal: Applied Economics Letters 
Pages: 1651-1655 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604136 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604136&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tian-Shyr Dai 
Author-X-Name-First: Tian-Shyr 
Author-X-Name-Last: Dai 
Author-Name: Yuh-Dauh Lyuu 
Author-X-Name-First: Yuh-Dauh 
Author-X-Name-Last: Lyuu 
Title: Accurate approximation formulas for stock options with discrete dividends 
Abstract:
  Pricing options on a stock that pays discrete dividends has not been
 satisfactorily settled in the literature. Frishling (2002) shows that
 there are three different models to model stock price with discrete
 dividends, but only one of these models is close to reality and generates
 consistent option prices. We follow Frishling (2002) by calling this model
 Model 3. Unfortunately, there is no analytical option pricing formula for
 Model 3, and many popular numerical methods such as trees are inefficient
 when used to implement Model 3. A new stock price model is proposed in
 this article. To guarantee that the option prices generated by this new
 model are close to those generated by Model 3, the distributions of the
 new model at exdividend dates and maturity approximate the distributions
 of Model 3&#xa0;at those dates. To achieve this, a discrete dividend in
 Model 3 is replaced by a continuous dividend yield that can be represented
 as a function of discrete dividends and stock returns in the new model.
 Thus, the new model follows a lognormal diffusion process and the
 analytical option pricing formulas can be easily derived. Numerical
 experiments show that our analytical pricing formulas provide accurate
 pricing results. 
Journal: Applied Economics Letters 
Pages: 1657-1663 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604078 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604078&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Einat Neuman 
Author-X-Name-First: Einat 
Author-X-Name-Last: Neuman 
Title: What is important in a fight for life? - preferences of women diagnosed with breast cancer for attributes of an oncological institute 
Abstract:
  A Discrete Choice Experiment (DCE) is used to establish preference
 patterns for attributes of a medical institute that are exhibited by
 Israeli women who were diagnosed with breast cancer. It contributes and
 adds to the growing body of studies in Health Economics that use DCEs: (i)
 the domain of experimentation is extended to a country other than the UK
 or the US, where most experiments took place; (ii) a life-threatening
 disease has been chosen for the DCE, to test whether in this case too
 individuals relate to trade-offs between attributes, or alternatively
 focus only on quality of treatment; (iii) substitution or
 complementarities between attributes have been investigated; and (iv)
 differences in preference patterns within diverse socio-economic groups
 have been explored. The findings are followed by suggestions for possible
 extensions. 
Journal: Applied Economics Letters 
Pages: 1665-1670 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701578967 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701578967&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maritta Paloviita 
Author-X-Name-First: Maritta 
Author-X-Name-Last: Paloviita 
Author-Name: Matti Viren 
Author-X-Name-First: Matti 
Author-X-Name-Last: Viren 
Title: The role of inflation expectations in the EMU 
Abstract:
  This article analyses the role of inflation expectations in the euro
 area. On the one hand, the question is how inflation expectations affect
 both inflation and output, and, on the other hand, how inflation
 expectations reflect developments in these variables. The analysis makes
 use of a simple VAR model of inflation, inflation expectations and output,
 which allows for scrutinizing the dynamic interrelationships between these
 variables. Empirical results strongly suggest that inflation expectations
 are the key ingredient of the inflationary process for the euro area and
 they have a significant negative effect on output. Inflation expectations
 are found to be relatively persistent - almost as persistent as output -
 albeit they do adapt to developments in both output and (actual)
 inflation, especially in the medium term. 
Journal: Applied Economics Letters 
Pages: 1671-1675 
Issue: 16 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701591309 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701591309&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chun-Yu Ho 
Author-X-Name-First: Chun-Yu 
Author-X-Name-Last: Ho 
Author-Name: Dan Li 
Author-X-Name-First: Dan 
Author-X-Name-Last: Li 
Title: The nexus of income and size distribution of Chinese cities, 1984-2003 
Abstract:
  We estimate the distribution dynamics of city income and size in China
 during 1984-2003 using stochastic kernel. Our results show that
 intra-distribution mobility are significant in both income and size and
 provide evidences on China experienced internal brain drain. 
Journal: Applied Economics Letters 
Pages: 1677-1682 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701675458 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701675458&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Ashraf 
Author-X-Name-First: Mohammad 
Author-X-Name-Last: Ashraf 
Title: Characteristics of female managers in the US labour market 
Abstract:
  We use 1% Public Use Micro Data Samples 1990 and 1% Public Use Micro Data
 Samples 2000 data to investigate characteristics of female managers in the
 US labour market. The results of this study indicate that the presence of
 husbands affected the probability of female presence in management-type
 occupations negatively during the 1980s. However, during the 1990s, the
 results show a reversed pattern. Also, having higher education positively
 affected this probability both during the 1980s as well as the 1990s.
 However, the premium for a higher education was not as high during the
 1990s as it was during the 1980s. '&#x2026; highly qualified women have an
 importance beyond their numbers. This is partly due to the fact that women
 in senior positions are better placed to look after the work interests of
 other women in their organization.' Dolton et&#xa0;al. (1996, p. 551). 
Journal: Applied Economics Letters 
Pages: 1683-1686 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701663249 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701663249&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Gius 
Author-X-Name-First: Mark 
Author-X-Name-Last: Gius 
Title: The effect of gun ownership rates on homicide rates: a state-level analysis 
Abstract:
  The purpose of the present study is to examine the link between gun
 ownership rates and homicide rates. Using a very large cross-sectional
 survey dataset in order to obtain estimates for household-level gun
 ownership rates, and state-level data on homicides, the results indicate
 that gun ownership rates have a statistically significant and positive
 effect on the homicide rates at the 10% significance level. This result
 suggests that efforts to restrict access to firearms may reduce murders. 
Journal: Applied Economics Letters 
Pages: 1687-1690 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701675508 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701675508&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Title: The sustainability of trade accounts of the G-7 countries 
Abstract:
  This article has examined the sustainability of the trade accounts of the
 G-7 countries by analysing the long-run equilibrium between exports and
 imports. We applied the techniques of the recently developed nonstationary
 panel data analysis and found that the trade accounts of the G-7 countries
 are very likely to be nonstationary variables. This implies that trade
 accounts are not sustainable for the G-7 countries. Therefore, some
 appropriate policies must be implemented to prevent trade imbalances from
 increasing. 
Journal: Applied Economics Letters 
Pages: 1691-1694 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701675490 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701675490&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amitrajeet Batabyal 
Author-X-Name-First: Amitrajeet 
Author-X-Name-Last: Batabyal 
Title: The optimal reservation utility in models of decision making in arranged marriages 
Abstract:
  The notion of a reservation quality or utility is a key feature of
 Batabyal's (2003a) recent analysis of decision making in arranged
 marriages. In this model, the magnitude of the reservation utility has a
 nontrivial impact on the decision to accept or decline a marriage
 proposal. Even so, Batabyal (2003a) treats the marrying agent's
 reservation utility as an exogenous variable. Consequently, the purpose of
 this article is to endogenize the reservation utility variable in the
 context of a dynamic and stochastic model of decision making in arranged
 marriages. Our analysis leads to two results. First, we demonstrate that
 the optimal reservation utility is the solution to a particular
 maximization problem. Second, we show that theoretical circumstances exist
 in which the optimal reservation utility is unique. 
Journal: Applied Economics Letters 
Pages: 1695-1698 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701625800 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701625800&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tran Viet Ha 
Author-X-Name-First: Tran Viet 
Author-X-Name-Last: Ha 
Title: A discussion on power of ADF F-test with unexpected initial value 
Abstract:
  This article attempts to show when the series is a stationary
 autoregressive process, of which, the initial value is far from the
 deterministic trend, power of Augmented Dickey-Fuller(ADF) F-test is not
 only superior to the tests, which are most powerful for small and moderate
 initial value, such as GLS-DF test (Elliott et al., 1996) but also to ADF
 t-test, given small and moderate sample sizes; and especially, when the
 autoregressive coefficient is close to unity. The procedure proposed by
 Holden and Perman (1994), which takes advantage of both t- and F-type ADF
 tests is recommended. 
Journal: Applied Economics Letters 
Pages: 1699-1703 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604201 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604201&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Graham Bird 
Author-X-Name-First: Graham 
Author-X-Name-Last: Bird 
Author-Name: Dane Rowlands 
Author-X-Name-First: Dane 
Author-X-Name-Last: Rowlands 
Title: The IMF's role in mobilizing private capital flows: are there grounds for catalytic conversion? 
Abstract:
  Recent theoretical and empirical research suggests that under certain
 conditions IMF agreements induce additional inflows of finance from
 private international capital markets. This article provides new empirical
 evidence on this catalytic effect using a treatment effects model to
 correct for selectivity. It concludes that catalysis remains weak or
 negative overall, with nuances that support recent theory. 
Journal: Applied Economics Letters 
Pages: 1705-1708 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604169 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604169&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dale Cloninger 
Author-X-Name-First: Dale 
Author-X-Name-Last: Cloninger 
Author-Name: Roberto Marchesini 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Marchesini 
Title: Reflections on a critique 
Abstract:
  Critiques of scholarly research contain their own flaws; sometimes even
 more so than the work they are critiquing. Such is the case of the
 critique of our research authored by John Donohue and Jason Wolfers.
 Published in the Stanford Law Review their paper avoided the blind peer
 review process and consequently contains elements that undoubtedly would
 not have survived peer review. That possibility aside, we show that their
 alternative measures of criminal activity have no theoretical basis nor
 any empirical precedent within the modified portfolio approach employed in
 our research. Putting even that aside, we show that their empirical
 results are not inconsistent with ours. Thus, upon reflection, we see no
 justification to amend, modify or otherwise alter our methods or results. 
Journal: Applied Economics Letters 
Pages: 1709-1711 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604177 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604177&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul-Antoine Beretti 
Author-X-Name-First: Paul-Antoine 
Author-X-Name-Last: Beretti 
Author-Name: Gilbert Cette 
Author-X-Name-First: Gilbert 
Author-X-Name-Last: Cette 
Title: Indirect ICT investment 
Abstract:
  Numerous economic studies have highlighted that information and
 communication technology (ICT) investment expenditure appears to be
 greater in the field of services, and above all in certain activities such
 as financial services and wholesale trade, than in industry. This analysis
 examines whether the investment data compiled by national accountants
 underestimate productive ICT expenditure, and whether this is more
 pronounced in the case of industry than for services. For that purpose, we
 propose an assessment of the size of ICT inputs (termed 'indirect ICT
 investment') in non-ICT investment expenditure for France in 2000. The
 main result of our analysis is that the amount of 'indirect ICT
 investment' appears to be small, compared with 'direct ICT investment',
 suggesting that the biggest investors in ICT remain services, regardless
 of whether we consider 'direct' or 'direct' plus 'indirect investment'. 
Journal: Applied Economics Letters 
Pages: 1713-1716 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701675524 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701675524&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yong Bao 
Author-X-Name-First: Yong 
Author-X-Name-Last: Bao 
Author-Name: Thomas Fullerton 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Fullerton 
Author-Name: Donald Lien 
Author-X-Name-First: Donald 
Author-X-Name-Last: Lien 
Title: Borderplex menu evidence for the law of one price: a convergence approach 
Abstract:
  A convergence approach is utilized to examine deviations from the law of
 one price. Sample data are menu prices for eight identical products sold
 by international restaurant franchises in Mexico and the United States.
 The results suggest mean reverting behaviour in real exchange rate
 movements in response to recent information. 
Journal: Applied Economics Letters 
Pages: 1717-1720 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701675516 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701675516&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bisakha Sen 
Author-X-Name-First: Bisakha 
Author-X-Name-Last: Sen 
Author-Name: Susan Averett 
Author-X-Name-First: Susan 
Author-X-Name-Last: Averett 
Author-Name: Laura Argys 
Author-X-Name-First: Laura 
Author-X-Name-Last: Argys 
Author-Name: Daniel Rees 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Rees 
Title: The effect of substance use on the delinquent behaviour of adolescents 
Abstract:
  Adolescents who drink or smoke marijuana are more likely to engage in
 delinquent activities than their peers who do not use substances, but it
 is not clear whether this association is causal or driven by other
 difficult-to-measure underlying factors such as an individual's discount
 rate. Using several empirical strategies that are designed to control for
 the influence of unobservables, we explore the relationship between
 substance use and four outcomes: fighting, property-destruction, theft,
 and running away. Our results suggest that, for males, the positive
 association between substance-use and these outcomes is probably spurious.
 In contrast, there is some evidence that female substance use may be
 causally related to destroying property, theft, and running away. These
 results are of importance to parents and policymakers who wish to reduce
 the incidence of delinquent behaviour of adolescents. 
Journal: Applied Economics Letters 
Pages: 1721-1729 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701675532 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701675532&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matias Fontenla 
Author-X-Name-First: Matias 
Author-X-Name-Last: Fontenla 
Author-Name: Fidel Gonzalez 
Author-X-Name-First: Fidel 
Author-X-Name-Last: Gonzalez 
Author-Name: Juan Carlos Navarro 
Author-X-Name-First: Juan Carlos 
Author-X-Name-Last: Navarro 
Title: Determinants of housing expenditure in Mexico 
Abstract:
  Few studies estimate housing demand for developing countries. We
 contribute to the literature by estimating housing demand in Mexico, and
 analysing its main determinants. An advantage of this study is the use of
 market-based data of actual housing transactions. Our results show a
 strong positive influence of permanent and temporary income on housing
 demand. 
Journal: Applied Economics Letters 
Pages: 1731-1734 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701675466 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701675466&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yung-Lieh Yang 
Author-X-Name-First: Yung-Lieh 
Author-X-Name-Last: Yang 
Author-Name: Jun-Yen Lee 
Author-X-Name-First: Jun-Yen 
Author-X-Name-Last: Lee 
Title: Decomposition of the cost growth for the US forest product industries 
Abstract:
  This article investigates sources that lead to the cost growth of eight
 U.S. forest products industries during the period 1997 to 2005. The cost
 growth rate decomposes into two components: the cost efficiency change and
 the cost technical change. Empirical evidences indicate that the cost
 growth in wood product industries is predominantly from cost technical
 change. In contrast, cost inefficiency primarily drives the cost growth in
 the pulp and paper industries. 
Journal: Applied Economics Letters 
Pages: 1735-1741 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604193 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604193&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: Impact of the real median price of single-family homes on US internal net migration: an exploratory empirical note 
Abstract:
  This exploratory study investigates the impact of the real median price
 of single-family homes on US net internal migration flows over the 2000 to
 2004 period. After allowing for factors such as the growth rate of GSP,
 the presence of hazardous waste sites, climate, the presence of state
 income taxes, and other factors, it is found that the rate of net state
 in-migration over the 2000 to 2004 period was negatively and significantly
 affected by higher real median prices on single-family homes, a finding
 consistent with the absence of 'money illusion'. 
Journal: Applied Economics Letters 
Pages: 1743-1746 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604151 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604151&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Manish Pandey 
Author-X-Name-First: Manish 
Author-X-Name-Last: Pandey 
Author-Name: John Whalley 
Author-X-Name-First: John 
Author-X-Name-Last: Whalley 
Title: Social networks and trade liberalization 
Abstract:
  We consider a representative family in which there are location specific
 network effects from interactions with other family members, such as joint
 consumption, joint emotional support and coinsurance. The benefits an
 individual receives from the network they participate in are nonlinearly
 related to the number of family members located in urban and rural areas.
 Family members choose whether to locate in urban or rural areas and
 average and marginal network benefits differ. In a model with
 internationally traded urban and rural produced goods, with differential
 network effects in urban and rural areas free trade will no longer be the
 best policy. We show this through a numerical example, and suggest that
 the case for free trade may need to be more nuanced once social
 considerations of this type are taken into account. 
Journal: Applied Economics Letters 
Pages: 1747-1749 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701642003 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701642003&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gianluca Lagana 
Author-X-Name-First: Gianluca 
Author-X-Name-Last: Lagana 
Title: A structural factor-augmented vector error correction (SFAVEC) model approach: an application to the UK 
Abstract:
  This note presents a new structural factor-augmented vector error
 correction model approach to solve the limited information problem present
 in traditional vector error correction models. We apply this approach to
 the UK and obtain a reasonable characterization of the long-run
 equilibrium concerning real activity, taxation, inflation and the rate of
 interest. 
Journal: Applied Economics Letters 
Pages: 1751-1756 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604185 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604185&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ten-Der Jane 
Author-X-Name-First: Ten-Der 
Author-X-Name-Last: Jane 
Author-Name: Cherng Ding 
Author-X-Name-First: Cherng 
Author-X-Name-Last: Ding 
Title: On the multivariate EGARCH model 
Abstract:
  In this aticle, the extension of Nelson's (1991) univariate EGARCH model
 to the multivariate version has been reexamined and compared with the
 existing one given by Koutmos and Booth (1995). The magnitude and sign of
 standardized innovations have been constrained in Koutmos and Booth's
 multivariate EGARCH model, but not in the actual multivariate EGARCH
 model. The constraints imposed on Koutmos and Booth's EGARCH model may
 lead to inaccurate parameter estimates. Since the actual multivariate
 EGARCH model obtained is more general, and can produce more accurate
 inferential results, we suggest that the actual multivariate EGARCH model
 be used in future financial empirical studies. 
Journal: Applied Economics Letters 
Pages: 1757-1761 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701604383 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701604383&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Saadet Kasman 
Author-X-Name-First: Saadet 
Author-X-Name-Last: Kasman 
Author-Name: Evrim Turgutlu 
Author-X-Name-First: Evrim 
Author-X-Name-Last: Turgutlu 
Author-Name: A. Duygu Ayhan 
Author-X-Name-First: A. Duygu 
Author-X-Name-Last: Ayhan 
Title: Long memory in stock returns: evidence from the major emerging Central European stock markets 
Abstract:
  This article analyses the long-memory properties of the daily stock
 market returns of four major emerging Central European countries, the
 Czech Republic, Hungary, Poland and the Slovak Republic. We use the
 semi-parametric method of Geweke and Porter-Hudak (1983) and parametric
 method of Sowell (1992). The results indicate a significant long memory in
 the return series of the Slovak Republic. The evidence of long memory in
 Hungary and the Czech Republic is, however weak. Poland is the only market
 exhibiting short memory. Since long-memory property is inconsistent with
 the market efficiency, there is still room for the investors to receive
 unexploited profits in the stock market of the Slovak Republic. 
Journal: Applied Economics Letters 
Pages: 1763-1768 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701663231 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701663231&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Marrett 
Author-X-Name-First: George 
Author-X-Name-Last: Marrett 
Author-Name: Andrew Worthington 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Worthington 
Title: An empirical note on the holiday effect in the Australian stock market, 1996-2006 
Abstract:
  This note examines the holiday effect in Australian daily stock returns
 at the market and industry level and for small capitalization stocks from
 Monday 9 September 1996 to Friday 10 November 2006. The eight annual
 holidays specified are New Years Day, Australia Day (26 January), Easter
 Friday and Easter Monday, ANZAC Day (25 April), the Queen's Birthday
 (second Monday in June), Christmas Day and Boxing Day. A regression-based
 approach is employed. The results indicate that the Australian market
 overall provides evidence of a pre-holiday effect in common with small cap
 stocks. However, the market level effect appears to be solely the result
 of a strong pre-holiday effect in the retail industry. No evidence is
 found of a post-holiday effect in any market or industry. 
Journal: Applied Economics Letters 
Pages: 1769-1772 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701675474 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701675474&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jay Squalli 
Author-X-Name-First: Jay 
Author-X-Name-Last: Squalli 
Title: Measuring the safety elasticity of advertising 
Abstract:
  This article presents theoretical evidence of an inverse relationship
 between the advertising elasticity of demand and the safety elasticity of
 advertising. It also finds that under a lower level of safety, advertising
 expenditure is driven directly by the responsiveness of demand to
 advertising. 
Journal: Applied Economics Letters 
Pages: 1773-1776 
Issue: 17 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701675482 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701675482&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hwagyun Kim 
Author-X-Name-First: Hwagyun 
Author-X-Name-Last: Kim 
Author-Name: Chetan Subramanian 
Author-X-Name-First: Chetan 
Author-X-Name-Last: Subramanian 
Title: Velocity of money and inflation dynamics 
Abstract:
  There have been large changes in the velocity of money which could be a
 potential source of inflation variability. This article investigates how
 the velocity of money affects inflation dynamics by estimating the
 Phillips curve derived from a New Keynesian model in which money is
 introduced via transactions technology. The resultant Phillips curve
 becomes a function of velocity as well as an output gap and a forward
 looking inflation terms, a feature for which we provide empirical support.
 Specifically, we adopt the GMM methodology to estimate the
 velocity-augmented forward looking Phillips curve using the US data
 between 1951 and 2005. We observe that historical inflation dynamics is
 consistent with the view. 
Journal: Applied Economics Letters 
Pages: 1777-1781 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719652 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719652&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sami Vahamaa 
Author-X-Name-First: Sami 
Author-X-Name-Last: Vahamaa 
Title: A note on the impact of scheduled macroeconomic news announcements on implied volatility 
Abstract:
  This note demonstrates that different methodological approaches may lead
 to somewhat different conclusions about the impact of scheduled
 macroeconomic news announcements on implied volatility. While there is no
 doubt that implied volatilities are significantly affected by
 macroeconomic releases, the analysis presented in this note shows that
 different approaches provide inconsistent results regarding the direction
 of the effect and also about the relative importance of different types of
 macroeconomic announcements. 
Journal: Applied Economics Letters 
Pages: 1783-1789 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719520 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719520&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fassil Fanta 
Author-X-Name-First: Fassil 
Author-X-Name-Last: Fanta 
Author-Name: Mukti Upadhyay 
Author-X-Name-First: Mukti 
Author-X-Name-Last: Upadhyay 
Title: Poverty reduction, economic growth and inequality in Africa 
Abstract:
  We study the relationships among economic growth, inequality and poverty.
 Economists agree that growth is fundamental to reducing poverty. But the
 links among growth, distribution and poverty is still a subject of debate
 because the growth elasticity of poverty seems to differ from one country
 to another. Using a data set for 16 African countries, based on household
 budget surveys, we find strong support that poverty decreases in response
 to economic growth, with the estimated elasticity ranging between -0.5 and
 -1.10. Other variables, albeit important in varying degrees, are much less
 significant as determinants of poverty. 
Journal: Applied Economics Letters 
Pages: 1791-1794 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719587 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719587&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Conte 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Conte 
Title: Mapping innovative activity using microdata 
Abstract:
  I discuss the determinants of three alternative measures of innovative
 output among firms of different size. Moreover, I provide an econometric
 procedure for testing a Tobit model (Tobin, 1958) against a two-part
 model. This procedure is alternative to Cragg's (1971) test and feasible
 for weighted survey data. 
Journal: Applied Economics Letters 
Pages: 1795-1799 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719553 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719553&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Melzer 
Author-X-Name-First: Christian 
Author-X-Name-Last: Melzer 
Author-Name: Thorsten Neumann 
Author-X-Name-First: Thorsten 
Author-X-Name-Last: Neumann 
Title: Monetary policy in the euro area - has it become more powerful on the road to EMU? 
Abstract:
  This article provides new evidence on the effects of monetary policy in
 the euro area. With the help of a time-varying coefficient vector
 autoregressive model we find that monetary policy shocks have had a
 greater impact on real output since the mid-1980s and that their
 transmission has become faster. Our findings indicate a change in the
 monetary transmission mechanism that can be explained by the changes in
 the European financial system over the last 20 years. 
Journal: Applied Economics Letters 
Pages: 1801-1804 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719538 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719538&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hans-Friedrich Eckey 
Author-X-Name-First: Hans-Friedrich 
Author-X-Name-Last: Eckey 
Author-Name: Christian Dreger 
Author-X-Name-First: Christian 
Author-X-Name-Last: Dreger 
Author-Name: Matthias Turck 
Author-X-Name-First: Matthias 
Author-X-Name-Last: Turck 
Title: Regional convergence in the enlarged European Union 
Abstract:
  There are only a few studies which examine regional convergence in the
 enlarged European Union. None of these approaches uses a conditional
 convergence model, which considers different initial conditions of
 regions. We refer to the Mankiw et&#xa0;al. (1992) model to examine
 convergence including the New Member States. Note that most researchers
 use equal values of depreciation rate and rate of technological progress
 for all regions. Our analysis is based on country specific values of both
 variables, which vary markedly. We give empirical evidence for a
 convergence process which exceeds the often measured value of 2%. 
Journal: Applied Economics Letters 
Pages: 1805-1808 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719546 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719546&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: &#xc5;sa Lofgren 
Author-X-Name-First: &#xc5;sa 
Author-X-Name-Last: Lofgren 
Author-Name: Katarina Nordblom 
Author-X-Name-First: Katarina 
Author-X-Name-Last: Nordblom 
Title: Puzzling tax attitudes and labels 
Abstract:
  We find that through labelling one can significantly affect attitudes
 towards a tax. The gasoline tax meets a stronger reluctance than virtually
 the same tax when it is called the CO2 tax on gasoline. 
Journal: Applied Economics Letters 
Pages: 1809-1812 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719660 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719660&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Reginaldo Pinto Nogueira 
Author-X-Name-First: Reginaldo Pinto 
Author-X-Name-Last: Nogueira 
Title: Testing credibility with time-varying coefficients 
Abstract:
  The article presents evidence on credibility gains from the adoption of
 Inflation Targeting (IT), for a set of developed and emerging markets. We
 carry out our analysis for Brazil, Mexico, Sweden and the UK, and ask
 whether the adoption of this monetary framework strengths monetary policy
 credibility. To answer this question we apply a time-varying coefficients
 methodology to estimate the time path of the trade-off between inflation
 and output. Following the literature a more favourable trade-off is
 believed to be linked to improvements in monetary policy credibility. The
 results show a clear picture of credibility gains from the adoption of IT. 
Journal: Applied Economics Letters 
Pages: 1813-1817 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719611 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719611&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sanna-Mari Hynninen 
Author-X-Name-First: Sanna-Mari 
Author-X-Name-Last: Hynninen 
Title: Heterogeneity of job seekers in labour market matching 
Abstract:
  This study examines the matching of heterogeneous job seekers and vacant
 jobs. Job seekers are divided into four employability groups according to
 their labour market status. The dataset consists of highly disaggregated
 monthly data from 146 Local Labour Offices in Finland over 14 years. The
 results indicate that the employability of job seekers differs. Therefore,
 the composition of the pool of job seekers in a local labour market
 affects the ability of that market to form successful matches. The
 long-term unemployed have a negative effect on matches while job seekers
 out of the labour force notably improve the production of matches. 
Journal: Applied Economics Letters 
Pages: 1819-1823 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719561 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719561&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Don Webber 
Author-X-Name-First: Don 
Author-X-Name-Last: Webber 
Author-Name: Paul White 
Author-X-Name-First: Paul 
Author-X-Name-Last: White 
Title: An alternative test to check the validity of convergence results 
Abstract:
  This article presents a simple method for identifying distributional
 dynamic properties of economies using the ideas of concordance and
 discordance. It can be employed to examine the strength and validity of
 the results of other methods. The method has the advantage of comparing
 distributions at two points without relying on intermediary data between
 the two time points. We present results that suggest there is more
 'strong-divergence' than 'strong-convergence' in GDP between countries
 over the time period 1960 to 2000 although the distribution exhibits both
 convergent and divergent characteristics. 
Journal: Applied Economics Letters 
Pages: 1825-1829 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719579 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719579&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alfred Greiner 
Author-X-Name-First: Alfred 
Author-X-Name-Last: Greiner 
Title: Estimating penalized spline regressions: theory and application to economics 
Abstract:
  This article gives a brief survey of penalized spline smoothing.
 Penalized spline smoothing is a general nonparametric estimation technique
 which allows to fit smooth but else unspecified functions to empirical
 data. We depict the theory behind this estimation technique and we present
 an example demonstrating how this nonparametric estimation technique can
 help to gain insight into economics. 
Journal: Applied Economics Letters 
Pages: 1831-1835 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719629 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719629&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Author-Name: Fozia Nisha 
Author-X-Name-First: Fozia 
Author-X-Name-Last: Nisha 
Title: An extension to the neoclassical growth model to estimate growth effects 
Abstract:
  The neoclassical growth model was extended by Mankiw et al. (1992) to
 estimate the level-effects of human capital. We suggest a further
 extension to capture their permanent growth-effects. Time-series data from
 Fiji are used to show that the growth-effects of human capital, although
 small, are significant and specifications with growth-effects perform
 better. 
Journal: Applied Economics Letters 
Pages: 1837-1841 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701675557 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701675557&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yung-Ho Chiu 
Author-X-Name-First: Yung-Ho 
Author-X-Name-Last: Chiu 
Author-Name: Yu-Chuan Chen 
Author-X-Name-First: Yu-Chuan 
Author-X-Name-Last: Chen 
Author-Name: Yu Han Hung 
Author-X-Name-First: Yu Han 
Author-X-Name-Last: Hung 
Title: Basel II and bank bankruptcy analysis 
Abstract:
  Due to keen competition, banks may increase their market share and
 profits by imposing price policies, such as raising deposit rates,
 lowering loan rates, or even worse by loaning to those with high risks,
 which all could increase the probability of bankruptcy. Under these
 circumstances, the literature has paid great attention to the topics of
 bankruptcy and risk management. We adopt a two-stage approach, the
 Super-SBM and logistic regression, to investigate a bank efficiency index
 and the bank bankruptcy effect from incorporating capital adequacy
 regulations and a supervisory review process. This study uses data on 36
 Taiwanese commercial banks for the 3-year period from 2002 to 2004. This
 article's empirical results from the Super-SBM and logistic regression
 approach are summarized as follows: (1) The efficiency factor is proven to
 be influential in evaluating bank bankruptcy. (2) If certain prerequisites
 on capital adequacy are imposed on each bank, then it results in a lower
 risk to the bank and this reduces bank bankruptcy. (3) Corporate
 governance plays an important role in bank bankruptcy. 
Journal: Applied Economics Letters 
Pages: 1843-1847 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701704241 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701704241&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Long Zhang 
Author-X-Name-First: Long 
Author-X-Name-Last: Zhang 
Author-Name: Hong Liu 
Author-X-Name-First: Hong 
Author-X-Name-Last: Liu 
Author-Name: En-Hua Hu 
Author-X-Name-First: En-Hua 
Author-X-Name-Last: Hu 
Author-Name: Meng-Xi Yue 
Author-X-Name-First: Meng-Xi 
Author-X-Name-Last: Yue 
Title: The relationship between size and growth: the case of Chinese listed companies 
Abstract:
  To extend the research on Gibrat's law in transformational countries,
 this article uses quantile regression to test whether the Law holds for
 Chinese listed companies in six industries from 1997 to 2003. Results
 indicate that Gibrat's law demonstrated a behaviour dependent on the
 length examined. Although it was rejected in four out of six industries
 for the 6-year period, it received strong support in five industries year
 by year, which implied that size convergence was a slow process in China.
 Results also show that Gibrat's law is conditional on industrial
 characters. It received unbalanced support from different industries,
 suggesting that the industries examined had distinct growth trajectories. 
Journal: Applied Economics Letters 
Pages: 1849-1853 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719488 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719488&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Helmut Fryges 
Author-X-Name-First: Helmut 
Author-X-Name-Last: Fryges 
Title: The export-growth relationship: estimating a dose-response function 
Abstract:
  The relationship between individual firms' export behaviour and firm
 performance has been studied extensively in the economic literature.
 However, most studies from the field of economics only distinguish between
 exporting and nonexporting companies, using the firms' export status as a
 binary treatment variable and comparing the performance of exporting and
 nonexporting firms. This article introduces the newly developed
 generalized propensity score (GPS) methodology to the literature of
 individual firms' export behaviour. Instead of a binary treatment
 variable, the GPS method allows for continuous treatment, that is,
 different levels of the firms' export activities. Based on the GPS
 methodology, a dose-response function is estimated, depicting the
 relationship between the firms' export-sales ratio and their subsequent
 sales growth rate as a measure of firm performance. 
Journal: Applied Economics Letters 
Pages: 1855-1859 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719496 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719496&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Imre Fert&#x151; 
Author-X-Name-First: Imre 
Author-X-Name-Last: Fert&#x151; 
Author-Name: Attila Karoly Soos 
Author-X-Name-First: Attila Karoly 
Author-X-Name-Last: Soos 
Title: Treating trade statistics inaccuracies: the case of intra-industry trade 
Abstract:
  We investigate the accuracy of trade statistics employing intra-industry
 trade analysis for 29 countries. We exploit the fact that country A's
 exports to country B are country B's imports from country A. The data
 published by the two sides can be compared with each other. Are A's or B's
 data more accurate? Our analysis is based on the average degree of
 'similarity' between country A's and country B's data and the 'mirror'
 data of all the other countries in the sample. The ranking of the
 countries by the accuracy of their data yielded by our calculations mainly
 confirm our a priori expectations. We also investigate whether the data of
 'good' reporting countries can be more trusted than some averages of the
 latter and the data reported by the 'bad' reporters. 
Journal: Applied Economics Letters 
Pages: 1861-1866 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719512 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719512&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ming-Yuan Leon Li 
Author-X-Name-First: Ming-Yuan Leon 
Author-X-Name-Last: Li 
Title: Nonlinear interrelations between ADRs and their underlying stocks revisited: application of threshold VECM 
Abstract:
  This study examines the dynamic interrelations between American
 depository receipts (ADRs) and their underlying stocks (UNDs) by using the
 threshold vector error correction model. In contrast to prior studies
 focusing on examining the effects of arbitrage threshold on stock return
 means, this study not only analyse the dynamics of return means but also
 return volatilities. Moreover, this article adopts two representative ADR
 issuers: UK VOD and Brazil CVDO and compares the differences between them.
 The empirical findings of this study are consistent with the following
 notions. First, for both of the case of UK VOD and Brazil CVDO, once the
 price relationship of ADRs and UNDs deviates away from the long-run
 cointegrated equilibrium, the re-establishing equilibrium process is
 more/less remarkable when the price deviations do (do not) exceed a
 critical threshold. However, for the case of UK VOD (Brazil CVDO), the
 tendency to adjust to correct a disequilibrium situation mostly depends on
 the UND (ADR) markets. Furthermore, this article denotes the threshold
 estimate in the case of UK VOD (Brazil CVDO) as an unusual (extreme)
 condition. Last, the arbitrage behaviours between the ADR and UND markets
 will increase the volatility in these two markets and reduce the
 correlation between them. 
Journal: Applied Economics Letters 
Pages: 1867-1873 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719595 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719595&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abbas Valadkhani 
Author-X-Name-First: Abbas 
Author-X-Name-Last: Valadkhani 
Author-Name: Simon Ville 
Author-X-Name-First: Simon 
Author-X-Name-Last: Ville 
Title: Discipline-specific forecasting of research output in Australian universities 
Abstract:
  This article presents a cross-sectional model for forecasting research
 output across the Australian university system. It builds upon an existing
 literature that focuses either on institutional comparisons or studies of
 specific subjects, by providing discipline-specific results across all of
 the 10 major disciplinary areas as defined by Australia's Department of
 Education, Science and Training. The model draws upon four (highly
 significant) discipline-specific explanatory variables; staff size,
 research expenditure, PhD completions and student-staff ratios to predict
 the output of refereed articles. 
Journal: Applied Economics Letters 
Pages: 1875-1880 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719603 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719603&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jorah Ramlan 
Author-X-Name-First: Jorah 
Author-X-Name-Last: Ramlan 
Author-Name: Elsadig Musa Ahmed 
Author-X-Name-First: Elsadig Musa 
Author-X-Name-Last: Ahmed 
Title: Information and Communication Technology (ICT) and human capital management trend in Malaysia's economic development 
Abstract:
  Testing for stationarity, cointegration and structural break for the ICT
 data are significant to determine Malaysia's economic growth. This article
 finds that the ICT follows similar trend as Gross Domestic Product (GDP),
 capital and employment data. The cointegration test suggests that ICT
 follows a long-run equilibrium in relation to GDP, capital and employment
 variables. The test for parameter instability for ICT indicates 1986 as
 the breakpoint, which is indicative of the structural transformation in
 Malaysia's economy. This is crucial finding as it provides more conclusive
 evidence on structural breakpoint in Malaysia's economic data, as opposed
 to noneconometric method. Human capital is synonymous to knowledge
 accumulation, thus significant in the development of the ICT and long-run
 economic growth. 
Journal: Applied Economics Letters 
Pages: 1881-1886 
Issue: 18 
Volume: 16 
Year: 2009 
X-DOI: 10.1080/13504850701719637 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701719637&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ferdinand D. Vinuya 
Author-X-Name-First: Ferdinand D. 
Author-X-Name-Last: Vinuya 
Title: Technical efficiency of shrimp fishery in South Carolina, USA 
Abstract:
	      The increased inflow of imported shrimp into the US has
 lowered shrimp prices in the marketplace and with it, ex-vessel prices
 received by shrimp fishermen. Proposed remedies are aimed at strategies to
 increase the prices received by domestic producers. This study looks into
 issues related to the production side by estimating the technical
 efficiency of South Carolina shrimp boat operators. Estimates using a
 stochastic production frontier method show that average efficiency is 46%.
 This finding has strong implications on the long-term survival and
 viability of the local shrimp industry as it continues to face competition
 from low-priced imports.	   
Journal: Applied Economics Letters 
Pages: 1-5 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719744 
File-URL: http://hdl.handle.net/10.1080/13504850701719744 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiujian Chen 
Author-X-Name-First: Xiujian 
Author-X-Name-Last: Chen 
Author-Name: Shu Lin 
Author-X-Name-First: Shu 
Author-X-Name-Last: Lin 
Author-Name: W. Robert Reed 
Author-X-Name-First: W. Robert 
Author-X-Name-Last: Reed 
Title: A Monte Carlo evaluation of the efficiency of the PCSE estimator 
Abstract:
	      Panel data characterized by groupwise heteroscedasticity,
 cross-sectional correlation, and AR(1) serial correlation pose problems
 for econometric analyses. It is well known that the asymptotically
 efficient, Feasible Generalized Least Squares (FGLS) estimator (Parks)
 sometimes performs poorly in finite samples. In a widely cited paper, Beck
 and Katz (1995) claim that their estimator panel-corrected SE (PCSE) is
 able to produce more accurate coefficient SE without any loss in
 efficiency in 'practical research situations'. This study disputes that
 claim. We find that the PCSE estimator is usually less efficient than
 Parks - and substantially so - except when the number of time periods is
 close to the number of cross sections. 	 
Journal: Applied Economics Letters 
Pages: 7-10 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719702 
File-URL: http://hdl.handle.net/10.1080/13504850701719702 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andre V. Mollick 
Author-X-Name-First: Andre V. 
Author-X-Name-Last: Mollick 
Author-Name: Joao R. Faria 
Author-X-Name-First: Joao R. 
Author-X-Name-Last: Faria 
Title: Capital and labor in thelong-run: evidence fromTobin's <italic>q</italic> for the US 
Abstract:
	      This paper assesses different measures of Tobin's
 <italic>q</italic> on the US labor market over 1948--2002. We find a
 negative long-run relationship between the unemployment rate and Tobin's
 <italic>q</italic>, which is consistent with capital and labor being
 complements in production.	     
Journal: Applied Economics Letters 
Pages: 11-14 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719819 
File-URL: http://hdl.handle.net/10.1080/13504850701719819 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:11-14




Template-Type: ReDIF-Article 1.0
Author-Name: Marc-Andr� Gosselin 
Author-X-Name-First: Marc-Andr� 
Author-X-Name-Last: Gosselin 
Author-Name: Greg Tkacz 
Author-X-Name-First: Greg 
Author-X-Name-Last: Tkacz 
Title: Using dynamic factor models to forecast Canadian inflation: the role of US variables-super-1              
Abstract:
	      This article evaluates the forecasting performance of dynamic
 factor models for Canadian inflation. We find that factor models are as
 good as more conventional forecasting models, while a model estimated
 using only US data, is at least as useful as a model that incorporates
 Canadian data. This suggests that the United States is a source of data
 that could be beneficial to its trading partners for forecasting purposes. 
Journal: Applied Economics Letters 
Pages: 15-18 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719694 
File-URL: http://hdl.handle.net/10.1080/13504850701719694 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:15-18




Template-Type: ReDIF-Article 1.0
Author-Name: Dany Jaimovich 
Author-X-Name-First: Dany 
Author-X-Name-Last: Jaimovich 
Author-Name: Ugo Panizza 
Author-X-Name-First: Ugo 
Author-X-Name-Last: Panizza 
Title: Public debt around the world: a new data set of central government debt 
Abstract:
	      Commonly used data sets on the level of public debt provide
 incomplete country and period coverage. This article presents a new data
 set that includes complete series of central government debt for 89
 countries over the period 1991 to 2005 and for 7 other countries for the
 period 1993 to 2005.	       
Journal: Applied Economics Letters 
Pages: 19-24 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719785 
File-URL: http://hdl.handle.net/10.1080/13504850701719785 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:19-24




Template-Type: ReDIF-Article 1.0
Author-Name: Hening Liu 
Author-X-Name-First: Hening 
Author-X-Name-Last: Liu 
Author-Name: Le Wang 
Author-X-Name-First: Le 
Author-X-Name-Last: Wang 
Title: Time series analysis of income convergence in China 
Abstract:
	      In this article, we examine both pre- and post-reform
 economic convergence behaviour in China using the time-series procedures
 developed in the Hobijn and Franses (2000). Our results are striking:
 First, we find a number of extremely small convergence clubs for both the
 pre- and post-reform periods, and these clubs cannot be characterized by
 geography or the extent of policy preference level. Second, our results
 show that economic reform led to more <italic>divergence</italic>.	    
Journal: Applied Economics Letters 
Pages: 25-29 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719728 
File-URL: http://hdl.handle.net/10.1080/13504850701719728 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:25-29




Template-Type: ReDIF-Article 1.0
Author-Name: Albert Wijeweera 
Author-X-Name-First: Albert 
Author-X-Name-Last: Wijeweera 
Author-Name: John A. Deskins 
Author-X-Name-First: John A. 
Author-X-Name-Last: Deskins 
Title: Do recent data provide evidence that the US trade deficit will correct itself? 
Abstract:
	      We use monthly data from the 23 largest US trading partners
 for the years 1985-2005 to examine the long-run relationship between
 imports and exports. Results indicate that a long-run equilibrium
 relationship is identifiable in most of the countries we analyse. However,
 the country with which the US has the largest trade deficits do not
 exhibit any long-run relationship, indicating that any self-correcting
 mechanism on the trade account is either nonexistent or slow in these
 cases. Further, the presence of a long-run relationship is most apparent
 in the countries with which the US has a trade surplus. Taken together,
 these results provide evidence that continued growth in the US trade
 deficit is likely.	     
Journal: Applied Economics Letters 
Pages: 31-35 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719751 
File-URL: http://hdl.handle.net/10.1080/13504850701719751 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:31-35




Template-Type: ReDIF-Article 1.0
Author-Name: G. Reza Arabsheibani 
Author-X-Name-First: G. Reza 
Author-X-Name-Last: Arabsheibani 
Author-Name: Jie Wang 
Author-X-Name-First: Jie 
Author-X-Name-Last: Wang 
Title: Asian-white male wage differentials in the United States 
Abstract:
	      The analysis of the wage differential between Asian Americans
 and whites indicates that discrimination against Asians (except Japanese)
 is still substantial in the U.S. labour market. However, the
 second-generation Asians have, by large, achieved income parity with
 comparable whites.	     
Journal: Applied Economics Letters 
Pages: 37-43 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719843 
File-URL: http://hdl.handle.net/10.1080/13504850701719843 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:37-43




Template-Type: ReDIF-Article 1.0
Author-Name: Arif Sultan 
Author-X-Name-First: Arif 
Author-X-Name-Last: Sultan 
Title: Lemons and certified pre-owned cars in the used car market 
Abstract:
	      I use a modified version of Bond (1982) lemon model to test
 the quality of certified pre-owned (CPO) and noncertified pre-owned
 (nonCPO) cars. I use a Tobit model to deal with the censoring problem in
 the data and apply sensitivity analysis to check the robustness of the
 coefficients. The data is collected from 'The Panel Study of Income
 Dynamics (PSID)' from the University of Michigan for this study. The
 results show that nonCPO cars required more maintenance expenditures than
 CPO cars of a similar age, which means that the CPO cars are of better
 quality. The study also implies that the institutions of leasing and
 certification have substantially improved, which in turn, have contributed
 to reducing adverse selection and improved the average quality of traded
 cars in the used car market.	       
Journal: Applied Economics Letters 
Pages: 45-50 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719678 
File-URL: http://hdl.handle.net/10.1080/13504850701719678 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:45-50




Template-Type: ReDIF-Article 1.0
Author-Name: Mar�a Rosal�a Vicente 
Author-X-Name-First: Mar�a Rosal�a 
Author-X-Name-Last: Vicente 
Author-Name: Ana Jes&uacute;s L�pez 
Author-X-Name-First: Ana Jes&uacute;s 
Author-X-Name-Last: L�pez 
Title: What drives broadband diffusion? Evidence from Eastern Europe 
Abstract:
	      Recent studies stress the crucial role of broadband diffusion
 to enhance economic growth and performance. Therefore, the analysis of the
 factors shaping its diffusion becomes a matter of special importance. In
 this context, this article examines the impact of several socio-economic
 factors on the likelihood of broadband subscription, using a bivariate
 probit model, and making use of a unique data survey among Eastern
 European households. This is an area where broadband diffusion is just
 starting to take off and there is a lack of empirical evidence. In this
 context, a first interesting point is the fact that certain demographic
 variables (income and education) appear to be more correlated with
 Internet access as such than with the type of access. Moreover, the
 substantial differences in cross-country penetration rates are mainly
 explained by investments in information and communication technologies
 together with the level of competition in telecommunications markets.	    
Journal: Applied Economics Letters 
Pages: 51-54 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719686 
File-URL: http://hdl.handle.net/10.1080/13504850701719686 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:51-54




Template-Type: ReDIF-Article 1.0
Author-Name: Yong-Hwan Noh 
Author-X-Name-First: Yong-Hwan 
Author-X-Name-Last: Noh 
Title: To be or not to be: an economic shock, stress and suicidal ideation 
Abstract:
	      The probit estimation using a large individual data set
 associated with the Korean economic crisis in 1997 shows that the suicidal
 ideation demonstrates strong response to economic crisis, depression and
 stress. The elasticity of income on suicide risk is greater for males than
 females and greater for youths and adults than olds.	       
Journal: Applied Economics Letters 
Pages: 55-60 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719710 
File-URL: http://hdl.handle.net/10.1080/13504850701719710 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:55-60




Template-Type: ReDIF-Article 1.0
Author-Name: Benhua Yang 
Author-X-Name-First: Benhua 
Author-X-Name-Last: Yang 
Title: Resource curse: the role of institutions versus policies 
Abstract:
	      Recent work suggests that countries with good institutions
 can escape the resource curse. This article shows that in the developing
 countries where the curse is of primary concern, institutional quality
 does not seem to have much influence; instead, it appears that it is a
 country's policies which play a significant role in neutralizing the
 negative impact of resource abundance. 	 
Journal: Applied Economics Letters 
Pages: 61-66 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719736 
File-URL: http://hdl.handle.net/10.1080/13504850701719736 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:61-66




Template-Type: ReDIF-Article 1.0
Author-Name: Hubert Ooghe 
Author-X-Name-First: Hubert 
Author-X-Name-Last: Ooghe 
Author-Name: Christophe Spaenjers 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Spaenjers 
Title: A note on performance measures for business failure prediction models 
Abstract:
	      This note briefly describes three performance measures that
 can be used in business failure prediction models: the unweighted error
 rate (UER), D-max and the Gini-coefficient. The use of these measures (and
 the mathematical relationship between them) is illustrated with numerical
 examples. We hope that this note may help the reader to better understand
 (and possibly use) these classification criteria.	    
Journal: Applied Economics Letters 
Pages: 67-70 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719769 
File-URL: http://hdl.handle.net/10.1080/13504850701719769 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:67-70




Template-Type: ReDIF-Article 1.0
Author-Name: Jie Liu 
Author-X-Name-First: Jie 
Author-X-Name-Last: Liu 
Author-Name: Zaixia Hu 
Author-X-Name-First: Zaixia 
Author-X-Name-Last: Hu 
Author-Name: Shaohua Tan 
Author-X-Name-First: Shaohua 
Author-X-Name-Last: Tan 
Title: Cross-sectional stock return analysis using support vector regression 
Abstract:
	      We adopt &epsilon;-Support Vector Regression, a nonlinear
 regression method, to analyse the relationship between stock return and
 explanatory factors. Computational results show &epsilon;-SVR outperforms
 significantly the Ordinary Least Squares linear regression with a much
 higher <italic>R</italic>		  -super-2 and a lower standard
 error. 	 
Journal: Applied Economics Letters 
Pages: 71-74 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719777 
File-URL: http://hdl.handle.net/10.1080/13504850701719777 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:71-74




Template-Type: ReDIF-Article 1.0
Author-Name: Cristian Dragos 
Author-X-Name-First: Cristian 
Author-X-Name-Last: Dragos 
Title: ROC curve for discrete choice models an application to the Romanian car market 
Abstract:
	      In this article we define the Receiver Operating
 Characteristics (ROC) curve for discrete choice models, both for an
 alternative of choice and globally, for the whole set of alternatives. One
 application depicts the differences that may occur between two models
 based on this criterion.	   
Journal: Applied Economics Letters 
Pages: 75-79 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719793 
File-URL: http://hdl.handle.net/10.1080/13504850701719793 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:75-79




Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Stav�rek 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Stav�rek 
Title: Exchange rate volatility and the asymmetric fluctuation band on the way to the Eurozone 
Abstract:
	      It is highly probable that the fulfillment of the exchange
 rate stability convergence criterion (ERSC) in the European Union (EU) New
 Member States (NMS) will be evaluated within the asymmetric fluctuation
 bank around the central parity. Obviously, there is a necessity for
 analysis of the asymmetric effects in the NMS and candidate countries
 exchange rate volatility. In this article, the TARCH model extended by the
 concept of implicit target exchange rate is applied on daily data from
 seven NMS and candidate countries. The results suggest that symptoms of
 asymmetry were found in volatility of almost all exchange rates while some
 pose a potential threat to fulfillment of the criterion. By contrast, the
 most positive results were revealed in Slovakia where the increase in the
 exchange rate volatility is driven by the appreciation of the national
 currency and the appreciation-side deviation from the target exchange
 rate. Such a finding is consistent with the asymmetric fluctuation band
 which allows substantially larger deviations on the appreciation side.     
Journal: Applied Economics Letters 
Pages: 81-86 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719827 
File-URL: http://hdl.handle.net/10.1080/13504850701719827 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:81-86




Template-Type: ReDIF-Article 1.0
Author-Name: H. J�rges 
Author-X-Name-First: H. 
Author-X-Name-Last: J�rges 
Title: Health inequalities by education, income and wealth: a comparison of 11 European countries and the US 
Abstract:
	      I compare education-, income- and wealth-related health
 inequality using data from 11 European countries and the US. The health
 distributions in the US, England and France are relatively unequal
 independent of the stratifying variable, while Switzerland or Austria
 always have relatively equal distributions. Some countries such as Italy
 dramatically change ranks depending on the stratifying variable.	   
Journal: Applied Economics Letters 
Pages: 87-91 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719835 
File-URL: http://hdl.handle.net/10.1080/13504850701719835 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:87-91




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen L. Cheung 
Author-X-Name-First: Stephen L. 
Author-X-Name-Last: Cheung 
Title: A test of employer learning in the labour market for young Australians 
Abstract:
	      This paper reports a test of employer learning for a panel of
 young Australian men. The information contained in a test score is found
 to already be observed by employers at the time a worker enters the labour
 market. However the return to parental education is found to increase with
 experience, indicating that the attributes reflected in this variable are
 initially harder for employers to observe, and that learning occurs with
 respect to them. When the sample is partitioned by hiring channel, these
 effects are confined to workers who were recruited through less
 informative channels.		
Journal: Applied Economics Letters 
Pages: 93-98 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719850 
File-URL: http://hdl.handle.net/10.1080/13504850701719850 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:93-98




Template-Type: ReDIF-Article 1.0
Author-Name: Konstantin Gluschenko 
Author-X-Name-First: Konstantin 
Author-X-Name-Last: Gluschenko 
Title: Price mobility of locations 
Abstract:
	      This article applies the concept of mobility to
 cross-location price dynamics. Exploiting data on prices across Russian
 regions over 1994-2000, a contribution of relative and absolute mobility
 of regions to price convergence among them is analysed.	  
Journal: Applied Economics Letters 
Pages: 99-103 
Issue: 1 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719868 
File-URL: http://hdl.handle.net/10.1080/13504850701719868 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:1:p:99-103




Template-Type: ReDIF-Article 1.0
Author-Name: Ant�nio Afonso 
Author-X-Name-First: Ant�nio 
Author-X-Name-Last: Afonso 
Title: Expansionary fiscal consolidations in Europe: new evidence 
Abstract:
	      Using alternative approaches to determine fiscal episodes, I
 assess expansionary fiscal consolidations in Europe, via panel models for
 private consumption. There is some concurring evidence for several
 budgetary spending items while the asymmetric effects of fiscal episodes
 do not seem to be corroborated by the results. 	 
Journal: Applied Economics Letters 
Pages: 105-109 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719892 
File-URL: http://hdl.handle.net/10.1080/13504850701719892 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:105-109




Template-Type: ReDIF-Article 1.0
Author-Name: Joseph P. Byrne 
Author-X-Name-First: Joseph P. 
Author-X-Name-Last: Byrne 
Author-Name: Michela Vecchi 
Author-X-Name-First: Michela 
Author-X-Name-Last: Vecchi 
Title: Does labour productivity flow across industries? Estimation robust to panel heterogeneity and cross sectional correlation 
Abstract:
	      We consider labour productivity convergence between the
 United States and the United Kingdom and France, using industry level
 data. We find evidence of panel heterogeneity, cross sectional correlation
 and weak evidence of productivity convergence at the industry level.	    
Journal: Applied Economics Letters 
Pages: 111-115 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719967 
File-URL: http://hdl.handle.net/10.1080/13504850701719967 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:111-115




Template-Type: ReDIF-Article 1.0
Author-Name: Adrian Gourlay 
Author-X-Name-First: Adrian 
Author-X-Name-Last: Gourlay 
Author-Name: Jonathan Seaton 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Seaton 
Title: Modelling product and foreign market diversification decisions for UK firms 
Abstract:
	      This article contributes to the firm market diversification
 literature by using a bivariate probit model analogous to SURE vs. OLS for
 probit estimation to examine the market diversification decisions for a
 panel of UK firms. We extend the current literature to include director
 remuneration and firm-specific exchange rates. We find that firm size,
 wages, R&D, directors remuneration and the level and variability of
 exchange rates all have a significant impact on the probability of a firm
 diversifying into foreign markets.	     
Journal: Applied Economics Letters 
Pages: 117-120 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719918 
File-URL: http://hdl.handle.net/10.1080/13504850701719918 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:117-120




Template-Type: ReDIF-Article 1.0
Author-Name: Derek Bond 
Author-X-Name-First: Derek 
Author-X-Name-Last: Bond 
Author-Name: Michael J. Harrison 
Author-X-Name-First: Michael J. 
Author-X-Name-Last: Harrison 
Author-Name: Edward J. O'Brien 
Author-X-Name-First: Edward J. 
Author-X-Name-Last: O'Brien 
Title: Exploring nonlinearity with random field regression 
Abstract:
	      Random field regression models provide an extremely flexible
 way to investigate nonlinearity in economic data. This article introduces
 a new approach to interpreting such models, which may allow for improved
 inference about the possible parametric specification of nonlinearity.     
Journal: Applied Economics Letters 
Pages: 121-124 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701720080 
File-URL: http://hdl.handle.net/10.1080/13504850701720080 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:121-124




Template-Type: ReDIF-Article 1.0
Author-Name: Timo Baas 
Author-X-Name-First: Timo 
Author-X-Name-Last: Baas 
Author-Name: Herbert Br�cker 
Author-X-Name-First: Herbert 
Author-X-Name-Last: Br�cker 
Title: Macroeconomic impact of Eastern enlargement on Germany and UK: evidence from a CGE model 
Abstract:
	      The Eastern enlargement of the EU is accompanied by a
 substantial increase in trade, capital movements and migration between the
 incumbent and the new member states. This article examines the effects of
 these trade and factor flows on Germany and United Kingdom using a CGE
 model which considers wage rigidities. We find that Eastern enlargement
 positively impact real GDP, wages and employment in both economies. The
 effects are substantially larger than those found in previous studies.     
Journal: Applied Economics Letters 
Pages: 125-128 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701720098 
File-URL: http://hdl.handle.net/10.1080/13504850701720098 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:125-128




Template-Type: ReDIF-Article 1.0
Author-Name: Junya Masuda 
Author-X-Name-First: Junya 
Author-X-Name-Last: Masuda 
Title: Residual-based tests forcointegration with gradual switching 
Abstract:
	      In this article, we propose residual-based tests for
 cointegration in models with gradual switching. The cointegration test
 proposed by Gregory and Hansen (1996) is employed to consider the
 structural break. However, this test has not been considered in the case
 of gradual switching. Therefore, we extend this test by considering
 gradual switching. We derive the asymptotic distribution and critical
 values of the test statistics. 	 
Journal: Applied Economics Letters 
Pages: 129-133 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701720023 
File-URL: http://hdl.handle.net/10.1080/13504850701720023 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:129-133




Template-Type: ReDIF-Article 1.0
Author-Name: Tobias Hagen 
Author-X-Name-First: Tobias 
Author-X-Name-Last: Hagen 
Title: Effects of parliamentary elections on primary budget deficits in OECD countries - robustness of the results with regard to alternative econometric estimators 
Abstract:
	      Using an unbalanced panel of OECD countries for the period
 1989 to 2005, the study tests the political budget cycle hypothesis
 empirically. The econometric approach is based on the equation proposed by
 Bohn (1998) for testing the sustainability of fiscal policy and various
 panel estimators. The empirical results strongly support the hypothesis of
 smaller primary surpluses (only) in election years. Brender and Drazen's
 (2005) result - an election effect exists only in new democracies - cannot
 be verified.	       
Journal: Applied Economics Letters 
Pages: 135-139 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701720015 
File-URL: http://hdl.handle.net/10.1080/13504850701720015 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:135-139




Template-Type: ReDIF-Article 1.0
Author-Name: Herv� Queneau 
Author-X-Name-First: Herv� 
Author-X-Name-Last: Queneau 
Author-Name: Amit Sen 
Author-X-Name-First: Amit 
Author-X-Name-Last: Sen 
Title: On the persistence of the gender unemployment gap: evidence from eight OECD countries 
Abstract:
	      We examine the extent of persistence in the gender
 unemployment gap of eight OECD countries: Australia, Canada, Finland,
 France, Germany, Italy, Japan and the United States using data over the
 period 1965 to 2002. Although we are unable to reject the unit root null
 hypothesis for all countries with the exception of Finland and Italy, the
 half-life measure suggests that the extent of persistence is relatively
 low for all countries. 	 
Journal: Applied Economics Letters 
Pages: 141-145 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701720007 
File-URL: http://hdl.handle.net/10.1080/13504850701720007 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:141-145




Template-Type: ReDIF-Article 1.0
Author-Name: Bedassa Tadesse 
Author-X-Name-First: Bedassa 
Author-X-Name-Last: Tadesse 
Author-Name: Roger White 
Author-X-Name-First: Roger 
Author-X-Name-Last: White 
Title: Cultural distance as a determinant of bilateral trade flows: do immigrants counter the effect of cultural differences? 
Abstract:
	      We introduce 'cultural distance' as a measure of the degree
 to which shared norms and values in one country differ from those in
 another country, and employ a modified gravity specification to examine
 whether such cultural differences affect the volume of trade flows.
 Employing data for US state-level exports to the 75 trading partners for
 which measures of cultural distance can be constructed, we find that
 greater cultural differences between the United States and a trading
 partner reduces state-level exports to that country. This result holds for
 aggregate exports, cultural and noncultural products exports as well, but
 with significantly different magnitudes. Immigrants are found to exert a
 pro-export effect that partially offsets the trade-inhibiting effects of
 cultural distance.	     
Journal: Applied Economics Letters 
Pages: 147-152 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719983 
File-URL: http://hdl.handle.net/10.1080/13504850701719983 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:147-152




Template-Type: ReDIF-Article 1.0
Author-Name: Richard J. Cebula 
Author-X-Name-First: Richard J. 
Author-X-Name-Last: Cebula 
Author-Name: Michael Toma 
Author-X-Name-First: Michael 
Author-X-Name-Last: Toma 
Title: Determinants of interstate differentials in the cost of housing, 2006 
Abstract:
	      This empirical study investigates determinants of interstate
 differentials in the cost of housing for the year 2006. While the
 literature on geographic cost-of-living differentials is well developed,
 the literature on geographic cost-of-housing (as opposed to housing-price)
 differentials is much less so. Housing costs consist of the price of
 housing <italic>per se</italic> for owners or rental payments per se for
 renters plus utility costs. The significance of this research is elevated
 by the fact that the cost of housing is the main driver of cost-of-living
 differences between states. The OLS results imply that the cost of housing
 in a state is positively a function of the state's median family income,
 its heating degree days, and its mean January temperature, and negatively
 a function of toxic waste releases in the state, the state's property
 crime rate, and the presence of right-to-work laws in the state.	   
Journal: Applied Economics Letters 
Pages: 153-157 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719900 
File-URL: http://hdl.handle.net/10.1080/13504850701719900 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:153-157




Template-Type: ReDIF-Article 1.0
Author-Name: Shyh-Wei Chen 
Author-X-Name-First: Shyh-Wei 
Author-X-Name-Last: Chen 
Title: Is the arms race between the PRC and Taiwan simply a myth? The long-run and causal relationship between their defence spending ratios 
Abstract:
	      This article investigates the long-run and causal
 relationship between the defence spending-GDP ratios of the People's
 Republic of China and Taiwan. The results clearly indicate that there is a
 long-run level equilibrium relationship between the ratio of defence
 spending of mainland China and that of Taiwan. The estimated long-run
 relationship shows that this level relationship is negative, indicative of
 a convergence phenomenon for the defence spending ratios of the two
 rivals. Moreover, causality test results substantiate that there is
 neutrality between the defence spending ratios of the PRC and of Taiwan in
 the short run but long-run causality running from Taiwan to the PRC. Based
 on the causality results, it is concluded that there is no arms race
 between the PRC and Taiwan.	      
Journal: Applied Economics Letters 
Pages: 159-164 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719884 
File-URL: http://hdl.handle.net/10.1080/13504850701719884 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:159-164




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Weinbach 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Weinbach 
Author-Name: R. Paul 
Author-X-Name-First: R. 
Author-X-Name-Last: Paul 
Title: Transfer payment distribution and increases in gambling activity 
Abstract:
	      Attendance and wagering volume is examined at a greyhound
 racing track to determine if the distribution of transfer checks resulted
 in significant increases in these variables. Specifically, the impact of
 United States Social Security and federal assistance checks, which were
 released on the third of the month during the time frame studied, are
 investigated. Significant increases on check day were found for both
 attendance at the track and for betting volume in dollars. Lump-sum
 transfers from the government appear to lead to increases in gambling
 activity for liquidity-constrained consumers.		
Journal: Applied Economics Letters 
Pages: 165-167 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719926 
File-URL: http://hdl.handle.net/10.1080/13504850701719926 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:165-167




Template-Type: ReDIF-Article 1.0
Author-Name: W. A. Razzak 
Author-X-Name-First: W. A. 
Author-X-Name-Last: Razzak 
Author-Name: J. Timmins 
Author-X-Name-First: J. 
Author-X-Name-Last: Timmins 
Title: Education and labour productivity in New Zealand 
Abstract:
	      We estimate the effect of four types of education
 qualifications, as a proxy for human capital and skill levels, on GDP per
 capita, and compute the average percentage returns. We also test the
 effect of the product of each proxy of human capital with R&D on GDP per
 capita. We find that only university qualification and its product with
 R&D to have a positive effect on the average economy-wide productivity.    
Journal: Applied Economics Letters 
Pages: 169-173 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719942 
File-URL: http://hdl.handle.net/10.1080/13504850701719942 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:169-173




Template-Type: ReDIF-Article 1.0
Author-Name: F. X. Aguilar 
Author-X-Name-First: F. X. 
Author-X-Name-Last: Aguilar 
Author-Name: R. P. Vlosky 
Author-X-Name-First: R. P. 
Author-X-Name-Last: Vlosky 
Title: Gender differences in determinants of job satisfaction among cooperative extension workers in the United States 
Abstract:
	      This study compares levels of job satisfaction among male and
 female cooperative extension workers in the United States. There is a high
 level of job satisfaction among cooperative extension workers and no
 statistically significant differences between males and females. However,
 when modelling job satisfaction as a function of (1)
 Control/Autonomy/Influence, (2) Challenge, (3) Performance Measures, (4)
 Feedback, (5)Instrumentality and (6) Stability/Security, we detect gender
 differences. Women place a higher importance on job Stability/Security as
 a factor influencing job satisfaction. However, the levels of Feedback and
 Instrumentality are less important determinants of job satisfaction to
 females than to males. 	 
Journal: Applied Economics Letters 
Pages: 175-179 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719959 
File-URL: http://hdl.handle.net/10.1080/13504850701719959 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:175-179




Template-Type: ReDIF-Article 1.0
Author-Name: Ferdinand Mager 
Author-X-Name-First: Ferdinand 
Author-X-Name-Last: Mager 
Author-Name: Tobias Jesswein 
Author-X-Name-First: Tobias 
Author-X-Name-Last: Jesswein 
Title: The fundamental performance of newly privatized firms: evidence from continental Europe 
Abstract:
	      We examine the fundamental performance of 32 companies from
 10 Continental European countries that were privatized through public
 share offerings since 1992. We document strong performance improvements.
 Specifically, after being privatized, firms significantly increase real
 sales, become more profitable and improve their operating efficiency. The
 results remain robust when we split our data into subsamples of companies
 in regulated and nonregulated industries. Although employment does not
 change significantly, it decreases in regulated industries.	      
Journal: Applied Economics Letters 
Pages: 181-186 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719934 
File-URL: http://hdl.handle.net/10.1080/13504850701719934 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:181-186




Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Andrew Batten 
Author-X-Name-First: Jonathan Andrew 
Author-X-Name-Last: Batten 
Author-Name: Brian M. Lucey 
Author-X-Name-First: Brian M. 
Author-X-Name-Last: Lucey 
Title: Volatility in the gold futures market 
Abstract:
	      We investigate the volatility structure of gold, trading as a
 futures contract on the Chicago Board of Trade using intraday (high
 frequency) data from January 1999 to December 2005. Apart from
 investigating the now familiar GARCH properties we also utilize a rarely
 used measure of volatility - the Garman Klass estimator - to provide new
 insights in intraday and interday volatility. This nonparametric measure
 incorporates the open, close, high and low price within a particular time
 interval. Both sets of results suggest significant variation across the
 trading day and week consistent with microstructure theories, although
 volatility is only slightly positively correlated with volume when
 measured by tick-count.	  
Journal: Applied Economics Letters 
Pages: 187-190 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719991 
File-URL: http://hdl.handle.net/10.1080/13504850701719991 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:187-190




Template-Type: ReDIF-Article 1.0
Author-Name: Tin-Chin Lin 
Author-X-Name-First: Tin-Chin 
Author-X-Name-Last: Lin 
Title: Teacher quality and student performance: the case of Pennsylvania 
Abstract:
	      In this article, alternative proxies for teacher quality and
 student performance were developed for an empirical analysis. Both
 education-level elasticity of teacher-quality and teaching-years
 elasticity of teacher-quality were estimated. The analysis showed a
 positive and significant relationship between teacher quality and student
 performance.	       
Journal: Applied Economics Letters 
Pages: 191-195 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701719975 
File-URL: http://hdl.handle.net/10.1080/13504850701719975 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:191-195




Template-Type: ReDIF-Article 1.0
Author-Name: L. Gutierrez 
Author-X-Name-First: L. 
Author-X-Name-Last: Gutierrez 
Title: Simple tests for cointegration in panels with structural breaks 
Abstract:
	      In the article we propose new panel cointegration tests which
 allow for structural breaks. We show that the panel tests have good size
 and power. We apply the test statistics to the analysis of the
 Feldstein-Horioka puzzle for a sample of 16 OCDE countries. After allowing
 for breaks, we find strong evidence that investment and saving rates are
 cointegrated.		
Journal: Applied Economics Letters 
Pages: 197-200 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701720049 
File-URL: http://hdl.handle.net/10.1080/13504850701720049 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:197-200




Template-Type: ReDIF-Article 1.0
Author-Name: David Tomberlin 
Author-X-Name-First: David 
Author-X-Name-Last: Tomberlin 
Author-Name: Garth Holloway 
Author-X-Name-First: Garth 
Author-X-Name-Last: Holloway 
Title: Bayesian hierarchical estimationof technical efficiency in a fishery 
Abstract:
	      This article presents a Bayesian hierarchical approach to
 estimating stochastic production frontiers in fisheries. Based on our
 application of this approach to the US West Coast hake fishery, we
 conclude that (1) panel models with hierarchical structure to allow for
 boat- and year-specific efficiency measures are preferable to simpler
 specifications, and (2) there appears to have been a progressive outward
 shift in the efficient frontier in the shore-based hake fishery during
 1987-2003.	     
Journal: Applied Economics Letters 
Pages: 201-204 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701720056 
File-URL: http://hdl.handle.net/10.1080/13504850701720056 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:201-204




Template-Type: ReDIF-Article 1.0
Author-Name: Philip L. Hersch 
Author-X-Name-First: Philip L. 
Author-X-Name-Last: Hersch 
Title: Customer discrimination against black major league baseball pitchers reconsidered 
Abstract:
	      The proposition that customer prejudices reduce attendance at
 major league baseball games with black starting pitchers is re-examined.
 In contrast to earlier studies, no such effect is found.	   
Journal: Applied Economics Letters 
Pages: 205-208 
Issue: 2 
Volume: 17 
Year: 2010 
Month: 1 
X-DOI: 10.1080/13504850701720031 
File-URL: http://hdl.handle.net/10.1080/13504850701720031 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:2:p:205-208




Template-Type: ReDIF-Article 1.0
Author-Name: H. Yilmazkuday 
Author-X-Name-First: H. 
Author-X-Name-Last: Yilmazkuday 
Title: The effects of currency crises on the long-run growth 
Abstract:
	      We attempt to analyse the effects of the currency crises on
 the long-run growth by using a cross-sectional country dataset. After
 controlling for the post-crisis period, we find that the effects of the
 currency crises on the long-run growth are strictly negative and
 significant. We also find that the negative effects of the currency crises
 on the long-run growth increase as the number of the currency crises
 increases.	     
Journal: Applied Economics Letters 
Pages: 209-212 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720148 
File-URL: http://hdl.handle.net/10.1080/13504850701720148 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:3:p:209-212




Template-Type: ReDIF-Article 1.0
Author-Name: Shakil Quayes 
Author-X-Name-First: Shakil 
Author-X-Name-Last: Quayes 
Title: The impact of capital gains tax exemption on housing sales 
Abstract:
	      The Taxpayer Relief Act (TRA), enacted in 1997, allows tax
 exemption of capital gains up to $500 000 for married couples filing
 jointly and $250 000 for singles, on the sale of primary residence. By
 making it easier to sell a house that has appreciated in price, this tax
 exemption provides an additional incentive for purchasing a house. The
 study utilizes a simple regression model to demonstrate that TRA has had a
 statistically significant positive impact on housing sales.	      
Journal: Applied Economics Letters 
Pages: 213-216 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720205 
File-URL: http://hdl.handle.net/10.1080/13504850701720205 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:3:p:213-216




Template-Type: ReDIF-Article 1.0
Author-Name: Sung Yong Park 
Author-X-Name-First: Sung Yong 
Author-X-Name-Last: Park 
Author-Name: Sang Young Jei 
Author-X-Name-First: Sang Young 
Author-X-Name-Last: Jei 
Title: Determinants of volatility on international tourism demand for South Korea: an empirical note 
Abstract:
	      This article examines volatility and its determinants of
 international tourism demand for Korea. Based on the exponential
 generalized autoregressive heteroskedasticity model, some evidences are
 found such that the leverage effects are presented in the tourism demand,
 and the determinants of volatility are country specific. The finding
 illustrates that the specific characteristics of a particular origin
 country should be taken into account to develop policies or plans for
 tourism industries.	      
Journal: Applied Economics Letters 
Pages: 217-223 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720924 
File-URL: http://hdl.handle.net/10.1080/13504850701720924 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:3:p:217-223




Template-Type: ReDIF-Article 1.0
Author-Name: Tom Hertz 
Author-X-Name-First: Tom 
Author-X-Name-Last: Hertz 
Title: Heteroskedasticity-robust elasticities in logarithmic and two-part models 
Abstract:
	      Logarithmic models are widely used to study highly skewed
 positive outcomes, either alone or in combination with an equation that
 first distinguishes between zero and nonzero values (the two-part model).
 A well-known drawback of such models is that to obtain marginal effects
 that pertain to the arithmetic mean, rather than the mean of logs, we must
 exponentiate, and this retransformation is complicated in the presence of
 heteroskedasticity. This article presents a simple method for correcting
 estimated elasticities for the effects of heteroskedasticity, in both
 log-linear and log-log (constant elasticity) equations. An example,
 drawing on Bulgarian farm survey data, demonstrates that this correction
 leads to significantly different estimates of the elasticity of
 expenditures on agricultural inputs with respect to land area and the age
 of the household head. 	 
Journal: Applied Economics Letters 
Pages: 225-228 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720239 
File-URL: http://hdl.handle.net/10.1080/13504850701720239 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:3:p:225-228




Template-Type: ReDIF-Article 1.0
Author-Name: Mark J. Holmes 
Author-X-Name-First: Mark J. 
Author-X-Name-Last: Holmes 
Author-Name: Brian Silverstone 
Author-X-Name-First: Brian 
Author-X-Name-Last: Silverstone 
Title: Business confidence and cyclical turning points: a Markov-switching approach 
Abstract:
	      Markov regime-switching analysis is used to consider the
 relationship between business confidence and the probability of turning
 points in cyclical GDP. We find, in an application to New Zealand, that
 confidence is related to both the deepness and duration of the business
 cycle and is asymmetric regarding the probability of the economy remaining
 in a given regime. Overall, the New Zealand business confidence series is
 a useful indicator of cyclical turning points. 	 
Journal: Applied Economics Letters 
Pages: 229-233 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720247 
File-URL: http://hdl.handle.net/10.1080/13504850701720247 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:3:p:229-233




Template-Type: ReDIF-Article 1.0
Author-Name: Yihua Yu 
Author-X-Name-First: Yihua 
Author-X-Name-Last: Yu 
Title: Determinants of variations in state per capita personal income: a panel data approach 
Abstract:
	      This article employs a panel data analysis to examine factors
 that affect variations in state real per capita personal income (PCPI) by
 using a panel of 48 contiguous US states over the period 1950-2000. The
 preferred Panel-Corrected Standard Errors (PCSE) approach reveals that the
 important explanatory variables are, respectively, the percentage of the
 population with a college education (COLLEGE), the percentage of the
 population with a high school education (HIGHSCHOOL), the percentage of
 the population employed in the manufacturing sector (MANUFACTURING), the
 percentage of population employed in the service sector (SERVICE) and the
 percentage of the population that was African American (BLACK). The
 results are found to be sensitive to estimation technique, suggesting
 formal model misspecification tests are required in order to choose an
 approach with better statistical properties.	       
Journal: Applied Economics Letters 
Pages: 235-239 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720213 
File-URL: http://hdl.handle.net/10.1080/13504850701720213 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:3:p:235-239




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Tillmann 
Author-X-Name-First: Peter 
Author-X-Name-Last: Tillmann 
Title: A note on the stability of the New Keynesian Phillips Curve in Europe 
Abstract:
	      This note investigates how the explanatory power of the
 forward-looking New Keynesian Phillips Curve evolves over time. We exploit
 the present-value implications of the model and use VAR forecasts to
 assess whether the model matches the behaviour of actual inflation in the
 Euro area. A set of rolling regressions shows that the model's explanatory
 power varies substantially over the sample. Regime changes in the
 underlying monetary framework, i.e. realignment crises in the European
 Monetary System, the Maastricht treaty and, eventually, the introduction
 of European Monetary Union, are reflected in a deterioration of the
 model's explanatory power.	     
Journal: Applied Economics Letters 
Pages: 241-245 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720262 
File-URL: http://hdl.handle.net/10.1080/13504850701720262 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:3:p:241-245




Template-Type: ReDIF-Article 1.0
Author-Name: Martin S�derstr�m 
Author-X-Name-First: Martin 
Author-X-Name-Last: S�derstr�m 
Title: Wage scales and centralized bargaining - a binding constraint on the wage-setting? 
Abstract:
	      The wage-setting for Swedish teachers was up and until 1996
 characterized by centralized bargaining and wage scales. According to the
 scales, wages were exclusively determined by teacher type and years in the
 profession. In 1996, the scale system was replaced by individual wage
 bargaining. This study uses this change in bargaining structure to examine
 whether the scale system was a binding constraint on the wage-setting. The
 results suggest that the scales did impose such a constraint, since the
 earnings structure changed after the reform. More precisely, entry-wages
 and earnings dispersion increased.	     
Journal: Applied Economics Letters 
Pages: 247-250 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720155 
File-URL: http://hdl.handle.net/10.1080/13504850701720155 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:3:p:247-250




Template-Type: ReDIF-Article 1.0
Author-Name: Ajay Singh Behl 
Author-X-Name-First: Ajay Singh 
Author-X-Name-Last: Behl 
Title: Children and labour supply 
Abstract:
	      This article analyses the role of parents' expected payoffs
 of children and their labour supply. It uses the current education and
 income status of the parent and the educational expectations, health and
 behaviour problems of the child in order to form the expectations
 regarding the payoffs. We use a three stage (child, adult and old) model
 for individuals in order to capture the trade-off between supply of labour
 in the adult stage and consumption (from savings, investments and
 transfers from government and child) in the old age. The labour supply
 increases with the educational expectations, hopefulness and expected
 future income of the parent.	       
Journal: Applied Economics Letters 
Pages: 251-255 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720072 
File-URL: http://hdl.handle.net/10.1080/13504850701720072 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:17:y:2010:i:3:p:251-255




Template-Type: ReDIF-Article 1.0
Author-Name: Am�lie Charles 
Author-X-Name-First: Am�lie 
Author-X-Name-Last: Charles 
Title: Does the day-of-the-week effect on volatility improve the volatility forecasts? 
Abstract:
	      This study tests the presence of the day-of-the-week effect
 on stock market volatility of six European stock markets. Using a GARCH or
 GARCH-GJR specifications for the variance equation, we find that the day
 of week effect is present in volatility equation. Finally, we test whether
 the statistically significant in-sample findings regarding seasonality in
 volatility lead to better out-of-sample forecasts of volatility.	   
Journal: Applied Economics Letters 
Pages: 257-262 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720106 
File-URL: http://hdl.handle.net/10.1080/13504850701720106 
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Template-Type: ReDIF-Article 1.0
Author-Name: Harald Badinger 
Author-X-Name-First: Harald 
Author-X-Name-Last: Badinger 
Title: Globalization, Taylor rulesand inflation 
Abstract:
	      This article provides evidence that globalization has
 contributed to global disinflation by making policy makers more aggressive
 towards fighting inflation. We estimate Taylor rules for 83 countries over
 the period 1985 to 2004 and find that the relative weight attached to the
 output gap is negatively related to trade and financial openness in a
 simple cross-section model. This result does not hold up for the OECD
 subsample, suggesting that this group of countries has successfully solved
 the time inconsistency problem and uncoupled central bank behaviour from
 otherwise relevant determinants of the inflation bias. 	 
Journal: Applied Economics Letters 
Pages: 263-267 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720114 
File-URL: http://hdl.handle.net/10.1080/13504850701720114 
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Handle: RePEc:taf:apeclt:v:17:y:2010:i:3:p:263-267




Template-Type: ReDIF-Article 1.0
Author-Name: Raphael Franck 
Author-X-Name-First: Raphael 
Author-X-Name-Last: Franck 
Title: What do macroeconomic and political-economy data tell us about economic freedom? 
Abstract:
	      We use OLS cross-country regressions and a competitive neural
 network approach to evaluate the performance of macroeconomic and
 political-economy data in assessing economic freedom. Our results point to
 a reasonable performance of the cross-sectional approach in explaining
 economic freedom scores but to a poor performance of the neural network
 approach in replicating country rankings provided by the Index of Economic
 Freedom. Our results thus justify the use of qualitative elements but at
 the same time call in question the relevance of macroeconomic data in the
 construction of economic freedom rankings	    
Journal: Applied Economics Letters 
Pages: 269-272 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720122 
File-URL: http://hdl.handle.net/10.1080/13504850701720122 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Gausden 
Author-X-Name-First: Robert 
Author-X-Name-Last: Gausden 
Title: The relationship between the price of oil and macroeconomic performance: empirical evidence for the UK 
Abstract:
	      This study adopts a vector autoregressive (VAR) approach
 towards investigating the relationship between the price of oil and UK
 macroeconomic performance over the period of floating exchange rates. Its
 distinctive feature is the allowance for a systematic variation in the
 macroeconomic effects of a change in the price of oil, in recognition of
 fundamental developments which have occurred with respect to the structure
 of the UK economy. Empirical analysis indicates that the accommodation of
 this characteristic within a VAR model increases both the prominence and
 the pervasiveness of the impact of an oil price shock. 	 
Journal: Applied Economics Letters 
Pages: 273-278 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720130 
File-URL: http://hdl.handle.net/10.1080/13504850701720130 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vicky Bamiatzi 
Author-X-Name-First: Vicky 
Author-X-Name-Last: Bamiatzi 
Author-Name: Konstantinos Bozos 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Bozos 
Author-Name: Konstantinos Nikolopoulos 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Nikolopoulos 
Title: On the predictability of firm performance via simple time-series and econometric models: evidence from UK SMEs 
Abstract:
	      This article examines the predictive accuracy of simple
 time-series and econometric models on forecasting firm performance in
 terms of sales turnover. Evidence from Small and Medium sized Enterprises
 (SMEs) in the United Kingdom are presented. The study identifies
 operational rules under which the class of simple econometric regression
 models is more accurate than simple time-series forecasting alternatives,
 thus more appropriate to back-up multiple investment decisions.	  
Journal: Applied Economics Letters 
Pages: 279-282 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720163 
File-URL: http://hdl.handle.net/10.1080/13504850701720163 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. A. Batten 
Author-X-Name-First: J. A. 
Author-X-Name-Last: Batten 
Author-Name: P. G. Szilagyi 
Author-X-Name-First: P. G. 
Author-X-Name-Last: Szilagyi 
Title: Is covered interest parity arbitrage extinct? Evidence from the spot USD/Yen 
Abstract:
	      We investigate the long-term covered interest parity (CIP)
 relationship between the US dollar and the Japanese yen. We find that the
 CIP relation tends to be one way and favours those with the ability to
 borrow US dollars. Regression analysis reveals that negative changes in
 spot exchange rates, positive changes in US interest rates and negative
 changes in yen interest rates generally affect the deviation from parity.
 Evidence of declining deviations from equilibrium over the sample period
 is consistent with a more efficient trading environment.	   
Journal: Applied Economics Letters 
Pages: 283-287 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720189 
File-URL: http://hdl.handle.net/10.1080/13504850701720189 
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Template-Type: ReDIF-Article 1.0
Author-Name: Horst Feldmann 
Author-X-Name-First: Horst 
Author-X-Name-Last: Feldmann 
Title: Government size and unemployment in developing countries 
Abstract:
	      Using data from 52 developing countries, this article
 analyses how the size of government affects unemployment. It tackles the
 reverse causality issue by instrumenting for the government size variable.
 According to the regression results, a large government sector is likely
 to increase the unemployment rate. The magnitude of the effect appears to
 be substantial, both among the total labour force as well as among women
 and young people. Furthermore, the estimates indicate that a large
 government sector is likely to substantially increase the share of
 long-term unemployed in the total number of unemployed. The results are
 robust to variations in specification. 	 
Journal: Applied Economics Letters 
Pages: 289-292 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720221 
File-URL: http://hdl.handle.net/10.1080/13504850701720221 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthew J. Higgins 
Author-X-Name-First: Matthew J. 
Author-X-Name-Last: Higgins 
Author-Name: Andrew T. Young 
Author-X-Name-First: Andrew T. 
Author-X-Name-Last: Young 
Author-Name: Daniel Levy 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Levy 
Title: Robust correlates of county-level growth in the United States 
Abstract:
	      Higgins <italic>et al</italic>. (2006), report several
 statistically significant partial correlates with US per capita income
 growth. However, Levine and Renelt (1992) demonstrate that such
 correlations are hardly ever robust to changing the combination of
 conditioning variables included. We ask, whether the same is true for the
 variables identified as important by Higgins <italic>et al</italic>. Using
 the extreme bounds analysis of Levine and Renelt, we find that the
 majority of the partial correlations can be accepted as robust. The
 variables associated with those partial correlations stand solidly as
 variables of interest for future studies of US growth. 	 
Journal: Applied Economics Letters 
Pages: 293-296 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720254 
File-URL: http://hdl.handle.net/10.1080/13504850701720254 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kazumine Kondo 
Author-X-Name-First: Kazumine 
Author-X-Name-Last: Kondo 
Title: Do ATMs influence bankprofitability in Japan? 
Abstract:
	      Holden and El-Bannany (2004) showed that Automated Teller
 Machines (ATMs) play an important role in increasing Return On Asset (ROA)
 in their analysis of banks in the United Kingdom. The present article
 investigates whether this conclusion also applies to Japanese banks. We
 found that ATMs do not have any influence on the ROA of Japanese banks;
 however, it was revealed that ATMs had positive effects on fees and
 commissions (income) from 2000 to 2003, and positive effects of ATMs on
 interest income were also seen recently. We conclude that in Japan, ATMs
 do not influence ROA, which includes the overall profits of bank
 transactions, but do contribute to particular businesses in that they can
 make the most of their abilities.	    
Journal: Applied Economics Letters 
Pages: 297-303 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701720379 
File-URL: http://hdl.handle.net/10.1080/13504850701720379 
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Template-Type: ReDIF-Article 1.0
Author-Name: Myoung Shik Choi 
Author-X-Name-First: Myoung Shik 
Author-X-Name-Last: Choi 
Title: Currency risks hedging for major and minor currencies: constant hedging versus speculative hedging 
Abstract:
	      Focusing on the recent experience of major and minor
 currencies, this study examines the effectiveness of constant hedge and
 speculative hedge respectively with the objective of identifying whether
 there are any significant differences between both hedges. Our finding is
 that the speculative hedge is very slightly more effective than the
 constant hedge in reducing the currency risk. This supports that the
 speculative hedge about major currencies can be a relevant hedging tool.
 The analysis also shows that our multiple currency futures hedge can be a
 good hedging instrument for some minor currencies such as Cyprus pound.    
Journal: Applied Economics Letters 
Pages: 305-311 
Issue: 3 
Volume: 17 
Year: 2010 
Month: 2 
X-DOI: 10.1080/13504850701735757 
File-URL: http://hdl.handle.net/10.1080/13504850701735757 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nam Anh Tran 
Author-X-Name-First: Nam Anh 
Author-X-Name-Last: Tran 
Author-Name: Gerald Shively 
Author-X-Name-First: Gerald 
Author-X-Name-Last: Shively 
Author-Name: Paul Preckel 
Author-X-Name-First: Paul 
Author-X-Name-Last: Preckel 
Title: A new method for detecting outliers in Data Envelopment Analysis 
Abstract:
  We introduce a simple method for detecting outliers in Data Envelopment
 Analysis. The method is based on two scalar measures. The first is the
 relative frequency with which an observation appears in the construction
 of the frontier when testing the efficiency of other observations, and the
 second is the cumulative weight of an observation in the construction of
 the frontier. We provide a link to computer programming code for
 implementing the procedure. 
Journal: Applied Economics Letters 
Pages: 313-316 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701765119 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701765119&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pasquale Scandizzo 
Author-X-Name-First: Pasquale 
Author-X-Name-Last: Scandizzo 
Author-Name: Marco Ventura 
Author-X-Name-First: Marco 
Author-X-Name-Last: Ventura 
Title: Estimating the value of natural resources under legal constraints: an application to marine resources in Sicily 
Abstract:
  In this article, we use the Contingent Evaluation methodology to develop
 an economic evaluation of natural resources in a protected marine area of
 Sicily. Assuming a nonnormal distribution for the ML estimation, the
 article shows that a variant of the stochastic utility model appears to
 capture well the dependence of the willingness to pay (WTP) on the
 socioeconomic characteristics of a sample of stakeholders of the natural
 resources in question. The estimates obtained are consistent and robust
 across different policy measures, no embedding or sequencing effects
 emerge and option values also appear to have been elicited in a consistent
 way. Once these values are added to the basic WTP, the income elasticities
 estimated fall in the range reported by other studies. 
Journal: Applied Economics Letters 
Pages: 317-323 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701735849 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735849&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lennart Flood 
Author-X-Name-First: Lennart 
Author-X-Name-Last: Flood 
Author-Name: Nizamul Islam 
Author-X-Name-First: Nizamul 
Author-X-Name-Last: Islam 
Author-Name: Thomas Sterner 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Sterner 
Title: Are demand elasticities affected by politically determined tax levels? Simultaneous estimates of gasoline demand and price 
Abstract:
  Raising the price of fossil fuels is a key component of any effective
 policy to deal with climate change. Just how effective such policies are
 is decided by the price elasticities of demand. Many papers have studied
 this without recognising that not only is there a demand side response:
 quantities are decided by the price but also there is a reverse causality:
 the level of consumption affects the political acceptability of the taxes
 which are the main component of the final price. Thus prices affect
 consumption and consumption levels, in turn, have an affect on taxes and
 thus consumer prices. This article estimates these functions
 simultaneously to show that there is indeed an effect on the demand
 elasticity. 
Journal: Applied Economics Letters 
Pages: 325-328 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701735864 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735864&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Suryadipta Roy 
Author-X-Name-First: Suryadipta 
Author-X-Name-Last: Roy 
Title: Is corruption anti-labour? 
Abstract:
  This article investigates the effect of corruption on trade openness in
 low-income and high-income countries. The results suggest corruption is
 anti-labour, since it reduces trade in low-income countries and increases
 trade in high-income countries. 
Journal: Applied Economics Letters 
Pages: 329-333 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701735856 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735856&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Arthur Caplan 
Author-X-Name-First: Arthur 
Author-X-Name-Last: Caplan 
Author-Name: Douglas Jackson-Smith 
Author-X-Name-First: Douglas 
Author-X-Name-Last: Jackson-Smith 
Author-Name: Sandy Marquart-Pyatt 
Author-X-Name-First: Sandy 
Author-X-Name-Last: Marquart-Pyatt 
Title: Does 'free-sampling' enhance the value of public goods? 
Abstract:
  This study investigates whether 'free sampling' enhances the value of
 public goods. Using data from a unique field experiment, we find that the
 WTP premium effect associated with a brief opportunity to consume a local
 public good for free is relatively small and temporary. It therefore may
 not be cost effective to offer free-participation incentives for public
 goods. 
Journal: Applied Economics Letters 
Pages: 335-339 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701735872 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735872&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Amy Moore 
Author-X-Name-First: Amy 
Author-X-Name-Last: Moore 
Author-Name: Michael Taylor 
Author-X-Name-First: Michael 
Author-X-Name-Last: Taylor 
Title: Waste not, even if it's free: an experimental explanation for apparently unprofitable promotions 
Abstract:
  This article highlights an intriguing finding that consumers are averse
 to wasting even items gotten for free, and provides waste-aversion as an
 explanation for the prevalence of store promotions that at first glance
 appear to be unprofitable to a store. 
Journal: Applied Economics Letters 
Pages: 341-343 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701748891 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701748891&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: Long memory in return volatility 
Abstract:
  This article reports, confirming evidence for long memory in the return
 volatility from equity, and foreign exchange markets with the newly
 proposed increment ratio statistic by Surgailis et al. (2007). The test is
 robust to changing means, slowly varying trends and other
 nonstationarities. In contrast to the widely held belief, we also find
 that the absolute returns have the most memory for all the markets
 examined here and that the so-called Taylor effect holds for the foreign
 exchange rate markets as well. 
Journal: Applied Economics Letters 
Pages: 345-349 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701748909 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701748909&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuka Takeda 
Author-X-Name-First: Yuka 
Author-X-Name-Last: Takeda 
Title: Equivalence scales for measuring poverty in transitional Russia: Engel's food share method and the subjective economic well-being method 
Abstract:
  This study estimates the equivalence scales for measuring poverty in
 transitional Russia using the Russia Longitudinal Monitoring Survey data
 of 1994 and 2002, i.e. before and after the 1998 economic crisis. To
 examine the robustness and plausibility of the two estimates, we compared
 the estimate results in both the periods. For constructing the equivalence
 scales, the costs of children and additional adults are estimated.
 Further, in order to investigate the most plausible equivalence scales for
 measuring poverty, the following two methods are employed for the
 estimations: Engel's food share method (Engel method) and the subjective
 economic well-being method (SW method). The estimation results show that
 the equivalence scales for a child, obtained from the Engel and SW
 methods, could be similar; however, the results for an additional adult
 are very different. It reveals that poverty evaluation is highly
 underestimated when the SW method is used. In conclusion, although the
 Engel method has a theoretical flaw, it might be more plausible than the
 SW method in the context of poverty evaluation for transitional Russia. 
Journal: Applied Economics Letters 
Pages: 351-355 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701748925 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701748925&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Tin 
Author-X-Name-First: Jan 
Author-X-Name-Last: Tin 
Title: The buffer stock model of money demand: evidence from panel data 
Abstract:
  One of the tenets of the buffer stock model of money demand is that
 transactions money balances are shock absorbers and transitory money
 balances would dissipate in the long run as actual money demand adjusts to
 its desired level following an unanticipated income shock. However, poor
 performance of the standard partial dynamic aggregate money demand model
 since the middle 1973s has seriously challenged the validity of the buffer
 stock model. Utilizing panel data, this study empirically shows that the
 speed of adjustment is fast at the microeconomic level, and the long-run
 parametric estimates are not as implausible as those suggested in past
 aggregate studies on money demand. 
Journal: Applied Economics Letters 
Pages: 357-360 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701735765 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735765&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ozgur Aslan 
Author-X-Name-First: Ozgur 
Author-X-Name-Last: Aslan 
Author-Name: H. Levent Korap 
Author-X-Name-First: H. Levent 
Author-X-Name-Last: Korap 
Title: Does the uncovered interest parity hold in short horizons? 
Abstract:
  In this article, one of the contemporaneous monetary theories of exchange
 rate determination, namely uncovered interest parity (UIP), is examined.
 The UIP hypothesis assumes that if capital is perfectly mobile, then
 investors around the world will be indifferent between holding their
 portfolios in domestic or foreign securities because they obtain the same
 return from these assets. Based on a theoretical formulation, our ex post
 estimation results employing four developed countries exchange rates
 vis-a-vis US dollar indicate the failure of the UIP hypothesis using
 short-horizon interest differential and future spot exchange rate data in
 line with most empirical papers in the economics literature. 
Journal: Applied Economics Letters 
Pages: 361-365 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701735781 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735781&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jer-Yuh Wan 
Author-X-Name-First: Jer-Yuh 
Author-X-Name-Last: Wan 
Author-Name: Chung-Wei Kao 
Author-X-Name-First: Chung-Wei 
Author-X-Name-Last: Kao 
Title: Effects of Japanese intervention on yen/dollar exchange rate volatility: a conditional jump dynamics approach 
Abstract:
  This article investigates the effects of foreign exchange interventions
 by the Japanese authorities on the level as well as the volatility of
 yen/dollar exchange rate. The empirical results show interventions in the
 last decade were effective not only in altering the exchange rate level,
 but also in volatility reduction. Jump events that tended to drive yen's
 appreciations and volatility increases have been effectively reduced by
 the 'large-in-size' interventions during the last decade. Our findings are
 in compliance with the coordination channel that explains the
 effectiveness in intervention proposed by Taylor (2004) and Reitz and
 Taylor (2006). 
Journal: Applied Economics Letters 
Pages: 367-373 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701735799 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735799&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kazuhiko Hayakawa 
Author-X-Name-First: Kazuhiko 
Author-X-Name-Last: Hayakawa 
Author-Name: Minoru Nogimori 
Author-X-Name-First: Minoru 
Author-X-Name-Last: Nogimori 
Title: New transformation methods in dynamic panel data models with heterogeneous time trends 
Abstract:
  In this paper, we introduce new type of within groups transformations so
 called the double within groups (DWG) and the long within groups (LWG)
 transformations. Both transformations eliminate individual effects and
 heterogeneous deterministic time trends jointly. Asymptotic analysis shows
 that both the DWG and LWG estimators are consistent when T is large.
 Simulation results show that both estimators have smaller root mean
 squared errors than the modified within groups estimator. 
Journal: Applied Economics Letters 
Pages: 375-379 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701735831 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735831&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bulent Guloglu 
Author-X-Name-First: Bulent 
Author-X-Name-Last: Guloglu 
Author-Name: Mehmet Ivrendi 
Author-X-Name-First: Mehmet 
Author-X-Name-Last: Ivrendi 
Title: Output fluctuations: transitory or permanent? the case of Latin America 
Abstract:
  This article investigates the time series properties of per capita real
 output for 19 Latin American Countries over the period 1965 to 2004. This
 empirical study examines the significance of contemporaneous correlations
 among cross sectional residuals using two newly developed tests. The tests
 find evidence of cross sectional dependence and induce us to use the
 SURADF and the CADF panel unit root tests, which allow for cross sectional
 dependence. The tests indicate that the real output in Latin American
 countries are characterized by a difference stationary process and output
 fluctuations seem to be permanent. These findings have important policy
 implications for these countries. 
Journal: Applied Economics Letters 
Pages: 381-386 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701735880 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735880&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Alberta Oliveira 
Author-X-Name-First: Maria Alberta 
Author-X-Name-Last: Oliveira 
Author-Name: Carlos Santos 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Santos 
Title: Looking for a change point in French monetary policy in the early eighties 
Abstract:
  We investigate where, in the early eighties, did a change occur in French
 monetary policy. The novelty in our treatment of this subject is the use
 of the impulse saturation break test. The results clearly identify the
 adoption of the Franc Fort policy as the key change in the period. The
 resulting econometric model is congruent and reveals no signs of
 persistence in inflation. 
Journal: Applied Economics Letters 
Pages: 387-392 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701735898 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701735898&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. N. W. Azman-Saini 
Author-X-Name-First: W. N. W. 
Author-X-Name-Last: Azman-Saini 
Author-Name: Evan Lau 
Author-X-Name-First: Evan 
Author-X-Name-Last: Lau 
Author-Name: Zulkefly Abdul Karim 
Author-X-Name-First: Zulkefly Abdul 
Author-X-Name-Last: Karim 
Title: Hedge funds, exchange rates and causality: evidence from Thailand and Malaysia 
Abstract:
  This article contributes to the debate on hedge funds and exchange rates
 in Thailand and Malaysia. It provides the first empirical evidence on
 causal relation between hedge funds and exchange rates. Using a new
 Granger noncausality procedure proposed by Toda and Yamamoto (1995) and
 monthly data for the January 1994 to April 2002 period, two important
 findings emerge. First, hedge funds lead Thai baht during the 1997 crisis.
 Second, there is a bidirectional causality between hedge funds and
 Malaysian ringgit for the pre-crisis period. In all other cases, no causal
 relation can be established. 
Journal: Applied Economics Letters 
Pages: 393-397 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701748883 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701748883&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joo-Yeon Hyun 
Author-X-Name-First: Joo-Yeon 
Author-X-Name-Last: Hyun 
Author-Name: Hyeong Ho Mun 
Author-X-Name-First: Hyeong Ho 
Author-X-Name-Last: Mun 
Author-Name: Tae-Hwan Kim 
Author-X-Name-First: Tae-Hwan 
Author-X-Name-Last: Kim 
Author-Name: Jinook Jeong 
Author-X-Name-First: Jinook 
Author-X-Name-Last: Jeong 
Title: The effect of a variance shift on the Breusch-Godfrey's LM test 
Abstract:
  In this article, we study the impact of an abrupt change in variance on
 the Breusch-Godfrey's LM test for autocorrelation. It is demonstrated by
 Monte Carlo simulations that a break in variance can generate spurious
 rejections of the null hypothesis of no serial correlation. Hence, a
 researcher might conclude that the error terms are serially correlated
 when in fact the contrary is true. It has been found that the likelihood
 of making this mistake depends on three factors: (i) break size, (ii)
 break location and (iii) the number of lagged terms included in the LM
 test. 
Journal: Applied Economics Letters 
Pages: 399-404 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701748933 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701748933&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vicente Esteve 
Author-X-Name-First: Vicente 
Author-X-Name-Last: Esteve 
Author-Name: Maria Prats 
Author-X-Name-First: Maria 
Author-X-Name-Last: Prats 
Title: Threshold cointegration and nonlinear adjustment between stock prices and dividends 
Abstract:
  According to several empirical studies, the linear present-value model
 fails to explain the behaviour of stock prices in the long run. We analyse
 the possible presence of threshold cointegration between real stock prices
 and dividends for the US market during the period from 1871:1 to 2004:6.
 According to our results, the null hypothesis of linear cointegration
 between stock prices and dividends is rejected in favour of a two-regime
 threshold cointegration model. We find also that stock prices do not
 respond to equilibrium error, and dividends respond to the past divergence
 only if the deviation from the equilibrium error does not exceed the
 estimated threshold parameter. This in turn would support theoretical
 models assuming that the stock price-dividend relation is nonlinear. 
Journal: Applied Economics Letters 
Pages: 405-410 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701765085 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701765085&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Laxmi Paudel 
Author-X-Name-First: Laxmi 
Author-X-Name-Last: Paudel 
Author-Name: Murali Adhikari 
Author-X-Name-First: Murali 
Author-X-Name-Last: Adhikari 
Author-Name: Jack Houston 
Author-X-Name-First: Jack 
Author-X-Name-Last: Houston 
Author-Name: Krishna Paudel 
Author-X-Name-First: Krishna 
Author-X-Name-Last: Paudel 
Title: Low carbohydrate information, consumer health preferences and market demand of fruits in the United States 
Abstract:
  We assessed the impacts of low carbohydrate information on the market
 demand of US fruits using almost ideal demand system, Rotterdam and
 double-log models. Results indicated significant positive impacts of low
 carbohydrate information on the market demand of grape and lemon. However,
 a significant negative effect exists on market demand of apples and
 bananas. Majority of the estimated elasticities are consistent in terms of
 expected sign and magnitude across all models. 
Journal: Applied Economics Letters 
Pages: 411-415 
Issue: 4 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701765093 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701765093&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Iza Lejarraga 
Author-X-Name-First: Iza 
Author-X-Name-Last: Lejarraga 
Author-Name: Peter Walkenhorst 
Author-X-Name-First: Peter 
Author-X-Name-Last: Walkenhorst 
Title: On linkages and leakages: measuring the secondary effects of tourism 
Abstract:
  Tourism multipliers are widely used tools of services trade analysis.
 Yet, their derivation and interpretation has often been inconsistent and
 confusing. This article presents a unifying approach for calculating
 indicators of tourism linkages and leakages, derives these multipliers for
 a large sample of more than 150 countries and statistically assesses the
 relationship among the multipliers, along with several other economic
 indicators. Contrary to widely held views, the multipliers for tourism
 linkages and leakages are noncomplementary, as they are based on different
 economic concepts, so that no particular correlation is to be expected.
 This independence is confirmed in the empirical cross-country analysis.
 Moreover, the analysis finds a positive association between the degree of
 linkages and per-capita income, trade openness and the friendliness of the
 business climate. 
Journal: Applied Economics Letters 
Pages: 417-421 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701765127 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701765127&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Connelly 
Author-X-Name-First: Richard 
Author-X-Name-Last: Connelly 
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Author-Name: Rati Ram 
Author-X-Name-First: Rati 
Author-X-Name-Last: Ram 
Title: Income inequality and cigarette consumption: evidence from the United States 
Abstract:
  There is enormous literature on the determinants of consumption of
 cigarettes and other tobacco products, and on the magnitude of the impact
 of a wide variety of economic and noneconomic factors. Also, a huge amount
 of research has been done on the association between income inequality and
 health for which numerous proxies have been used. We seek to link these
 two strands of scholarship by treating smoking as a major health hazard
 and considering the association between income inequality and smoking.
 Using US state-level data for the year 2004, we estimate an augmented
 model of cigarette consumption in which income inequality is added to a
 fairly standard specification. Subject to the caveats appropriate for such
 studies, there is little indication of a significant association between
 income inequality and the health-retarding behaviour in the form of
 cigarette smoking. Estimates for other variables are broadly consistent
 with similar studies. 
Journal: Applied Economics Letters 
Pages: 423-426 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701765135 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701765135&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Hirschberg 
Author-X-Name-First: J. 
Author-X-Name-Last: Hirschberg 
Author-Name: J. Lye 
Author-X-Name-First: J. 
Author-X-Name-Last: Lye 
Title: A reinterpretation of interactions in regressions 
Abstract:
  Regression specifications in applied econometrics frequently employ
 regressors, which are defined as the product of two other regressors to
 form an interaction. Unfortunately, the interpretation of the results of
 these models is not as straight forward as in the linear case. In this
 article, we present a method for drawing inferences for interaction models
 by defining the partial influence (PI) function. We present an example
 that demonstrates how one may draw new inferences by constructing the
 confidence intervals for the PI functions based on the traditional
 published findings for regressions with interaction terms. 
Journal: Applied Economics Letters 
Pages: 427-430 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701842843 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701842843&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Schaub 
Author-X-Name-First: Mark 
Author-X-Name-Last: Schaub 
Title: A note on the performance of Chinese American Depository Receipts 
Abstract:
  In this note, New York Stock Exchange-listed American Depository Receipts
 (ADRs) from China are examined to determine overall investment performance
 for the first 3 years of trading. The segmented results show that while
 Chinese ADRs perform roughly the same as the S&P 500 Index, those trading
 during the bull market under-performed the market index by over 26% while
 those trading through the bear market (listed after 1 January 1998)
 outperformed the S&P 500 by nearly 40%. Furthermore, issues from Hong Kong
 under-performed the S&P Index by nearly 73% while those issued from other
 areas of China exceeded the index by over 29%. These results provide
 evidence that market timing and regional issues affect portfolio returns
 from Chinese ADRs. 
Journal: Applied Economics Letters 
Pages: 431-435 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701842850 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701842850&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Enchuan Shao 
Author-X-Name-First: Enchuan 
Author-X-Name-Last: Shao 
Title: Credit rationing and endogenous monetary policy 
Abstract:
  The implication of credit rationing models states that the effect of
 monetary policy on output may be stronger when credit conditions are tight
 than when they are loose. Therefore, there may be a threshold effect on
 the relation between real money supply and output. Existing empirical
 studies on testing threshold effects ignore the fact that the monetary
 policy which follows optimal rules is endogenous. This article provides a
 test of threshold effects when monetary policy is endogenous and finds
 that the US aggregate data cannot provide substantial evidence of a
 threshold effect on the relation between money and output. 
Journal: Applied Economics Letters 
Pages: 437-443 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701857858 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701857858&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Ferris 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Ferris 
Author-Name: Woojin Kim 
Author-X-Name-First: Woojin 
Author-X-Name-Last: Kim 
Author-Name: Kwangwoo Park 
Author-X-Name-First: Kwangwoo 
Author-X-Name-Last: Park 
Title: The informational quality of implied volatility and the volatility risk premium 
Abstract:
  This article examines the informational quality of implied volatility in
 forecasting future realized volatility using daily S&P 500 and S&P 100
 index option prices from 2000 to 2006. In contrast to many previous
 studies, we find that implied volatility is an unbiased and efficient
 estimator of future realized volatility. Unlike implied volatility
 estimates; both historical and conditional volatility estimates using
 GARCH and EGARCH models possess limited explanatory power. A delta-hedged
 trading strategy with long positions in calls, however, generates
 significantly negative profits that imply a misspecification of constant
 volatility models. These results suggest that implied volatility estimates
 from constant volatility models contain valuable information, even though
 the model might be misspecified. 
Journal: Applied Economics Letters 
Pages: 445-450 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850801935356 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850801935356&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: T. A. Park 
Author-X-Name-First: T. A. 
Author-X-Name-Last: Park 
Author-Name: L. Lohr 
Author-X-Name-First: L. 
Author-X-Name-Last: Lohr 
Title: A Oaxaca-Blinder decomposition for count data models 
Abstract:
  Little research has examined the factors influencing differential
 adoption of organic farming practices by women and men farmers, a sector
 where women account for a significant and rapidly growing proportion of
 farmers. Female organic farmers adopt more crop disease management
 practices than male organic farmers and use a different portfolio of
 techniques. Results from a count data model are used to decompose observed
 differences in the adoption of management practices into an endowment
 effect and a coefficients effect. The analysis indicates that 50% of the
 adoption differential is due to differences in characteristics of male vs.
 female farmers with percentage of vegetable acreage a key factor
 influencing the gap in adoption practices. 
Journal: Applied Economics Letters 
Pages: 451-455 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850801964307 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850801964307&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mehmet Nihat Solakoglu 
Author-X-Name-First: Mehmet Nihat 
Author-X-Name-Last: Solakoglu 
Title: Exchange rate exposure and real exports 
Abstract:
  This study investigates the relationship between real exports and
 exchange rate risk for Turkish firms between 2001 and 2003. Different from
 earlier studies, the analysis is conducted at the firm level with an
 exchange rate risk specific to the individual firm. Results show that real
 exports are negatively impacted by an increase in exchange rate risk. In
 addition, size of the trade volume and the dependence on domestic market
 for revenue generation are found to be important for the aforementioned
 relationship. 
Journal: Applied Economics Letters 
Pages: 457-462 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850801935331 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850801935331&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Mirman 
Author-X-Name-First: Martin 
Author-X-Name-Last: Mirman 
Author-Name: Rajneesh Sharma 
Author-X-Name-First: Rajneesh 
Author-X-Name-Last: Sharma 
Title: Stock market reaction to Olympic Games announcement 
Abstract:
  This article analyses stock market reactions in countries competing to
 hold the Olympic Games around the time of the winning bid announcements,
 using both regular and abnormal returns. We analyse the announcement
 effects of winning and losing for both Summer and Winter games, beginning
 with 1996 games announced in 1990, up until the announcement of the 2012
 games in 2006. We find significantly negative stock market reaction for
 winners of the bid to host Winter Games and insignificant positive
 reaction for winners of the Summer Games. 
Journal: Applied Economics Letters 
Pages: 463-466 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850801964349 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850801964349&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Graham Bird 
Author-X-Name-First: Graham 
Author-X-Name-Last: Bird 
Author-Name: Alex Mandilaras 
Author-X-Name-First: Alex 
Author-X-Name-Last: Mandilaras 
Title: Revisiting Mrs. Machlup's wardrobe: the accumulation of international reserves, 1992-2001 
Abstract:
  A fature of the late 1990s was the accumulation of International reserves
 in many countries. Against the background of this phenomenon, in what
 follows we investigate the following questions: how widely has the
 tendency to accumulate reserves been seen? Does the incidence of a
 currency crisis increase the subsequent demand for reserves? Do countries
 make choices between different combinations of exchange rate regime and
 reserve holding? Does an arrangement with the IMF encourage countries
 subsequently to build up reserves more than they otherwise would have
 done? Do different patterns emerge depending upon the measure of reserves
 used? In addressing the above questions, we find significant support for
 the 'Mrs. Machlup's Wardrobe Theory' of international reserves, which
 purports that irrespective of the amount of reserves countries have
 accumulated, they continue to add to their stock. 
Journal: Applied Economics Letters 
Pages: 467-471 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701765143 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701765143&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Laurenceson 
Author-X-Name-First: James 
Author-X-Name-Last: Laurenceson 
Author-Name: Kam Ki Tang 
Author-X-Name-First: Kam Ki 
Author-X-Name-Last: Tang 
Title: Measuring long-run equilibrium exchange rates using standardized products with different specifications 
Abstract:
  Purchasing Power Parity (PPP) is an appealing theory of the determination
 of long-run equilibrium exchange rates as it is founded on the intuitive
 proposition that opportunities for arbitrage will not go unexploited.
 However, in practice, measuring PPP exchange rates is hindered by
 difficulties in isolating the cost of tradeable inputs in the price of a
 reference product basket. This article proposes a method that can extract
 this component using price information embodied in slightly different
 specifications of otherwise identical, standardized products. The method
 is illustrated using two well-known information and telecommunication
 (ICT) products, and could readily be applied to a broader, more
 representative product basket. 
Journal: Applied Economics Letters 
Pages: 473-476 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850801964315 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850801964315&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ari Van Assche 
Author-X-Name-First: Ari Van 
Author-X-Name-Last: Assche 
Author-Name: Byron Gangnes 
Author-X-Name-First: Byron 
Author-X-Name-Last: Gangnes 
Title: Electronics production upgrading: is China exceptional? 
Abstract:
  In this article, we make use of a unique world electronics production
 dataset to assess China's upgrading trajectory in the global electronics
 industry. Contrary to existing trade studies, we find no evidence that
 China's electronics production activities are more sophisticated than one
 would expect from its level of development. We also find little evidence
 that China is rapidly upgrading into more sophisticated production
 activities. 
Journal: Applied Economics Letters 
Pages: 477-482 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701765101 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701765101&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paola Cardamone 
Author-X-Name-First: Paola 
Author-X-Name-Last: Cardamone 
Title: The role of R&D spillovers in product and process innovation 
Abstract:
  The goal of this article is to assess the effectiveness of innovation
 activities and technological diffusion in Italy. In particular, we provide
 an econometric evaluation of the impact of technological efforts on the
 innovative output. Using a panel of 1203 firms over the period 1998 to
 2003, we estimate a bivariate probit, which models the probability of
 introducing product and process innovations. Results show that the
 probability of implementing a product or a process innovation is
 positively correlated with innovative activities and negatively correlated
 with technological spillovers. 
Journal: Applied Economics Letters 
Pages: 483-493 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850801935349 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850801935349&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuan-Ming Lee 
Author-X-Name-First: Yuan-Ming 
Author-X-Name-Last: Lee 
Author-Name: Kuan-Min Wang 
Author-X-Name-First: Kuan-Min 
Author-X-Name-Last: Wang 
Title: Finance, investment and growth: nonlinear time series evidence from 10 Asian economies 
Abstract:
  This article employs financial development as the threshold variable to
 construct a threshold model and to re-examine the findings in Rousseau and
 Vuthipadadorn (2005) for 10 Asian economies. Our results show that in the
 high financial development regime, financial development could fuel
 economic growth, which is consistent with the conclusion in Rousseau and
 Vuthipadadorn (2005); however, there is no evidence shows that financial
 development could affect investment. In the low financial development
 regime, financial development has negative influence on investment growth,
 which is contradictory to the findings in Rousseau and Vuthipadadorn
 (2005); as to the relation between financial development and economic
 growth, the causality could not be supported by the data. 
Journal: Applied Economics Letters 
Pages: 495-501 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850701857841 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850701857841&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Ormerod 
Author-X-Name-First: Paul 
Author-X-Name-Last: Ormerod 
Title: Resilience after localeconomic shocks 
Abstract:
  The rapid closure of pits during the 1980s in the UK is an example of an
 economic shock which is not only specific to a particular industry but
 also to local economic areas. In 1983, only 29 of the 459 local authority
 areas in the UK was coal mining more than 10% of total employment. Over
 the 20-year period 1983-2002, average percentage employment growth in
 these areas was less than the UK as a whole. But the key feature is the
 huge diversity across areas, with three showing employment falls of nearly
 20% and three exhibiting employment gains of more than 30%. Some areas
 showed great resilience in the face of a serious shock. Two general
 factors account for over half the variability of this experience. First,
 the greater the percentage in coal mining in 1983, the lower was 20-year
 employment growth. Second, the more militant an area was during the
 miners' strike of 1984/85, the lower also was employment growth. 
Journal: Applied Economics Letters 
Pages: 503-507 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850801964331 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850801964331&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcos Alvarez-Diaz 
Author-X-Name-First: Marcos 
Author-X-Name-Last: Alvarez-Diaz 
Author-Name: Alberto Alvarez 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Alvarez 
Title: Forecasting exchange rates using local regression 
Abstract:
  In this article we use a generalization of the standard nearest
 neighbours, called local regression (LR), to study the predictability of
 the yen/US$ and pound sterling/US$ exchange rates. We also compare our
 results with those previously obtained with global methods such as neural
 networks, genetic programming, data fusion and evolutionary neural
 networks. We want to verify if we can generalize to the exchange rate
 forecasting problem the belief that local methods beat global ones. 
Journal: Applied Economics Letters 
Pages: 509-514 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850801987217 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850801987217&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Sisto 
Author-X-Name-First: A. 
Author-X-Name-Last: Sisto 
Author-Name: R. Zanola 
Author-X-Name-First: R. 
Author-X-Name-Last: Zanola 
Title: Cinema attendance in Europe 
Abstract:
  Although there exists a large body of literature which has empirically
 investigated the impact of various determinants on cinema attendance,
 studies that analyse the addictive component of cinema consumption seem to
 be relatively rare. The aim of this article is to empirically investigate
 the addictive component of cinema consumption by adopting a cross-country
 focus. To this aim, the Becker and Murphy's rational addiction model has
 been tested using a pooled cross-section and time-series data on 12
 European countries over the period 1989 to 2004. Results provide evidence
 that cinema consumption seems to conform to a rational addiction
 hypothesis. 
Journal: Applied Economics Letters 
Pages: 515-517 
Issue: 5 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802046997 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802046997&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sunil Sapra 
Author-X-Name-First: Sunil 
Author-X-Name-Last: Sapra 
Title: Robust vs. classical principalcomponent analysis in the presence of outliers 
Abstract:
  Principal Component Analysis (PCA) is a very versatile technique for
 dimension reduction in multivariate data. Classical PCA is very sensitive
 to outliers and can lead to misleading conclusions in the presence of
 outliers. This article studies the merits of robust PCA relative to
 classical PCA when outliers are present. An algorithm due to Filzmoser et
 al. (2006) based on a modification of the projection pursuit algorithm of
 Croux and Ruiz-Gazen (2005) is used for robust PCA computations for a
 financial data set as well as simulated data sets. Our simulation results
 indicate that robust PCA generally leads to greater reduction in model
 dimension than classical PCA in data sets with outliers. 
Journal: Applied Economics Letters 
Pages: 519-523 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802046989 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802046989&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Massomeh Hajilee 
Author-X-Name-First: Massomeh 
Author-X-Name-Last: Hajilee 
Title: On the relation between currency depreciation and wages 
Abstract:
  Devaluation is said to redistribute income from the poor, who have a high
 Marginal Propensity to Consume (MPC) to the rich, who have a low MPC.
 Assuming the high MPC group to be unskilled labour and the low MPC group
 to be skilled labour, we investigate the impact of currency depreciation
 on skilled and unskilled wage rates by drawing data from 18 countries.
 While in most countries we found short-run effects, the long-run effects
 of devaluation on both wage rates were limited to a few countries. Indeed
 in these countries, devaluation raised the skilled labour wages and
 reduced unskilled labour wages in the long run as theory dictates. 
Journal: Applied Economics Letters 
Pages: 525-530 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802112278 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802112278&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julie Hotchkiss 
Author-X-Name-First: Julie 
Author-X-Name-Last: Hotchkiss 
Author-Name: M. Melinda Pitts 
Author-X-Name-First: M. Melinda 
Author-X-Name-Last: Pitts 
Title: The demand side of the penalty for intermittent labour market behaviour 
Abstract:
  The purpose of this article is to determine whether there is any
 empirical evidence for the contribution of employer, or demand-side,
 determinants of the labour market intermittency penalty. The documented
 negative relationship between the size of the penalty and the labour
 market strength is interpreted as evidence that labour market
 intermittency is viewed as an undesirable characteristic that employers
 penalize more severely when the labour market is weak. 
Journal: Applied Economics Letters 
Pages: 531-535 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802167181 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802167181&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Jose Castillo 
Author-X-Name-First: Maria Jose 
Author-X-Name-Last: Castillo 
Author-Name: Pilar Useche 
Author-X-Name-First: Pilar 
Author-X-Name-Last: Useche 
Author-Name: Charles Moss 
Author-X-Name-First: Charles 
Author-X-Name-Last: Moss 
Title: Missing agricultural price data: an application of mixed estimation 
Abstract:
  This article shows the convenience of combining the Country-Product-
 Dummy (CPD) model and the Theil-Goldberger (TG) mixed estimator to obtain
 better estimates of missing prices than those obtained by marginal mean
 imputation. We use the TG estimator to combine aggregate price data for
 regions of Ecuador with producer-level data (the sample data) to fill-in
 the missing price observations. Our results show better price estimates
 for predicting missing data than estimates obtained from using the CPD
 model on the sample data only. Through this approach, missing data can be
 replaced with economically meaningful data. 
Journal: Applied Economics Letters 
Pages: 537-541 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802167207 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802167207&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Niclas Kruger 
Author-X-Name-First: Niclas 
Author-X-Name-Last: Kruger 
Author-Name: Mikael Svensson 
Author-X-Name-First: Mikael 
Author-X-Name-Last: Svensson 
Title: Good times are drinking times: empirical evidence on business cycles and alcohol sales in Sweden 1861-2000 
Abstract:
  This article studies the relationship between the business cycle and
 alcohol sales in Sweden using a data set for the years 1861-2000. Using
 wavelet-based band-pass filtering, it is found that there is a
 pro-cyclical relationship, i.e. alcohol sales increases in short-term
 economic upturns. Using moving window techniques, we see that the
 pro-cyclical relationship holds over the entire time period. We also find
 that alcohol sales are a long-memory process with nonstationary behaviour,
 i.e. a shock in alcohol sales has persistent effects. 
Journal: Applied Economics Letters 
Pages: 543-546 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802167215 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802167215&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tin-Chun Lin 
Author-X-Name-First: Tin-Chun 
Author-X-Name-Last: Lin 
Title: Teacher salaries and student achievement: the case of Pennsylvania 
Abstract:
  In this article, we developed an empirical model and tested the
 hypothesis that teacher salaries and student achievement are positively
 and significantly related. A total of 500 school districts in the state of
 Pennsylvania for 3 school years (1999-2000, 2000-2001 and 2001-2002) were
 selected for a case study. Consequently, the empirical evidence revealed
 that the hypothesis was accepted, implying that higher teacher salaries
 attract better qualified teachers and thus benefits student learning and
 improves student achievement. 
Journal: Applied Economics Letters 
Pages: 547-550 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802167223 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802167223&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ayse Evrensel 
Author-X-Name-First: Ayse 
Author-X-Name-Last: Evrensel 
Title: Institutional and economic determinants of corruption: a cross-section analysis 
Abstract:
  In recent years, corruption and possible anti-corruption measures have
 been extensively discussed at the national, international and multilateral
 levels. This article provides an empirical analysis of corruption by
 viewing corruption as an evolutionary process. It assumes that the
 institutional set-up of the country such as the characteristics of the
 political and judicial system determines the extent of corruption. The
 empirical results confirm that countries with totalitarian political
 regimes, ineffective judicial systems and lower levels of education as
 well as slower economic growth and higher inflation rates tend to have
 higher levels of corruption. 
Journal: Applied Economics Letters 
Pages: 551-554 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297814 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297814&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marie-Edith Bissey 
Author-X-Name-First: Marie-Edith 
Author-X-Name-Last: Bissey 
Author-Name: John Hey 
Author-X-Name-First: John 
Author-X-Name-Last: Hey 
Author-Name: Stefania Ottone 
Author-X-Name-First: Stefania 
Author-X-Name-Last: Ottone 
Title: Jekyll and Hyde 
Abstract:
  Jekyll and Hyde were in fact two people inside the same person - an
 obviously dynamically-inconsistent person. In the book and in the movie,
 the dynamic inconsistency was resolved in a rather dramatic way. We
 investigate its resolution in the laboratory. 
Journal: Applied Economics Letters 
Pages: 555-559 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802260853 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802260853&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Silke Anger 
Author-X-Name-First: Silke 
Author-X-Name-Last: Anger 
Author-Name: Michael Kvasnicka 
Author-X-Name-First: Michael 
Author-X-Name-Last: Kvasnicka 
Title: Does smoking really harm your earnings so much? Biases in current estimates of the smoking wage penalty 
Abstract:
  Empirical studies on the earnings effects of tobacco use have found
 significant wage penalties attached to smoking. This article produces
 evidence that suggests that these estimates are significantly upward
 biased. The bias arises from a general failure in the literature to
 control for past smoking behaviour of individuals. Two-Stage Least Squares
 (2SLS) regressions show that the smoking wage penalty is reduced by as
 much as a third, if past smoking of individuals is controlled for. 
Journal: Applied Economics Letters 
Pages: 561-564 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802260846 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802260846&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Razvan Pascalau 
Author-X-Name-First: Razvan 
Author-X-Name-Last: Pascalau 
Title: Unit root tests with smooth breaks: an application to the Nelson-Plosser data set 
Abstract:
  This article reconsiders the nature of the trends (i.e. deterministic or
 stochastic) of the Nelson-Plosser macroeconomic time series. For this
 purpose, the article employs two new tests that display robustness to
 structural breaks of unknown forms, irrespective of the date and/or
 location of the breaks. These tests approximate structural changes as
 smooth processes via flexible Fourier transforms. In general, it appears
 that real variables are stationary while nominal ones have a unit root. 
Journal: Applied Economics Letters 
Pages: 565-570 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802112245 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802112245&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wim Naude 
Author-X-Name-First: Wim 
Author-X-Name-Last: Naude 
Title: Does sexual strategies theory help explain high violent crime in South Africa? 
Abstract:
  In sexual strategies theory (SST), risky behaviour such as crime is the
 outcome of males' sexual reproduction strategies. Using panel data from
 South Africa, one of the countries with the highest crime rates in the
 world, a random-effects GLS regression finds support for the SST as an
 explanation for violent crime. 
Journal: Applied Economics Letters 
Pages: 571-574 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802064586 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802064586&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: Analysis of movements in the AUD/USD exchange rate: comparison of four major models 
Abstract:
  Four different models are considered in examining the movements in the
 AUD/USD exchange rate. Based on the value of R2, the uncovered interest
 parity model performs best, followed by the purchasing power parity model,
 the monetary model, and the Mundell-Fleming model. The opposite signs of
 the relative interest rate in the uncovered interest parity model and the
 monetary model and the insignificant coefficient of the domestic interest
 rate in the Mundell-Fleming model suggest that more study is needed to
 examine the behaviour of exchange rate fluctuations for the Australian
 dollar. 
Journal: Applied Economics Letters 
Pages: 575-580 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802047003 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802047003&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dustin Chambers 
Author-X-Name-First: Dustin 
Author-X-Name-Last: Chambers 
Title: Does a rising tide raise all ships? The impact of growth on inequality 
Abstract:
  Using semiparametric methods and an up-to-date panel dataset on income
 inequality, the impact of past economic growth on current inequality is
 examined in a group of nations with widely differing initial incomes.
 Regardless of a nation's initial development, past economic growth
 stimulates inequality over short and medium-run periods. However, in the
 long-run, inequality in developed and developing nations reacts
 differently to comparable rates of economic growth. Specifically,
 inequality declines with growth in developing nations, while rising with
 growth in developed nations. 
Journal: Applied Economics Letters 
Pages: 581-586 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802046971 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802046971&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: William Nilsson 
Author-X-Name-First: William 
Author-X-Name-Last: Nilsson 
Title: Marital status and unobserved heterogeneity: Do twins suggest a genetic inheritance? 
Abstract:
  The purpose of this study is to measure the importance of the background
 for marital status. The role of unobserved circumstances, including the
 genes, is of particular interest. Unobserved heterogeneity is, as
 expected, found to be important for marital status. The results for
 monozygotic (identical) and dizygotic (fraternal) twins indicate an
 important genetic component in marital status. The genetic inheritance of
 marital status is found to be particularly strong for females. 
Journal: Applied Economics Letters 
Pages: 587-591 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802077992 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802077992&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jane Binner 
Author-X-Name-First: Jane 
Author-X-Name-Last: Binner 
Author-Name: Thomas Elger 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Elger 
Author-Name: Barry Jones 
Author-X-Name-First: Barry 
Author-X-Name-Last: Jones 
Author-Name: Birger Nilsson 
Author-X-Name-First: Birger 
Author-X-Name-Last: Nilsson 
Title: Inflation forecasting, relative price variability and skewness 
Abstract:
  This article presents out-of-sample inflation forecasting results based
 on relative price variability and skewness. It is demonstrated that
 forecasts on long horizons of 1.5-2 years are significantly improved if
 the forecast equation is augmented with skewness. 
Journal: Applied Economics Letters 
Pages: 593-596 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802112260 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802112260&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yen-Hsien Lee 
Author-X-Name-First: Yen-Hsien 
Author-X-Name-Last: Lee 
Author-Name: Chien-Liang Chiu 
Author-X-Name-First: Chien-Liang 
Author-X-Name-Last: Chiu 
Title: Nonlinear adjustment of short-term deviations impacts on the US real estate market 
Abstract:
  This study examines whether nonlinear adjustment of short-term deviations
 impacts US real estate market returns by applying an exponential smooth
 transition threshold error-correction model with Generalized Auto
 Regressive Conditional Heteroscedasticity (GARCH) (ESTECM-GARCH).
 Empirical results demonstrate that the ESTECM-GARCH captures the dynamics
 of returns more effectively than the Error-Correction Model (ECM) and
 Exponential Smooth Transition Error-Correction Model (ESTECM).
 Consequently, the nonlinear behaviour of returns is driven by momentum
 noise traders and heterogeneous arbitrageurs in Real Estate Investment
 Trust (REIT) markets. 
Journal: Applied Economics Letters 
Pages: 597-603 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802167165 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802167165&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shunsuke Managi 
Author-X-Name-First: Shunsuke 
Author-X-Name-Last: Managi 
Author-Name: Samuel Mulenga Bwalya 
Author-X-Name-First: Samuel Mulenga 
Author-X-Name-Last: Bwalya 
Title: Foreign direct investment and technology spillovers in sub-Saharan Africa 
Abstract:
  Foreign direct investment (FDI) is an effective conduit for technology
 transfer through technology spillovers to domestically owned firms in the
 host country. This study analyses the significance of productivity
 externalities of FDI to local firms, in terms of both intra-industry and
 inter-industry spillovers, using firm-level data from Kenya, Tanzania and
 Zimbabwe. The results show evidences in support of intra- and
 inter-industry productivity spillovers from FDI for Kenya and Zimbabwe. 
Journal: Applied Economics Letters 
Pages: 605-608 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802167173 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802167173&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jong-Eun Lee 
Author-X-Name-First: Jong-Eun 
Author-X-Name-Last: Lee 
Title: How homogeneous are balance of payments movements? 
Abstract:
  The article conducts panel data Granger causality tests for current and
 financial accounts in 53 countries over the period of 1970Q1 to 2007Q3. We
 found that there is no homogeneity within the same income groups of
 economies unlike the previous studies. It implies that push and pull
 factors of capital mobility are independent of income levels of economies. 
Journal: Applied Economics Letters 
Pages: 609-611 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802167199 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802167199&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Assaf&#x200a; 
Author-X-Name-First: A. 
Author-X-Name-Last: Assaf&#x200a; 
Author-Name: K. M. Matawie 
Author-X-Name-First: K. M. 
Author-X-Name-Last: Matawie 
Title: A bootstrapped metafrontier model 
Abstract:
  The major aim of this article is to apply the bootstrapping methodology
 to the estimation of the metafrotnier model. The article has two parts.
 The first part deals with the technical details of the metafrontier model,
 and the second presents the application of the model using cross-sectional
 input/output data on health care foodservice operations. The results
 obtained by bootstrapping the metafrontier model are presented and
 discussed. 
Journal: Applied Economics Letters 
Pages: 613-617 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802232613 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802232613&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joo-Suk Lee 
Author-X-Name-First: Joo-Suk 
Author-X-Name-Last: Lee 
Author-Name: Seung-Hoon Yoo 
Author-X-Name-First: Seung-Hoon 
Author-X-Name-Last: Yoo 
Author-Name: Seung-Jun Kwak 
Author-X-Name-First: Seung-Jun 
Author-X-Name-Last: Kwak 
Title: Public's willingness to pay for preventing climate change 
Abstract:
  In order to develop the proper policies for preventing climate change, it
 is necessary to know the public preference for preventing climate change.
 This study attempts to analyse public Willingness To Pay (WTP) for
 preventing climate change by applying a Contingent Valuation (CV) method.
 The estimated mean WTP per household per month in Seoul, Korea, is about
 3326 Korean won (approximately GBP 1.60). 
Journal: Applied Economics Letters 
Pages: 619-622 
Issue: 6 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802277113 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802277113&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roisin O'Sullivan 
Author-X-Name-First: Roisin 
Author-X-Name-Last: O'Sullivan 
Author-Name: Ayse Ozsoz 
Author-X-Name-First: Ayse 
Author-X-Name-Last: Ozsoz 
Title: Foreign bank presence in emerging markets: help or hindrance to banking system stability? 
Abstract:
  With financial liberalization during the 1990s, there was a marked
 increase in the involvement of foreign banks in emerging market economies.
 This study uses data from 32 emerging markets for the period 1999 to 2005
 to investigate whether the presence of foreign banks promotes or hurts the
 stability of the banking systems in these economies. We find consistently
 that a greater presence of foreign banks does not harm banking system
 stability and, under some definitions, is associated with a statistically
 significant fall in the probability of a banking crisis. This result is
 robust across different ways of distinguishing foreign from domestic
 banks, thus providing useful information to policy makers and banking
 regulators. 
Journal: Applied Economics Letters 
Pages: 623-626 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297939 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297939&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Darold Barnum 
Author-X-Name-First: Darold 
Author-X-Name-Last: Barnum 
Author-Name: John Gleason 
Author-X-Name-First: John 
Author-X-Name-Last: Gleason 
Title: DEA efficiency analysis involving multiple production processes 
Abstract:
  This article addresses Data Envelopment Analysis (DEA) efficiency
 analysis in organizations with multiple production processes. It shows how
 to measure the impact on an organization's overall efficiency of (a)
 inefficient and superefficient subunits and (b) the efficiency with which
 input resources are allocated to the subunits. It introduces a simple
 model for efficiently allocating inputs among subunits and applies the
 entire analytical process to a large urban transit agency. 
Journal: Applied Economics Letters 
Pages: 627-632 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297905 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297905&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Church 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Church 
Author-Name: Han Donker 
Author-X-Name-First: Han 
Author-X-Name-Last: Donker 
Title: Profit warnings: will openness be rewarded? 
Abstract:
  We investigate the information content of profit warnings released by
 firms on the abnormal returns for a sample of 149 firms listed on the
 Euronext Amsterdam in 2000-2002. We propose that firms can diminish the
 negative influence of profit warnings on shareholder's returns by
 releasing detailed information, thereby reducing the information asymmetry
 between shareholders and management. We find empirical evidence that a
 greater degree of disclosure has a significantly positive impact on the
 abnormal returns of firms with multiple successive profit warnings. We
 argue that negative abnormal returns will occur with firms which provide
 external reasons in their press releases indicating that the causes of the
 current situation are a market-wide phenomenon and beyond their scope. We
 report a negative - but not significant - impact of information regarding
 external reasons on the abnormal returns to shareholders of firms with
 profit warnings. Our research findings offer valuable insights into the
 practical implications of the information content of profit warnings. 
Journal: Applied Economics Letters 
Pages: 633-637 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802298043 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802298043&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Ang 
Author-X-Name-First: James 
Author-X-Name-Last: Ang 
Title: The determinants of health care expenditure in Australia 
Abstract:
  The objective of this article is to examine the long-run relationship and
 short-run dynamics of the health care expenditure in Australia during the
 period 1960-2003. Consistent with the conventional findings, the income
 elasticity for health care is found to be greater than one, suggesting
 that health care is a luxury good in Australia. Demographic structure is
 found to exert a significant positive impact on health care expenditure.
 An increase in the accessibility to health care services is associated
 with higher per capita real health care expenditure. Finally, public
 funding of health care appears to have a contributory effect on the
 formation of health care expenditure in Australia. 
Journal: Applied Economics Letters 
Pages: 639-644 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840802297868 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840802297868&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Judith Stallmann 
Author-X-Name-First: Judith 
Author-X-Name-Last: Stallmann 
Author-Name: Steven Deller 
Author-X-Name-First: Steven 
Author-X-Name-Last: Deller 
Title: Impacts of local and state tax and expenditure limits on economic growth 
Abstract:
  We focus on the impact of statutory and constitutional Tax and
 Expenditure Limits (TELs) on growth levels and rates of convergence. Using
 a panel of US state data from 1987 to 2004, we report a family of
 neoclassical growth models. Using simple dummy variables to identify
 states with and without strict TELs, we find that local property tax levy
 limits do not significantly influence income growth and convergence rates.
 Results for state revenue and expenditure limits suggest that more recent
 limits may have negatively affected income growth and slowed convergence. 
Journal: Applied Economics Letters 
Pages: 645-648 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297954 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297954&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gabriel Power 
Author-X-Name-First: Gabriel 
Author-X-Name-Last: Power 
Author-Name: Calum Turvey 
Author-X-Name-First: Calum 
Author-X-Name-Last: Turvey 
Title: US rural land value bubbles 
Abstract:
  Real estate bubbles have attracted much attention in the research
 literature following substantial growth in prices. Given the recent
 subprime mortgage crisis, this article is concerned with the related
 problem of possible bubbles in rural land values, given that at the margin
 urban real estate exerts pressure on rural land markets. Land is the most
 important financial asset for the agricultural economy, and income risk
 caused by farmland price volatility creates economic hardship for rural
 communities. Farmland valuation remains to a large extent a puzzle as it
 is only partially explained by fundamentals including inflation. This
 article tests the hypothesis of a price bubble in the real option value to
 future land development using land value data for all 48 contiguous US
 states and finds strong evidence that a short-run bubble has been active
 in recent years. 
Journal: Applied Economics Letters 
Pages: 649-656 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297970 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297970&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu Hsing 
Author-X-Name-First: Yu 
Author-X-Name-Last: Hsing 
Title: In search of a critical value for the real crude oil price for the United States 
Abstract:
  Applying the GARCH(1,1) model, this article finds that a higher real oil
 price may have a positive or negative impact on the US real output and
 that the critical value of the real oil price for output maximization is
 estimated to be $50.09 per barrel. Hence, real crude oil prices of $54.90
 in 2006 and $59.07 in 2007 are expected to affect real output negatively.
 In addition, more deficit spending, real depreciation, a higher real stock
 price and a lower expected inflation rate would cause real output to rise. 
Journal: Applied Economics Letters 
Pages: 657-661 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297988 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297988&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vaughan Dickson 
Author-X-Name-First: Vaughan 
Author-X-Name-Last: Dickson 
Title: Cost pass-through elasticities, concentration and productivity growth 
Abstract:
  Cost pass-through elasticities measure the percentage decrease in prices
 from a percentage cost reduction. For given cost reductions, lower
 elasticities harm consumers through a lower pass-through to prices. But
 these same lower elasticities may increase cost-reducing innovation by
 firms and thereby help consumers by leading to lower prices. To explore
 this trade-off, pass-through elasticities are first estimated for 253 US
 manufacturing industries. After this, two second-stage regressions that
 use the estimated elasticities are introduced. The first regression finds
 that higher seller concentration leads to lower pass-through elasticities,
 whereas the second finds that the lower pass-through elasticities, which
 accompany higher concentration, lead to higher average annual productivity
 growth. This means there is a trade-off, and lower elasticities can
 benefit consumers. 
Journal: Applied Economics Letters 
Pages: 663-666 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297962 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297962&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Linus Wilson 
Author-X-Name-First: Linus 
Author-X-Name-Last: Wilson 
Title: Fixed cost efficiency with infinitesimal competitors 
Abstract:
  Suppose that infinitesimal firms have identical variable costs, but there
 is heterogeneity in their fixed costs. Regardless of the ordering of entry
 and exit, fixed costs will be minimized for a given industry size. 
Journal: Applied Economics Letters 
Pages: 667-671 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297921 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297921&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. O. Stekler 
Author-X-Name-First: H. O. 
Author-X-Name-Last: Stekler 
Author-Name: Kazuta Sakamoto 
Author-X-Name-First: Kazuta 
Author-X-Name-Last: Sakamoto 
Title: Evaluating current-year forecasts made during the year: a Japanese example 
Abstract:
  Forecasts for the current year that are made sometime during the current
 year are not true annual forecasts because they include already known
 information for the early part of the year. The current methodology that
 evaluates these 'forecasts' does not take into account the known
 information. This article presents a methodology for calculating an
 implicit forecast for the latter part of a year conditional on the known
 information. We then apply the procedure to Japanese forecasts for
 1988-2003 and analyse some of the characteristics of those predictions. 
Journal: Applied Economics Letters 
Pages: 673-676 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297848 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297848&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bjorn Thor Arnarson 
Author-X-Name-First: Bjorn 
Author-X-Name-Last: Thor Arnarson 
Author-Name: Aparna Mitra 
Author-X-Name-First: Aparna 
Author-X-Name-Last: Mitra 
Title: The Paternity Leave Act in Iceland: implications for gender equality in the labour market 
Abstract:
  The Icelandic Act on Maternity/Paternity and Parental Leave (2000)
 introduced some major changes. The leave was extended from 6 to 9 months,
 and parents who were active in the labour market were paid 80% of their
 average salaries during the leave. The 9 months' leave was distributed so
 that mothers could take 3 months' leave, fathers could take 3 months'
 leave and the remaining 3 months could be shared by the mother or father
 in any manner that the parents saw fit. Using information and data from
 the Althingi and Statice, this article discusses the new legislation and
 the implications of such a policy in reducing gender inequality in the
 Icelandic labour market. 
Journal: Applied Economics Letters 
Pages: 677-680 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297830 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297830&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hoa Nguyen 
Author-X-Name-First: Hoa 
Author-X-Name-Last: Nguyen 
Author-Name: Robert Faff 
Author-X-Name-First: Robert 
Author-X-Name-Last: Faff 
Title: Does the type of derivative instrument used by companies impact firm value? 
Abstract:
  We explore the relationship between the type of derivative instrument
 used and firm value, in a sample of Australian firms. Specifically, we
 examine the impact of the corporate use of swaps, futures, forwards and
 options, and the extent of such usage, on firm value. Our findings suggest
 that a 'discount' is most severely imposed on users of swaps. 
Journal: Applied Economics Letters 
Pages: 681-683 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297822 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297822&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Emmanuel Lartey 
Author-X-Name-First: Emmanuel 
Author-X-Name-Last: Lartey 
Title: A note on the effect of financial development on economic growth 
Abstract:
  A common result from the literature has been a positive monotonic effect
 of financial development on growth. This article presents an empirical
 investigation of the financial development-economic growth relationship by
 estimating a variant model to those in Levine et al. (2000) while allowing
 for the coefficient on the financial development index to vary by the
 level of financial development. Using dynamic panel techniques,
 coefficient estimates suggest that the exogenous component of financial
 development has a positive effect on economic growth and does not vary
 with the level of financial development. 
Journal: Applied Economics Letters 
Pages: 685-687 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297897 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297897&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Randy Nelson 
Author-X-Name-First: Randy 
Author-X-Name-Last: Nelson 
Author-Name: Patrick Rutherford 
Author-X-Name-First: Patrick 
Author-X-Name-Last: Rutherford 
Title: The impact of early DVD release on box office revenues 
Abstract:
  In recent years, film studios have accelerated the release of films on
 DVDs, prompting theatre owners to express concerns about the possible
 negative impact of the early release of DVDs on a film's box office
 revenues. This study examines the impact of releasing a film on DVD before
 the film ends its theatrical run. Based on a sample of the top 50 grossing
 films in the USA over the period 2001 to 2005, our results indicate that
 roughly a quarter of the films appear on DVD before exiting the theatres,
 and that studios release these films on DVD after they have been in the
 theatres for an average of 20 weeks. By delaying the DVD release until the
 twentieth week, studios minimize the impact on box office revenues, as the
 average films take in 95% of its total box office growth by the seventh
 week in distribution. Regression results indicate that an early DVD
 release reduces box office revenues by 46%, or $303 989, which represents
 an average of 0.21% of a film's total box office revenue. 
Journal: Applied Economics Letters 
Pages: 689-693 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297913 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297913&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. 
Author-X-Name-Last: Bhaskara Rao 
Author-Name: Rup Singh 
Author-X-Name-First: Rup 
Author-X-Name-Last: Singh 
Author-Name: Saten Kumar 
Author-X-Name-First: Saten 
Author-X-Name-Last: Kumar 
Title: Do we need time series econometrics? 
Abstract:
  It is argued that whether the need for unit roots and cointegration-based
 econometric methods is a methodological issue. An alternative is the
 econometrics of the London School of Economics (LSE) and Hendry approach
 based on the simpler classical methods of estimation. This is known as the
 general to specific method (GETS). Like all other methodological issues
 this is also difficult to resolve, but we think that GETS is very useful. 
Journal: Applied Economics Letters 
Pages: 695-697 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297889 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297889&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Silke Anger 
Author-X-Name-First: Silke 
Author-X-Name-Last: Anger 
Author-Name: Guido Heineck 
Author-X-Name-First: Guido 
Author-X-Name-Last: Heineck 
Title: Cognitive abilities and earnings - first evidence for Germany 
Abstract:
  We provide first evidence on the relationship between cognitive abilities
 and earnings in Germany using data from the German Socio-Economic Panel
 (SOEP) Study. The estimates suggest that mechanics abilities are
 positively related to wages of West German workers, even when educational
 attainment is controlled for. Pragmatics of cognition are not related to
 earnings. In line with studies for other countries, we find that ability
 and education are inseparable determinants of earnings. 
Journal: Applied Economics Letters 
Pages: 699-702 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297855 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297855&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Paul Gius 
Author-X-Name-First: Mark 
Author-X-Name-Last: Paul Gius 
Title: An analysis of the 2006 congressional elections: does campaign spending matter? 
Abstract:
  The results of research on the effects of political campaign expenditures
 on congressional elections are somewhat mixed although most suggest that
 incumbent campaign spending has a minimal to no statistically significant
 effect on election outcomes, whereas challenger spending has a rather
 significant effect. This study differs from the prior research by
 including as an explanatory variable the percentage of registered voters
 who have the same party affiliation as the candidate. Results suggest that
 spending by both the incumbent and the challenger have significant effects
 on the percentage of votes obtained, while the percentage of own party
 affiliation has a positive, but minimal, effect. Finally, it was found
 that incumbents possess a 24-point advantage over their challengers; this
 result may partially explain why incumbents are re-elected over 90% of the
 time. 
Journal: Applied Economics Letters 
Pages: 703-706 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802298002 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802298002&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcelo Resende 
Author-X-Name-First: Marcelo 
Author-X-Name-Last: Resende 
Title: Gibrat's law for counties in medieval England: an empirical study 
Abstract:
  The article investigates a distributional implication of Gibrat's Law
 (GL) in the context of English counties in the eleventh century, taking as
 reference population data from the Domesday Book. Tests for the
 log-normality of the size distribution (including specific assessments of
 the skewness and kurtosis) provided evidence that favours the prevalence
 of GL. 
Journal: Applied Economics Letters 
Pages: 707-710 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297996 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297996&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Olumuyiwa Adedeji 
Author-X-Name-First: Olumuyiwa 
Author-X-Name-Last: Adedeji 
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: Fiscal sustainability in a panel of Asian countries 
Abstract:
  Panel cointegration techniques indicate that government revenue (REV) and
 expenditure (EXP) in a panel of five Asian economies for the period 1974
 to 2001 were nonstationary and cointegrated series. However, the
 cointegration coefficient was significantly less than unity, indicating
 'weak' fiscal sustainability and the likelihood that policy measures would
 be needed to put the public finances on a more sustainable basis. 
Journal: Applied Economics Letters 
Pages: 711-715 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297871 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297871&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Theodoros Stamatopoulos 
Author-X-Name-First: Theodoros 
Author-X-Name-Last: Stamatopoulos 
Author-Name: Harilaos Harissis 
Author-X-Name-First: Harilaos 
Author-X-Name-Last: Harissis 
Title: Exchange rate pass-through, exchange rate disconnect and exchange rate regimes 
Abstract:
  This article investigates the degree of Exchange Rate Pass-Through (ERPT)
 into import prices for the Hellenic economy, during its post-Bretton Woods
 and pre-European Monetary Union (pre-EMU) era 1975-1998. Using
 multivariate cointegration techniques, we provide empirical evidence for
 complete long-run and incomplete short-run ERPT coefficients. The pattern
 of trade, which reflects the production pattern as well as intervention
 policies, appearing from the country's course towards EMU, justifies these
 estimations. Complete ERPT and estimated disconnection of the exchange
 rate of the Hellenic Drachmae from the real industrial production may be
 accepted as an argument in favour of joining the euro, within a single
 criterion of Optimum Currency Areas' theory. 
Journal: Applied Economics Letters 
Pages: 717-722 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802298050 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802298050&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Cantarero 
Author-X-Name-First: David 
Author-X-Name-Last: Cantarero 
Author-Name: Santiago Lago-Penas 
Author-X-Name-First: Santiago 
Author-X-Name-Last: Lago-Penas 
Title: The determinants of health care expenditure: a reexamination 
Abstract:
  In this article, the determinants of health care expenditure per capita
 in Spanish regions are analysed. The coexistence of several models
 concerning the degree of spending power decentralization and financing
 systems makes Spain a singular case and allows us to draw conclusions
 relevant for other countries decentralizing their health care systems.
 Analysing the Spanish case also serves to show a number of pitfalls
 affecting econometric estimation of the effects of income and demographic
 structure on health expenditure. Because the reliability of parameter
 estimates is a key issue in the literature on the determinants of health
 expenditure, these potential problems should be taken into account when
 estimating and interpreting results. 
Journal: Applied Economics Letters 
Pages: 723-726 
Issue: 7 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802314437 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802314437&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Ryan Haley 
Author-X-Name-First: M. Ryan 
Author-X-Name-Last: Haley 
Author-Name: Craig Dunphey 
Author-X-Name-First: Craig 
Author-X-Name-Last: Dunphey 
Title: On the Athey-Levin model of skewed bidding 
Abstract:
  Using data from 39 first-price, sealed-bid auctions from three Wisconsin
 State forests, we examine the fragility of the sealed-bid auction portion
 of Athey and Levin's (2001) study of skewed bidding behaviour in US forest
 service auctions. The results of our analysis compare favourably with
 their results, suggesting that their model is robust across data sets
 similar to, but distinct from, the data used in their study. 
Journal: Applied Economics Letters 
Pages: 727-732 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802375487 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802375487&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: Government size and the stability of output: evidence from emerging market economies 
Abstract:
  Fatas and Mihov (2001a, b) reported a negative and statistically
 significant relation between government size and output variability in a
 cross-section of 20 Organization for Economic Cooperation and Development
 (OECD) countries and concluded that large governments stabilize output.
 This conclusion does not appear to be valid for Emerging Market Economies
 (EMEs). Results from cross-section and combined cross-section and time
 series regressions for a sample of 21 EMEs for the period 1970 to 2001
 indicate that the relation between government size and output volatility
 is statistically significant and positive. 
Journal: Applied Economics Letters 
Pages: 733-736 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802464117 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802464117&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: Who chooses to adopt fiscal responsibility laws? Evidence from emerging market economies 
Abstract:
  In recent years, at least 10 emerging market economies have sought to
 anchor their fiscal frameworks in fiscal responsibility laws. Key factors
 in the decision appear to include a prior improvement in fiscal
 discipline, particularly in the context of a federal fiscal system,
 substantial ethnic fractionalization and vulnerability to adverse shocks,
 such as real exchange rate volatility and inflation. 
Journal: Applied Economics Letters 
Pages: 737-740 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802297947 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802297947&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. J. Dawson 
Author-X-Name-First: P. J. 
Author-X-Name-Last: Dawson 
Title: Financial development and economic growth: a panel approach 
Abstract:
  This article examines the finance-growth nexus for a panel of less
 developed countries using panel cointegration methods. The financial
 development elasticity of gross domestic product is 0.46, and this varies
 little between broad income groups. 
Journal: Applied Economics Letters 
Pages: 741-745 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802314411 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802314411&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wuyang Hu 
Author-X-Name-First: Wuyang 
Author-X-Name-Last: Hu 
Author-Name: Alison Davis 
Author-X-Name-First: Alison 
Author-X-Name-Last: Davis 
Title: Desert recreation: economic values of management and service strategies 
Abstract:
  This study focuses on the management of a desert area. It utilizes survey
 data to assess visitors' preferences and values for several management
 strategies designed to alleviate conflicts in this region. The
 implications may help to understand management issues in other similar
 environments. The results show distinctive differences between how these
 management strategies may be valued by the resource users, depending on
 the intended goals of the strategies. A key conclusion is that the best
 management strategy is interrelated with the characteristics of the
 resource users. A heterogeneous analysis and diversified policy may
 achieve better management goals and social welfare. 
Journal: Applied Economics Letters 
Pages: 747-751 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802359911 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802359911&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gordon Tang 
Author-X-Name-First: Gordon 
Author-X-Name-Last: Tang 
Author-Name: Karen Wong 
Author-X-Name-First: Karen 
Author-X-Name-Last: Wong 
Title: A note on the intraday and intraweek patterns in premiums of exchange-traded funds: evidence from Hong Kong 
Abstract:
  The Tracker Fund of Hong Kong, the first launched exchange-traded fund in
 Asia except Japan, aims to track the performance of the Hang Seng Index.
 This article examines the fund's characteristic via investigating the
 intraday and intraweek patterns of the fund's premiums. Empirical results
 suggest that no such patterns exist on the mean premium. However, a weak
 intraweek pattern is found for the volatility of premium and the number of
 transactions. Furthermore, for all measures except the mean premium, we
 find that a significant intraday pattern with a double-U shape or a
 W-shape exists. 
Journal: Applied Economics Letters 
Pages: 753-760 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802314429 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802314429&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jorge Andraz 
Author-X-Name-First: Jorge 
Author-X-Name-Last: Andraz 
Author-Name: Paulo Rodrigues 
Author-X-Name-First: Paulo 
Author-X-Name-Last: Rodrigues 
Title: Events that marked tourism in Portugal 
Abstract:
  This article uses outlier detection procedures to investigate events that
 may have had a pronounced effect on tourism in Portugal. Interestingly, we
 confirm the evidence that the effects on tourism are lagged in time. As a
 result, expected business volumes are only attained later than originally
 anticipated and arising difficulties affect tourism leading to possible
 destination rerouting. 
Journal: Applied Economics Letters 
Pages: 761-766 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802314445 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802314445&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seong-Hoon Cho 
Author-X-Name-First: Seong-Hoon 
Author-X-Name-Last: Cho 
Author-Name: Dayton Lambert 
Author-X-Name-First: Dayton 
Author-X-Name-Last: Lambert 
Author-Name: Zhuo Chen 
Author-X-Name-First: Zhuo 
Author-X-Name-Last: Chen 
Title: Geographically weighted regression bandwidth selection and spatial autocorrelation: an empirical example using Chinese agriculture data 
Abstract:
  This research note examined the performance of Geographically Weighted
 Regression (GWR) using two calibration methods. The first method, Cross
 Validation (CV), has been commonly used in the applied literature using
 GWR. A second criterion selected an optimal bandwidth that corresponded
 with the smallest spatial error Lagrange Multiplier (LM) test statistic.
 We find that there is a tradeoff between addressing spatial
 autocorrelation and reducing degree of extreme coefficients in GWR.
 Although spatial autocorrelation can be controlled for by using the LM
 criterion, a substantial degree of extreme coefficients may remain.
 However, while the CV approach appears to be less prone to producing
 extreme coefficients, it may not always attend to the problems that arise
 in the presence of spatial error autocorrelation. 
Journal: Applied Economics Letters 
Pages: 767-772 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802314452 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802314452&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: De-Chih Liu 
Author-X-Name-First: De-Chih 
Author-X-Name-Last: Liu 
Title: Monetary policy and the asymmetric job creation and destruction behaviour 
Abstract:
  This article explores whether monetary policy can account for the
 asymmetric job creation and job destruction behaviour in the Taiwanese
 manufacturing and service sectors during the period 1987 to 2003. This
 article finds evidence for positive steepness in the job destruction rate
 in the manufacturing sector and negative steepness in the job creation
 rate in the service sector. This article also finds that the monetary
 policy (discount rate) can help to explain the asymmetric job creation and
 job destruction behaviour. Importantly, this article finds that monetary
 policy stimulated job flow behaviour to a better regime. This evidence
 suggests that monetary policy may be an efficient instrument in
 stimulating the labour market in Taiwan. 
Journal: Applied Economics Letters 
Pages: 773-780 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802359903 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802359903&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Huseyin Kalyoncu 
Author-X-Name-First: Huseyin 
Author-X-Name-Last: Kalyoncu 
Author-Name: Ilhan Ozturk 
Author-X-Name-First: Ilhan 
Author-X-Name-Last: Ozturk 
Title: Sustainability of current account for Latin America and Caribbean countries 
Abstract:
  This article examines sustainability of current account for Colombia,
 Peru, Venezuela, Mexico, Brazil and Argentina. Using the usual
 intertemporal borrowing constraint, we have tested for a long-run
 relationship between exports and imports plus net transfer payments and
 net interest payments. In our empirical analysis of the sustainability of
 current account, cointegration approaches have been used. Empirical
 results suggest that in the case of Peru, there exists a unique long run
 or equilibrium relationship among real exports and imports. In the case of
 Colombia, Venezuela, Mexico, Brazil and Argentina, cointegration results
 suggest that these countries' current accounts are not sustainable in the
 long run. 
Journal: Applied Economics Letters 
Pages: 781-785 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802359937 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802359937&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anthony Mancuso 
Author-X-Name-First: Anthony 
Author-X-Name-Last: Mancuso 
Author-Name: Cassandra Dirienzo 
Author-X-Name-First: Cassandra 
Author-X-Name-Last: Dirienzo 
Author-Name: Jayoti Das 
Author-X-Name-First: Jayoti 
Author-X-Name-Last: Das 
Title: Assessing terrorist risk and FDI using relative information measures 
Abstract:
  Recent research has explored the determinants of terrorism and the impact
 that terrorist activity has on a country. However, to date, no research
 has examined what specific aspect of terrorist risk most significantly
 impacts a country's ability to operate in the global market. Using the
 five sub-indices of the World Market Research Center's Global Terrorism
 Index, this study explores how the different dimensions of terrorist risk
 impact the inflow of Foreign Direct Investment (FDI) using a Shannon
 information measure of relationship. The results of this research suggest
 that a country's proven ability to prevent terrorist activity has the most
 significant impact on investment decisions in regard to FDI. 
Journal: Applied Economics Letters 
Pages: 787-790 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802375479 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802375479&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sadullah Celik 
Author-X-Name-First: Sadullah 
Author-X-Name-Last: Celik 
Author-Name: Huseyin Kaya 
Author-X-Name-First: Huseyin 
Author-X-Name-Last: Kaya 
Title: Real exchange rates and bilateral trade dynamics of Turkey: panel cointegration approach 
Abstract:
  The aim of this article is to analyse Turkey's bilateral trade dynamics
 with respect to a panel of seven countries. Employing several panel
 cointegration techniques, we show that the effect of a devaluation of
 Turkish currency on trade balance is country specific and there is no
 J-curve effect. 
Journal: Applied Economics Letters 
Pages: 791-795 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802388993 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802388993&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: Nonlinear mean reversion in real exchange rates: threshold autoregressive models and stochastic unit root processes 
Abstract:
  Threshold-type nonlinear relations are pretty popular in modelling the
 deviations from purchasing power parity. This article shows that there is
 a close relation between the nonlinear band Threshold Autoregressive (TAR)
 models studied by Obstfeld and Taylor (1997) and Stochastic Unit Root
 (STUR) processes discussed by Granger and Swanson (1997) and McCabe and
 Tremayne (1995). Employing the real exchange rates from four major
 countries against the US dollar, this article finds little evidence for
 TAR but some support for STUR during the post-Bretton Woods sample
 periods. 
Journal: Applied Economics Letters 
Pages: 797-804 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802403610 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802403610&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Leeds 
Author-X-Name-First: Michael 
Author-X-Name-Last: Leeds 
Title: Is bad news always bad? The impact of Floyd Landis's rise and fall on Phonak 
Abstract:
  In the space of one week, cyclist Floyd Landis went from hero to villain
 when his remarkable comeback to win the 2006 Tour de France was nullified
 by a positive drug test. I use event study techniques to analyse the
 impact of Landis's rise and fall on the profitability of Phonak, his
 team's sponsor. I find that neither his spectacular win nor his rapid fall
 had an immediate impact on Phonak but that there was a significant
 cumulative abnormal return to Phonak stock in the wake of these events. I
 conclude that Phonak benefited from both the good and bad news about
 Landis. 
Journal: Applied Economics Letters 
Pages: 805-808 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802464109 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802464109&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hart Hodges 
Author-X-Name-First: Hart 
Author-X-Name-Last: Hodges 
Author-Name: Stein &#xd8;stbye 
Author-X-Name-First: Stein 
Author-X-Name-Last: &#xd8;stbye 
Title: Is small firm gardening good for local economic growth? 
Abstract:
  Based on panel data for the manufacturing and retail industries in a
 sample of 2645 US counties spanning the last two decades of the twentieth
 century, we find that firm size matters for industry growth. Contrary to
 previous research, our results suggest that there is a positive linkage
 between the average size of manufacturing and retail firms on the one hand
 and industry growth on the other. Our results are consistent with a
 Schumpeterian growth model, where bigger firms are needed to carry out
 effective Research and Development, leading to higher growth. The results,
 therefore, do not support the idea of small firm gardening as a local
 development strategy. 
Journal: Applied Economics Letters 
Pages: 809-813 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802481780 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802481780&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mao-Wei Hung 
Author-X-Name-First: Mao-Wei 
Author-X-Name-Last: Hung 
Author-Name: Mei-Lan Lo 
Author-X-Name-First: Mei-Lan 
Author-X-Name-Last: Lo 
Author-Name: Hsiao-Yuan Yu 
Author-X-Name-First: Hsiao-Yuan 
Author-X-Name-Last: Yu 
Title: On the currency effect to home bias puzzle 
Abstract:
  We propose an international asset allocation model to investigate whether
 home currency concern has impacts on home bias puzzle. Domestic investors
 choosing their international portfolios depend on home currency premium
 and thus will behave in home bias scenarios. Besides, the optimal
 portfolio suggests that it is isolated with nontradable and tradable
 consumptions. After employing the market-clearing condition, we price the
 equilibrium exchange rate and it tells that Interest Rate Parity (IRP) has
 more potential influence than Purchasing Power Parity (PPP) on exchange
 rate pricing in our model. 
Journal: Applied Economics Letters 
Pages: 815-822 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802481839 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802481839&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: Does nonlinearity help resolve the Fisher effect puzzle? 
Abstract:
  Even though there is little evidence for linear cointegration,
 Christopoulos and Leon-Ledesma (2007) recently have found nonlinear
 cointegrating relations between the US quarterly nominal interest rate and
 CPI inflation rate. Through Monte Carlo simulations, they also show that
 the nonlinear relations are responsible for the 'Fisher effect puzzle' of
 less than a proportional coefficient of inflation in the linear Fisher
 relation. We provide, in this study, an explanation of their simulation
 results on the Fisher effect puzzle and further examine if nonlinear
 relations really help resolving the puzzle. 
Journal: Applied Economics Letters 
Pages: 823-828 
Issue: 8 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802481772 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802481772&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuqing Zheng 
Author-X-Name-First: Yuqing 
Author-X-Name-Last: Zheng 
Author-Name: Harry Kaiser 
Author-X-Name-First: Harry 
Author-X-Name-Last: Kaiser 
Title: Nonparallel demand increases in an asymmetric Cournot oligopoly 
Abstract:
  We examine equilibrium responses of a Cournot oligopoly to two typical
 types of nonparallel demand increases. The results based on a linear
 demand curve show that in terms of profits, increases in demand that
 result in a more elastic demand curve are beneficial to every firm, with
 large firms benefiting disproportionately. In sharp contrast, only certain
 small firms benefit from demand increases that result in a more inelastic
 demand. Our results have implications in marketing and government policy
 making. 
Journal: Applied Economics Letters 
Pages: 829-833 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802552317 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802552317&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Brian Lucey 
Author-X-Name-First: Brian 
Author-X-Name-Last: Lucey 
Title: Lunar seasonality in precious metal returns? 
Abstract:
  We demonstrate for the first time the existence of a lunar cycle on
 precious metal returns. This appears to be more pronounced in silver than
 gold, with very little evidence for an effect in platinum. 
Journal: Applied Economics Letters 
Pages: 835-838 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802516188 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802516188&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Afonso 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Afonso 
Author-Name: Miguel St. Aubyn 
Author-X-Name-First: Miguel 
Author-X-Name-Last: St. Aubyn 
Title: Public and private investment rates of return: evidence for industrialized countries 
Abstract:
  We compute the macroeconomic rates of return of public and private
 investment implicit in a VAR for 14 European Union countries, Canada,
 Japan and the United States. Results point mostly to positive effects of
 public and private investment on output, whereas public investment crowds
 out private investment in a significant number of countries. 
Journal: Applied Economics Letters 
Pages: 839-843 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802599425 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802599425&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: &#xc5;sa Lofgren 
Author-X-Name-First: &#xc5;sa 
Author-X-Name-Last: Lofgren 
Author-Name: Katarina Nordblom 
Author-X-Name-First: Katarina 
Author-X-Name-Last: Nordblom 
Title: Attitudes towards CO2 taxation - is there an Al Gore effect? 
Abstract:
  Fuel taxes are one of the most powerful climate policies. Yet, these
 taxes have not been given very much attention in the global debate
 regarding climate policy, compared with other instruments, such as
 tradable emission permits. This article shows, however, that the immense
 media coverage during fall 2006 significantly affected people's attitudes
 towards the CO2 tax on gasoline. We conducted a survey where we asked for
 people's opinions about the CO2 tax in September and in December 2006,
 i.e. before and after the release of Al Gore's 'An Inconvenient Truth' and
 the Stern Review. We found that the attitude towards the level of the CO2
 tax was significantly changed after these events; people became much more
 positive towards the tax. This signals that using the CO2 tax as an
 important climate policy becomes more politically feasible and legitimate
 when more attention is drawn to climate change problems. 
Journal: Applied Economics Letters 
Pages: 845-848 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802584849 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802584849&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alice Melkumian 
Author-X-Name-First: Alice 
Author-X-Name-Last: Melkumian 
Title: The cost of a short-selling constraint - welfare implications for investors under uncertainty 
Abstract:
  In this article, I analyse investors' welfare losses from being
 restricted from short-selling. To measure those losses, I use the concept
 of the proportionate opportunity cost along with various Constant Relative
 Risk Aversion (CRRA) utility functions. Two sets of asset returns are used
 with a Vector Autoregressive process for generating joint returns
 distributions: the original historical asset returns data set and the
 historical asset returns with extreme values exaggerated. In each case,
 1000 alternative sets of assets, including one with a risk-free nominal
 return, are randomly made available for investment. I show that the
 optimal portfolio strategy with the short-selling constraint performs
 almost as well as the unconstrained portfolio strategy for investors with
 medium and high levels of risk aversion. The results, derived from the
 original historical asset returns data set, show that investors' welfare
 losses reach 12.8% of initial wealth when risk aversion is low and reach
 13.5% of initial wealth with extreme returns exaggerated. The results in
 both cases indicate that less risk-averse investors experience greater
 welfare losses and that the short-selling constraint reduces the cost of
 sub-optimal diversification. 
Journal: Applied Economics Letters 
Pages: 849-860 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802481847 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802481847&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian David Dick 
Author-X-Name-First: Christian David 
Author-X-Name-Last: Dick 
Author-Name: Qingwei Wang 
Author-X-Name-First: Qingwei 
Author-X-Name-Last: Wang 
Title: The economic impact of the Olympic Games: evidence from stock markets 
Abstract:
  By means of an event study of stock market reactions to the announcement
 of the Olympic Games host cities, we find a significant and positive
 announcement effect of hosting the Summer Games, with a cumulative
 abnormal return of about 2% within a few days. Yet, we find no significant
 results for the Winter Games and for losers. Our results differ from those
 of Mirman and Sharma (2008), who found that the Winter Games have a
 significantly negative announcement impact, whereas there is no effect for
 the Summer Games. Our results rely on a larger sample of 15 Olympic events
 and are obtained by assessing the abnormal returns after the announcement
 against a 'business-as-usual' situation (instead of testing the difference
 between winners and losers). Our findings are in line with economic
 intuition: the Summer Games represent a larger event and are thus more
 likely to make a significant impact. We also find that among the winners,
 small economies tend to exhibit greater cumulative abnormal returns than
 their larger peers. 
Journal: Applied Economics Letters 
Pages: 861-864 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802552291 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802552291&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paolo Zagaglia 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Zagaglia 
Title: The sources of volatility transmission in the Euro area money market: from longer maturities to the overnight? 
Abstract:
  This article investigates the transmission of volatility from longer
 maturities to the overnight segment of the Euro area money market. I use
 nonparametric estimates of the daily variance of swap rates to test for
 block exogeneity with respect to the overnight. The results suggest that
 there exists transmission of volatility shocks from the 1-year swap rate
 to the overnight market. The reform of the operational framework of March
 2004 has improved the segmentation of the market, as it has insulated the
 overnight segment from volatility spillovers stemming from swap rates of
 up to 6 months of maturity. 
Journal: Applied Economics Letters 
Pages: 865-868 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802498809 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802498809&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Soderlind 
Author-X-Name-First: Paul 
Author-X-Name-Last: Soderlind 
Title: Predicting stock price movements: regressions versus economists 
Abstract:
  The forecasting performance of the Livingston survey and traditional
 prediction models of stock prices is analysed. The survey forecasts look
 similar to those from a 'too large' prediction model: poor out-of-sample
 performance and too sensitive to recent and irrelevant information. 
Journal: Applied Economics Letters 
Pages: 869-874 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802584871 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802584871&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hiroshi Yamada 
Author-X-Name-First: Hiroshi 
Author-X-Name-Last: Yamada 
Author-Name: Syuichi Nagata 
Author-X-Name-First: Syuichi 
Author-X-Name-Last: Nagata 
Author-Name: Yuzo Honda 
Author-X-Name-First: Yuzo 
Author-X-Name-Last: Honda 
Title: A comparison of two alternative composite leading indicators for detecting Japanese business cycle turning points 
Abstract:
  The Organisation for Economic Cooperation and Development (OECD) has
 developed a system of Composite Leading Indicators (CLIs) for its member
 countries. On the other hand, the Japanese government has released another
 CLI for detecting the Japanese business cycle turning points. Both CLIs
 are widely used alternatives. These two CLIs may provide different
 business forecasts. When different forecasts occur, how can we interpret
 the discrepancies? This article tries to answer this question by
 clarifying their relationships. 
Journal: Applied Economics Letters 
Pages: 875-879 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802570384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802570384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peng Fei 
Author-X-Name-First: Peng 
Author-X-Name-Last: Fei 
Title: A note on applying option pricing theory to emerging mortgage and mortgage-backed securities markets 
Abstract:
  Option-based models have been the dominant paradigm for researches on the
 risks and pricing of mortgages and Mortgage-Backed Securities (MBS) in the
 USA. However, the adaptability and flexibility of option-based models in
 the emerging mortgage markets has been obviously neglected. This study
 provides the first analysis of the potential strengths and weaknesses of
 application of the option pricing theory to emerging markets with
 referring to both theoretical and empirical literatures. This study finds
 that the mortgage type, the attitude of mortgagees to risk and the
 institutional features are the key determinants of success of application
 of the option pricing theory to emerging mortgage and MBS markets. The
 option pricing literature in finance has been extended to study the risks
 and pricing of mortgages and MBS in the USA over the last three decades.
 However, given the robust and rapid growth of emerging mortgage and
 mortgage-related capital markets, there is surprisingly little known about
 to what extent the option pricing theory can be applied to the emerging
 mortgage and MBS markets in the global arena. The purpose of this study is
 to fill this gap by analysing the potential strengths and weaknesses of
 application of the option pricing models to emerging markets with
 specifically referring to both theoretical and empirical literatures. 
Journal: Applied Economics Letters 
Pages: 881-885 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802552332 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802552332&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alberto Iniguez-Montiel 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Iniguez-Montiel 
Title: Government expenditure and national income in Mexico: Keynes versus Wagner 
Abstract:
  This article examines the relationship between government expenditure and
 national income in Mexico by testing the validity of Wagner's law and
 Keynes's hypothesis for the period between 1950 and 1999. More
 specifically, by applying time-series analysis, government-spending and
 national-income variables were found to be nonstationary and cointegrated,
 thus satisfying a long-run equilibrium condition. In addition, through the
 application of Granger causality tests to error-correction models,
 unidirectional causality, running from Gross Domestic Product (GDP) to
 government-expenditure variables, could be established between the
 variables and, therefore, only Wagner's law was found to be valid in
 Mexico's case for the period of study. 
Journal: Applied Economics Letters 
Pages: 887-893 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802599433 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802599433&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Spencer 
Author-X-Name-First: Michael 
Author-X-Name-Last: Spencer 
Title: Loyalty, protocol, bargainer characteristics, and rationality in an experimental investigation of bilateral bargaining in dyads 
Abstract:
  This article analyses data from a bargaining experiment where dyads (i.e.
 two players) bargain over the chances (in terms of lottery tickets) to win
 a shrinking monetary reward. The analysis models both time-independent and
 time-dependent measures of rationality, which are derived from the
 negotiated distribution of lottery tickets, as a function of bargainers'
 stated loyalty, individual characteristics, and bargaining protocol.
 Statistical results suggest that constrained self-interest dominates both
 measures of rationality, which are significantly affected by pre-bargain
 cheap talk, first-offer restrictions, loyalty, gender, and academic major. 
Journal: Applied Economics Letters 
Pages: 895-900 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802552283 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802552283&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Lange 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Lange 
Title: Culture and life satisfaction in developed and less developed nations 
Abstract:
  Defining culture by reference to deeply engrained societal values and
 beliefs, this article makes two contributions to the growing field of
 satisfaction research: first, it explores whether and to what extent a
 range of cultural values serve as important moderators of individuals'
 life satisfaction; and second, it also tries to uncover if the economic
 development status of countries in which individuals live mitigates the
 impact of these cultural values. Based on sub-samples of the fourth wave
 of the World Value Survey, the empirical results show that several
 cultural values are indeed very significant influences on individuals'
 assessment of their life satisfaction. The importance of work, family,
 religion and interpersonal trust play a particularly prominent role.
 However, contrary to previous assertions, cultural values also appear to
 have a rather different effect on life satisfaction when examined in the
 context of developed versus less developed economies. 
Journal: Applied Economics Letters 
Pages: 901-906 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802552309 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802552309&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Pierdzioch 
Author-X-Name-First: Christian 
Author-X-Name-Last: Pierdzioch 
Title: Periodically collapsing bubbles in the German stock market, 1876-1913 
Abstract:
  The present-discounted value model of stock price determination implies
 that, rational bubbles being absent, stock prices and dividends should be
 cointegrated. The results of tests for noncointegration indicate that the
 possibility of periodically collapsing rational bubbles in the German
 stock market before World War I cannot be ruled out. 
Journal: Applied Economics Letters 
Pages: 907-908 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802552324 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802552324&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Dawson 
Author-X-Name-First: John 
Author-X-Name-Last: Dawson 
Author-Name: Mark Strazicich 
Author-X-Name-First: Mark 
Author-X-Name-Last: Strazicich 
Title: Time-series tests of income convergence with two structural breaks: evidence from 29 countries 
Abstract:
  This article uses data on real per capita incomes from 1900 to 2001 to
 test for stochastic convergence in a diverse group of 29 countries. We
 utilize LM unit root tests to endogenously determine the number and
 location of structural breaks for each country. These tests avoid spurious
 rejections that can occur in Dickey-Fuller-type endogenous break tests
 used in many previous studies. We find significant evidence that incomes
 are stochastically converging in 23 of the countries, with World War II
 most often identified as the time period of structural breaks. 
Journal: Applied Economics Letters 
Pages: 909-912 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802584807 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802584807&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Pilar Socorro 
Author-X-Name-First: M. 
Author-X-Name-Last: Pilar Socorro 
Author-Name: Gines de Rus 
Author-X-Name-First: Gines 
Author-X-Name-Last: de Rus 
Title: The effectiveness of the Spanish urban transport contracts in terms of incentives 
Abstract:
  We consider a principal-agent model in which the regulator faces a moral
 hazard problem as he cannot observe the effort exerted by public transit
 operators. In this context, we analyse the effectiveness of the different
 urban transport contracts signed by the Spanish Central Government since
 1990 in terms of incentives. The main result is that none of these
 contracts provides the appropriate incentives to public transit operators.
 Thus, we propose a fixed-quantity contract as an alternative financing
 mechanism. The fixed-quantity contract is a high-powered incentive
 contract that allows the regulator to perfectly forecast the amount of
 public funds to be used in the urban transport system. Moreover, the
 fixed-quantity contract can be adjusted to attain the equilibrium between
 incentives and optimal allocation of risk. 
Journal: Applied Economics Letters 
Pages: 913-916 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802584815 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802584815&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ali Malik 
Author-X-Name-First: Ali 
Author-X-Name-Last: Malik 
Title: The importance of output for the monetary policy rules 
Abstract:
  We examine the importance of variable output (Gross Domestic Product
 (GDP) growth rate) on the preferences of the policy makers. We do so by
 examining the effect of output regimes on the form of monetary policy
 implemented by the central banks. We use simple monetary policy rules to
 characterize the monetary policy of the central bank. Regime switching
 models are utilized to model output and monetary policy regimes
 separately. The importance of output is then examined for the UK and the
 USA by corresponding the output and monetary regimes together. We find
 some evidence supportive of the fact that the phase of output existent can
 change the preferences of the policy makers. 
Journal: Applied Economics Letters 
Pages: 917-923 
Issue: 9 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802584823 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802584823&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ferdinand Vinuya 
Author-X-Name-First: Ferdinand 
Author-X-Name-Last: Vinuya 
Author-Name: Ferdinand DiFurio 
Author-X-Name-First: Ferdinand 
Author-X-Name-Last: DiFurio 
Author-Name: Erica Sandoval 
Author-X-Name-First: Erica 
Author-X-Name-Last: Sandoval 
Title: A decomposition analysis of CO2 emissions in the United States 
Abstract:
  This article decomposes the growth in US CO2 emissions by state. Using
 the Logarithmic Mean Divisia Index (LMDI) method, we account for CO2
 emissions change in each state between 1990 and 2004. The change is
 decomposed into five effects: (a) emissions per unit of fossil fuel; (b)
 share of fossil fuel in total energy consumption; (c) energy intensity;
 (d) gross state product per capita and (e) population. Results show that
 for the past 15&#xa0;years gains in the efficiency of energy use in the
 economy, the lowering share of fossil fuels in total energy consumption
 and lowering of emissions intensity of fuels all contributed to offsetting
 the effect of Gross Domestic Product (GDP) per capita and the population
 growth in carbon emission across the US. 
Journal: Applied Economics Letters 
Pages: 925-931 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902762688 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902762688&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohamed Ali Marouani 
Author-X-Name-First: Mohamed 
Author-X-Name-Last: Ali Marouani 
Title: More jobs for university graduates: some policy options for Tunisia 
Abstract:
  The combination of demographic factors and an increase in education has
 caused a significant rise of university graduates' unemployment in the
 Middle-East and North Africa regions. This article provides a prospective
 cost-effectiveness analysis of the impact of alternative labour market
 policies using a dynamic general equilibrium model. The model allows for
 an endogenous determination of unemployment through a multisectoral
 efficiency wage setting mechanism. The main finding is that a wage subsidy
 targeted at highly skilled intensive sectors is more effective than tax
 reductions or investment subsidies. However, wage subsidies are not enough
 to reduce unemployment significantly. Other policy options need to be
 considered. 
Journal: Applied Economics Letters 
Pages: 933-937 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802599466 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802599466&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steven Cook 
Author-X-Name-First: Steven 
Author-X-Name-Last: Cook 
Title: Serial correlation, drift and range unit root testing 
Abstract:
  The finite-sample properties of recently proposed range unit root tests
 are examined in the presence of serial correlation and drift. The results
 obtained show that both tests suffer from severe size distortion when
 applied to unit root process which either possess serially correlated
 disturbances or exhibit drift. Consequently, the noted robustness of the
 tests and the appropriateness of the previously provided critical values
 are both questioned. 
Journal: Applied Economics Letters 
Pages: 939-944 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802660367 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802660367&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Ang 
Author-X-Name-First: James 
Author-X-Name-Last: Ang 
Author-Name: Carol Boyer 
Author-X-Name-First: Carol 
Author-X-Name-Last: Boyer 
Title: Knightian uncertainty: evidence of uncertainty premium in the capital market 
Abstract:
  We empirically verify two predictions of asset pricing with a role for
 uncertainty: return premium to increase with uncertainty, and to decrease
 with the resolution of uncertainty over time and experience. These
 properties are found among Initial Public Offerings (IPOs) of new
 industries where uncertainty is created by innovations of new products and
 services, and resolution of uncertainty from early IPOs is to decline with
 later IPOs. Return premium for uncertainty is shown to be separate from
 all known measurable risks. Evidence that uncertainty is priced also lends
 support to the notion that investors are in general, averse to
 uncertainty. 
Journal: Applied Economics Letters 
Pages: 945-949 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802599721 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802599721&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuk Ying Chang 
Author-X-Name-First: Yuk Ying 
Author-X-Name-Last: Chang 
Author-Name: Robert Faff 
Author-X-Name-First: Robert 
Author-X-Name-Last: Faff 
Author-Name: Chuan-Yang Hwang 
Author-X-Name-First: Chuan-Yang 
Author-X-Name-Last: Hwang 
Title: Testing seasonality in the liquidity-return relation: Japanese evidence 
Abstract:
  We study liquidity (share turnover) effects of stock returns and their
 seasonality using Japanese data. We find a significant and negative
 turnover/return relation. Moreover, we find that the liquidity effect is
 not impacted by either January or June seasonality. There is weak evidence
 that stocks with higher liquidity risk have on average higher rates of
 return for non-June months. 
Journal: Applied Economics Letters 
Pages: 951-954 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802599705 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802599705&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chih-Jen Huang 
Author-X-Name-First: Chih-Jen 
Author-X-Name-Last: Huang 
Author-Name: Ching-Hsiang Chao 
Author-X-Name-First: Ching-Hsiang 
Author-X-Name-Last: Chao 
Author-Name: Tsai-Ling Liao 
Author-X-Name-First: Tsai-Ling 
Author-X-Name-Last: Liao 
Title: The joint decision to signal through IPO underpricing and lockup 
Abstract:
  Before Initial Public Offerings (IPOs), the decisions on the offering
 price and lockup are made simultaneously. This study examines the
 endogenous relation between underpricing and lockup duration. We adopt the
 three-stage least square method to estimate a set of the simultaneous
 equations model, including the inverse Mill's ratio to correct the
 self-selective bias into the use of lockup. The results indicate a
 negative association between underpricing and the length of lockup,
 supporting our signalling hypothesis that IPO firms and underwriters
 employ underpricing and lockup duration in a substituted way to signal the
 firm quality. The bivariate analysis provides further support for this
 view. Our findings offer new insights into how pre-IPO shareholders and
 underwriters might combine both the underpricing and lockup strategies to
 signal. 
Journal: Applied Economics Letters 
Pages: 955-961 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802616476 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802616476&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Idil Uz 
Author-X-Name-First: Idil 
Author-X-Name-Last: Uz 
Author-Name: Natalya Ketenci 
Author-X-Name-First: Natalya 
Author-X-Name-Last: Ketenci 
Title: Exchange rate determination: monetary approach in the new EU members and Turkey 
Abstract:
  This study is based on the evaluation of the long-run performance of the
 monetary model approach of exchange rate determination for the newly
 entered EU members and Turkey. First, we tested the cointegration
 relationship between exchange rates and monetary variables. Then, the
 forecast estimates of the monetary approach were used for comparing the
 performances with the random walk model. 
Journal: Applied Economics Letters 
Pages: 963-967 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802599458 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802599458&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guan-Ru Chen 
Author-X-Name-First: Guan-Ru 
Author-X-Name-Last: Chen 
Author-Name: Miao-Ling Chen 
Author-X-Name-First: Miao-Ling 
Author-X-Name-Last: Chen 
Title: Substitution effect of advertising on resale price maintenance: using a real options approach 
Abstract:
  This article investigates the incentives to impose Resale Price
 Maintenance (RPM) from the real options perspective, how manufacturers use
 national advertising as a substitute for RPM when RPM is made illegal.
 Purchase delay caused by frequent markdowns among retailers encourages the
 manufacturers to impose RPM. But advertising mitigates the impacts of
 frequent markdowns by decreasing the demand price elasticity. When RPM is
 prohibited, we find that manufacturers increase national advertising
 expenditures to reduce the negative externality of frequent markdowns. 
Journal: Applied Economics Letters 
Pages: 969-972 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802599474 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802599474&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yannis Panagopoulos 
Author-X-Name-First: Yannis 
Author-X-Name-Last: Panagopoulos 
Title: Basel II and the money supply process: some empirical evidence from the Greek banking system 
Abstract:
  The purpose of this article is to examine the Basel II influence on the
 money endogeneity process in the Greek banking system. The importance of
 equity, through Basel II directives, is initially discussed by creating
 and applying a 'new credit (equity) multiplier'. Then a new multivariate
 loan model, which contains bank's equity as explanatory variable, is
 briefly presented and next tested. From the econometrics, it is obvious
 that although the equity multiplier is not operative, the loan model
 favours Structuralism regarding the Greek monetary system and its money
 supply process. 
Journal: Applied Economics Letters 
Pages: 973-976 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802599482 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802599482&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cho-Min Lin 
Author-X-Name-First: Cho-Min 
Author-X-Name-Last: Lin 
Author-Name: Yen-Hsien Lee 
Author-X-Name-First: Yen-Hsien 
Author-X-Name-Last: Lee 
Author-Name: Chien-Liang Chiu 
Author-X-Name-First: Chien-Liang 
Author-X-Name-Last: Chiu 
Title: Friends or enemies? Foreign investors in Taiwan 
Abstract:
  This study investigates how foreign investors impact the Taiwanese stock
 market using the AutoRegressive Jump Intensity (ARJI) model proposed by
 Chan and Maheu (2002), in which stock volatility in Taiwan is classified
 as either normal or abnormal and the net purchases of foreign investors,
 together with the classified volatilities, are included in the bivariate
 Vector Autoregression (VAR) model for further analyses. The sample period
 comprises of two parts, namely before and after relaxation of the
 restrictions on Qualified Foreign Institutional Investor (QFII) investors
 on 2 October 2003 (pre- and post-QFII). The forecast error variance
 decompositions and impulse-response functions are obtained via simulating
 the VAR model. Our results indicate why previous studies, in which
 abnormal volatilities were not taken into account, confronted biased and
 inconsistent results. Biased results from previous studies tend to be
 caused by not differentiating between normal and abnormal volatilities,
 and the results of this study provide a valuable reference for efforts to
 end conflicting arguments for whether destabilizing or stabilizing stock
 markets of foreign investor transactions. Furthermore, the study results
 also indicate why Taiwan was less affected during the Asian financial
 crisis. 
Journal: Applied Economics Letters 
Pages: 977-982 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802599663 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802599663&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pravish Kumar Nunkoo 
Author-X-Name-First: Pravish Kumar 
Author-X-Name-Last: Nunkoo 
Author-Name: Agyenim Boateng 
Author-X-Name-First: Agyenim 
Author-X-Name-Last: Boateng 
Title: The empirical determinants of target capital structure and adjustment to long-run target: evidence from Canadian firms 
Abstract:
  The main objective of this article is to provide more insight into the
 empirical determinants of target capital structure of Canadian firms.
 Panel data covering the period 1996 to 2004 was analysed using a much
 stronger estimation technique, that is, a dynamic regression model. The
 results show that profitability and tangibility have a positive and
 significant impact on the firm leverage, whereas growth opportunities and
 size have a negative influence on the leverage of Canadian firms. The
 study also suggests that firms have long-term target leverage ratios, but
 the speed of adjustment to the target leverage ratios is relatively slow
 in the context of Canadian firms. 
Journal: Applied Economics Letters 
Pages: 983-990 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802599671 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802599671&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Hanke 
Author-X-Name-First: Michael 
Author-X-Name-Last: Hanke 
Author-Name: Klaus Schredelseker 
Author-X-Name-First: Klaus 
Author-X-Name-Last: Schredelseker 
Title: Index funds should be expected to underperform the index 
Abstract:
  A widespread belief is that index funds should earn the index return. We
 argue that this would lead to a serious paradox. In our model, we analyse
 the effects of an increasing number of investors switching from active to
 passive investment. 
Journal: Applied Economics Letters 
Pages: 991-994 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802599689 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802599689&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Karim Ben Khediri 
Author-X-Name-First: Karim Ben 
Author-X-Name-Last: Khediri 
Author-Name: Didier Folus 
Author-X-Name-First: Didier 
Author-X-Name-Last: Folus 
Title: Does hedging increase firm value? Evidence from French firms 
Abstract:
  This study investigates the relationship between corporate hedging and
 firm value for a large sample of French firms. The aim is to extend the
 existing literature on corporate hedging by empirically investigating the
 effect of hedging with derivatives on the market value of firm. We find,
 from the univariate analysis, that the derivative users have lower firm
 value (as proxied by Tobin's Q) than the nonusers. However, multivariate
 tests have not reported significant results that are consistent with the
 documented US sample examinations that the use of derivatives increases
 the firm value. 
Journal: Applied Economics Letters 
Pages: 995-998 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540802599697 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540802599697&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rosa Badillo 
Author-X-Name-First: Rosa 
Author-X-Name-Last: Badillo 
Author-Name: Jorge Belaire-Franch 
Author-X-Name-First: Jorge 
Author-X-Name-Last: Belaire-Franch 
Author-Name: Carmelo Reverte 
Author-X-Name-First: Carmelo 
Author-X-Name-Last: Reverte 
Title: Residual-based block bootstrap for cointegration testing 
Abstract:
  We propose a new testing procedure to determine the rank of
 cointegration. This new method is based on the nonparametric resampling
 procedure, so-called Residual-Based Block Bootstrap (RBB), which is
 developed by Paparoditis and Politis (2003) in the context of unit root
 testing. Through Monte Carlo experiments we show that, in small samples,
 the RBB cointegration test has good power properties in relation to the
 other two well-known tests for cointegration, such as the Augmented
 Dickey-Fuller (ADF), applied to the residual of a cointegrating
 regression, and the Johansen's maximum eigenvalue tests. Likewise, this
 article looks at the influence played by the correlation of the 'X'
 variables with the errors of the cointegrating regression on the size and
 power properties of the above cointegration tests. In particular, we show
 that, when this correlation decreases, the RBB test for cointegration is
 the most powerful one. 
Journal: Applied Economics Letters 
Pages: 999-1003 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802616468 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802616468&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ocean Fan Lu 
Author-X-Name-First: Ocean 
Author-X-Name-Last: Fan Lu 
Author-Name: David Giles 
Author-X-Name-First: David 
Author-X-Name-Last: Giles 
Title: Benford's Law and psychological barriers in certain eBay auctions 
Abstract:
  Using generalizations of Benford's Law we test for the absence of
 psychological barriers at various price levels in eBay auctions for
 professional football tickets. Our empirical results indicate that this
 hypothesis cannot be rejected. 
Journal: Applied Economics Letters 
Pages: 1005-1008 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802631814 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802631814&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eiji Yamamura 
Author-X-Name-First: Eiji 
Author-X-Name-Last: Yamamura 
Title: The different impacts of socio-economic factors on suicide between males and females 
Abstract:
  I used the national panel data of Japan to investigate the determinants
 of suicide. The major findings are twofold. First, the social capital that
 enhances community integration had a greater effect on the suicide of
 females than that of males. This is probably because females are less
 likely to have full-time jobs and thus have more spare time, leading them
 to seek social involvement in their neighbourhoods and participate in
 community activities. Second, divorce causes the propensity to commit
 suicide among males to become about two times higher than that among
 females because of the compensation costs that males are more likely to
 pay to females. 
Journal: Applied Economics Letters 
Pages: 1009-1012 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802676199 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802676199&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paulo Roberto Arvate 
Author-X-Name-First: Paulo Roberto 
Author-X-Name-Last: Arvate 
Author-Name: Andrea Zaitune Curi 
Author-X-Name-First: Andrea Zaitune 
Author-X-Name-Last: Curi 
Author-Name: Fabiana Rocha 
Author-X-Name-First: Fabiana 
Author-X-Name-Last: Rocha 
Author-Name: Fabio Miessi Sanches 
Author-X-Name-First: Fabio 
Author-X-Name-Last: Miessi Sanches 
Title: Corruption and the size of government: causality tests for OECD and Latin American countries 
Abstract:
  The purpose of this article is to examine the causality between
 government size and corruption, and to verify if there is a different
 pattern of causality between developed Organization for Economic
 Co-operation and Development (OECD) countries (excluding Mexico) and
 developing countries (Latin American countries) during the period 1996 to
 2003. Applying Granger and Huang's (1997) methodology we find evidence
 that size of government Granger causes corruption in both samples. Since a
 larger government involvement in private markets today will be followed in
 future by a higher level of corruption a policy advice would be to enhance
 governance. The promotion of good governance helps to combat corruption
 given that it complements efforts to reduce corruption more directly, and
 it is strongly recommended by the International Monetary Fund, other
 multilateral institutions, and all worried with the negative impacts of
 corruption on economic activity. 
Journal: Applied Economics Letters 
Pages: 1013-1017 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802676207 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802676207&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fredj Jawadi 
Author-X-Name-First: Fredj 
Author-X-Name-Last: Jawadi 
Title: Financial crises, bank losses, risk management and audit: what happened? 
Abstract:
  This article discusses some of the highly topical issues linked to
 financial crises, bank losses and audit. In addition to a theoretical
 discussion of the recent bank losses and financial turmoil, our analysis
 of a 10-question questionnaire indicates, as in the work of Stonham
 (1996), strong evidence of auditing weaknesses and erroneous management
 decisions that explain such bank losses. Our analysis also highlights the
 fact that trading and arbitrage are riskier and more hazardous during
 periods of crises. 
Journal: Applied Economics Letters 
Pages: 1019-1022 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850802676215 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850802676215&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nikolaos Mylonidis 
Author-X-Name-First: Nikolaos 
Author-X-Name-Last: Mylonidis 
Author-Name: Maria Semertzidou 
Author-X-Name-First: Maria 
Author-X-Name-Last: Semertzidou 
Title: Uncovered interest parity puzzle: does it really exist? 
Abstract:
  Most studies indicate the violation of the Uncovered Interest Parity
 (UIP) restrictions, and indeed, there are many who find a statistically
 significant and negative interest rate differential slope. This finding
 has now become known in international economics as the UIP puzzle. Using
 recent data on four major currencies vis-a-vis the US dollar and employing
 the Generalized Method of Moments (GMM) technique, our estimation results
 indicate the absence of any relationship between the interest rate
 differential and the expected change in the exchange rate, rather than the
 presence of the UIP puzzle. 
Journal: Applied Economics Letters 
Pages: 1023-1026 
Issue: 10 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902762696 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902762696&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Ferris 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Ferris 
Author-Name: Nilanjan Sen 
Author-X-Name-First: Nilanjan 
Author-X-Name-Last: Sen 
Author-Name: Nguyen Thi Anh Thu 
Author-X-Name-First: Nguyen Thi Anh 
Author-X-Name-Last: Thu 
Title: Firm value and the diversification choice: international evidence from global and industrial diversification 
Abstract:
  Our study examines the nature of industrial and global diversification
 for a sample of more than 12 000 firms across 35 emerging and developed
 countries during the period 1991-2006. Consistent with previous studies,
 we find that industrial diversification, either alone or combined with
 global diversification, results in a reduction of firm excess value.
 Global diversification alone, however, does not exert a significant impact
 on excess value. In an analysis of the decision to diversify, we find that
 firms in civil law countries or less developed nations are more likely to
 diversify, suggesting the greater utility of internal capital markets in
 economies where it is difficult to raise external capital. We observe that
 high leverage, larger size, lower levels of growth, R&D, free cash flow,
 profitability and Tobin's q encourage firms to diversify industrially.
 Higher values of q, firm size, R&D expenditures, free cash flow and
 liquidity, but reduced growth rates and profitability are associated with
 global diversification. 
Journal: Applied Economics Letters 
Pages: 1027-1031 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817433 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817433&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stefan Eichler 
Author-X-Name-First: Stefan 
Author-X-Name-Last: Eichler 
Author-Name: Dominik Maltritz 
Author-X-Name-First: Dominik 
Author-X-Name-Last: Maltritz 
Title: On the look-out for a white knight: options-based calculation of probability and expected value of increased bids in hostile takeover battles 
Abstract:
  Takeover bids provide an option right to the target's shareholders; they
 guarantee the offered price but maintain the chance of higher offers.
 Using Option Pricing Theory (OPT) we estimate the probability and expected
 value of higher bids from target stock prices. 
Journal: Applied Economics Letters 
Pages: 1033-1036 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817466 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817466&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sang-Chul Jung 
Author-X-Name-First: Sang-Chul 
Author-X-Name-Last: Jung 
Author-Name: Myeong Hwan Kim 
Author-X-Name-First: Myeong Hwan 
Author-X-Name-Last: Kim 
Title: Does the star power matter? 
Abstract:
  This study investigates the role of superstars in the Korean movie
 industry. We apply a two-step approach: the first step is to test the
 significance of the star power during 1988-1999 in Korea; the second step
 is to estimate the magnitude of star power. The appearance of a star actor
 increases the probability of a hit or success by 15-19% and star power is
 higher than a director power. A domestic award is associated with positive
 performance. We find that the top 15 players among 68 actors and actresses
 significantly impacts on the success of movies. 
Journal: Applied Economics Letters 
Pages: 1037-1041 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817490 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817490&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Author-Name: Olumuyiwa Adedeji 
Author-X-Name-First: Olumuyiwa 
Author-X-Name-Last: Adedeji 
Title: Fiscal decentralization and fiscal consolidations in emerging market economies 
Abstract:
  Results using event study analysis based on a data panel of expenditure
 and revenue developments in emerging market economies during 1972-2001
 indicate that subnational governments supported fiscal consolidation
 efforts by cutting their capital expenditure and increasing their
 revenues. 
Journal: Applied Economics Letters 
Pages: 1043-1047 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817441 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817441&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Turner 
Author-X-Name-First: Paul 
Author-X-Name-Last: Turner 
Title: Power properties of the CUSUM and CUSUMSQ tests for parameter instability 
Abstract:
  This article investigates the power of CUSUM and CUSUMSQ tests for
 parameter stability and demonstrates that this depends on the nature of
 the structural change taking place. If the break is in the intercept of
 the regression equation then the CUSUM test has higher power. However, if
 the structural change involves a slope coefficient or the variance of the
 error term, then the CUSUMSQ test has higher power. This may help to
 explain why the two tests often produce contradictory findings. 
Journal: Applied Economics Letters 
Pages: 1049-1053 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817474 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817474&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Angela Cipollone 
Author-X-Name-First: Angela 
Author-X-Name-Last: Cipollone 
Author-Name: Carlo D'Ippoliti 
Author-X-Name-First: Carlo 
Author-X-Name-Last: D'Ippoliti 
Title: Discriminating factors of women's employment 
Abstract:
  Italy exhibits a dramatic level of territorial heterogeneity in terms of
 socio-economic dynamics and in the economic position of women. We employ
 this territorial variance to assess the impact of selected policies and
 institutions on men's and women's employment using microeconomic data.
 Such an analysis provides results partly different from what was expected
 on the basis of cross-country aggregate evidence on industrialized
 countries. Aggregate growth and tertiarization of the economy are
 surprisingly found beneficial only to men's employment, while culture and
 discrimination are relevant for women's. Social Assistance is found highly
 significant too, with the provision of services being more beneficial to
 women's employment than monetary transfers. 
Journal: Applied Economics Letters 
Pages: 1055-1062 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902762712 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902762712&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Berck 
Author-X-Name-First: Peter 
Author-X-Name-Last: Berck 
Author-Name: Jonathan Lipow 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Lipow 
Author-Name: Yakir Plessner 
Author-X-Name-First: Yakir 
Author-X-Name-Last: Plessner 
Title: Defense planning and fiscal strategy 
Abstract:
  In this article, we consider the optimal fiscal strategy of
 a&#xa0;government interested in maximizing expected social welfare in the
 face of a&#xa0;potential future security threat. While the common wisdom
 is that countries facing security threats should seek to bolster their
 fiscal position in order to 'save for a&#xa0;rainy day', we find that the
 optimization of expected social welfare may require governments to run
 'precautionary' fiscal deficits. 
Journal: Applied Economics Letters 
Pages: 1063-1065 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817557 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817557&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: The micro-firm health insurance hypothesis 
Abstract:
  The objective of this study is to investigate the 'micro-firm health
 insurance hypothesis', a&#xa0;hypothesis that the greater the percentage
 of domestic firms that are 'very small', i.e. have four or fewer
 employees, the greater the percentage of the US population that will be
 without health insurance. The focus of this study is based on the premise
 that very small firms (as defined), 'micro-firms', which constitute 58.6%
 of all private sector firms in the US, face bargaining-power, financial,
 and competitive constraints that tend to limit their ability to provide
 group health insurance benefits to their employees, with the result being
 that employees at very small firms are relatively more likely than
 employees at larger firms to be without a&#xa0;health insurance fringe
 benefit. Weighted Least Squares (WLS) estimates provide strong empirical
 support for the hypothesis. 
Journal: Applied Economics Letters 
Pages: 1067-1072 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817532 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817532&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Venus Khim-Sen Liew 
Author-X-Name-First: Venus Khim-Sen 
Author-X-Name-Last: Liew 
Author-Name: Ricky Chee-Jiun Chia 
Author-X-Name-First: Ricky Chee-Jiun 
Author-X-Name-Last: Chia 
Author-Name: Tai-Hu Ling 
Author-X-Name-First: Tai-Hu 
Author-X-Name-Last: Ling 
Title: Long-run validity of purchasing power parity and rank tests for cointegration for Central Asian countries 
Abstract:
  This study finds that Purchasing Power Parity (PPP) holds in the long-run
 for Azerbaijan, Kazakhstan and Kyrgyzstan, based on Breitung's (2001) rank
 tests for cointegration. Results from further analysis indicates that
 nominal exchange rates and relative prices are nonlinearly interrelated.
 Trade barriers, transportation costs and government intervention in the
 pricing system in these countries may have resulted in the establishment
 of the above-mentioned nonlinear relationship. 
Journal: Applied Economics Letters 
Pages: 1073-1077 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902762704 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902762704&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale 
Author-X-Name-First: Guglielmo Maria 
Author-X-Name-Last: Caporale 
Author-Name: Luis Gil-Alana 
Author-X-Name-First: Luis 
Author-X-Name-Last: Gil-Alana 
Title: Multiple cyclical fractional structures in financial time series 
Abstract:
  This article analyses multiple cyclical structures in financial time
 series. In particular, we focus on the monthly structure of the Nasdaq,
 the Dow-Jones and the S&P stock market indices. The three series are
 modelled as long-memory processes with poles in the spectrum at multiple
 frequencies, including the long-run or zero frequency. 
Journal: Applied Economics Letters 
Pages: 1079-1081 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817425 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817425&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hsu-Ling Chang 
Author-X-Name-First: Hsu-Ling 
Author-X-Name-Last: Chang 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Author-Name: Meng-Nan Zhu 
Author-X-Name-First: Meng-Nan 
Author-X-Name-Last: Zhu 
Author-Name: Pei Liu 
Author-X-Name-First: Pei 
Author-X-Name-Last: Liu 
Title: Long-run purchasing power parity and asymmetric adjustment in BRICs 
Abstract:
  The primary aim of this study is an attempt to determine whether the
 Purchasing Power Parity (PPP) hypothesis holds for those countries that
 have collectively come to be known as 'BRICs', namely, Brazil, Russia,
 India and China. We use the momentum threshold cointegration tests
 (advanced by Enders and Siklos, 2001) to investigate whether any
 asymmetric adjustment is discernible for BRICs, and show that whilst the
 Engle-Granger test (which assumes only symmetric adjustment) fails to
 reveal any cointegrational relationship for BRICs, the threshold
 cointegration test (with asymmetric adjustment) provides clear evidence of
 long-run PPP for BRICs, with the notable exception of China. We conclude
 that asymmetric adjustment of nominal exchange rates plays an important
 role in eliminating deviations from long-run PPP. 
Journal: Applied Economics Letters 
Pages: 1083-1087 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817458 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817458&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Vaona 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Vaona 
Title: A survival analysis approach to the duration of union membership in Italy 
Abstract:
  Thanks to direct access to union databases, this article applies survival
 analysis to a sample of 47 637 Italian workers trying to explain the
 determinants of the duration of union membership. The results show that
 union membership duration is a positive, though declining, function of
 age. Furthermore, women, flexible workers, foreign ones and those working
 in cities tend to show less attachment to union membership than other
 workers. The estimated median duration is about 6 years. Positive hazard
 duration dependence is also found. Unobserved heterogeneity is detected
 but it does not significantly affect model estimates. 
Journal: Applied Economics Letters 
Pages: 1089-1093 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817482 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817482&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stephanie Simpson 
Author-X-Name-First: Stephanie 
Author-X-Name-Last: Simpson 
Author-Name: Brid Gleeson Hanna 
Author-X-Name-First: Brid Gleeson 
Author-X-Name-Last: Hanna 
Title: Willingness to pay for a clear night sky: use of the contingent valuation method 
Abstract:
  This article applies the Contingent Valuation Method (CVM) to the issue
 of night sky pollution. Light pollution decreases the ability to view a
 clear, unobstructed night sky. We administered a survey to the students of
 the Rochester Institute of Technology (RIT) to obtain estimates of
 Willingness To Pay (WTP) to improve night sky visibility and to prevent
 deterioration in visibility. This is the first CVM study that attempts to
 distinguish between these different WTPs. We find that students are
 willing to pay significantly more for a larger improvement in night sky
 conditions. We also find significant differences in WTP to improve versus
 prevent deterioration in night sky conditions. 
Journal: Applied Economics Letters 
Pages: 1095-1103 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817508 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817508&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Lee 
Author-X-Name-First: J. 
Author-X-Name-Last: Lee 
Author-Name: G. Stewart 
Author-X-Name-First: G. 
Author-X-Name-Last: Stewart 
Title: Implicit amenity prices and the location of retirees in England and Wales 
Abstract:
  General equilibrium models in which compensation for local amenities
 occurs in both housing and labour markets have been widely used to
 generate implicit amenity prices and regional quality of life indices. An
 implication and prospective test of such models is that individuals who
 are outside the labour market have an incentive to locate in regions where
 amenities are capitalized into wages. In this article we construct a
 measure of the extent of amenity capitalization into wages for each county
 in England and Wales. We then test the multimarket amenity model by
 applying this measure to county-level data on the location of retirees.
 Our results provide strong support for the model. 
Journal: Applied Economics Letters 
Pages: 1105-1109 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817516 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817516&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Winters 
Author-X-Name-First: John 
Author-X-Name-Last: Winters 
Title: Teacher moonlighting: evidence from the US Current Population Survey 
Abstract:
  This article reports new evidence on teacher moonlighting from the US
 Current Population Survey. I investigate the determinants of teacher
 moonlighting and examine the effect that the teacher moonlighting has on
 the number of hours teachers spend on their primary job. I find that male
 teachers and teachers with advanced degrees are more likely to moonlight,
 but teacher pay appears to have little or no effect on the propensity to
 moonlight. I also find that holding a second job reduces the amount of
 time teachers spend on their primary jobs by about 1 h per week. Thus,
 teacher moonlighting may have harmful effects on education, though the
 effect on hours worked is neither trivial nor especially large. 
Journal: Applied Economics Letters 
Pages: 1111-1114 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817524 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817524&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hamid Baghestani 
Author-X-Name-First: Hamid 
Author-X-Name-Last: Baghestani 
Title: On the accuracy of Federal Reserve forecasts of the budget deficit-output ratio 
Abstract:
  Monetary authorities, while unable to resolve fiscal imbalances, have to
 deal with their consequences in formulating monetary policy. This article
 asks whether the Federal Open Market Committee (FOMC) is provided with
 accurate forecasts of the federal budget deficit-output ratio. We show
 that the forecasts made in the period 1982 to 2002 are unbiased with
 useful predictive information above that contained in time-series
 forecasts. 
Journal: Applied Economics Letters 
Pages: 1115-1118 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817540 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817540&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hsu-Ling Chang 
Author-X-Name-First: Hsu-Ling 
Author-X-Name-Last: Chang 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Title: Revisiting purchasing power parity for major OPEC countries: evidence based on nonlinear panel unit-root tests 
Abstract:
  In this study, we apply nonlinear panel unit-root test to assess the
 nonstationary properties of the real exchange rate for seven major
 Organization of the Petroleum Exporting Countries (OPEC). We find that
 nonlinear panel unit-root test has higher power than linear method
 suggested by Breuer et al. (2001) if the true data generating process of
 exchange rate is in fact a stationary nonlinear process. We re-examine the
 validity of Purchasing Power Parity (PPP) from the panel nonlinear point
 of view and provide robust evidence clearly indicating that PPP holds true
 for four countries, namely Angola, Indonesia, Iran and Saudi Arabia. Our
 findings point out their exchange rate adjustment is mean reversion
 towards PPP equilibrium values in a nonlinear way. 
Journal: Applied Economics Letters 
Pages: 1119-1123 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817565 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817565&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: Nonlinearity in real exchange rates: an approach with disaggregated data and a new linearity test 
Abstract:
  Employing disaggregated real exchange rates from nine European counties
 in 16 goods categories, we assess in this study the nonlinearity in the
 real exchange rates. Surprisingly, we find evidence for nonlinearity in
 only four (10) out of 143 series with the linearity test proposed by
 Harvey et al. (2008) at the 5% (10%) significance level. This result
 differs greatly from those of Juvenal and Taylor (2008), Imbs et al.
 (2003), Sarno et al. (2004) and Berka (2009), who report ample evidence
 for nonlinearity for the same or similarly disaggregated real exchange
 rate datasets. 
Journal: Applied Economics Letters 
Pages: 1125-1132 
Issue: 11 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817573 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817573&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marco Realdon 
Author-X-Name-First: Marco 
Author-X-Name-Last: Realdon 
Author-Name: Cheng Qin Shi 
Author-X-Name-First: Cheng Qin 
Author-X-Name-Last: Shi 
Title: 'Extended black' sovereign credit default swap pricing model 
Abstract:
  This article presents and tests an 'Extended Black' sovereign Credit
 Default Swap (CDS) pricing model, whereby the default intensity is driven
 by truncated Gaussian latent factors. CDS pricing requires numerical
 solutions through finite differences, yet maximum likelihood estimation is
 still feasible. Empirical evidence from sovereign CDS rates supports the
 Extended Black model. The addition of a second truncated Gaussian latent
 factor driving the default intensity significantly improves performance. 
Journal: Applied Economics Letters 
Pages: 1133-1137 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540902817627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540902817627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Beckworth 
Author-X-Name-First: David 
Author-X-Name-Last: Beckworth 
Author-Name: Kenneth Moon 
Author-X-Name-First: Kenneth 
Author-X-Name-Last: Moon 
Author-Name: J. Holland Toles 
Author-X-Name-First: J. Holland 
Author-X-Name-Last: Toles 
Title: Monetary policy and corporate bond yield spreads 
Abstract:
  Firm characteristics, economic conditions and policy regimes are the key
 determinants that most researchers have used to explain corporate bond
 yield spreads. In this article, we examine whether monetary policy shocks
 are also important determinants given their ability to affect default
 risk, risk aversion and liquidity premiums. Using a Vector Autoregression
 (VAR) with long-run monetary neutrality, we find that monetary policy
 shocks do, in fact, account for a large portion of the variation in
 corporate bond yield spreads. 
Journal: Applied Economics Letters 
Pages: 1139-1144 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902845368 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902845368&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jorge Belaire-Franch 
Author-X-Name-First: Jorge 
Author-X-Name-Last: Belaire-Franch 
Author-Name: Kwaku Opong 
Author-X-Name-First: Kwaku 
Author-X-Name-Last: Opong 
Title: Testing for random walk in euro exchange rates using the subsampling approach 
Abstract:
  This study utilizes variance ratio tests based on the subsampling
 approach to test the behaviour of euro-based exchange rates markets.
 Results are mixed, although the random walk behaviour is dominant among
 the three major currencies namely the Japanese yen, the US dollar and the
 British pound. 
Journal: Applied Economics Letters 
Pages: 1145-1151 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902817581 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902817581&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Ford 
Author-X-Name-First: George 
Author-X-Name-Last: Ford 
Author-Name: John Jackson 
Author-X-Name-First: John 
Author-X-Name-Last: Jackson 
Author-Name: Sarah Skinner 
Author-X-Name-First: Sarah 
Author-X-Name-Last: Skinner 
Title: HAC standard errors and the event study methodology: a cautionary note 
Abstract:
  In support of Fomby and Murfin's (2005) article published in this
 journal, we demonstrate empirically, rather than theoretically, the severe
 consequences of using Heteroscedasticity and Autocorrelation Consistent
 (HAC) SEs in regression-based financial event studies. Applying an event
 study to a recent merger, we show that the use of HAC SEs render
 misleading conclusions. Critical values for t-tests on the event dummy
 variables are about 15 times larger than the nominal values using only a
 year of daily return data. Even with samples of only 100 returns, critical
 values exceed nominal critical values by a factor of 10. 
Journal: Applied Economics Letters 
Pages: 1153-1156 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540902817601 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540902817601&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Helmut Herwartz 
Author-X-Name-First: Helmut 
Author-X-Name-Last: Herwartz 
Title: A note on model selection in (time series) regression models - general-to-specific or specific-to-general? 
Abstract:
  This article provides Monte Carlo evidence on the performance of
 general-to-specific and specific-to-general selection of explanatory
 variables in linear (auto)regressions. In small samples the former is
 markedly inefficient in terms of ex-ante forecasting performance. 
Journal: Applied Economics Letters 
Pages: 1157-1160 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902845418 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902845418&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Burger 
Author-X-Name-First: Nicholas 
Author-X-Name-Last: Burger 
Author-Name: John Lynham 
Author-X-Name-First: John 
Author-X-Name-Last: Lynham 
Title: Betting on weight loss &#x2026; and losing: personal gambles as commitment mechanisms 
Abstract:
  Professional bookmakers rarely accept bets from individuals who directly
 control the outcome of the bet. We analyse a unique exception to this rule
 and a potential policy innovation in the battle against obesity: a weight
 loss betting market. If obese individuals have time-inconsistent
 preferences then commitment mechanisms, such as personal gambles, should
 help them restrain their short-term impulses and lose weight.
 Correspondence with the bettors confirms that this is their primary
 motivation. However, it appears that the bettors in our sample are not
 particularly skilled at choosing effective commitment mechanisms. Despite
 payoffs of as high as $7350, approximately 80% of people who spend money
 to bet on their own behaviour end up losing their bets. Empirical analysis
 of the betting market yields further insights. Males are treated very
 differently compared to females: being male is considered equivalent to
 having an extra 6 months to lose the same amount of weight. Movements in
 the market price also confirm the belief that rigidity is preferred to
 flexibility in setting successful weight loss targets. 
Journal: Applied Economics Letters 
Pages: 1161-1166 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902845442 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902845442&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Etienne Farvaque 
Author-X-Name-First: Etienne 
Author-X-Name-Last: Farvaque 
Author-Name: Jerome Hericourt 
Author-X-Name-First: Jerome 
Author-X-Name-Last: Hericourt 
Author-Name: Ga&#xeb;l Lagadec 
Author-X-Name-First: Ga&#xeb;l 
Author-X-Name-Last: Lagadec 
Title: Central bank independence and ageing 
Abstract:
  We contrast the influence of demography and Central Bank Independence
 (CBI) on inflation. The recent demographic trends in developed countries
 are shown to weight more on inflation than CBI, while the contrary stands
 for the period from 1960 to 1979. 
Journal: Applied Economics Letters 
Pages: 1167-1171 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902845459 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902845459&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Terence Tai-Leung Chong 
Author-X-Name-First: Terence Tai-Leung 
Author-X-Name-Last: Chong 
Author-Name: Kin Keung Luk 
Author-X-Name-First: Kin Keung 
Author-X-Name-Last: Luk 
Title: Does the 'Dogs of the Dow' strategy work better in blue chips? 
Abstract:
  The 'Dogs of the Dow' strategy is a dividend-yield trading strategy,
 which invests in stocks that give the highest dividend. This article
 examines whether the 'Dogs of the Dow' strategy is profitable in the Hong
 Kong stock market. Using the data from 1992 to 2007, we show that a
 portfolio consisting of the top dividend-yielding stocks generates a
 negative return for investors, whereas a portfolio with top
 dividend-yielding Hang Seng Index constituent stocks can fetch a positive
 return of about 8% per year. The result is in agreement with that of
 McQueen et al. (1997). 
Journal: Applied Economics Letters 
Pages: 1173-1175 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540902845495 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540902845495&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ronny Freier 
Author-X-Name-First: Ronny 
Author-X-Name-Last: Freier 
Author-Name: Viktor Steiner 
Author-X-Name-First: Viktor 
Author-X-Name-Last: Steiner 
Title: 'Marginal employment' and the demand for heterogeneous labour - elasticity estimates from a multi-factor labour demand model for Germany 
Abstract:
  We develop a structural multi-factor labour demand model which
 distinguishes between eight labour categories including marginal
 employment, i.e. low-paying jobs with only a few working hours and
 partially exempted from employee's social security contributions. Using a
 new panel data set for Germany, the model is estimated both for the number
 of workers and total working hours. For unskilled and skilled workers in
 full-time employment, we find labour demand elasticities similar to
 previous estimates. Our new estimates of own-wage elasticities for
 marginal employment range between -0.13 (number of male workers in West
 Germany) to -1 (working hours for women). 
Journal: Applied Economics Letters 
Pages: 1177-1182 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902862140 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902862140&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Ferruz 
Author-X-Name-First: Luis 
Author-X-Name-Last: Ferruz 
Author-Name: Fernando Munoz 
Author-X-Name-First: Fernando 
Author-X-Name-Last: Munoz 
Author-Name: Maria Vargas 
Author-X-Name-First: Maria 
Author-X-Name-Last: Vargas 
Title: Correcting the Merton and Henriksson timing model 
Abstract:
  This article provides evidence of a common bias found in traditional
 timing models, which is related with a negative correlation between timing
 and stock-picking abilities resulting in spurious coefficients. We
 consider as a possible cause for this bias the failure to include in the
 timing models the cost of the option implied in timing activities, and on
 this basis we opt for a corrected version of the Merton and Henriksson's
 model (1981). As far as we know, this correction has not previously been
 applied. Our results confirm both the existence of this bias and the
 correction of the problem when the cost of the option is included in
 timing models. 
Journal: Applied Economics Letters 
Pages: 1183-1187 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902845384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902845384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Linus Wilson 
Author-X-Name-First: Linus 
Author-X-Name-Last: Wilson 
Title: The weight of bad governance in foreign mutual funds 
Abstract:
  Empirical studies show that mutual funds are less likely to hold poorly
 governed foreign stocks. This theoretical model shows that foreign mutual
 fund managers will optimally lower their weight of badly governed stocks
 because they have higher costs of actively managing these holdings than
 their domestic rivals. 
Journal: Applied Economics Letters 
Pages: 1189-1192 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540902817635 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540902817635&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carl Lonnbark 
Author-X-Name-First: Carl 
Author-X-Name-Last: Lonnbark 
Title: A corrected Value-at-Risk predictor 
Abstract:
  In this article, it is argued that the estimation error in Value-at-Risk
 (VaR) predictors gives rise to underestimation of portfolio risk. We
 propose a simple correction and find in an empirical illustration that it
 is economically relevant. 
Journal: Applied Economics Letters 
Pages: 1193-1196 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540902817619 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540902817619&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sung-Hoon Park 
Author-X-Name-First: Sung-Hoon 
Author-X-Name-Last: Park 
Title: Asymmetric reimbursement system in an environmental conflict 
Abstract:
  This article explores how a fair-minded regulator has to set policy
 through an asymmetric reimbursement. The lawyer for a citizen group works
 on a contingent-fee basis, whereas a polluting firm has either in-house
 legal advice or lawyers on retainer. Under an asymmetric reimbursement
 rule we show: (i) the case goes to settlement if the objective merits of
 the case favour the citizen group; (ii) whereas it goes to trial, the
 probability winning the citizen group has is less than 50%, and the
 reimbursement policy incurs the total effort in trial to increase if the
 merits of the case favour the firm. 
Journal: Applied Economics Letters 
Pages: 1197-1199 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902845376 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902845376&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Enrica Carbone 
Author-X-Name-First: Enrica 
Author-X-Name-Last: Carbone 
Title: Ownership herding and informational herding 
Abstract:
  This article takes as its point of departure the herding model of
 Bikhchandani et al. (1992). We extend earlier experimental evidence to
 distinguish between informational herding, as in the model, and ownership
 herding, an alternative explanation for observed behaviour. 
Journal: Applied Economics Letters 
Pages: 1201-1204 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902845392 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902845392&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Author-Name: Artur Tamazian 
Author-X-Name-First: Artur 
Author-X-Name-Last: Tamazian 
Author-Name: Rup Singh 
Author-X-Name-First: Rup 
Author-X-Name-Last: Singh 
Title: What is the long run growth rate of the East Asian Tigers? 
Abstract:
  New panel data estimates for the four East Asian Tigers show that the
 contribution of Total Factor Productivity (TFP) to growth is much higher
 than past estimates. An extended production function with learning by
 doing implies that TFP is about 3.5% and these countries will grow at this
 rate in the long-run. 
Journal: Applied Economics Letters 
Pages: 1205-1208 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902845400 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902845400&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Holmes 
Author-X-Name-First: Mark 
Author-X-Name-Last: Holmes 
Title: A reassessment of the twin deficits relationship 
Abstract:
  This article provides new evidence on the relationship between the United
 States budget and current account deficits. Using a testing procedure
 advocated by Bierens, both deficits are found to be stationary around a
 nonlinear deterministic trend and are co-trended insofar as they share a
 common nonlinear deterministic trend. 
Journal: Applied Economics Letters 
Pages: 1209-1212 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902845434 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902845434&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Masanori Ohkuma 
Author-X-Name-First: Masanori 
Author-X-Name-Last: Ohkuma 
Title: Between Mao and markets: new evidence on segmentation of the bank loan market in China 
Abstract:
  This article examines the local bank lending's dependency upon local
 deposits within China in the Feldstein-Horioka vein. In the case of a
 transition economy like China, it would be appropriate to assume the
 presence of a significant level of disparity in the cost of funds between
 State-Owned Enterprises (SOEs) and non-SOEs. For this purpose, a dataset
 of the provincial deposit rates and the provincial loan rates for the
 state and the nonstate sectors is built. Even after controlling the
 national- and province-specific shocks, the correlation between the local
 deposit rates and the local loan rates for the nonstate sector, in
 contrast with that for the state sector, is even higher than for the
 Organization for Economic Co-operation and Development (OECD) member
 countries. The findings suggest that serious asymmetric information
 problems between banks and non-SOEs might impede cross-regional lending
 and prevent the development of the nonstate sector within China. 
Journal: Applied Economics Letters 
Pages: 1213-1218 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902845426 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902845426&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tal Shavit 
Author-X-Name-First: Tal 
Author-X-Name-Last: Shavit 
Author-Name: Shosh Shahrabani 
Author-X-Name-First: Shosh 
Author-X-Name-Last: Shahrabani 
Author-Name: Uri Benzion 
Author-X-Name-First: Uri 
Author-X-Name-Last: Benzion 
Title: Effect of price quoting on financial asset prices: an experimental analysis 
Abstract:
  Stock options are usually sold in bundles of 100 units, and their price
 can be quoted either per unit or per bundle. In this article, the effect
 of different methods of quoting financial asset prices on the subjective
 value of a contract was examined experimentally. In particular, we
 examined differences in participants' Willingness-To-Pay and
 Willingness-To-Accept for financial assets depending upon whether prices
 are quoted per unit or per bundle. We found that participants bid (ask) a
 higher price when prices are quoted per unit than when they are quoted per
 bundle. The results indicated that different quoting methods affect the
 bidding price for risky assets. These results can have important
 implications for trading on financial markets. 
Journal: Applied Economics Letters 
Pages: 1219-1222 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/17446540902845487 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/17446540902845487&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Wen-Chi Liu 
Author-X-Name-First: Wen-Chi 
Author-X-Name-Last: Liu 
Author-Name: Han-Wen Tzeng 
Author-X-Name-First: Han-Wen 
Author-X-Name-Last: Tzeng 
Author-Name: Chin-Ping Yu 
Author-X-Name-First: Chin-Ping 
Author-X-Name-Last: Yu 
Title: Purchasing power parity for G-7 countries: panel SURADF tests 
Abstract:
  In this study, the panel Seemingly Unrelated Regressions Augmented
 Dickey-Fuller (SURADF) tests advanced by Breuer et al. (2001) are used to
 test the validity of Purchasing Power Parity (PPP) for G-7 countries over
 the period 1980M1 to 2008M5. The empirical results from several
 panel-based unit root tests indicate that PPP does not hold for G-7
 countries under study; however, Breuer et al.'s (2001) panel SURADF tests
 unequivocally indicate that PPP is valid for half of the G-7 countries. 
Journal: Applied Economics Letters 
Pages: 1223-1228 
Issue: 12 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902845467 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902845467&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chu Nguyen 
Author-X-Name-First: Chu 
Author-X-Name-Last: Nguyen 
Author-Name: Anisul Islam 
Author-X-Name-First: Anisul 
Author-X-Name-Last: Islam 
Title: Asymmetries in the Thai lending-deposit rate spread: an econometric analysis 
Abstract:
  This study examines the asymmetric behaviour of lending-deposit rate
 spread in the emerging Thai economy over the period 1991:1 to 2007:1.
 Although both the threshold autoregressive model and the Momentum
 Threshold Autoregressive (MTAR) model detect asymmetries, the MTAR model
 is a better fit for the sample data. The finding that Thai banks exhibit
 faster adjustment in lending rates when the spread is widening (i.e.
 falling deposit rates) than when the spread is narrowing (i.e. rising
 deposit rates) supports the consumer reaction hypothesis of Stiglitz and
 Weiss. This phenomenon is the result of the 'oligopsonistic' relationship
 between the banks and their powerful corporate customers, and the
 attendant practice of the 'name'-based lending. 
Journal: Applied Economics Letters 
Pages: 1229-1236 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902902201 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902902201&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Derek Bond 
Author-X-Name-First: Derek 
Author-X-Name-Last: Bond 
Author-Name: Michael Harrison 
Author-X-Name-First: Michael 
Author-X-Name-Last: Harrison 
Author-Name: Niall Hession 
Author-X-Name-First: Niall 
Author-X-Name-Last: Hession 
Author-Name: Edward O'Brien 
Author-X-Name-First: Edward 
Author-X-Name-Last: O'Brien 
Title: Nonlinearity as an explanation of the forward exchange rate anomaly 
Abstract:
  This article shows that nonlinearity can provide an explanation for the
 forward exchange rate anomaly (Fama, 1984). Using sterling-Canadian dollar
 data and modelling nonlinearity of unspecified form by means of a random
 field, we find strong evidence of time-wise nonlinearity and,
 significantly, obtain parameter estimates that conform with theory to a
 high degree of precision. 
Journal: Applied Economics Letters 
Pages: 1237-1239 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902950564 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902950564&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Meng Li 
Author-X-Name-First: Meng 
Author-X-Name-Last: Li 
Author-Name: Misao Endo 
Author-X-Name-First: Misao 
Author-X-Name-Last: Endo 
Author-Name: Shiwei Zuo 
Author-X-Name-First: Shiwei 
Author-X-Name-Last: Zuo 
Author-Name: Kazuo Kishimoto 
Author-X-Name-First: Kazuo 
Author-X-Name-Last: Kishimoto 
Title: Order imbalances explain 90% of returns of Nikkei 225 futures 
Abstract:
  This article introduces a new kind of order imbalance - limit order
 imbalance - in addition to the conventional order imbalance to explain the
 intraday stock returns. The conventional order imbalance together with our
 new order imbalance are shown to explain more than 90% of intraday returns
 of the Nikkei 225 Futures in the Osaka Stock Exchange in Japan. It is also
 found that a scaling by spreads substantially increases the explanatory
 power in thinner markets. 
Journal: Applied Economics Letters 
Pages: 1241-1245 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902881819 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902881819&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hsiao-Peng Fu 
Author-X-Name-First: Hsiao-Peng 
Author-X-Name-Last: Fu 
Author-Name: Andrew Wood 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Wood 
Title: Momentum in Taiwan: seasonality matters! 
Abstract:
  Previous studies suggest that momentum exists in international stock
 markets with the exception of Asia. Using a large data set of Taiwanese
 stocks, we show that momentum does exist, but it is restricted to the
 months following the deadline for annual statements. During the remaining
 months, a reverse momentum, or contrarian, strategy produces significant
 returns. These contrarian returns are particularly high during the
 national holidays linked to the Lunar New Year and the Lunar Moon
 Festival. 
Journal: Applied Economics Letters 
Pages: 1247-1253 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902917589 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902917589&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thouraya Boujelbene 
Author-X-Name-First: Thouraya 
Author-X-Name-Last: Boujelbene 
Author-Name: Younes Boujelbene 
Author-X-Name-First: Younes 
Author-X-Name-Last: Boujelbene 
Title: Long run determinants and short run dynamics of inflation in Tunisia 
Abstract:
  The essential idea of this study is to analyse the origins of inflation
 at short and long runs in Tunisia relying on annual data during the period
 1962 to 2003. We also suggest a model that has a structure determined by
 monetary and structural factors, and estimated by Johansen's cointegration
 technique. The empirical results show that inflation is explained by mixed
 factors: monetary ones such as money supply, the interest rate and the
 real effective exchange rate; and structural ones like the nominal average
 annual wage rate, the import prices and the real output. The analysis aims
 at pointing out the long run determinants of inflation and studying its
 short run dynamics. 
Journal: Applied Economics Letters 
Pages: 1255-1263 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902862157 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902862157&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Donglin Pei 
Author-X-Name-First: Donglin 
Author-X-Name-Last: Pei 
Author-Name: Philip Anthony Hamill 
Author-X-Name-First: Philip Anthony 
Author-X-Name-Last: Hamill 
Author-Name: Kwaku Kyekyeku Opong 
Author-X-Name-First: Kwaku Kyekyeku 
Author-X-Name-Last: Opong 
Title: An analysis of quasi-qualification, modified auditor opinions and special treatment status on China's Shenzhen market 
Abstract:
  The development of accounting, auditing and capital markets in China were
 an integral component of China's economic reforms; auditing was regarded
 as being critically important to achieving the desired policy objective of
 delivering a market economy (Yang and Yang, 1998). This article examines
 the quasi-qualification hypothesis and tests whether investors valued the
 introduction of Special Treatment (ST) status for firms in 1998. Our
 empirical analysis fails to find significant support for the
 quasi-qualification hypothesis. In contrast, it appears that the issuance
 of ST status was valued by investors; the issuance of ST status led
 investors to discriminate between firms. 
Journal: Applied Economics Letters 
Pages: 1265-1271 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902881827 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902881827&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kunihiro Hanabusa 
Author-X-Name-First: Kunihiro 
Author-X-Name-Last: Hanabusa 
Title: The effects of zero interest rate commitment in Japan 
Abstract:
  This article examines the effectiveness of the Bank of Japan's Zero
 Interest Rate Commitment Policy (ZIRCP). Using the Exponential
 Autoregressive Conditional Heteroskedasticity model, we present an
 empirical analysis of the volatility of return on Japanese interest rates
 for the short-, medium-, long- and super long-term. We find that each
 interest rate is affected by the ZIRCP. However, the ZIRCP stabilizes the
 daily change for only the super long-term interest rate. This suggests
 that the ZIRCP effect includes the decrease in interest rate and the
 reduction in super long-term variability. 
Journal: Applied Economics Letters 
Pages: 1273-1277 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902881835 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902881835&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hsu-Ling Chang 
Author-X-Name-First: Hsu-Ling 
Author-X-Name-Last: Chang 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Title: The relationship between the Vietnam stock market and its major trading partners - TECM with bivariate asymmetric GARCH model 
Abstract:
  This study employs threshold error-correction model with bivariate
 Glosten-Jagannathan-Runkle-generalized autoregressive conditional
 heteroscedasticity model to examine the relationship between the Vietnam
 stock market and its major trading partners, the United States, Japan,
 Singapore and China. The results indicate that the Vietnam stock market
 and return risks are influenced by Japan and Singapore stock markets. We
 also find that the volatility of stock market in Vietnam and its trading
 countries have an asymmetrical effect. These findings could be valuable to
 individual investors and financial institutions holding long-run
 investment portfolios in the Vietnam stock market. 
Journal: Applied Economics Letters 
Pages: 1279-1283 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902881892 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902881892&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Qiming Wang 
Author-X-Name-First: Qiming 
Author-X-Name-Last: Wang 
Title: Price clustering of IPOs in the secondary market 
Abstract:
  This article studies the integer price clustering of Initial Public
 Offerings (IPOs) in the secondary market trading during the first 240
 trading days after their IPO dates. The results indicate the huge
 difference between the integer price frequency of IPOs in the primary
 market and that of matched stocks in the secondary market almost
 disappears on the first trading day after IPO. The integer price frequency
 of IPOs is still significantly higher than that of matched stocks during
 the first 240 trading days. However, after controlling for price level,
 trading characteristics and IPO price support, the integer price frequency
 of IPOs conforms to that of matched stocks and that those IPOs with
 integer offer prices have the same integer price frequency as IPOs
 without. 
Journal: Applied Economics Letters 
Pages: 1285-1292 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902881843 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902881843&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guoma Alrgibi 
Author-X-Name-First: Guoma 
Author-X-Name-Last: Alrgibi 
Author-Name: Mohamed Ariff 
Author-X-Name-First: Mohamed 
Author-X-Name-Last: Ariff 
Author-Name: Louis Murray 
Author-X-Name-First: Louis 
Author-X-Name-Last: Murray 
Title: What factors discriminate developed and emerging capital markets? 
Abstract:
  This article identifies variables that might help an analyst to classify
 a stock market as either a developed or an emerging market. Although these
 terms are used widely, the basis for the application of the two
 descriptors has not been examined, using quantitative method(s) to verify
 the characteristics associated with each. The aim of this article is to do
 that, through identification of those variables associated with developed
 and with emerging markets. Discriminant analysis is applied, to identify a
 number of characteristics that do successfully differentiate between each
 group of markets, and helps to provide authenticity to the terms -
 developed and emerging. 
Journal: Applied Economics Letters 
Pages: 1293-1298 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902881850 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902881850&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michel Rakotomavo 
Author-X-Name-First: Michel 
Author-X-Name-Last: Rakotomavo 
Title: Payout and asymmetric information 
Abstract:
  This article investigates the effects of payout policy on the level of
 asymmetric information in the market for common equity shares. The results
 suggest that higher dividend levels are associated with lower price
 impact, both as a percentage of economic value and as a percentage of the
 spread. And greater share repurchase ratios are associated with lower
 price impacts as a percentage of the spread. Overall, the results suggest
 that managers may have more than the choice of market settings as a means
 to improve the quality of the market for their stock and the efficiency of
 price. 
Journal: Applied Economics Letters 
Pages: 1299-1304 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902881868 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902881868&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nikolai Dokuchaev 
Author-X-Name-First: Nikolai 
Author-X-Name-Last: Dokuchaev 
Title: Optimal gradual liquidation of equity from a risky asset 
Abstract:
  We consider a problem of optimal gradual liquidation of equity from a
 risky asset for continuous time stochastic market model. The owner of the
 risky asset uses this equity as a source of steady cash flow by borrowing
 money permanently against this equity. At the terminal time, there is no
 equity for him in this asset, and the bank gains ownership of this asset.
 Optimal strategy is obtained explicitly. 
Journal: Applied Economics Letters 
Pages: 1305-1308 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902881876 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902881876&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hsiu-Yun Chang 
Author-X-Name-First: Hsiu-Yun 
Author-X-Name-Last: Chang 
Author-Name: Yen-Ching Kuo 
Author-X-Name-First: Yen-Ching 
Author-X-Name-Last: Kuo 
Title: The impact of subprime mortgage on correlation between stock and FX markets 
Abstract:
  Our researching period contains the American subprime mortgage crisis, an
 insignificant financial crisis and the Asian financial crisis periods. We
 analyse and compare the interrelations between the stock and Foreign
 Exchange (FX) markets in Taiwan by the daily data of stock prices and
 NTD/US exchange rates. The empirical results found that there is no effect
 on the long-term equilibrium between the stock and FX markets during the
 American subprime mortgage crisis. It also shows that, whether financial
 crisis occurs or not, there is no cointegration between the stock and FX
 markets. Furthermore, the results find that there exists bidirectional
 causality between the stock and FX markets among the American subprime
 mortgage crisis and the Asian financial crisis period. However, there is
 only unidirectional relationship from stock prices to exchange rates
 during insignificant financial crisis period. Such results imply that two
 financial crises do significantly affect the short-term interrelationships
 between the stock and FX markets and lead to more importance for the
 connection between two markets. 
Journal: Applied Economics Letters 
Pages: 1309-1312 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902917563 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902917563&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: Determinants of bank failures in the US revisited 
Abstract:
  This study investigates factors influencing the bank failure rate in the
 United States over the period 1970 to 2007. The bank failure rate was
 found to be an increasing function of the unemployment rate, the average
 cost of funds, volatility of the S&P 500 Stock Index, and charge-offs as a
 percentage of outstanding loans and a decreasing function of the mortgage
 rate on new 30-year fixed-rate mortgages. The evidence implies also that
 the Federal Deposit Insurance Corporation Improvement Act acted to reduce
 bank failures whereas the Riegle-Neal Interstate Banking Act of 1994 may
 inadvertently have (by increasing competition and/or increasing costs
 through branch bank expansion) induced increased bank failures. 
Journal: Applied Economics Letters 
Pages: 1313-1317 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902881884 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902881884&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gil Cohen 
Author-X-Name-First: Gil 
Author-X-Name-Last: Cohen 
Title: Do short sellers outperformthe market? 
Abstract:
  During the current financial crisis, short sellers have been blamed for
 causing or at least accelerating the crash of the financial market. They
 have been accused of manipulating stock prices so that they would fall and
 getting rich at the 'naive' investors' expense. This study investigates
 the validity of these accusations by following the TA100 Index and four
 designed portfolios during the period 2006 to 2008. The designed
 portfolios were constructed in accordance with the weekly report on short
 selling activity issued by the Tel Aviv Stock Exchange. The results show
 that short sellers did not succeed in outperforming the market during that
 3-year period. Moreover, the portfolios that did not include the stocks
 picked by the short sellers performed more poorly (they should have been
 sold short) than the portfolios that included stocks chosen by the short
 sellers. These results contradict the hypothesis that short selling
 disrupts market efficiency. 
Journal: Applied Economics Letters 
Pages: 1319-1322 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/00036840902917571 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036840902917571&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohamed El Hedi Arouri 
Author-X-Name-First: Mohamed 
Author-X-Name-Last: El Hedi Arouri 
Author-Name: Mondher Bellalah 
Author-X-Name-First: Mondher 
Author-X-Name-Last: Bellalah 
Author-Name: Duc Khuong Nguyen 
Author-X-Name-First: Duc Khuong 
Author-X-Name-Last: Nguyen 
Title: The comovements in international stock markets: new evidence from Latin American emerging countries 
Abstract:
  We analyse the time variations in the comovements of Latin American stock
 markets. Conditional correlations are estimated from the dynamic
 conditional correlation GARCH model. Then, Bai and Perron's (2003)
 structural break technique is employed to test for changing nature of
 market comovements. Main findings are as follows. First, the degree of
 cross-market comovements changed over time and has significantly increased
 since 1994. However, room for international diversification still remains
 largely possible. Second, the comovements are subjected to various regime
 shifts, essentially due to major economic events. Finally, stock markets
 move much more together in times of crisis. 
Journal: Applied Economics Letters 
Pages: 1323-1328 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902967449 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902967449&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chia-Hao Lee 
Author-X-Name-First: Chia-Hao 
Author-X-Name-Last: Lee 
Title: Revisiting purchasing power parity for East Asian countries: panel SURADF tests 
Abstract:
  In this study, the panel Seemingly Unrelated Regression Augmented
 Dickey-Fuller (SURADF) tests advanced by Breuer et al. (2001) are used to
 test the validity of Purchasing Power Parity (PPP) for a sample of East
 Asian countries over the 1985M3 to 2008M5. The empirical results from
 several panel-based unit root tests indicate that PPP does not hold for
 East Asian countries under study; however, Breuer et al.'s (2001) panel
 SURADF tests indicate that PPP is valid for most of the East Asian
 countries under study. 
Journal: Applied Economics Letters 
Pages: 1329-1334 
Issue: 13 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902958356 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902958356&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Scott Hegerty 
Author-X-Name-First: Scott 
Author-X-Name-Last: Hegerty 
Title: Bounds testing cointegration methods and PPP: evidence from 123 Countries 
Abstract:
  Cointegration analysis is often used in empirical studies of Purchasing
 Power Parity (PPP) to test whether there is a long-run relationship among
 countries' bilateral exchange rates and price levels. But the presence of
 a cointegrated relationship is not enough to support PPP, as other
 restrictions must be met as well. Nevertheless, even simple cointegration
 has been rejected for many countries in previous studies. We apply the
 'bounds testing' approach of Pesaran et al. (2001), which has only seen
 limited use thus far, to analyse 123 countries' bilateral rates with the
 United States. Besides testing for cointegration, we also assess whether
 our long-run coefficients support the PPP hypothesis. We find that while
 most rates are indeed cointegrated, only a few have coefficients that meet
 even one of the necessary restrictions for PPP. 
Journal: Applied Economics Letters 
Pages: 1335-1340 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902967456 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902967456&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Ryan Haley 
Author-X-Name-First: M. Ryan 
Author-X-Name-Last: Haley 
Author-Name: Lee Van Scyoc 
Author-X-Name-First: Lee 
Author-X-Name-Last: Van Scyoc 
Title: Adverse selection, seller reputation and buyer insurance in online auctions for 1960s-era collectible baseball cards 
Abstract:
  We investigate the differences between Beckett book values and eBay
 auction prices using an original data set of 876 auctions for 30 baseball
 cards from the 1960s era. We find that cards of lower quality generally
 sell (on eBay) above book price, whereas cards of higher quality generally
 sell below book price. We find that both the presence of buyer insurance
 and the number of bids increase eBay prices relative to book values and
 that the seller's reputation and the number of bids increase the
 probability that the eBay price will be greater than the corresponding
 book value. 
Journal: Applied Economics Letters 
Pages: 1341-1345 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902984303 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902984303&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Yuan-Hong Ho 
Author-X-Name-First: Yuan-Hong 
Author-X-Name-Last: Ho 
Author-Name: Steven Caudill 
Author-X-Name-First: Steven 
Author-X-Name-Last: Caudill 
Title: Is per capita real GDP stationary in China? More powerful nonlinear (logistic) unit root tests 
Abstract:
  In this study, we use a more powerful nonlinear (logistic) unit root test
 advanced by Leybourne et al. (1998) to investigate the time-series
 properties of real gross domestic product for 25 Chinese provinces for the
 period 1952 to 1998. We strongly reject the null of unit root process for
 over half the provinces. These empirical results have important policy
 implications for China. 
Journal: Applied Economics Letters 
Pages: 1347-1349 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903007567 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903007567&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Schaub 
Author-X-Name-First: Mark 
Author-X-Name-Last: Schaub 
Title: Short-term wealth effects from debt buyback announcements 
Abstract:
  This study provides evidence that, as with stock buyback announcements,
 investors believe that debt buyback announcements signal good news about
 the future cash flows of the announcing firm. This information is
 contained in the stock price reaction on the announcement date. On
 average, the firms sampled experienced an average 5.51% increase in their
 stock price on the day their plans to repurchase debt were announced in
 the financial media. 
Journal: Applied Economics Letters 
Pages: 1351-1354 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902967506 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902967506&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alan Mulhern 
Author-X-Name-First: Alan 
Author-X-Name-Last: Mulhern 
Author-Name: John Watson 
Author-X-Name-First: John 
Author-X-Name-Last: Watson 
Title: Spanish inter-regional migration: an enigma resolved 
Abstract:
  This article demonstrates that Spanish inter-regional migration, for many
 years unresponsive to traditional explanatory variables, is now explicable
 in terms of such variables. These include gaps in real wages, unemployment
 and distance. In the middle of the 1990s, there arose an increased
 responsiveness of regional migration to such explanatory variables. 
Journal: Applied Economics Letters 
Pages: 1355-1359 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902967464 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902967464&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Catherine Boulatoff 
Author-X-Name-First: Catherine 
Author-X-Name-Last: Boulatoff 
Author-Name: Carol Boyer 
Author-X-Name-First: Carol 
Author-X-Name-Last: Boyer 
Title: Using contingent valuation with undergraduate students to elicit a community's preferences for wind farm development 
Abstract:
  This article presents the results of a survey that elicited the value of
 the perceived net benefits associated with the implementation of a wind
 farm in a rural community in upstate New York. The survey was designed and
 administered by upper level undergraduate students enrolled in an
 environmental economics course at Saint Lawrence University. Results may
 give instructors interested in introducing more applied research in the
 classroom an idea of what to expect. The analysis of this project may also
 suggest policy implications for the implementation of wind farms. 
Journal: Applied Economics Letters 
Pages: 1361-1366 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902967480 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902967480&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nico Dewaelheyns 
Author-X-Name-First: Nico 
Author-X-Name-Last: Dewaelheyns 
Author-Name: Cynthia Van Hulle 
Author-X-Name-First: Cynthia 
Author-X-Name-Last: Van Hulle 
Title: Bankruptcy reform: evidence from a survey among judges and receivers 
Abstract:
  Because of low success rates, several European countries have recently
 reformed their US Chapter 11-type bankruptcy procedures or are planning
 future reforms. Using unique data from a survey among judges and
 insolvency practitioners (receivers), we explore the ex ante expectations
 of the impact of the 2009 adjustments to the Belgian reorganization
 procedure, including cost reductions, improvement of the procedure's
 reputation, encouraging informal reorganizations and appointing a
 mediator. The general assessment is moderately positive, although judges
 are significantly more optimistic than receivers. In addition, we find
 that the respondents' expectations are related to their views on the
 current system, perceived causes of failure and regional characteristics.
 We conclude by formulating policy recommendations. 
Journal: Applied Economics Letters 
Pages: 1367-1371 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902967498 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902967498&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Victor Pontines 
Author-X-Name-First: Victor 
Author-X-Name-Last: Pontines 
Title: Fat-tails and house prices in OECD countries 
Abstract:
  It is a well-known stylized fact that the distributions of financial
 asset returns are non-normal and fat-tailed. In this study, we explore
 whether this stylized fact also applies to the log changes in house
 prices. Using house price indices data for 16 Organization for Economic
 Cooperation and Development countries, we find that there is an apparent
 tail-fatness in the empirical distribution of log changes in house prices.
 Furthermore, the Student's t provides an adequate fit for almost all the
 house price indices under consideration. 
Journal: Applied Economics Letters 
Pages: 1373-1377 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902967514 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902967514&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alper Aslan 
Author-X-Name-First: Alper 
Author-X-Name-Last: Aslan 
Author-Name: Ferit Kula 
Author-X-Name-First: Ferit 
Author-X-Name-Last: Kula 
Author-Name: Huseyin Kalyoncu 
Author-X-Name-First: Huseyin 
Author-X-Name-Last: Kalyoncu 
Title: Additional evidence of long-run purchasing power parity with black and official exchange rates 
Abstract:
  In this study, the validity of Purchasing Power Parity (PPP) hypothesis
 is investigated by using unit root test on official and black market
 exchange rates for Turkey. When we used the classical unit root test, we
 found poor evidence for the validity of PPP in classical PP test but no
 evidence for PPP in the augmented Dickey-Fuller test. However, by using
 Zivot-Andrews test allowing for one structural break in the series of PPP,
 we find stronger evidence for both official and black market exchange
 rates. Our findings illustrate that the unit root test with structural
 break is powerful than classical ones for long-run PPP. 
Journal: Applied Economics Letters 
Pages: 1379-1382 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902967522 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902967522&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Wen-Chi Liu 
Author-X-Name-First: Wen-Chi 
Author-X-Name-Last: Liu 
Author-Name: Chin-Ping Yu 
Author-X-Name-First: Chin-Ping 
Author-X-Name-Last: Yu 
Title: Revisiting purchasing power parity for G7 countries: further evidence based on panel SURKSS tests 
Abstract:
  This study applies panel SURKSS tests, proposed by Wu and Lee (2009), to
 investigate the properties of long-run Purchasing Power Parity (PPP) in G7
 countries over the period January 1980 to September 2008. The empirical
 results from several panel-based unit root tests indicate that PPP does
 not hold for G7 countries under study; however, panel SURKSS tests
 indicate that PPP is valid for more than half of the G7 countries.
 Further, our results point out that the real exchange rate adjustment is
 mean reversion towards PPP equilibrium values in a nonlinear way. These
 results have important policy implications for G7 countries. 
Journal: Applied Economics Letters 
Pages: 1383-1387 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902967530 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902967530&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: On the performance of a nonparametric measure of convergence towards purchasing power parity in the presence of linearity 
Abstract:
  In this study, we have assessed the performance of the nonparametric
 measure of convergence towards purchasing power parity, as previously
 suggested by Shintani (2006). While the measure, which is also applicable
 to nonlinear processes, should correspond to the exact half-life of a
 linear process when the true data-generating process is linear, we find,
 in practice, that it is too far off the mark and thus should not be
 employed. We recommend testing linearity first, before applying the
 measure of convergence. 
Journal: Applied Economics Letters 
Pages: 1389-1396 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902967548 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902967548&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Susana Iglesias Antelo 
Author-X-Name-First: Susana 
Author-X-Name-Last: Iglesias Antelo 
Author-Name: Jean-Pierre Levy Mangin 
Author-X-Name-First: Jean-Pierre 
Author-X-Name-Last: Levy Mangin 
Title: An analysis of the risk-return relationship in the Spanish capital market using a structural equation model 
Abstract:
  This work is a contribution to an incipient third line of empirical
 analysis within the context of the use of multifactor models to explain
 the covariation among asset returns. Such a line of research establishes a
 bridgehead between the one based on the selection of economic variables
 and that based on the extraction of factors by means of factor analysis.
 Specifically, this study focuses on macroeconomic magnitudes as potential
 sources of risk and uses a structural equation model to analyse data
 relative to the Spanish market. The market return is the only factor that
 is found to be significant. 
Journal: Applied Economics Letters 
Pages: 1397-1403 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902984287 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902984287&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Song-Zan Chiou-Wei 
Author-X-Name-First: Song-Zan 
Author-X-Name-Last: Chiou-Wei 
Author-Name: Zhen Zhu 
Author-X-Name-First: Zhen 
Author-X-Name-Last: Zhu 
Author-Name: Yung-Hsing Kuo 
Author-X-Name-First: Yung-Hsing 
Author-X-Name-Last: Kuo 
Title: Government size and economic growth: an application of the smooth transition regression model 
Abstract:
  This article employs a smooth transition autoregressive model to
 investigate the effects of government size (measured as the share of
 government consumption expenditure in gross domestic product) on economic
 growth using South Korea, Malaysia, Singapore, Taiwan and Thailand as
 sample countries during the period 1961 to 2004. The empirical results
 reveal that there is a nonlinear relationship among variables for each
 country except Malaysia and confirm the view of Barro (1990) that the
 government size over a certain threshold will have an adverse impact on
 economic growth rate for Korea, Taiwan and Thailand. Through the smooth
 transition autoregressive framework, we find that the estimated threshold
 of government size is 11% for most countries while the threshold
 government size of Taiwan is 16% and further conclude that the bigger
 government size is not really the better. 
Journal: Applied Economics Letters 
Pages: 1405-1415 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902984295 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902984295&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Aitor Ciarreta 
Author-X-Name-First: Aitor 
Author-X-Name-Last: Ciarreta 
Author-Name: Ainhoa Zarraga 
Author-X-Name-First: Ainhoa 
Author-X-Name-Last: Zarraga 
Title: Electricity consumption and economic growth in Spain 
Abstract:
  This article investigates linear and nonlinear causality between
 electricity consumption and economic growth in Spain for the period 1971
 to 2005. We use the methodology of Toda and Yamamoto (1995) and Dolado and
 Lutkepohl (1996). We also apply the standard Granger causality test in a
 vector autoregression for the series in first differences. We find
 unidirectional linear causality running from real GDP to electricity
 consumption. By contrast, we find no evidence of nonlinear Granger
 causality between the series in either direction. 
Journal: Applied Economics Letters 
Pages: 1417-1421 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903018689 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903018689&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jasim Al-Ajmi 
Author-X-Name-First: Jasim 
Author-X-Name-Last: Al-Ajmi 
Title: Modelling the dividend policy of banks in Gulf Cooperation Council countries 
Abstract:
  This article presents the results of an investigation on the determinants
 of banks' dividend decisions among banks listed on seven stock exchanges
 in the Gulf Cooperation Council countries. The results show that dividend
 decisions are determined by current earnings and lagged dividends and that
 only banks in Abu Dhabi resist curtailing/skipping dividend payments. The
 results are mixed as to the role of dividend decisions in reducing agency
 problems and as a signalling device, but the results offer strong support
 for the transaction cost hypothesis. 
Journal: Applied Economics Letters 
Pages: 1423-1428 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903018697 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903018697&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Andrikopoulos 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Andrikopoulos 
Title: On the valuation of American exchange options: an analytical approximation 
Abstract:
  We adopt a quadratic approach to the valuation of the option to exchange
 one asset for another, when the option owner has the right to exercise
 before option expiration. Accurate pricing results are obtained and tested
 against competitive models in the literature, building on the hypothesis
 that option value is the product of two functions, one being a function of
 time and the other one being a function of the stock prices. 
Journal: Applied Economics Letters 
Pages: 1429-1435 
Issue: 14 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903018705 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903018705&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Afonso 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Afonso 
Title: Long-term government bond yields and economic forecasts: evidence for the EU 
Abstract:
  I use a panel of semi-annual vintages of growth and fiscal forecasts of
 the European Commission, covering the period 1998:II-2008:II, to assess
 its effects on 10-year government yields for 14 EU countries. Results show
 that yields increase with better growth forecasts and with decreases in
 budget balance-to-GDP rations, signaling that sovereigns may need to pay
 more to finance higher budget deficits in the market. 
Journal: Applied Economics Letters 
Pages: 1437-1441 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903049627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903049627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rabah Arezki 
Author-X-Name-First: Rabah 
Author-X-Name-Last: Arezki 
Author-Name: Frederick van der Ploeg 
Author-X-Name-First: Frederick 
Author-X-Name-Last: van der Ploeg 
Title: Trade policies, institutions and the natural resource curse 
Abstract:
  We offer new cross-country evidence on the natural resource curse. We
 investigate the impact of the interaction of natural resource abundance
 and policies on growth. We find that the resource curse is less severe in
 countries with less restrictive trade policies and good institutions.
 However, we show that empirical evidence on the resource curse is not
 robust to correcting for the endogenous nature of some regressors. 
Journal: Applied Economics Letters 
Pages: 1443-1451 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903035881 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903035881&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Ali Kutan 
Author-X-Name-First: Ali 
Author-X-Name-Last: Kutan 
Author-Name: Su Zhou 
Author-X-Name-First: Su 
Author-X-Name-Last: Zhou 
Title: Black and official market exchange rates and purchasing power parity: evidence from Latin America 
Abstract:
  A group of studies have shown that in less developed countries,
 Purchasing Power Parity (PPP) theory is supported more often when black
 market exchange rates rather than official rates are used in the testing
 procedure. They have all relied upon linear Augmented Dickey-Fuller (ADF)
 test applied either to the residuals of a cointegrating vector or to real
 exchange rates. In this article, we use a nonlinear ADF test and show that
 when nonlinearity is incorporated in the testing procedure, the nonlinear
 tests support PPP more often than the linear test regardless of whether we
 use official or black market exchange rate. Besides, for the post-Bretton
 Woods period, PPP is almost equally supported using either the black
 market exchange rates or the official rates. 
Journal: Applied Economics Letters 
Pages: 1453-1459 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850902967472 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850902967472&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Uriel Spiegel 
Author-X-Name-First: Uriel 
Author-X-Name-Last: Spiegel 
Author-Name: Tchai Tavor 
Author-X-Name-First: Tchai 
Author-X-Name-Last: Tavor 
Author-Name: Joseph Templeman 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Templeman 
Title: The effects of rumours on financial market efficiency 
Abstract:
  During the last decade the world has faced a tremendous development of
 information technology and telecommunication. This study investigates the
 impact of rumours (released on the web) on common stock returns. The
 findings indicate that the market responds positively to rumours. During
 the event day and the five preceding days, the abnormal stock return is
 positive and statistically significant. In particular, the impact is
 stronger for single than for multi-rumours, for initial rather than
 subsequent rumours and for realized rumours than for nonrealized rumours. 
Journal: Applied Economics Letters 
Pages: 1461-1464 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903035873 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903035873&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roger Wahlberg 
Author-X-Name-First: Roger 
Author-X-Name-Last: Wahlberg 
Title: The gender wage gap across the wage distribution in the private and public sectors in Sweden 
Abstract:
  This study examines gender wage differentials across the wage
 distribution in the Swedish private and public sectors using quantile
 regression. There is a glass ceiling effect for women in both the private
 and the public sectors in Sweden. Although this is true for both sectors,
 it is especially pronounced in the public sector. The gender wage
 differentials across the whole distribution in the private sector are
 lower in Sweden than in the USA and in 11 European countries, whereas the
 opposite can be said about the public sector; here the gap is higher
 across the entire distribution in Sweden. 
Journal: Applied Economics Letters 
Pages: 1465-1468 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903035915 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903035915&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Adam Petersen 
Author-X-Name-First: Mark Adam 
Author-X-Name-Last: Petersen 
Author-Name: Mmboniseni Phanuel Mulaudzi 
Author-X-Name-First: Mmboniseni Phanuel 
Author-X-Name-Last: Mulaudzi 
Author-Name: Janine Mukuddem-Petersen 
Author-X-Name-First: Janine 
Author-X-Name-Last: Mukuddem-Petersen 
Author-Name: Ilse Schoeman 
Author-X-Name-First: Ilse 
Author-X-Name-Last: Schoeman 
Title: A note on the subprime mortgage crisis: dynamic modelling of bank leverage profit under loan securitization 
Abstract:
  In this brief research article, we consider the financial modelling of
 the process of mortgage loan securitization that has been a root cause of
 the ongoing Subprime Mortgage Crisis (SMC). In particular, we suggest a
 Levy process-driven model of bank leverage profit that arises from the
 securitization of a pool of subprime mortgage loans. To achieve this, we
 develop stochastic models for mortgage loans, mortgage loan losses, credit
 ratings and mortgage loan guarantees in a subprime context. These models
 incorporate some of the most important issues related to the SMC and its
 causes. Finally, we provide a brief analysis of the models developed
 earlier in our contribution and its relationship with the SMC. 
Journal: Applied Economics Letters 
Pages: 1469-1474 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903035907 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903035907&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Bernstein 
Author-X-Name-First: David 
Author-X-Name-Last: Bernstein 
Title: Should the US Congress appropriate funds for the repurchase of older vehicles? 
Abstract:
  Proponents of vehicle buyback programmes maintain that the earlier
 retirement of older vehicles will reduce pollution, increase income for
 lower income households and stimulate the automobile industry. This
 article provides a brief assessment of costs and benefits of vehicle
 buyback programmes. There are environmental benefits from the early
 retirement of automobiles and light trucks; however, some pollutants are
 not closely related to vehicle age. Moreover, vehicle buyback programmes
 are unlikely to reduce consumption of gasoline by a substantial amount and
 may even increase gasoline consumption in the short run because vehicle
 age is associated with an increase in miles travelled. Vehicle buyback
 programmes are not unambiguously progressive because they will increase
 the price of older vehicles, the only source of transportation for lower
 income groups. This analysis does not justify the creation of a national
 large-scale vehicle buyback programme. However, vehicle buyback programme
 targeting the highest emission vehicles and vehicles likely to fail
 emission inspections creates support for more stringent vehicle emission
 standards and systems, a proven method to reduce mobile source air
 pollution. It may be useful to expand subsidies for existing local vehicle
 buyback programmes and create incentives for the creation of these
 programmes by additional municipalities. 
Journal: Applied Economics Letters 
Pages: 1475-1478 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903035931 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903035931&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hirofumi Shimizu 
Author-X-Name-First: Hirofumi 
Author-X-Name-Last: Shimizu 
Author-Name: Todd Sandler 
Author-X-Name-First: Todd 
Author-X-Name-Last: Sandler 
Title: Recent peacekeeping burden sharing 
Abstract:
  This article investigates peacekeeping burden sharing during the period
 2001 to 2006 for NATO allies and a more inclusive sample, which contains
 the main peacekeeping contributors. A Kendall rank correlation test for
 peacekeeping burdens and gross domestic product is applied to ascertain
 whether rich countries assume disproportionately large burdens. With
 recent increases in peacekeeping expenditures, burdens are being
 disproportionately shouldered by the rich countries for UN-financed
 operations. For non-UN-financed peacekeeping missions, disproportionality
 of burden sharing holds for NATO allies but not for the large sample.
 Unequal burden sharing is most prevalent in the years where peacekeeping
 spending is the greatest. 
Journal: Applied Economics Letters 
Pages: 1479-1484 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903049593 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903049593&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alberto Humala 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Humala 
Author-Name: Gabriel Rodriguez 
Author-X-Name-First: Gabriel 
Author-X-Name-Last: Rodriguez 
Title: Foreign exchange intervention and exchange rate volatility in Peru 
Abstract:
  Flexible exchange rate experience in Peru has been accompanied by
 frequent official interventions in the form of foreign exchange purchases
 or sales. Monetary authority pursues reducing excess volatility in the
 exchange rate through its direct intervention. However, in recent years,
 this intervention has concentrated on US dollar purchases, apparently
 signalling a bias towards defending a given exchange rate level (not
 necessarily fixed). For the period 1994 to 2007, this document assesses
 consistency of the empirical evidence with the goal of reducing exchange
 rate volatility. Thus, it uses univariate and multivariate time series
 models subject to stochastic shifts to study currency pressures. Results
 suggest consistency with the reduced-volatility goal. Nonetheless, in line
 with other studies, factors such as the foreign exchange gap with respect
 to its trend also induce foreign exchange intervention. 
Journal: Applied Economics Letters 
Pages: 1485-1491 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903049643 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903049643&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ram Acharya 
Author-X-Name-First: Ram 
Author-X-Name-Last: Acharya 
Author-Name: Paul Gentle 
Author-X-Name-First: Paul 
Author-X-Name-Last: Gentle 
Author-Name: Krishna Paudel 
Author-X-Name-First: Krishna 
Author-X-Name-Last: Paudel 
Title: Examining the CRB index as a leading indicator for US inflation 
Abstract:
  This article analyses historical movements in the commodity futures
 market and its relationship to inflation. Specifically, the relationship
 between the Commodity Research Bureau (CRB) index and US inflation is
 investigated. The results show that the CRB index continues to be an
 effective early indicator of inflation. However, as the composition of the
 US economy changes, the CRB should continue to realign the index to
 maintain its long-term viability. 
Journal: Applied Economics Letters 
Pages: 1493-1496 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903049619 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903049619&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alexandre Almeida 
Author-X-Name-First: Alexandre 
Author-X-Name-Last: Almeida 
Author-Name: Oscar Afonso 
Author-X-Name-First: Oscar 
Author-X-Name-Last: Afonso 
Title: SBTC versus trade: testing skill-premia evidence across 25 OECD countries 
Abstract:
  The recent widening of intra-country wage inequality in favour of
 high-skilled labour has been attributed by some authors to Skill-Biased
 Technological Change (SBTC) and by others to International Trade (IT)
 liberalization. As few empirical studies have tried to assess both
 explanations across a comprehensive sample of countries, we analyse the
 impact of both explanations within a unified framework and across 25
 Organisation for Economic Co-operation and Development countries. Results
 suggest that the SBTC (IT) explanation dominates in developed (developing)
 countries and when intra-country wage inequality is measured by the wage
 ratio of college-to-lower (upper)-secondary graduates. 
Journal: Applied Economics Letters 
Pages: 1497-1501 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903049601 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903049601&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fredj Jawadi 
Author-X-Name-First: Fredj 
Author-X-Name-Last: Jawadi 
Author-Name: Mohamed El Hedi Arouri 
Author-X-Name-First: Mohamed El Hedi 
Author-X-Name-Last: Arouri 
Author-Name: Duc Khuong Nguyen 
Author-X-Name-First: Duc Khuong 
Author-X-Name-Last: Nguyen 
Title: Stock market integration in Mexico and Argentina: are short- and long-term considerations different? 
Abstract:
  This article aims to study the issue of short- and long-term stock market
 integration in two of Latin America's biggest emerging economies - Mexico
 and Argentina - with the US stock market using multivariate cointegration
 tools. Our study covers a period of two decades and shows strong evidence
 of Argentina and Mexico's short-term financial dependence on the US
 market. However, our results show no long-term linkages between the
 markets studied, indicating that Mexican and Argentinean stock markets are
 governed more by their fundamentals in the long term. 
Journal: Applied Economics Letters 
Pages: 1503-1507 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903035899 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903035899&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Betty Agnani 
Author-X-Name-First: Betty 
Author-X-Name-Last: Agnani 
Author-Name: Henry Aray 
Author-X-Name-First: Henry 
Author-X-Name-Last: Aray 
Title: Subsidies and awards in movie production 
Abstract:
  This article analyses the effect of subsidies and awards on the Spanish
 motion picture industry. We estimate a Cobb-Douglas production function
 using regional data and show that Spanish motion picture industry exhibits
 constant returns to scale and that awards positively affect movie
 production whereas subsidies have no effect. In fact, awards affect the
 productivity of the sector as they allow for an increase in the output,
 which is not explained by an increase in inputs. 
Journal: Applied Economics Letters 
Pages: 1509-1511 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903035865 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903035865&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sehoon Kwon 
Author-X-Name-First: Sehoon 
Author-X-Name-Last: Kwon 
Author-Name: Sang Buhm Hahn 
Author-X-Name-First: Sang Buhm 
Author-X-Name-Last: Hahn 
Title: Duration analysis of corporate bankruptcy in the presence of competing risks 
Abstract:
  The bankruptcy duration of reorganized firms should be different from
 that of failed firms. Adopting a competing risk model and using the Korean
 corporate bankruptcy data, we confirm the differences in reorganized and
 failed cases. We find that the failure decision of bigger firms seems
 delayed (the too-big-to-fail-too-early hypothesis). In systemic
 bankruptcy, the bankruptcy period is shortened and the reorganization bias
 is increased (Super Chapter 11 principle). Also, if bankruptcy is filed in
 a poor business environment, reorganization may occur faster and failure
 slower for that company (handicapped signal theory). 
Journal: Applied Economics Letters 
Pages: 1513-1516 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903035840 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903035840&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: YiChun Zhang 
Author-X-Name-First: YiChun 
Author-X-Name-Last: Zhang 
Author-Name: Wen-Chi Liu 
Author-X-Name-First: Wen-Chi 
Author-X-Name-Last: Liu 
Title: Purchasing power parity for ASEAN-8 countries: panel SURKSS tests 
Abstract:
  This study applies panel SURKSS tests, proposed by Wu and Lee (2009), to
 investigate the properties of long-run Purchasing Power Parity (PPP) in a
 sample of ASEAN (Association of Southeast Asian Nations)-8 countries over
 the period January 1999 to June 2008. The empirical results from several
 panel-based unit root tests indicate that PPP does not hold for the
 ASEAN-8 countries under study; however, panel SURKSS tests indicate that
 PPP is valid for two (four) of these ASEAN-8 countries when the US dollar
 (the Japanese yen) is used as a base country. These results have important
 policy implications for these ASEAN-8 countries under study. 
Journal: Applied Economics Letters 
Pages: 1517-1523 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903018721 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903018721&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu-Ming Hsiao 
Author-X-Name-First: Yu-Ming 
Author-X-Name-Last: Hsiao 
Author-Name: Sheng-Chieh Pan 
Author-X-Name-First: Sheng-Chieh 
Author-X-Name-Last: Pan 
Author-Name: Po-Chin Wu 
Author-X-Name-First: Po-Chin 
Author-X-Name-Last: Wu 
Title: Can intervention indices detect central bank's actual intervention behaviour? 
Abstract:
  This article employs the Weymark (1997) and Baig et al. (2003) models to
 evaluate the central bank's intervention behaviour and utilizes ex post
 intervention news to check the models' estimation results. Empirical
 results show that the Baig et al. model's evaluation performance in
 intervention behaviour is inferior to the Weymark model. The scale of
 intervention index is not an excellent indicator to detect intervention
 behaviour. Intervention indices and intervention news all support that the
 intervention frequency in expansion period is higher than in recession
 period and in face of fatal events the intervention exhibits cluster
 phenomenon. 
Journal: Applied Economics Letters 
Pages: 1525-1530 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903018713 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903018713&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hung-Hsi Huang 
Author-X-Name-First: Hung-Hsi 
Author-X-Name-Last: Huang 
Author-Name: Rern-Jay Hung 
Author-X-Name-First: Rern-Jay 
Author-X-Name-Last: Hung 
Author-Name: Ching-Ping Wang 
Author-X-Name-First: Ching-Ping 
Author-X-Name-Last: Wang 
Author-Name: Yuan-Pei Hsieh 
Author-X-Name-First: Yuan-Pei 
Author-X-Name-Last: Hsieh 
Title: Does fund manager herding vary over the business cycle? 
Abstract:
  This article aims to explore whether business cycle has any bearing on
 herding by fund mangers. Using the sample of open-end mutual funds in
 Taiwan from January 2003 to February 2007, the main results are as
 follows. First, excluding the impact of business indicator, herd
 behaviours for balanced and growth fund managers are more significant than
 growth-income and aggressive-growth ones. Next, the business indicator has
 significantly negative influence on the herding for balanced and growth
 fund managers. Finally, without considering the impact of business
 indicator, there are no significant differences of the herding among
 various types of fund managers. 
Journal: Applied Economics Letters 
Pages: 1531-1535 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903035857 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903035857&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rebeca Jimenez-Rodriguez 
Author-X-Name-First: Rebeca 
Author-X-Name-Last: Jimenez-Rodriguez 
Author-Name: Marcelo Sanchez 
Author-X-Name-First: Marcelo 
Author-X-Name-Last: Sanchez 
Title: Oil-induced stagflation: a comparison across major G7 economies and shock episodes 
Abstract:
  This article finds strong evidence of oil-induced stagflation in major G7
 economies. Oil shocks provoked output losses and higher inflation on a
 widespread basis from the mid-1970s to the early 1980s, as well as - to a
 lesser extent - in the new millennium. 
Journal: Applied Economics Letters 
Pages: 1537-1541 
Issue: 15 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903035923 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903035923&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Eugene Nivorozhkin 
Author-X-Name-First: Eugene 
Author-X-Name-Last: Nivorozhkin 
Author-Name: Anton Nivorozhkin 
Author-X-Name-First: Anton 
Author-X-Name-Last: Nivorozhkin 
Author-Name: Ludmila Nivorozhkina 
Author-X-Name-First: Ludmila 
Author-X-Name-Last: Nivorozhkina 
Author-Name: Lilia Ovcharova 
Author-X-Name-First: Lilia 
Author-X-Name-Last: Ovcharova 
Title: The urban-rural divide in the perception of the poverty line: the case of Russia 
Abstract:
  In this article, we analyse the differences in the perception of the
 poverty line between rural and urban settlements in the Russian
 Federation. We show that although the level of absolute poverty increases
 as the size of the settlement decreases, the level of subjective poverty
 moves in the opposite direction. These results have potential implications
 for targeting poverty in urban and rural areas. 
Journal: Applied Economics Letters 
Pages: 1543-1546 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903049635 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903049635&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Rogers 
Author-X-Name-First: Mark 
Author-X-Name-Last: Rogers 
Author-Name: Christian Helmers 
Author-X-Name-First: Christian 
Author-X-Name-Last: Helmers 
Author-Name: Christoffer Koch 
Author-X-Name-First: Christoffer 
Author-X-Name-Last: Koch 
Title: Firm growth and firm size 
Abstract:
  This article analyses the growth rates of the complete population of
 UK-registered firms for the period 2001 to 2005. We estimate Gibrat's law
 - that growth rates are independent of firm size - by deciles of the firm
 size distribution. Whether we are able to reject Gibrat's law varies
 across deciles. We also show how estimates vary according to the measure
 of firm size, time period and sample selection. 
Journal: Applied Economics Letters 
Pages: 1547-1550 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903085043 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903085043&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Simonian 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Simonian 
Author-Name: Josh Davis 
Author-X-Name-First: Josh 
Author-X-Name-Last: Davis 
Title: Robust value-at-risk: an information-theoretic approach 
Abstract:
  We present a robust value-at-risk model that takes into account the
 possibility of model misspecification. In place of a single prior
 distribution, we utilize multiple priors in the form of an 'uncertainty
 set' around the estimated expected returns and covariance matrix,
 constructed using the information-theoretic notion of Kullback-Leibler
 divergence. An extension to conditional value-at-risk is also specified. 
Journal: Applied Economics Letters 
Pages: 1551-1553 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903085019 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903085019&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Baffes 
Author-X-Name-First: John 
Author-X-Name-Last: Baffes 
Title: More on the energy/nonenergy price link 
Abstract:
  This note re-examines the energy/nonenergy price link. Using annual data
 from the period 1960 to 2008, it finds that the pass-through of energy
 price changes to the overall nonenergy commodity index is 0.28. At a more
 disaggregated level, the fertilizer index exhibited the largest
 pass-through (0.55), followed by agriculture (0.26) and metals (0.25). 
Journal: Applied Economics Letters 
Pages: 1555-1558 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903120683 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903120683&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jordi McKenzie 
Author-X-Name-First: Jordi 
Author-X-Name-Last: McKenzie 
Title: Do 'African American' films perform better or worse at the box office? An empirical analysis of motion picture revenues and profits 
Abstract:
  This article investigates the box office performance of films defined as
 being 'African American', with respect to their cast and content material,
 against those which are not. Using a large sample of films released in the
 North American market from 1997 to 2007, the analysis shows that, in
 general, African American films earn higher revenues yet are typically
 produced on lower budgets. Regression results of revenues show that this
 difference is highly statistically significant. Further, the profit
 functions are also statistically different, leading to the conclusion
 that, ceteris paribus, African American films perform better at the box
 office. 
Journal: Applied Economics Letters 
Pages: 1559-1564 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903103689 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903103689&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dierk Herzer 
Author-X-Name-First: Dierk 
Author-X-Name-Last: Herzer 
Author-Name: Rainer Klump 
Author-X-Name-First: Rainer 
Author-X-Name-Last: Klump 
Title: Poverty and government transfers in the United States 
Abstract:
  This article examines the long-term impact of government transfers on
 poverty in the United States using cointegration techniques. In contrast
 to most existing studies, we find that government transfers play an
 important poverty-reducing role. 
Journal: Applied Economics Letters 
Pages: 1565-1569 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903051516 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903051516&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takanori Tanaka 
Author-X-Name-First: Takanori 
Author-X-Name-Last: Tanaka 
Title: Managerial entrenchment and corporate bond financing: evidence from Japan 
Abstract:
  This article investigates whether managerial entrenchment of controlling
 shareholders affects corporate bond financing. Using data on Japanese
 manufacturing firms, we find that firms with large corporate shareholders
 as controlling shareholders issue less straight corporate bonds than other
 firms. The results show that managerial entrenchment of controlling
 shareholders has an influential impact on corporate bond financing. 
Journal: Applied Economics Letters 
Pages: 1571-1574 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903051508 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903051508&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Wen-Chi Liu 
Author-X-Name-First: Wen-Chi 
Author-X-Name-Last: Liu 
Author-Name: Chin-Ping Yu 
Author-X-Name-First: Chin-Ping 
Author-X-Name-Last: Yu 
Author-Name: Shuchen Kang 
Author-X-Name-First: Shuchen 
Author-X-Name-Last: Kang 
Title: Purchasing power parity for 10 Latin American integration association countries: panel SURKSS tests 
Abstract:
  This empirical study applies panel SURKSS tests, proposed by Wu and Lee
 (2009), to investigate the properties of long-run Purchasing Power Parity
 (PPP) in a sample of 10 Latin American Integration Association (LAIA)
 countries over the period January 1980 to September 2008. The empirical
 results from several panel-based unit root tests indicate that PPP does
 not hold for the LAIA-10 countries under study; however, panel SURKSS
 tests indicate that PPP is valid for half of these LAIA-10 countries.
 These results have important policy implications for these LAIA-10
 countries under study. 
Journal: Applied Economics Letters 
Pages: 1575-1580 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903049668 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903049668&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Reschreiter 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Reschreiter 
Title: The inflation protection from indexed bonds 
Abstract:
  Indexed bonds provide protection against inflation if they are (i)
 insensitive to revisions of inflation expectations but (ii) adjust
 one-for-one to unexpected inflation. The sensitivity of British
 index-linked gilts to unexpected inflation is statistically significant
 and consistent with a unit response. This protection of British
 index-linked gilts against a loss of contemporaneous purchasing power is
 consistent with the view that indexed bonds avoid the inflation risk
 compensation of conventional bonds. This suggests that issuing indexed
 instead of conventional government bonds reduces the long-run funding
 costs of the public sector borrowing requirement. 
Journal: Applied Economics Letters 
Pages: 1581-1585 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903066639 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903066639&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Massimiliano Marzo 
Author-X-Name-First: Massimiliano 
Author-X-Name-Last: Marzo 
Author-Name: Paolo Zagaglia 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Zagaglia 
Title: Volatility forecasting for crude oil futures 
Abstract:
  This article studies the forecasting properties of linear GARCH models
 for closing-day futures prices on crude oil, first position, traded in the
 New York Mercantile Exchange from January 1995 to November 2005. To
 account for fat tails in the empirical distribution of the series, we
 compare models based on the normal, Student's t and generalized
 exponential distribution. We focus on out-of-sample predictability by
 ranking the models according to a large array of statistical loss
 functions. The results from the tests for predictive ability show that the
 GARCH-G model fares best for short horizons from 1 to 3 days ahead. For
 horizons from 1 week ahead, no superior model can be identified. We also
 consider out-of-sample loss functions based on value-at-risk that mimic
 portfolio managers and regulators' preferences. Exponential GARCH models
 display the best performance in this case. The swings in oil prices that
 gave investors and traders whiplash in 2004 are not preventing new
 investors from rushing into oil and other energy-related commodities this
 year. (&#x2026;) Ultimately, the rising number of speculator could lead to
 even more price volatility in 2005, pushing the highs higher and the lows
 lower. (&#x2026;) After a generation in the wilderness, the oil futures
 that are used to make a bet on oil prices have become a bona fide
 investment, said Charles O'Donnell, who manages Lake Asset Management, a
 small energy fund based in London. Heather Timmons, The New York Times1 
Journal: Applied Economics Letters 
Pages: 1587-1599 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903084996 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903084996&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: Nonlinearity in US macroeconomic time series 
Abstract:
  In this study, we evaluate the linearity of 170 major monthly US
 macroeconomic time series spanning the years 1959-2002. Employing the
 linearity test recently proposed by Harvey et al. (2008), which is
 applicable when the order of integration is uncertain, we determined that
 more than half of the macroeconomic time series were nonlinear. In
 particular, approximately 75% of the time series in nominal prices, wages
 and money category were determined to be nonlinear, whereas the least
 abundant evidence, corresponding to approximately 43% of the series, was
 detected in the category of construction, inventories and order. 
Journal: Applied Economics Letters 
Pages: 1601-1609 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903085001 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903085001&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Lally 
Author-X-Name-First: Martin 
Author-X-Name-Last: Lally 
Title: The risk-adjusted costs of financial distress: a comment 
Abstract:
  Almeida and Philippon (2007) argue that the present value of the costs of
 financial distress is considerably larger than previously estimated
 through failure to recognize that the relevant probabilities to use in
 this assessment are the risk-adjusted probabilities rather than the
 historical probabilities. However, Almeida and Philippon have still
 underestimated the present value of the costs of financial distress
 through failure to recognize that the costs are expected to grow over
 time, and correction for this more than doubles their present value.
 Accordingly, the present value of the tax benefits of debt net of the
 financial distress costs is now clearly negative rather than marginally
 positive. 
Journal: Applied Economics Letters 
Pages: 1611-1613 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903085027 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903085027&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Karen Wong 
Author-X-Name-First: Karen 
Author-X-Name-Last: Wong 
Author-Name: Wai Cheong Shum 
Author-X-Name-First: Wai Cheong 
Author-X-Name-Last: Shum 
Title: Exchange-traded funds in bullish and bearish markets 
Abstract:
  An Exchange-Traded Fund (ETF) aims to track the performance of market
 indices. This article examines the performances of 15 worldwide ETFs
 across bearish and bullish markets over the period 1999 to 2007. The
 results indicate that ETFs always provide higher returns in a bullish
 market than in a bearish market by the Sharpe ratio test that shows that
 ETF returns are not positive, proportional to the market volatility.
 Additionally, ETFs with the same underlying index do not perform exactly
 the same. It is believed that active portfolio management plays an
 important role in ETFs. 
Journal: Applied Economics Letters 
Pages: 1615-1624 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903085035 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903085035&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Burren 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Burren 
Author-Name: Klaus Neusser 
Author-X-Name-First: Klaus 
Author-X-Name-Last: Neusser 
Title: The decline in volatility of US GDP growth 
Abstract:
  The decline in volatility of US Gross Domestic Product (GDP) growth is a
 well-known stylized fact of post WWII macroeconomic data. Economists call
 this observation the Great Moderation. This article contributes to the
 discussion whether the drop in GDP volatility was a one-time break or a
 trend decrease (Blanchard and Simon, 2001; Fang and Miller, 2007). We
 provide evidence for a nonlinear time trend in the volatility of GDP
 growth and give support for the hypothesis that the 1970s were special in
 the sense of Blanchard and Simon (2001). 
Journal: Applied Economics Letters 
Pages: 1625-1631 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903085050 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903085050&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Banghan Chiu 
Author-X-Name-First: Banghan 
Author-X-Name-Last: Chiu 
Author-Name: Ming-Te Lee 
Author-X-Name-First: Ming-Te 
Author-X-Name-Last: Lee 
Author-Name: Ming-Long Lee 
Author-X-Name-First: Ming-Long 
Author-X-Name-Last: Lee 
Author-Name: Kevin Chiang 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Chiang 
Title: Time-varying real estate sensitivities of mortgage REITs 
Abstract:
  This study examines the linkage between mortgage Real Estate Investment
 Trust (REIT) returns and the private real estate factor. The results show
 that real estate sensitivities of mortgage REITs are time varying and have
 been significant since 2000. Furthermore, home-financing mortgage REITs
 appear to be more sensitive to real estate market fluctuations than
 commercial-financing mortgage REITs are. This differential sensitivity is
 consistent with the notion that the default risk and the prepayment risk
 associated with residential mortgage loans are more closely related to
 real estate market conditions than are commercial mortgage loans. 
Journal: Applied Economics Letters 
Pages: 1633-1640 
Issue: 16 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903120667 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903120667&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Arnade 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Arnade 
Author-Name: Daniel Pick 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Pick 
Author-Name: Munisamy Gopinath 
Author-X-Name-First: Munisamy 
Author-X-Name-Last: Gopinath 
Title: Demand estimation when some prices are unobserved: an application to fresh lettuce 
Abstract:
  This study proposes a linear two-stage approach to derive prices of
 observations when reported consumption is zero. In the first stage, demand
 equations are estimated using an ad hoc filling of unobserved prices.
 Then, each estimated demand equation is solved for price and a numerical
 estimate of the price, which drives consumption to zero, referred to as
 the choke price, is calculated. The demand equations are re-estimated with
 the choke-price series replacing the initial ad hoc prices. Although
 differing claims can be made on the appropriateness of the chosen method
 for filling prices, we demonstrate significant differences in statistical
 fit of the demand model and own-price demand elasticities among
 alternative approaches. 
Journal: Applied Economics Letters 
Pages: 1641-1646 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903166165 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903166165&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Condliffe 
Author-X-Name-First: Simon 
Author-X-Name-Last: Condliffe 
Author-Name: Charles Link 
Author-X-Name-First: Charles 
Author-X-Name-Last: Link 
Author-Name: Bryan Townsend 
Author-X-Name-First: Bryan 
Author-X-Name-Last: Townsend 
Title: Who receives statins? Variations in physician prescribing patterns for patients with coronary heart disease 
Abstract:
  Using a nationally representative data set including patients most likely
 to benefit from statins, we find racial/ethnic and insurance-related
 disparities in physician prescribing patterns. Whites and patients who
 have private insurance are more likely to be prescribed a statin than
 nonwhites and those with public insurance. Because coronary heart disease
 is the leading cause of death in the USA and currently is estimated to
 cost over $150 billion annually, observed differences in prescribing
 patterns along these dimensions should be part of discussions dealing with
 health care reform. 
Journal: Applied Economics Letters 
Pages: 1647-1652 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903266783 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903266783&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Brian Jacobsen 
Author-X-Name-First: Brian 
Author-X-Name-Last: Jacobsen 
Title: Currency, credit, confidence and bubbles 
Abstract:
  The popular media suggest that the Federal Reserve is 'all powerful' in
 determining things like interest rates and inflation, but this is not
 true. The Fed controls currency and reserves - imperfectly - but the money
 supply is determined by the numerous decisions of borrowers and lenders to
 expand credit. Thus, the Fed can try to pump reserves into the financial
 system, but it will not result in an expansion of any monetary aggregates.
 Monetary policy can also lead to price bubbles. When people think of money
 and inflation, they usually think about inflation in goods prices. This
 stems from the quantity theory of money that treated the number of
 transactions taking place as being proportional to goods and services
 produced. That may have been appropriate for a society in which most
 transactions were indeed for goods and services, but today, the
 transactions for real estate and securities dwarf the transactions for
 goods and services. This means that the quantity theory of money needs to
 be rethought, and this rethinking illuminates how excess money supply
 growth can cause price bubbles in securities, real estate and commodities
 as well as traditional inflation. 
Journal: Applied Economics Letters 
Pages: 1653-1655 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903120733 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903120733&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jordi McKenzie 
Author-X-Name-First: Jordi 
Author-X-Name-Last: McKenzie 
Title: Movie producers and the statistical distribution of achievement 
Abstract:
  This article investigates De Vany's (2004) application of the Pareto
 distribution to the careers of actors and directors by considering a
 sample of movie producers. The results support the Pareto distribution for
 describing the 'number of films produced' and the 'sum of box office
 revenue' earned by a producer. The results suggest that a producer is more
 likely to produce another film as the number of films which they have
 already produced increases. Also, although an early career producer faces
 more chance of securing a further film by pure luck, an established
 producer greatly benefits from his/her previous success. 
Journal: Applied Economics Letters 
Pages: 1657-1661 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903194183 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903194183&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Arthur Caplan 
Author-X-Name-First: Arthur 
Author-X-Name-Last: Caplan 
Author-Name: John Gilbert 
Author-X-Name-First: John 
Author-X-Name-Last: Gilbert 
Title: Can fighting grade inflation help the bottom line? 
Abstract:
  This article uses a rich set of student transcript data to estimate the
 economic cost incurred by a university when it does not adopt a
 'mean-shift grading policy' to fight grade inflation. We show that even in
 the face of moral hazard constraints a university can enhance its
 profitability by fighting grade inflation with a distribution-shifting
 policy. 
Journal: Applied Economics Letters 
Pages: 1663-1667 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903251231 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903251231&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Donald Smith 
Author-X-Name-First: Donald 
Author-X-Name-Last: Smith 
Title: Bond portfolio duration, cash flow dispersion and convexity 
Abstract:
  Immunization is a well-known fixed-income strategy to lock in a target
 rate of return over a known investment horizon. This is accomplished by
 structuring the bonds so that the duration of the portfolio matches the
 time horizon and then rebalancing the portfolio to maintain the match as
 time passes and yields change. The structural risk to the strategy can be
 measured by the cash flow dispersion or by the convexity of the immunizing
 portfolio. The general relationship between the duration, cash flow
 dispersion and convexity statistics for any date in the current period is
 derived in the article. Although both statistics measure the risk,
 convexity is significantly easier to implement in practice. 
Journal: Applied Economics Letters 
Pages: 1669-1672 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903251249 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903251249&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Susan Averett 
Author-X-Name-First: Susan 
Author-X-Name-Last: Averett 
Author-Name: David Stifel 
Author-X-Name-First: David 
Author-X-Name-Last: Stifel 
Title: Race and gender differences in the cognitive effects of childhood overweight 
Abstract:
  The increase in the prevalence of overweight children (ages 6-13 years)
 in the United States over the past two decades is likely to result in
 adverse public health consequences. We use data from the children of the
 National Longitudinal Survey of Youth 1979 cohort to investigate an
 additional consequence of childhood overweight - its effect on relative
 cognitive development. To control for unobserved heterogeneity, we
 estimate individual (child) fixed effect (FE) models and instrumental
 variable (IV) models. Although recent research suggests that there is a
 negligible effect of childhood overweight on cognitive ability, our
 results demonstrate that the effects are uncovered when examining the
 relationship separately by race. In particular, we find that overweight
 white boys have math and reading scores approximately an SD lower than the
 mean. Overweight white girls have lower math scores whereas overweight
 black boys and girls have lower reading scores. Our results suggest that
 in addition to well-documented health consequences, overweight children
 may also be at risk in terms of experiencing adverse education outcomes,
 which could lead to lower future wages. 
Journal: Applied Economics Letters 
Pages: 1673-1679 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903251256 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903251256&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kyle Hyndman 
Author-X-Name-First: Kyle 
Author-X-Name-Last: Hyndman 
Author-Name: Antoine Terracol 
Author-X-Name-First: Antoine 
Author-X-Name-Last: Terracol 
Author-Name: Jonathan Vaksmann 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Vaksmann 
Title: Strategic interactions and belief formation: an experiment 
Abstract:
  Traditional models of belief formation in repeated games assume adaptive
 players who do not take strategic interactions into account. We find that
 these approaches are limited in the sense that people think more
 strategically and realize that, in contrast with the classical view, their
 own actions are likely to influence their opponents' behaviour. 
Journal: Applied Economics Letters 
Pages: 1681-1685 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903120691 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903120691&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Cebula 
Author-X-Name-First: Richard 
Author-X-Name-Last: Cebula 
Title: Impact of trade freedom on per capita real GDP growth among OECD nations: recent panel data evidence 
Abstract:
  Motivated by the Organisation for Economic Co-operation and Development
 (OECD)'s call to nations to resist protectionism and keep markets open to
 competition in the midst of the current world economic crisis, this study
 empirically investigates the impact of trade freedom (TF) on recent per
 capita real Gross Domestic Product (GDP) growth among OECD nations. In
 addition to TF, the study controls for the impacts of Business Freedom
 (BF), Monetary Freedom (MF) and Property Rights (PR), along with various
 economic factors. The study period runs from 2005 to 2007. Panel
 Least-Squares (PLS) estimation finds that the natural log of per capita
 real Purchasing-Power-Parity (PPP)-adjusted GDP in OECD nations is in fact
 an increasing function of TF, as well as BF, MF and PR security. The OECD
 appears correct in its position on behalf of maintaining TF. 
Journal: Applied Economics Letters 
Pages: 1687-1690 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903120709 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903120709&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ronald Bernstein 
Author-X-Name-First: Ronald 
Author-X-Name-Last: Bernstein 
Author-Name: Reinhard Madlener 
Author-X-Name-First: Reinhard 
Author-X-Name-Last: Madlener 
Title: Impact of disaggregated ICT capital on electricity intensity in European manufacturing 
Abstract:
  In this article we empirically analyse the impact of disaggregated ICT
 capital on the electricity intensity in five major European manufacturing
 industries (chemical, food, metal, pulp and paper, textile). The analysis
 of each industrial sector is based on an unbalanced panel including data
 for eight EU member countries (Denmark, Finland, Germany, Italy, Portugal,
 Slovenia, Sweden and the UK) for the period 1991 to 2005. The
 panel-econometric approach, in which we account for country-specific fixed
 effects, is based on a factor demand model similar to the one derived in
 Collard et al. (2005) for the French service sector. On the one hand, our
 analysis provides some evidence for an electricity-saving effect on
 production, induced by communication technologies in all sectors
 considered. On the other hand, the effect of computers and software on the
 electricity intensity of industrial production is not that clear-cut, but
 it does seem to be strongly dependent on the sector-specific production
 processes involved. Overall, the net effect of ICT diffusion on
 electricity intensity of production appears to be in favour of an
 enhancement of electricity efficiency in production. 
Journal: Applied Economics Letters 
Pages: 1691-1695 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903120717 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903120717&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shi Young Lee 
Author-X-Name-First: Shi Young 
Author-X-Name-Last: Lee 
Author-Name: Sanghack Lee 
Author-X-Name-First: Sanghack 
Author-X-Name-Last: Lee 
Author-Name: Sung Hee Jun 
Author-X-Name-First: Sung Hee 
Author-X-Name-Last: Jun 
Title: Author and article characteristics, journal quality and citation in economic research 
Abstract:
  Citation count serves as an indicator of quality of research in economics
 as well as in many other disciplines. The purpose of this article is to
 examine the effects of author and article characteristics on the citations
 in economics research. We investigate empirically the relationship between
 citations and author and article characteristics for different journal
 quality. We found that the same institution (affiliation) and the location
 of authors may affect the citation positively. Moreover, journal quality
 affects some of these variables differently. This article also provides
 rationales for these results. 
Journal: Applied Economics Letters 
Pages: 1697-1701 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903120725 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903120725&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alex Luiz Ferreira 
Author-X-Name-First: Alex Luiz 
Author-X-Name-Last: Ferreira 
Title: The determinants of default risk in Brazil 
Abstract:
  We formulated a general unrestricted model of the Brazilian Emerging
 Markets Bond Index Plus (EMBI+) spreads, a proxy for the country's default
 risk. Employing algorithms that perform automated model selection, we
 found that macroeconomic fundamentals, such as current account deficit
 ratio to gross domestic product, public deficit ratio to gross domestic
 product and imports over foreign exchange reserves, can explain a great
 part of the variation in EMBI+ spreads. There is also robust evidence of
 systematic contagion from Argentina and Mexico and that the variance of
 the spread also affects its mean. 
Journal: Applied Economics Letters 
Pages: 1703-1708 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903120741 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903120741&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Senay Asma 
Author-X-Name-First: Senay 
Author-X-Name-Last: Asma 
Title: Conditional entropy distribution of Istanbul stock market value 
Abstract:
  In this study, the conditional distributions of Istanbul stock market
 value are obtained by using entropy optimization. The aim is to observe
 how the fluctuation of the conditional distributions changes according to
 different correlation values between the value of the firm and its stock
 price fluctuation. The entropy optimization problem, which is taken into
 account, is bivariate, so a geometric programming approach is used to
 convert it to a univariate problem. 
Journal: Applied Economics Letters 
Pages: 1709-1713 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903136655 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903136655&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Ignacio Gimenez-Nadal 
Author-X-Name-First: Jose Ignacio 
Author-X-Name-Last: Gimenez-Nadal 
Author-Name: Miriam Marcen 
Author-X-Name-First: Miriam 
Author-X-Name-Last: Marcen 
Author-Name: Raquel Ortega 
Author-X-Name-First: Raquel 
Author-X-Name-Last: Ortega 
Title: How do children affect parents' allocation of time? 
Abstract:
  There is an extensive literature examining the relationship between elder
 care, child care and labour market activities, although these studies have
 largely overlooked their simultaneity. This article explores the
 relationship between these three activities, accounting for the influence
 that children have on parental allocation of time, using the 2002-2003
 Spanish Time Use Survey (STUS). We find that the presence of children has
 quantitatively significant positive effects on the extent of dependent
 care-giving activities, with this increase in care-giving being
 compensated for by a decrease in the time devoted to the labour market. 
Journal: Applied Economics Letters 
Pages: 1715-1719 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903153767 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903153767&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: De-Piao Tang 
Author-X-Name-First: De-Piao 
Author-X-Name-Last: Tang 
Author-Name: Wen-Chi Liu 
Author-X-Name-First: Wen-Chi 
Author-X-Name-Last: Liu 
Author-Name: Chia-Hao Lee 
Author-X-Name-First: Chia-Hao 
Author-X-Name-Last: Lee 
Title: Purchasing power parity for 15 COMESA and SADC countries: evidence based on panel SURADF tests 
Abstract:
  In this study, the panel Seemingly Unrelated Regressions Augmented
 Dickey-Fuller (SURADF) tests advanced by Breuer et al. (2001) are used to
 test the validity of Purchasing Power Parity (PPP) for 15 countries
 belonging to the Common Market for Eastern and Southern Africa (COMESA)
 and the Southern African Development Community (SADC) over the period of
 December 1994 to July 2008. The empirical results from the univariate unit
 root and panel-based unit root tests indicate that PPP does not hold for
 these 15 countries; however, Breuer et al.'s (2001) panel SURADF tests
 unequivocally indicate that PPP is valid for three of these 15 countries. 
Journal: Applied Economics Letters 
Pages: 1721-1727 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903153775 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903153775&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariasole Banno 
Author-X-Name-First: Mariasole 
Author-X-Name-Last: Banno 
Author-Name: Lucia Piscitello 
Author-X-Name-First: Lucia 
Author-X-Name-Last: Piscitello 
Title: The effectiveness of incentives to firms' outward internationalization 
Abstract:
  This article provides an empirical analysis on the effects of incentives
 to firms' outward internationalization on the firm's growth. Specifically,
 the analysis is conducted on 237 Italian firms that received an incentive
 in the period 1991 to 2007 versus a counterfactual sample of 307 firms
 that internationalized their activity in the same period without any
 incentive. The econometric results, stemming from a two-step treatment
 effect model, reveal that selection for getting the incentive tended not
 to be a random event and that incentives to firms' internationalization
 are highly effective especially when targeted towards smaller companies. 
Journal: Applied Economics Letters 
Pages: 1729-1733 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903183459 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903183459&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Ignacio Gimenez-Nadal 
Author-X-Name-First: Jose Ignacio 
Author-X-Name-Last: Gimenez-Nadal 
Author-Name: Raquel Ortega-Lapiedra 
Author-X-Name-First: Raquel 
Author-X-Name-Last: Ortega-Lapiedra 
Title: Self-employment and time stress: the effect of leisure quality 
Abstract:
  Levels of time stress have increased markedly over the last 30 years,
 affecting well-being. Self-employment is viewed as allowing the individual
 greater autonomy and more flexible hours, which may reduce time stress.
 This article analyses time stress of the self-employed, compared to the
 employed, using the Spanish Time Use Survey (2002/03) finding that, when
 objective indicators of time allocation are included, being self-employed
 increases the time stress perceived by men, with our interpretation being
 based on the notion that not only the quantity but also the quality of
 leisure matters. 
Journal: Applied Economics Letters 
Pages: 1735-1738 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903266791 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903266791&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rada Dakovic 
Author-X-Name-First: Rada 
Author-X-Name-Last: Dakovic 
Author-Name: Claudia Czado 
Author-X-Name-First: Claudia 
Author-X-Name-Last: Czado 
Author-Name: Daniel Berg 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Berg 
Title: Bankruptcy prediction in Norway: a comparison study 
Abstract:
  In this article we develop statistical models for bankruptcy prediction
 of Norwegian firms in the limited liability sector using annual balance
 sheet information. We fit generalized linear, generalized linear mixed and
 Generalized Additive Models (GAM) in a discrete hazard setting. It is
 demonstrated that careful examination of the functional relationship
 between the explanatory variables and the probability of bankruptcy
 enhances the models' forecasting performance. Using information on the
 industry sector we model the unobserved heterogeneity between different
 sectors through an industry-specific random factor in the generalized
 linear mixed model. The models developed are shown to outperform the model
 with Altman's variables. 
Journal: Applied Economics Letters 
Pages: 1739-1746 
Issue: 17 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903299594 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903299594&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hillard Huntington 
Author-X-Name-First: Hillard 
Author-X-Name-Last: Huntington 
Title: Oil demand and technical progress 
Abstract:
  This analysis provides an empirical perspective on the role of technical
 progress in OECD oil demand since 1971. It differentiates the role of
 price-induced and exogenous technical progress from other time-related
 factors that may influence oil demand growth. Results confirm that both
 sources of technical progress operate but that price-induced improvements
 appear to be substantially larger. 
Journal: Applied Economics Letters 
Pages: 1747-1751 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903299636 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903299636&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Allen Dennis 
Author-X-Name-First: Allen 
Author-X-Name-Last: Dennis 
Title: Global economic crisis and trade: the role of trade facilitation 
Abstract:
  The onset of the global economic crisis has led to a slump in global
 demand. However, the extent to which major trading powers have reduced
 their imports has differed by trading partner. Like financial contagion,
 could it be the case that countries that are better integrated in the
 global trading system via efficient trade facilitation environment
 suffered the most because of their interconnectedness? Using recent data
 from the US census bureau, this study finds that the efficiency of the
 trade facilitation environment actually helped to mitigate the effects of
 the global slump in demand. Other countries with a better trade
 facilitation environment suffered less of a drop in their exports to the
 United States compared to those with a weaker trade facilitation
 environment. Specifically, an extra day's delay in the exporting country
 accounted for about a 0.5% more fall in import demand from the United
 States. 
Journal: Applied Economics Letters 
Pages: 1753-1757 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903409771 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903409771&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Manfred Gartner 
Author-X-Name-First: Manfred 
Author-X-Name-Last: Gartner 
Title: Predicting the presidential election cycle in US stock prices: guinea pigs versus the pros 
Abstract:
  The notion that US stock prices follow a pattern that is synchronized
 with presidential elections has been discussed among financial investors
 for a long time. Academic work exists that supports this idea, quantifies
 the pattern and has demonstrated its robustness over several decades and
 across parties in power. This article takes the existence and robustness
 of this presidential election cycle for granted and asks whether
 individuals exploit it when they predict stock prices. It considers and
 contrasts two types of such forecasts: Those made by professionals
 included in the Livingston survey and those made by students in a
 laboratory experiment. A key result is that neither group fares
 particularly well, though participants in the experiment outperformed the
 professionals. 
Journal: Applied Economics Letters 
Pages: 1759-1765 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903299602 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903299602&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Simonian 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Simonian 
Title: The most simple methodology to create a valid correlation matrix for risk management and option pricing purposes 
Abstract:
  We present a methodology for obtaining a valid correlation matrix from an
 invalid one for financial applications. In contrast to other approaches,
 the methodology described only requires the use of elementary matrix
 algebra and a simple randomization procedure. 
Journal: Applied Economics Letters 
Pages: 1767-1768 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903299628 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903299628&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Lakshmi Balasubramanyan 
Author-X-Name-First: Lakshmi 
Author-X-Name-Last: Balasubramanyan 
Author-Name: Spiro Stefanou 
Author-X-Name-First: Spiro 
Author-X-Name-Last: Stefanou 
Author-Name: Jeffrey Stokes 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Stokes 
Title: Declining cost efficiency as a signal of increasing bank vulnerability: an entropy-based approach 
Abstract:
  The mortgage crisis of 2007/08 has impacted the health of both small and
 large commercial banks in the financial services industry. The pressing
 question is how do regulators and bank monitors identify the warning
 signals of bank vulnerability and bank risk because of weakening credit
 and asset markets. Linking poor bank performance and efficiency, we employ
 an information theoretic approach to derive the cost efficiency scores and
 evaluate the effects of crisis signalling factors such as different types
 of loans on cost efficiency of the smallest and largest commercial banks. 
Journal: Applied Economics Letters 
Pages: 1769-1781 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903357368 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903357368&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paolo Zagaglia 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Zagaglia 
Title: Did the turmoil affect money-market segmentation in the Euro area? 
Abstract:
  Yes. For the preturmoil period, exogeneity tests from vector
 autoregression (VAR) models suggest the presence of a transmission channel
 from longer maturities to the overnight. This disappears in the subsample
 starting in 9 August, 2007. The results of the semiparametric tests of
 Cappiello et al. (2005a) report evidence of an increase in volatility
 contagion within the longer end of the money-market curve, which takes
 place in the lower tail of the empirical distributions. 
Journal: Applied Economics Letters 
Pages: 1783-1788 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903357384 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903357384&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tatsuyoshi Miyakoshi 
Author-X-Name-First: Tatsuyoshi 
Author-X-Name-Last: Miyakoshi 
Title: Seigniorage revenue or consumer revenue? Theoretical and empirical evidences 
Abstract:
  The purpose of this article is to propose a seigniorage model including
 the contributions of Bailey (1956) and Marty (1976), using an alternative
 framework from Mankiw (1987), to test how much degree their results are
 supported and to estimate the seigniorage model. The government decides
 the money growth rate to maximize the social welfare function for each of
 seigniorage revenue aversion, loving and neutrality. The Japanese data
 shows that the social welfare function supports seigniorage revenue
 aversion, supporting the results of Bailey and Marty, and that the degree
 of seigniorage revenue aversion is stronger in the 2000s than in the
 1990s. 
Journal: Applied Economics Letters 
Pages: 1789-1795 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903357376 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903357376&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jiale Zhang 
Author-X-Name-First: Jiale 
Author-X-Name-Last: Zhang 
Title: The impact of a diagnosis-related group-based prospective payment experiment: the experience of Shanghai 
Abstract:
  The purpose of this study is to examine the impact of the 2004 and 2005
 Diagnosis-Related Group (DRG)-based Prospective Payment Experiments
 (whereby a ceiling was set on per case payments for 15 DRGs) of the health
 insurance system in Shanghai using Differences-In-Differences (DID) and
 Differences-in-Differences-in-Differences (DDD) empirical strategies. The
 results show that the Length Of Stay (LOS) of all inpatients suffering
 from the target diseases during the two test periods responded quickly to
 the experiment (even though only insured inpatients living in Shanghai
 were eligible for the DRG-based experiments), thus implying that the
 DRG-based prospective payment system does not induce physicians to
 significantly reduce inpatient expenditures but does induce them to reduce
 the LOS of those suffering from the target diseases. Moreover, costs were
 shifted to uninsured inpatients suffering from the target diseases: their
 overall inpatient expenditures increased by 33.6 percentage points more
 than that of uninsured inpatients during the nontest period in 2005. Thus,
 the experiments were of limited effectiveness, and cost-shifting to
 uninsured inpatients was observed during at least the latter test period. 
Journal: Applied Economics Letters 
Pages: 1797-1803 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903317347 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903317347&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Aikaterini Andronikidi 
Author-X-Name-First: Aikaterini 
Author-X-Name-Last: Andronikidi 
Author-Name: Vasileios Kallinterakis 
Author-X-Name-First: Vasileios 
Author-X-Name-Last: Kallinterakis 
Title: Thin trading and its impact upon herding: the case of Israel 
Abstract:
  Emerging markets have been found to accommodate higher herding levels
 compared to their developed counterparts, yet very little attention has
 been drawn to the possible impact of thin trading over herding
 estimations, even though these markets are often typified by thin trading.
 We address this issue by testing for herding in the Israeli market using
 the methodology proposed by Hwang and Salmon (2004). Results indicate that
 correcting for thin trading renders herding more persistent and smoother
 in its evolution, thus indicating that thin trading leads to an
 underestimated picture of herding. 
Journal: Applied Economics Letters 
Pages: 1805-1810 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903357327 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903357327&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paola Gritti 
Author-X-Name-First: Paola 
Author-X-Name-Last: Gritti 
Author-Name: Nicolai Foss 
Author-X-Name-First: Nicolai 
Author-X-Name-Last: Foss 
Title: Customer satisfaction and competencies: an econometric study of an Italian bank 
Abstract:
  We empirically address how Customer Satisfaction (CS) and loyalty in the
 banking industry may affect profitability. This helps in identifying the
 strategy and competencies necessary to benefit from customer
 relationships, which are important sources for improved performance in the
 banking. We do this by analysing data collected on 2105 customers of 118
 branches of one of the biggest banks of an Italian banking group. We find
 that CS impacts loyalty, which in turn has a direct effect on financial
 and nonfinancial customer value/total customer value/complex customer
 value. Moreover, loyalty is a mediator between financial and nonfinancial
 customer value and two sources of CS, namely, relationships with the front
 office and the branch, on the one hand, and the products offered, on the
 other. 
Journal: Applied Economics Letters 
Pages: 1811-1817 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903357335 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903357335&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vasco Gabriel 
Author-X-Name-First: Vasco 
Author-X-Name-Last: Gabriel 
Author-Name: Pataaree Sangduan 
Author-X-Name-First: Pataaree 
Author-X-Name-Last: Sangduan 
Title: An efficient test of fiscal sustainability 
Abstract:
  We suggest using the efficient test with prespecified cointegration
 vectors of Horvath and Watson (1995) for the 'strong' fiscal
 sustainability hypothesis. Unlike this procedure, conventional
 methodologies tend to penalize the sustainability hypothesis. 
Journal: Applied Economics Letters 
Pages: 1819-1822 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903299610 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903299610&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Theologos Dergiades 
Author-X-Name-First: Theologos 
Author-X-Name-Last: Dergiades 
Author-Name: Apostolos Dasilas 
Author-X-Name-First: Apostolos 
Author-X-Name-Last: Dasilas 
Title: Modelling and forecasting mobile telecommunication services: the case of Greece 
Abstract:
  In this article we try to model the adoption pattern of mobile
 telecommunication services into the Greek market for the period 1993 to
 2005. Two separate sigmoid curves, the Gompertz and the Logistic, are
 fitted to the observed number of subscribers by means of nonlinear least
 squares. Our empirical results reached three conclusions. First, the
 introduction of the pre-paid mobile telephony in 1997 along with the entry
 of the third mobile operator in 1998 has boosted the diffusion process in
 Greece; second, the levelling-off process in the diffusion of mobile
 phones has already begun; third, the average expected growth rate in new
 subscribers is less than half percent for the period between 2006 and
 2015. 
Journal: Applied Economics Letters 
Pages: 1823-1828 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903373258 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903373258&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jian Chen 
Author-X-Name-First: Jian 
Author-X-Name-Last: Chen 
Author-Name: Xiaoquan Liu 
Author-X-Name-First: Xiaoquan 
Author-X-Name-Last: Liu 
Title: The model-free measures and the volatility spread 
Abstract:
  In this article, we empirically investigate the relationship between
 realized and risk-neutral volatilities by applying the model-free measures
 to FTSE-100 index and index options from April 1992 to March 2005. Based
 on the deviation between the risk-neutral and the physical volatilities,
 we estimate the volatility spread through the Generalized Method of
 Moments (GMM) and reveal the volatility risk aversion. 
Journal: Applied Economics Letters 
Pages: 1829-1833 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903357350 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903357350&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicky Yeong 
Author-X-Name-First: Nicky 
Author-X-Name-Last: Yeong 
Author-Name: Chong Mun Ho 
Author-X-Name-First: Chong 
Author-X-Name-Last: Mun Ho 
Author-Name: Brian Dollery 
Author-X-Name-First: Brian 
Author-X-Name-Last: Dollery 
Author-Name: Mori Kogid 
Author-X-Name-First: Mori 
Author-X-Name-Last: Kogid 
Title: A test of the present value model of stock prices under rational and adaptive expectations using Bursa Malaysia data from 1983 to 2003 
Abstract:
  The rational expectations model has been the central expectations
 hypothesis used by economists while the adaptive expectations hypothesis
 has been considered by many as inefficient because expectations cannot
 fully exploit all available information. The aim of this study is to
 determine which of these two expectations formation hypotheses best
 explains the behaviour of investors in the Malaysian stock market. We
 employ the Chow (1988) methodology in which the two expectations
 hypotheses are applied to the present value model of stock prices for
 Malaysian stock market data consisting of stock prices and dividends for
 13 companies over 21 years. Our results provide strong statistical support
 for the adaptive expectations hypothesis. This finding is in line with the
 empirical findings of Chow and his collaborators. 
Journal: Applied Economics Letters 
Pages: 1835-1839 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903317354 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903317354&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Irene Daskalopoulou 
Author-X-Name-First: Irene 
Author-X-Name-Last: Daskalopoulou 
Author-Name: Panagiotis Liargovas 
Author-X-Name-First: Panagiotis 
Author-X-Name-Last: Liargovas 
Title: Regional determinants of manufacturing start-ups in Greece: evidence on the effect of agglomeration economies 
Abstract:
  This article analyses the regional determinants of manufacturing start-up
 ratios in Greece. Emphasis is placed on the effect of agglomeration
 economies, which are distinguished between urbanization and localization
 economies. The data refer to the establishments realized in the 51 Greek
 prefectures (NUTS III level) in 2005. Results indicate that negative
 urbanization economies prevail. Localization economies in the form of
 positive Marshallian and negative Jacobian externalities are observed and
 constitute important determinants of start-up ratios. Results regarding
 the effect of other factors such as expected demand and profit, cost and
 human resources factors are as anticipated. 
Journal: Applied Economics Letters 
Pages: 1841-1844 
Issue: 18 
Volume: 17 
Year: 2010 
X-DOI: 10.1080/13504850903388272 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903388272&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Afonso 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Afonso 
Author-Name: Ricardo Sousa 
Author-X-Name-First: Ricardo 
Author-X-Name-Last: Sousa 
Title: Assessing long-term fiscal developments: evidence from Portugal 
Abstract:
  We use a Three-Stage Least Square (TSLS) method and a system of equations
 to recursively estimate two components of fiscal policy - responsiveness
 and persistence - and to infer about the sources of fiscal deterioration
 (improvement). The results suggest that (i) government spending exhibits
 higher persistence than government revenue and (ii) government revenue is
 more responsive to the business cycle than government spending, pointing
 to fiscal deterioration issues. 
Journal: Applied Economics Letters 
Pages: 1-5 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425090 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425090&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. S. Sephton 
Author-X-Name-First: P. S. 
Author-X-Name-Last: Sephton 
Title: Who cut the cheese? 
Abstract:
  In this article I examine whether retail and producer prices for American
 processed cheese follow a long-run linear relationship. The results
 suggest that wholesale and retail prices are not cointegrated, even when
 allowance is made for nonlinear and threshold effects, suggesting little
 evidence of pass-through of costs to the retail level. 
Journal: Applied Economics Letters 
Pages: 7-10 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425082 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425082&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ivo Arnold 
Author-X-Name-First: Ivo 
Author-X-Name-Last: Arnold 
Author-Name: Michiel Glasbeek 
Author-X-Name-First: Michiel 
Author-X-Name-Last: Glasbeek 
Title: The ECB's survey of professional forecasters and financial market volatility in the euro area 
Abstract:
  Since 1999, the European Central Bank (ECB) conducts a quarterly survey
 of the economic outlook in the euro area among professional forecasters.
 This article investigates the relationship between macroeconomic
 uncertainty, measured as the dispersion in economic forecasts across
 survey participants, and financial market volatility. We find a
 significant positive short-run relationship between stock market
 volatility and uncertainty about the future level of economic activity. In
 contrast, bond market volatility is mainly affected by inflation
 uncertainty. In addition, we find long-run cointegration relationships
 between asset market volatilities and macroeconomic uncertainties. We also
 investigate the sensitivity of our results to the inclusion of the
 extremely volatile post-Lehman period. 
Journal: Applied Economics Letters 
Pages: 11-15 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903427179 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903427179&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Annette Bergemann 
Author-X-Name-First: Annette 
Author-X-Name-Last: Bergemann 
Author-Name: Regina Riphahn 
Author-X-Name-First: Regina 
Author-X-Name-Last: Riphahn 
Title: Female labour supply and parental leave benefits - the causal effect of paying higher transfers for a shorter period of time 
Abstract:
  We study the labour supply effects of a major change in child-subsidy
 policy in Germany in 2007 designed to increase both fertility and shorten
 birth-related employment interruptions. The reform involved a move from a
 means-tested maternity leave benefit system that paid a maximum of 300
 Euro for up to 2 years to a benefit system that replaced two-thirds of
 pre-birth earnings for at most 1 year. As the reform took place very
 recently, we estimate the labour supply effect by using data drawn from
 the German Socio-Economic Panel (GSOEP) on the intention of women to
 return to the labour market. Our results show that the reform yields most
 of the intended effects: the fraction of mothers who plan to return to the
 labour market within a year after the interview increased by 14 percentage
 points. 
Journal: Applied Economics Letters 
Pages: 17-20 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425173 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425173&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Pestana Barros 
Author-X-Name-First: Carlos Pestana 
Author-X-Name-Last: Barros 
Author-Name: Maria Rosa Borges 
Author-X-Name-First: Maria Rosa 
Author-X-Name-Last: Borges 
Title: Measuring performance in the Portuguese banking industry with a Fourier regression model 
Abstract:
  This article analyses the determinants of banks' profitability in the
 Portuguese banking sector during the period 1990 to 2005. The study
 extends the established literature on modelling the banks'k performance by
 applying a Fourier approximation in order to detect for possible
 nonlinearities between the profitability variables and the explanatory
 variables. In so doing, we verify that the introduction of the Fourier
 coefficients in the analysis quite improved the quality of the
 adjustments, the need to accept the existence of nonlinear relationships
 among the variables involved in the study thus becoming evident. The
 results of this article suggest that the best performing banks in the
 Portuguese banking sector are those which have endeavoured to improve
 their capital and labour productivity, those which have maintained a high
 dimension and, finally, those which have been able to reinforce their
 capital structure. 
Journal: Applied Economics Letters 
Pages: 21-28 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903409755 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903409755&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rui Cunha Marques 
Author-X-Name-First: Rui Cunha 
Author-X-Name-Last: Marques 
Author-Name: Carlos Pestana Barros 
Author-X-Name-First: Carlos Pestana 
Author-X-Name-Last: Barros 
Title: Performance of European airports: regulation, ownership and managerial efficiency 
Abstract:
  This article analyses regulation, ownership and unobserved managerial
 ability as factors affecting the performance of a representative sample of
 European airports by means of frontier models. The Alvarez et al. (2004)
 frontier model is used. These airports are ranked according to their
 technical efficiency during the period 2001 to 2004 and homogenous and
 heterogeneous variables are disentangled in the cost function, which leads
 us to advise the implementation of common policies as well as policies by
 segments. Economic implications arising from the study are also
 considered. 
Journal: Applied Economics Letters 
Pages: 29-37 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903409763 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903409763&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Clifford Lipscomb 
Author-X-Name-First: Clifford 
Author-X-Name-Last: Lipscomb 
Author-Name: Brandon Koford 
Author-X-Name-First: Brandon 
Author-X-Name-Last: Koford 
Title: Conservative dichotomous choice responses in the active policy setting: the case of University Parking 
Abstract:
  This study presents evidence of strategic behaviour in faculty/staff
 members' reports of willingness-to-pay at a public university. The results
 suggest that (1) students have a higher mean willingness-to-pay than
 faculty/staff and that (2) faculty/staff reject clear gains because they
 expect a revision to the parking permit fee structure in the future. 
Journal: Applied Economics Letters 
Pages: 39-42 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425058 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425058&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marie-Estelle Binet 
Author-X-Name-First: Marie-Estelle 
Author-X-Name-Last: Binet 
Author-Name: Lionel Richefort 
Author-X-Name-First: Lionel 
Author-X-Name-Last: Richefort 
Title: Diffusion of irrigation technologies: the role of mimicking behaviour and public incentives 
Abstract:
  We develop a conceptual framework designed to assess the impact of public
 incentives on the diffusion process of modern, water-saving irrigation
 technologies. Diffusion patterns of the integral sprinkler cover system in
 the sugarcane sector of Reunion Island (France) are estimated using a
 sample of 110 farmers aggregated over the period 1990 to 2006. We show
 that imitation is the main explanatory factor of the adoption dynamics. We
 also show that the characteristic diffusion path is not perfectly
 symmetric and is significantly affected by equipment subsidies. 
Journal: Applied Economics Letters 
Pages: 43-48 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425025 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425025&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Castillo-Manzano 
Author-X-Name-First: Jose 
Author-X-Name-Last: Castillo-Manzano 
Author-Name: Manuel Marchena-Gomez 
Author-X-Name-First: Manuel 
Author-X-Name-Last: Marchena-Gomez 
Title: Analysis of determinants of airline choice: profiling the LCC passenger 
Abstract:
  This article analyses the socioeconomic characteristics and trip
 attributes that influence or correlate with airline choice using a
 database of 20 000 passengers. One of the conclusions that should be
 highlighted is the lack of significance of socioeconomic variables except
 when the passenger is non-Spanish and the frequency with which one
 travels. And yet there are many trip attributes that condition the choice.
 Of these the following can be highlighted: the destination, the purpose,
 the need to transfer to another flight, the duration of the trip, the
 passenger's choice of accommodation or whether the trip is made on a
 weekend or not. 
Journal: Applied Economics Letters 
Pages: 49-53 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425108 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425108&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wade Pfau 
Author-X-Name-First: Wade 
Author-X-Name-Last: Pfau 
Title: An optimizing framework for the glide paths of life cycle asset allocation funds 
Abstract:
  In choosing a glide path strategy for asset allocation over their working
 lives, retirement savers face a trade-off between the higher expected
 wealth provided by strategies that maintain or increase equity holdings
 over time and the greater potential security offered from shifting into
 more conservative assets. We quantify this trade-off with an expected
 utility framework for our simulated distribution of target-date wealth
 accumulations under a variety of life cycle, fixed and contrarian glide
 path strategies. We find justification for the life cycle strategy for
 savers with very reasonable amounts of risk aversion, and we also provide
 guidance about utility-maximizing glide paths. 
Journal: Applied Economics Letters 
Pages: 55-58 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425124 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425124&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Author-Name: Krishna Chaitanya Vadlamannati 
Author-X-Name-First: Krishna Chaitanya 
Author-X-Name-Last: Vadlamannati 
Title: The level and growth effects of human capital in India 
Abstract:
  In the extended Solow growth model of Mankiw et al. (1992), human capital
 has only permanent level and no growth effects. In the endogenous growth
 models human capital is a growth-improving variable. Human capital may
 have both a permanent level and a permanent growth effect, we show how
 both can be estimated with an extension to the Solow model. 
Journal: Applied Economics Letters 
Pages: 59-62 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903427146 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903427146&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Yang-Cheng Lu 
Author-X-Name-First: Yang-Cheng 
Author-X-Name-Last: Lu 
Author-Name: Wen-Chi Liu 
Author-X-Name-First: Wen-Chi 
Author-X-Name-Last: Liu 
Author-Name: Shu-Chen Kang 
Author-X-Name-First: Shu-Chen 
Author-X-Name-Last: Kang 
Title: Revisiting purchasing power parity for major oil-exporting countries using panel SURADF tests 
Abstract:
  The panel Seemingly Unrelated Regressions Augmented Dickey-Fuller
 (SURADF) tests advanced by Breuer et al. (2001) are used to test the
 validity of Purchasing Power Parity (PPP) for eight major oil-exporting
 countries over the 1992:06 to 2008:02. Empirical results from several
 panel-based unit root tests indicate that PPP does not hold for eight
 major oil-exporting countries under study; however, Breuer et al.'s (2001)
 panel SURADF tests unequivocally indicate that PPP is valid for five
 countries with the exception of three countries, Kuwait, Nigeria and Saudi
 Arabia. These results have important policy implications for these eight
 oil-exporting countries under study. 
Journal: Applied Economics Letters 
Pages: 63-67 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425041 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425041&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gawon Yoon 
Author-X-Name-First: Gawon 
Author-X-Name-Last: Yoon 
Title: Changing volatility of long-term UK interest rates during Pax Britannica 
Abstract:
  It is generally believed that the political and economic stability
 pertaining during the heyday of Britain's imperial power contributed to
 reduced uncertainty in the UK financial markets at that time. Employing
 quite a unique data set for the sample period spanning 1850-1914, we
 examine in this study the stability of four long-term UK interest rates,
 including the yield on Consols. Although we find some evidence for
 changing volatility in three interest rates, it appears that overall the
 interest rates did indeed exhibit remarkable stability over the long
 sample period. 
Journal: Applied Economics Letters 
Pages: 69-74 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425116 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425116&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pao-Peng Hsu 
Author-X-Name-First: Pao-Peng 
Author-X-Name-Last: Hsu 
Author-Name: Chen-Hui Yen 
Author-X-Name-First: Chen-Hui 
Author-X-Name-Last: Yen 
Author-Name: Ya-Hui Chang 
Author-X-Name-First: Ya-Hui 
Author-X-Name-Last: Chang 
Author-Name: Li-Ling Chou 
Author-X-Name-First: Li-Ling 
Author-X-Name-Last: Chou 
Title: Cycle and performance of mutual funds - an application of spectral analysis 
Abstract:
  This study investigates the daily and monthly data of nine major
 categories of funds from 1997 to 2008. It hopes to verify if lead-lag
 relations exist amid different categories of funds. The study has come up
 with two major conclusions: (1) the funds in respective categories mostly
 have a regular cyclical phenomenon; (2) three kinds of lead-lag relations
 in return exist amid various categories of funds, in which the first kind
 of relations is bond funds leading equity funds and equity funds leading
 energy funds, the second kind of relations is bond funds leading
 technology funds and technology funds leading energy funds and the third
 kind of relations is currency funds leading real estate funds. Thus, the
 investors can not only optimize their investment portfolios but also know
 the timing that they should buy or sell the funds' position. 
Journal: Applied Economics Letters 
Pages: 75-79 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425132 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425132&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chris Hand 
Author-X-Name-First: Chris 
Author-X-Name-Last: Hand 
Author-Name: Guy Judge 
Author-X-Name-First: Guy 
Author-X-Name-Last: Judge 
Title: How stable is the seasonal pattern in cinema admissions? Evidence from the UK 
Abstract:
  Conventionally, the seasonal pattern in a time series is taken as
 exogenous. However, two recent studies from the US have suggested, the
 seasonal component in box office revenue may in part be endogenously
 determined. Films that are expected to do well tend to be released at
 times of peak demand. Hence, the seasonal pattern may reflect both the
 underlying seasonal pattern and the market expansion effect of the films;
 evidence from the US suggests the former dominates the latter. This
 article investigates the same issue for the UK using a structural time
 series model. We find that, although the seasonal pattern varies over
 time, we are unable to reject the hypothesis that the seasonal factors are
 constant. This is consistent with findings from the US. 
Journal: Applied Economics Letters 
Pages: 81-85 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425140 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425140&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ho-Chuan Huang 
Author-X-Name-First: Ho-Chuan 
Author-X-Name-Last: Huang 
Author-Name: Pei-Chien Lin 
Author-X-Name-First: Pei-Chien 
Author-X-Name-Last: Lin 
Author-Name: Chih-Chuan Yeh 
Author-X-Name-First: Chih-Chuan 
Author-X-Name-Last: Yeh 
Title: Price level convergence across cities? Evidence from panel unit root tests 
Abstract:
  This article empirically tests for convergence in Consumer Price Indices
 (CPIs) across 17 major cities in the United States over the period 1918 to
 2008. Although the conventional panel unit root tests generally fail to
 reject the null hypothesis of nonstationarity, the panel LM tests of Im et
 al. (2005), by taking the presence of structural breaks into account, find
 overwhelming evidence in support of the hypothesis of price convergence
 The main finding is confirmed even when we consider both the structural
 changes and the cross-sectional dependence by using the recent advanced
 panel unit root approach of Bai and Carrion-i-Silvestre (2009). 
Journal: Applied Economics Letters 
Pages: 87-93 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425157 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425157&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Tarzijan 
Author-X-Name-First: J. 
Author-X-Name-Last: Tarzijan 
Author-Name: C. Ramirez 
Author-X-Name-First: C. 
Author-X-Name-Last: Ramirez 
Title: Firm, industry and corporation effects revisited: a mixed multilevel analysis for Chilean companies 
Abstract:
  The relative importance of the corporate, industry and firm effects on
 business performance has been studied profusely in the literature. Until
 now, little has been said about the nested structure of the problem. The
 multilevel analysis appears as a good alternative over the approaches used
 so far to better understand this phenomenon. This article analyses the
 significance of the aforesaid effects on Chilean firms and assesses the
 impact of various regressors on residual variances. The export intensity
 of firms and industries proved to have a significant impact on the
 estimated industry effect, making the industry-related variance
 statistically not different from zero. However, the industry's influence
 did not totally disappear, because the effect of export intensity on
 firms' profitability depends on the industry to which the firm belongs.
 Moreover, firm size turns out to be significant and positively associated
 with firm's return, which can be evidence of economies of scale or more
 efficient processes as a company grows in size. 
Journal: Applied Economics Letters 
Pages: 95-100 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903425165 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903425165&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kjell Hausken 
Author-X-Name-First: Kjell 
Author-X-Name-Last: Hausken 
Author-Name: Galina Schwartz 
Author-X-Name-First: Galina 
Author-X-Name-Last: Schwartz 
Title: Transaction costs and iceberg costs 
Abstract:
  Iceberg costs are modelled as a transaction cost function, which
 increases exponentially in an action chosen by each player. The model
 estimates how much the players' joint ex post shares shrink in terms of
 their transaction constants and production. 
Journal: Applied Economics Letters 
Pages: 101-102 
Issue: 1 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903427153 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903427153&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julien Labonne 
Author-X-Name-First: Julien 
Author-X-Name-Last: Labonne 
Author-Name: Robert Chase 
Author-X-Name-First: Robert 
Author-X-Name-Last: Chase 
Title: So you want to quit smoking: have you tried a mobile phone? 
Abstract:
  Using spatially coded data on mobile phone coverage and panel data from
 2100 households in 135 communities of the Philippines, we estimate the
 impact of mobile phone ownership on tobacco consumption. Purchasing a
 mobile phone leads to a 17.1% decrease in tobacco consumption per adult
 over the age of 15. 
Journal: Applied Economics Letters 
Pages: 103-106 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903508309 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903508309&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Prakash Kannan 
Author-X-Name-First: Prakash 
Author-X-Name-Last: Kannan 
Author-Name: Pau Rabanal 
Author-X-Name-First: Pau 
Author-X-Name-Last: Rabanal 
Author-Name: Alasdair Scott 
Author-X-Name-First: Alasdair 
Author-X-Name-Last: Scott 
Title: Recurring patterns in the run-up to house price busts 
Abstract:
  We present evidence that shows that large increases in credit and
 residential investment shares, along with deteriorating current account
 balances, provide useful leading indicators of house price busts. These
 variables also explain cross-sectional patterns in the build-up to the
 2007 crisis. Interestingly, movements in output and inflation have little
 ability to predict house price busts. 
Journal: Applied Economics Letters 
Pages: 107-113 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903427161 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903427161&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Israel Waichman 
Author-X-Name-First: Israel 
Author-X-Name-Last: Waichman 
Author-Name: Till Requate 
Author-X-Name-First: Till 
Author-X-Name-Last: Requate 
Author-Name: Ch'ng Kean Siang 
Author-X-Name-First: Ch'ng Kean 
Author-X-Name-Last: Siang 
Title: Managers and students playing Cournot - evidence from duopoly and triopoly experiments 
Abstract:
  This article reports results from Cournot duopoly and triopoly
 experiments with different subject pools: German students, Malaysian
 students and Malaysian managers. We find that Malaysian managers perform
 significantly more collusively than Malaysian students. We also find that
 country matters insofar as German students perform significantly more
 collusively than their Malaysian counterparts. 
Journal: Applied Economics Letters 
Pages: 115-120 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903442988 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903442988&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Beckworth 
Author-X-Name-First: David 
Author-X-Name-Last: Beckworth 
Title: The stance of US monetary policy: an alternative measure 
Abstract:
  Knowing the stance of monetary policy is important for its successful
 implementation. Typically, observers look to the changes in the money
 supply and short-term interest rates to determine the stance of monetary
 policy. Sometimes, however, discerning the stance of monetary policy
 through these measures can be misleading. In this article, an alternative
 measure of the stance of US monetary policy is proposed and empirically
 examined, which appears to be a promising improvement over the standard
 metrics currently used. 
Journal: Applied Economics Letters 
Pages: 121-125 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903459727 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903459727&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Volpe Martincus 
Author-X-Name-First: Christian Volpe 
Author-X-Name-Last: Martincus 
Author-Name: Jeronimo Carballo 
Author-X-Name-First: Jeronimo 
Author-X-Name-Last: Carballo 
Author-Name: Andres Gallo 
Author-X-Name-First: Andres 
Author-X-Name-Last: Gallo 
Title: The impact of export promotion institutions on trade: is it the intensive or the extensive margin? 
Abstract:
  This article provides evidence on the channels through which export
 promotion institutions affect bilateral trade using a sample of Latin
 American and Caribbean countries over the period 1995 to 2004. We find
 that these institutions have a larger impact on the extensive margin of
 exports, especially in the case of trade promotion organizations. 
Journal: Applied Economics Letters 
Pages: 127-132 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903508283 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903508283&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Finlay 
Author-X-Name-First: Richard 
Author-X-Name-Last: Finlay 
Author-Name: Callum Jones 
Author-X-Name-First: Callum 
Author-X-Name-Last: Jones 
Title: Time-varying term premia and the expectations hypothesis in Australia 
Abstract:
  This article investigates whether the (rational) expectations hypothesis
 holds for Australian yield data (it does not), whether the hypothesis
 holds after adjusting for term premia estimated from an affine term
 structure model (it appears to) and whether the yield process implied by
 the term structure model can match the failure of the hypothesis on
 unadjusted yields (it can). These results suggest that the term structure
 model used in Finlay and Chambers (2009) does a reasonable job in
 capturing the risk-neutral and real-world dynamics of Australian interest
 rates, at least as measured through the prism of the expectations
 hypothesis. 
Journal: Applied Economics Letters 
Pages: 133-136 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903508259 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903508259&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Farmer 
Author-X-Name-First: Michael 
Author-X-Name-Last: Farmer 
Author-Name: Eric Belasco 
Author-X-Name-First: Eric 
Author-X-Name-Last: Belasco 
Title: A finite mixture model of heterogeneous anchoring with distinct anchoring patterns 
Abstract:
  Bayesian models of starting price effects in contingent valuation studies
 have been used to track and to correct for starting price effects for more
 than two decades. Since then, the single parameter form that has been used
 to estimate the starting price effect has been adapted to distinguish
 among strategically induced, Bayesian or yea-saying responses (Whitehead,
 2002). Recent works, however, show that these diagnostics can be
 inaccurate if heterogeneity exists in the value of the updating parameter.
 This work allows a more flexible functional form, beyond the single
 updating parameter, to capture a potentially richer set of starting price
 effects that may operate in a single dataset. First we employ a finite
 mixture model to sort respondents into latent classes. The finite mixture
 model locates three distinct types (latent classes) of respondents, and
 each exhibits a discretely different starting price-affected behaviour in
 a subsequent regression. Heterogeneity does not follow a continuous
 distribution across one starting price effect, such as a Bayesian updating
 parameter, that might be captured by a random parameter estimator. Rather
 effects fall into discrete classes. Researchers will need to better match
 theory to the diverse array of starting price effects detected. 
Journal: Applied Economics Letters 
Pages: 137-141 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903508275 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903508275&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Makdissi 
Author-X-Name-First: Paul 
Author-X-Name-Last: Makdissi 
Author-Name: Myra Yazbeck 
Author-X-Name-First: Myra 
Author-X-Name-Last: Yazbeck 
Title: Assessing the redistributive impact of higher education tuition fees reforms: the case of Quebec 
Abstract:
  In this article, we analyse the redistributive impact of a recent reform
 of tuition fees in Quebec. We adapt Duclos et al.'s (2005) methodology to
 a generalized Lorenz framework. Many policy analysts argued that
 maintaining low higher education tuition fees is regressive. We take a
 look at the empirical validity of this argument using data from Statistics
 Canada's Survey of Labor and Income Dynamics. We show the importance of
 using data to validate this argument. The results obtained allow for the
 conclusion that this redistributive argument is empirically not verified
 for the province of Quebec. 
Journal: Applied Economics Letters 
Pages: 143-147 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903508325 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903508325&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthias Busse 
Author-X-Name-First: Matthias 
Author-X-Name-Last: Busse 
Author-Name: Peter Nunnenkamp 
Author-X-Name-First: Peter 
Author-X-Name-Last: Nunnenkamp 
Author-Name: Mariana Spatareanu 
Author-X-Name-First: Mariana 
Author-X-Name-Last: Spatareanu 
Title: Foreign direct investment and labour rights: a panel analysis of bilateral FDI flows 
Abstract:
  The article analyses the impact of fundamental labour rights on bilateral
 Foreign Direct Investment (FDI) flows to 82 developing countries. The
 results indicate that investments by multinationals are significantly
 higher in countries that adhere to labour rights, thereby refuting the
 hypothesis that repression of these rights fosters FDI. 
Journal: Applied Economics Letters 
Pages: 149-152 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903559500 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903559500&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pieter de Jong 
Author-X-Name-First: Pieter 
Author-X-Name-Last: de Jong 
Title: Are revenue forecasts rational? Evidence surrounding Reg FD 
Abstract:
  I test the rationality of analysts' revenue forecasts for a sample of
 value and growth stocks, which have been shown to have different valuation
 properties in previous research. Using one-quarter-ahead revenue forecasts
 and actual sales figures in a firm-by-firm and panel setting in the period
 1997 to 2007, I find that all revenue forecasts are rational and actually
 improved after the introduction of regulation fair disclosure, albeit in
 larger proportion for value stocks. 
Journal: Applied Economics Letters 
Pages: 153-160 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903508317 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903508317&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Boudreau 
Author-X-Name-First: James 
Author-X-Name-Last: Boudreau 
Title: All-pay auctions with discrete action spaces 
Abstract:
  This article describes all-pay auctions with discrete action spaces and
 shows that pure-strategy Nash equilibria may exist. Such equilibria are
 shown to be potentially more favourable to both buyers and sellers than
 the more standard mixed-strategy equilibria, thus suggesting that it can
 be in the interest of both sides to limit bidders' action spaces. 
Journal: Applied Economics Letters 
Pages: 161-162 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903442954 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903442954&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Miao Wang 
Author-X-Name-First: Miao 
Author-X-Name-Last: Wang 
Title: FDI and human capital in the USA: is FDI in different industries created equal? 
Abstract:
  We use data in the USA to study the effect of inward Foreign Direct
 Investment (FDI) in different sectors/industries on the state-level human
 capital, measured by the average years of tertiary schooling. We find that
 inward manufacturing FDI tends to lower the tertiary schooling in a host
 state while information FDI increases the tertiary schooling in a host
 state. 
Journal: Applied Economics Letters 
Pages: 163-166 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903442962 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903442962&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yi-Hua Wu 
Author-X-Name-First: Yi-Hua 
Author-X-Name-Last: Wu 
Author-Name: Eric Lin 
Author-X-Name-First: Eric 
Author-X-Name-Last: Lin 
Title: Does purchasing power parity hold following the launch of the euro? Evidence from the panel unit root test 
Abstract:
  Using a richer panel data set with more representative price indexes,
 this article adopts Pesaran's (2007) panel unit root test to study the
 validity of Purchasing Power Parity (PPP) across the eurozone countries
 both before and after the launch of the euro in 1999. We find that PPP
 holds before the introduction of the single currency, whereas it fails to
 hold after 1999. Our result is consistent with the finding in Engel and
 Rogers (2004) and Rogers (2007) that there is no longer a tendency to
 support the law of one price following the birth of the euro. 
Journal: Applied Economics Letters 
Pages: 167-172 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903442970 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903442970&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: L. Ramprasath 
Author-X-Name-First: L. 
Author-X-Name-Last: Ramprasath 
Title: Simpler proofs in finance and shout options 
Abstract:
  In the discrete binomial model for option pricing, the price of an
 American option is obtained using a backward recursion algorithm. However,
 the currently available justification for this algorithm is long and
 circuitous. Similarly, the key result used in the justification for
 antithetic sampling is not proved in standard financial texts. The proof
 is relegated to an older article, where the required result is masked by
 general details about association of random variables. This article gives
 self-contained, considerably simpler, proofs for both these basic results
 and extends these results to more general applications. In particular, it
 settles the question of optimality of early shouting for the buyer of
 Shout call options. 
Journal: Applied Economics Letters 
Pages: 173-178 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903493189 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903493189&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Niclas Kruger 
Author-X-Name-First: Niclas 
Author-X-Name-Last: Kruger 
Title: The impact of economic fluctuations on crime: a multiscale analysis 
Abstract:
  In this article we use a wavelet-based approach in order to analyse the
 periodicity in the relationship between economic fluctuations and
 different types of crime. All examined types of crime share seasonal
 behaviour with variations of real economic activity. Removing the
 intrayear dynamics, we find that the effect of real economic activity is
 different between different types of crime. We conclude that property
 crimes, violence crimes and sex crimes are countercyclical. The reverse is
 true for both alcohol/drug-related crimes and economic crimes, because
 there is a highly significant increase of these types of crime during
 economic expansions. 
Journal: Applied Economics Letters 
Pages: 179-182 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903508267 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903508267&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Stefania Mojon-Azzi 
Author-X-Name-First: Stefania 
Author-X-Name-Last: Mojon-Azzi 
Author-Name: Alfonso Sousa-Poza 
Author-X-Name-First: Alfonso 
Author-X-Name-Last: Sousa-Poza 
Title: Hypertension and life satisfaction: an analysis using data from the Survey of Health, Ageing and Retirement in Europe 
Abstract:
  This study examines the relationship between hypertension and life
 satisfaction using more objective measures of hypertension from the Survey
 of Health, Ageing and Retirement in Europe. Our results confirm the
 analysis in Blanchflower and Oswald (2008): there is a significant
 negative correlation between high blood pressure problems and life
 satisfaction. 
Journal: Applied Economics Letters 
Pages: 183-187 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903508291 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903508291&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sergio Gabas 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Gabas 
Author-Name: Maria-Dolores Gadea 
Author-X-Name-First: Maria-Dolores 
Author-X-Name-Last: Gadea 
Author-Name: Antonio Montanes 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Montanes 
Title: Change in the persistence of the real exchange rates 
Abstract:
  We investigate the existence of multiple structural changes in the
 persistence of a broad sample of Real Exchange Rate (RER) using a new
 methodology proposed by Kejriwal et al. (2009). The application of this
 procedure shows that RER persistence has been unstable during the
 twentieth century. Yoon (2009) reaches the noteworthy conclusion that
 stationary RERs are more likely to be found in fixed nominal exchange rate
 regimes than in floating ones. Nevertheless, we find no support for this
 conclusion when the deterministic trend is withdrawn from the equation
 specification and the sample is extended by a decade with data belonging
 to the current float. 
Journal: Applied Economics Letters 
Pages: 189-192 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903508333 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903508333&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rodney Paul 
Author-X-Name-First: Rodney 
Author-X-Name-Last: Paul 
Author-Name: Andrew Weinbach 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Weinbach 
Title: NFL bettor biases and price setting: further tests of the Levitt hypothesis of sportsbook behaviour 
Abstract:
  Empirical support for the Levitt hypothesis of sportsbook behaviour,
 where sportsbooks set prices to maximize profits, not to clear the market,
 is shown using data from actual sportsbooks. Betting percentages on
 favourites and underdogs (pointspread market) and overs and unders (totals
 market) were obtained using actual dollars bet (www.sportsbook.com) and
 percentage of bets made (www.sportsinsights.com). Both data sets reinforce
 the idea that sportsbooks are not setting prices to attract even betting
 dollars on both sides of the proposition. Big favourites, road favourites
 and overs on high totals are all shown to attract a significantly higher
 percentage of bets in both samples. Betting against public sentiment is
 shown to be statistically profitable for the National Football League
 pointspread market, but not in the market for totals. 
Journal: Applied Economics Letters 
Pages: 193-197 
Issue: 2 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903508242 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903508242&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajen Mookerjee 
Author-X-Name-First: Rajen 
Author-X-Name-Last: Mookerjee 
Author-Name: Jellina Roberts 
Author-X-Name-First: Jellina 
Author-X-Name-Last: Roberts 
Title: Banking services, transaction costs and international remittance flows 
Abstract:
  Using a unique data set on the financial sector, this article assesses
 the impact that financial sector development has on international
 remittance flows for a sample of 64 countries. The results show that
 greater financial sector development - as measured by bank branches per
 1000&#xa0;km2 - results in greater remittance flows to a country. However,
 this study also documents that transaction costs have no impact on
 remittance flows. This latter finding has important policy implications as
 reductions in transaction costs are often cited as an important approach
 to increase remittance flows. 
Journal: Applied Economics Letters 
Pages: 199-205 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003614146 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003614146&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matias Fontenla 
Author-X-Name-First: Matias 
Author-X-Name-Last: Fontenla 
Author-Name: Fidel Gonzalez 
Author-X-Name-First: Fidel 
Author-X-Name-Last: Gonzalez 
Author-Name: Troy Quast 
Author-X-Name-First: Troy 
Author-X-Name-Last: Quast 
Title: Are recessions good for everyone's health? The association between mortality and the business cycle by race/ethnicity in the US 
Abstract:
  This article studies the effect of the business cycle on the mortality
 rates of the major racial/ethnic groups in the USA. We use county-level
 data from 1999 to 2005 and employ a panel econometric approach that
 includes county- and year-fixed effects. We found that the mortality rates
 for whites and latinos are procyclical, i.e, that economic expansions
 (contractions) are associated with increases (decreases) in mortality.
 Moreover, the magnitude of this relationship is larger for latinos than
 for whites. However, we generally do not find a statistically significant
 relationship for blacks. Finally, the procyclical relationship for whites
 and latinos increases in magnitude as the county becomes less
 racially/ethnically diverse. Taken together, these findings suggest that
 the procyclical association identified in previous studies of the overall
 US population may vary by race and ethnicity. 
Journal: Applied Economics Letters 
Pages: 207-212 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003614120 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003614120&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jennifer Feenstra Schultz 
Author-X-Name-First: Jennifer Feenstra 
Author-X-Name-Last: Schultz 
Author-Name: David John Doorn 
Author-X-Name-First: David John 
Author-X-Name-Last: Doorn 
Title: Employer health benefit costs and demand for part-time labour 
Abstract:
  The current healthcare policy debate in the USA has stressed the fact
 that a growing number of Americans are going without health insurance
 coverage. Much of this decline in coverage is due to rising costs
 affecting employer's provision of health insurance benefits to their
 employees. One potential avenue for this is through employers changing
 their employment mix and decreasing the number of employees eligible for
 such benefits in an effort to reduce costs. In this study we investigate
 the link between rising employer costs for health insurance benefits and
 the demand for part-time workers. 
Journal: Applied Economics Letters 
Pages: 213-216 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003614112 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003614112&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peng Shi 
Author-X-Name-First: Peng 
Author-X-Name-Last: Shi 
Author-Name: Wei Zhang 
Author-X-Name-First: Wei 
Author-X-Name-Last: Zhang 
Title: Time-varying X-efficiency: evidence from US property casualty insurers 
Abstract:
  The existing efficiency studies for the insurance industry rely on the
 time-invariant efficiency assumption, presumably because of the short
 duration of observation. However, temporal variation in firm efficiency
 could be substantial even for a short period of time. We demonstrate this
 point by examining the X-efficiency for the US property casualty insurers
 utilizing stochastic panel frontier models. Efficiencies are estimated
 under both time-invariant and time-varying efficiency assumptions using a
 large panel dataset from the National Association of Insurance
 Commissioners (NAIC) of years 2001-2006. It is shown that the two
 assumptions result in significantly different estimates. To test whether
 the estimated efficiencies correspond well to the properties that the true
 efficiencies should have, we investigate the relationship between the
 efficiency measures and other indicators of firm performance. The results
 suggest that the stochastic panel frontier model with time-varying
 efficiency provides more reasonable estimates. 
Journal: Applied Economics Letters 
Pages: 217-221 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903559559 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903559559&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Claeys 
Author-X-Name-First: Peter 
Author-X-Name-Last: Claeys 
Author-Name: Fabio Manca 
Author-X-Name-First: Fabio 
Author-X-Name-Last: Manca 
Title: A missing spatial link in institutional quality 
Abstract:
  History tells that institutions evolve gradually over time, pushing new
 ideas across borders and cultures. Globalization is argued to accelerate
 this process. We examine the spatial links of different political
 institutions across borders. Applying various tests for spatial proximity,
 we do not find evidence of contemporaneous spatial links. This result is
 robust to various measures of distance and of cultural proximity across
 countries. Instead, when we analyse long-run dynamics, diffusion of
 institutions seems to occur only gradually. 
Journal: Applied Economics Letters 
Pages: 223-227 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903559542 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903559542&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale 
Author-X-Name-First: Guglielmo Maria 
Author-X-Name-Last: Caporale 
Author-Name: Alessandro Girardi 
Author-X-Name-First: Alessandro 
Author-X-Name-Last: Girardi 
Title: Price formation on the EuroMTS platform 
Abstract:
  This article examines the process of price discovery in the Mercato
 Telematico dei Titoli di Stato (MTS) system, which builds on the parallel
 quoting of euro-denominated government securities on a number of
 (relatively large) domestic markets and on a (relatively small) European
 marketplace (EuroMTS). Using 27 months of daily data for 107 pairs of
 bonds, we present unambiguous evidence that trades on EuroMTS have a
 sizeable informational content. 
Journal: Applied Economics Letters 
Pages: 229-233 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903559567 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903559567&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Kozyra 
Author-X-Name-First: James 
Author-X-Name-Last: Kozyra 
Author-Name: Camillo Lento 
Author-X-Name-First: Camillo 
Author-X-Name-Last: Lento 
Title: Filter rules: follow the trend or take the contrarian approach? 
Abstract:
  This article compares a trending approach to the filter trading rule
 against a contrarian approach. It is found that, after adjusting for
 transaction costs, the contrarian approach consistently outperforms the
 trending approach and is able to earn returns in excess of the
 buy-and-hold trading strategy. The significance and the robustness of the
 results are supported by a bootstrap simulation and sub-period analysis,
 respectively. 
Journal: Applied Economics Letters 
Pages: 235-237 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003636164 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003636164&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francois Delcourt 
Author-X-Name-First: Francois 
Author-X-Name-Last: Delcourt 
Author-Name: Mikael Petitjean 
Author-X-Name-First: Mikael 
Author-X-Name-Last: Petitjean 
Title: To what extent is resampling useful in portfolio management? 
Abstract:
  We take a new look at the resampled efficiencyTM technique developed by
 Michaud (1998) and compare it with the Markowitz mean-variance portfolio
 construction technique by assessing the performance of three
 representative portfolios, i.e. the Global Minimum Variance (GMV)
 portfolio, the Intermediate Return (I) portfolio and the Maximum Return
 (M) portfolio. We show that resampling leads to more stable and more
 diversified portfolios. However, the out-of-sample analysis shows that
 resampling does not systematically increase (decrease) the risk adjusted
 performance (turnover) of the portfolios. 
Journal: Applied Economics Letters 
Pages: 239-244 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003636123 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003636123&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Philip Inyeob Ji 
Author-X-Name-First: Philip Inyeob 
Author-X-Name-Last: Ji 
Title: The impact of Asian crisis on market integration: evidence from East Asian real interest rates 
Abstract:
  This article examines the linkage of real interest rates for a group of
 East Asian countries. Monthly real interest rates data are considered for
 the USA, Japan, Korea, Singapore and Thailand from 1980 to 2005. It is
 found that the degree of capital market integration has increased after
 the Asian financial crisis in 1997. Before the crisis, both the US and
 Japanese capital markets dominated the region. After the crisis, the
 dominance of the Japanese market has completely disappeared while the US
 market remains the sole dominant player. Also it appears that Korea was
 insulated from the regional market influence before the crisis. 
Journal: Applied Economics Letters 
Pages: 245-249 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003596038 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003596038&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yang-Cheng Ralph Lu 
Author-X-Name-First: Yang-Cheng 
Author-X-Name-Last: Ralph Lu 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chi-Chen Chiu 
Author-X-Name-First: Chi-Chen 
Author-X-Name-Last: Chiu 
Author-Name: Han-Wen Tzeng 
Author-X-Name-First: Han-Wen 
Author-X-Name-Last: Tzeng 
Title: Revisiting purchasing power parity for 16 Latin American countries: panel SURADF tests 
Abstract:
  In this study, we apply the panel Seemingly Unrelated Regressions
 Augmented Dickey-Fuller (SURADF) tests developed by Breuer et al. (2001)
 to revisit the validity of Purchasing Power Parity (PPP) for 16 Latin
 American countries. The empirical results from several panel-based unit
 root tests indicate that PPP does not hold for these 16 countries under
 study. However, panel SURADF tests indicate that PPP is valid for 3 of
 these 16 countries. These results have important policy implications for
 these 16 Latin American countries under study. 
Journal: Applied Economics Letters 
Pages: 251-255 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903559518 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903559518&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sang Buhm Hahn 
Author-X-Name-First: Sang Buhm 
Author-X-Name-Last: Hahn 
Author-Name: Seungyeon Won 
Author-X-Name-First: Seungyeon 
Author-X-Name-Last: Won 
Title: The behaviour of individual traders and the persistence of arbitrage trading 
Abstract:
  This article analyses the influence of individual traders on the
 persistence of arbitrage opportunities, using futures market data from the
 Korea Composite Stock Price Index 200. The empirical results show that
 individual traders traded towards increasing arbitrage opportunities
 unlike other types of traders. This study helps explain the reason why
 arbitrage opportunities persist even when arbitrage trading is executed in
 the real world. According to our empirical results, arbitrage
 opportunities can persist if the behaviour of individual traders regarding
 arbitrage opportunities overwhelms other traders who are against arbitrage
 opportunities. This is not fully explained by previous studies that
 attributed the persistence of arbitrage opportunities to the limit to
 arbitrage. In this context, this study suggests that two separate
 arguments need to be combined for explaining arbitrage trading in the real
 world, namely studies of arbitrage trading and the behavioural approach. 
Journal: Applied Economics Letters 
Pages: 257-261 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903559526 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903559526&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Roy Howsen 
Author-X-Name-First: Roy 
Author-X-Name-Last: Howsen 
Author-Name: Stephen Lile 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Lile 
Title: The role of politics and economics in the allocation of federal stimulus spending 
Abstract:
  This study identifies the political and economic variables that explain
 differences among US states in per capita funding resulting from the
 American Recovery and Reinvestment Act (ARRA) of 2009. We find a marginal
 statistically significant negative relationship between states that have
 been traditionally Democratic (Blue states) versus those that have
 traditionally been Republican (Red states). Additionally, we find a highly
 statistically significant negative relationship between states that were
 traditionally Republican but voted for President Obama in the 2008
 election (Blue states) and traditionally Red states. Furthermore, our
 findings suggest that there is a statistically significant positive
 relationship between union representation for a state and per capita
 funding and between per capita electoral votes and per capita funding.
 With regard to economic variables, we find that a state's unemployment
 rate has a positive and statistically significant influence with regard to
 funding, but a state's poverty rate has no statistically significant
 impact on funding. 
Journal: Applied Economics Letters 
Pages: 263-266 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903559534 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903559534&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Fountain 
Author-X-Name-First: John 
Author-X-Name-Last: Fountain 
Author-Name: Glenn Harrison 
Author-X-Name-First: Glenn 
Author-X-Name-Last: Harrison 
Title: What do prediction markets predict? 
Abstract:
  We show that prediction markets cannot be relied on to always elicit any
 interesting statistic of aggregate beliefs. Formal derivations of the bets
 placed in prediction markets can be viewed as demands for state-contingent
 commodities. We provide derivations for two popular cases, log utility and
 Constant Relative Risk Aversion (CRRA) utility, connecting these
 derivations to familiar scoring rules. We then use these results to
 demonstrate how the properties of prediction markets depend critically on
 the assumed homogeneity of participants. 
Journal: Applied Economics Letters 
Pages: 267-272 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504850903559575 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504850903559575&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Russ Ray 
Author-X-Name-First: Russ 
Author-X-Name-Last: Ray 
Title: Econophysics: finance, economics and physics 
Abstract:
  This article examines the new science of 'econophysics' that utilizes
 physics models to explain economic and financial behaviour. First
 neologized in 1995, this innovative research methodology combines
 non-linear models, scaling laws, statistical mechanics and the Cauchy and
 Levy distributions to explain economic and financial behaviour more
 robustly than traditional economic and financial tools, which
 predominantly utilize linear models and Gaussian distributions. The
 conclusion of this article is that economics and finance will eventually
 absorb the powerful tools of econophysics as they continue to evolve as
 dominant social sciences. 
Journal: Applied Economics Letters 
Pages: 273-277 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003596020 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003596020&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fredj Jawadi 
Author-X-Name-First: Fredj 
Author-X-Name-Last: Jawadi 
Author-Name: Mohamed Hedi Arouri 
Author-X-Name-First: Mohamed Hedi 
Author-X-Name-Last: Arouri 
Title: The current international financial crisis in 10 questions: some lessons 
Abstract:
  This article aims to explore the most important sources and implications
 of the current international financial downturn, while analyzing and
 discussing a recently published book on finance by Professor Michel
 Aglietta, written in 2008, in which the author expands on the sources of
 the current international financial crisis and suggests several possible
 solutions. In particular, while analyzing Aglietta's answers to 10
 questions, we examine, firstly, the most important microeconomic sources
 (i.e. governance problems, market imperfections, audit and new
 international financial reporting standard limitations) and macroeconomic
 explanations (i.e. the impact of the Asian crisis and the development of
 emerging models) for the current financial downturn. We then investigate
 the most notable features and characteristics of the current crisis.
 Finally, we identify the most widely expected economic, social, political
 and geopolitical outcomes of the present market turmoil and explain what
 we expect the financial world to look like once the crisis is over. 
Journal: Applied Economics Letters 
Pages: 279-283 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003614104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003614104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Osman Suliman 
Author-X-Name-First: Osman 
Author-X-Name-Last: Suliman 
Title: The large country effect, contagion and spillover effects in the GCC 
Abstract:
  This article examines contagion and crisis propagation (spillovers) in
 the Gulf Cooperation Council (GCC) economies over the period 1960 to 2002.
 It also examines whether contagion occurred in Saudi Arabia (large
 country) after the 1987 US stock market crash and the 1997 Thai exchange
 rate devaluation and whether these contagion shocks spillover to smaller
 countries of the region. Spillovers are likely to occur among
 interdependent countries within the same geographical region. Tests based
 on correlation coefficients, ARCH/GARCH estimates and direct change
 (generalized least squares regression) propagation effects indicate that
 contagion from the US stock market crash and the Thai devaluation occurred
 in Saudi Arabia, and these external shocks were propagated to smaller GCC
 countries. This suggests that GCC countries are likely to mitigate such
 propagations through economic integration. Thus, the idea of GCC formation
 may help insulate Gulf economies against crisis propagation. 
Journal: Applied Economics Letters 
Pages: 285-294 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003614138 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003614138&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Salih Turan Katircioglu 
Author-X-Name-First: Salih Turan 
Author-X-Name-Last: Katircioglu 
Author-Name: Mete Feridun 
Author-X-Name-First: Mete 
Author-X-Name-Last: Feridun 
Title: Do macroeconomic fundamentals affect exchange market pressure? Evidence from bounds testing approach for Turkey 
Abstract:
  This article investigates the relationship between Exchange Market
 Pressure (EMP) and macroeconomic fundamentals in Turkey using the
 Autoregressive Distributed Lag (ARDL) bounds testing procedure and Vector
 Error Correction Model (VECM) within the framework of the canonical
 currency crisis models. The results of the bounds tests suggest the
 existence of a level relationship between EMP and the selected
 macroeconomic fundamentals. The results of the VECM also suggest that
 there exists a unidirectional causation that runs from those macroeconomic
 fundamentals to EMP in the case of the Turkish Economy. 
Journal: Applied Economics Letters 
Pages: 295-300 
Issue: 3 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/00036841003636110 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/00036841003636110&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Whalley 
Author-X-Name-First: John 
Author-X-Name-Last: Whalley 
Author-Name: Shunming Zhang 
Author-X-Name-First: Shunming 
Author-X-Name-Last: Zhang 
Title: On the arbitrariness of consumption 
Abstract:
  We discuss a simple model of choices of joint consumption by a working
 couple who place maintenance of their marriage (relationship) above all
 else. Any proposal made by one partner seeking to provide maximal utility
 to the other so as to preserve the marriage, in the case where preferences
 of partners are unknown, will be accepted. In this sense consumption is
 arbitrary. In the concluding section, we suggest that while overly simple,
 this structure may characterize to some degree significant amounts of
 observed consumption, emphasizing how social arrangements and the value
 placed on them by individuals can impact on observed economic behaviour. 
Journal: Applied Economics Letters 
Pages: 301-304 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003655024 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003655024&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ciaran Driver 
Author-X-Name-First: Ciaran 
Author-X-Name-Last: Driver 
Author-Name: Katsushi Imai 
Author-X-Name-First: Katsushi 
Author-X-Name-Last: Imai 
Title: Testing the uncertainty-investment relationship using survey data on capital stock disequilibrium 
Abstract:
  This article uses unique survey-based data that record the extent of
 positive and negative disequilibrium in capital stock at industry level.
 Change in these disequilibria are hypothesized to take account of planned
 and revised targets, and the influence of uncertainty on adjustment. We
 find that increased uncertainty slows the adjustment of fixed capital
 towards equilibrium levels. That is consistent with the predictions of
 real options theory and partial irreversibility models. 
Journal: Applied Economics Letters 
Pages: 305-310 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003670585 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003670585&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. P. Gius 
Author-X-Name-First: M. P. 
Author-X-Name-Last: Gius 
Title: The effects of curfews on juvenile criminal activity: an individual-level analysis 
Abstract:
  The purpose of this study is to determine the impact of juvenile curfews
 on the criminal activities of young adults. Using individual-level data
 from the National Longitudinal Survey of Youth - Geocode (NLSY) data set
 and estimating an economic model of crime for young adults, this study
 finds that although curfews have no statistically significant effect on
 the criminal behaviour of young adults, they do have a negative effect on
 the arrests of young adults. These results differ somewhat from the
 results of prior studies but lend support to community officials who
 believe that curfews are an effective tool in combating juvenile crime. 
Journal: Applied Economics Letters 
Pages: 311-313 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003689643 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003689643&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takanori Tanaka 
Author-X-Name-First: Takanori 
Author-X-Name-Last: Tanaka 
Title: Public debt financing, ownership structures and bankers on boards: evidence from Japan 
Abstract:
  This article provides new insights on determinants that affect the
 allocation of bankers to firm boards by focusing on the benefits and costs
 they bring to the boards. Using data on Japanese firms during the period
 2003-2007, we find that firms with lower credit ratings have higher
 proportions of bankers on their boards to gain easier access to bank
 credit. In contrast, firms with large shareholders face potential costs
 arising from conflicts of interest between large shareholders and banks,
 and accept fewer bankers on their boards. The results indicate that
 availability of public debt financing and ownership structures are
 important factors affecting the allocation of bankers to firm boards. 
Journal: Applied Economics Letters 
Pages: 315-318 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003689650 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003689650&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Auer 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Auer 
Author-Name: Martin Schuster 
Author-X-Name-First: Martin 
Author-X-Name-Last: Schuster 
Title: Does the financial crisis influence the random walk behaviour of international stock markets? 
Abstract:
  In this note, we use several modern multiple variance ratio tests (VR
 tests) to investigate whether the financial crisis has an impact on the
 random walk behaviour of international stock markets. Grouping a
 pre-crisis- and a crisis-panel in developed, emerging and frontier
 markets, respectively, and using daily returns of selected Morgan Stanley
 Capital International (MSCI) International Equity Indices we find that
 markets classified as developed or emerging mostly follow a random walk
 whereas we find the opposite for frontier markets. Frontier markets show a
 higher proportion of countries that experience changes in the random walk
 behaviour and changes from random walk to nonrandom walk are more
 frequent. We also find that the choice of multiple VR test does not matter
 for this kind of analysis. 
Journal: Applied Economics Letters 
Pages: 319-323 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003670676 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003670676&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: L. Dahlbom 
Author-X-Name-First: L. 
Author-X-Name-Last: Dahlbom 
Author-Name: A. Jakobsson 
Author-X-Name-First: A. 
Author-X-Name-Last: Jakobsson 
Author-Name: N. Jakobsson 
Author-X-Name-First: N. 
Author-X-Name-Last: Jakobsson 
Author-Name: A. Kotsadam 
Author-X-Name-First: A. 
Author-X-Name-Last: Kotsadam 
Title: Gender and overconfidence: are girls really overconfident? 
Abstract:
  Previous research finds that people are overconfident and that men are
 more overconfident than women. Using a very precise confidence measure,
 this article shows, however, that whereas boys are overconfident, girls
 are actually underconfident regarding their mathematics performance. We
 conducted a survey where 14-year-old high school students were asked what
 grade they thought they would get in a mathematics test a week later.
 These results were then compared with their actual grade. Boys were
 overconfident about their grades, whereas girls were underconfident. 
Journal: Applied Economics Letters 
Pages: 325-327 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003670668 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003670668&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Olugbenga Ajilore 
Author-X-Name-First: Olugbenga 
Author-X-Name-Last: Ajilore 
Author-Name: John Smith 
Author-X-Name-First: John 
Author-X-Name-Last: Smith 
Title: Ethnic fragmentation and police spending 
Abstract:
  Using a two-stage least-squares procedure, we estimate the relationship
 between ethnic fragmentation and police spending using a cross-section of
 the US counties. Our results show that, when controlling for community
 characteristics and accounting for simultaneity bias, ethnic fragmentation
 is positively related to police spending. This article contributes to the
 understanding of the stylized fact that public spending on police
 increased over a period in which the incidence of crime decreased. 
Journal: Applied Economics Letters 
Pages: 329-332 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003670650 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003670650&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pedro Mazeda Gil 
Author-X-Name-First: Pedro Mazeda 
Author-X-Name-Last: Gil 
Author-Name: Oscar Afonso 
Author-X-Name-First: Oscar 
Author-X-Name-Last: Afonso 
Title: Technological-knowledge dynamics in lab-equipment models of quality ladders 
Abstract:
  The Perpetual Inventory Model (PIM) assumes that, in each period, an
 arbitrary constant fraction of technological-knowledge stock is lost. We
 give a theoretical background to the PIM by showing that the
 technological-knowledge accumulation follows a dynamic process with an
 endogenous depreciation rate, which remains stable in steady state. 
Journal: Applied Economics Letters 
Pages: 333-336 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003670635 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003670635&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdullah Mamun 
Author-X-Name-First: Abdullah 
Author-X-Name-Last: Mamun 
Author-Name: M. Kabir Hassan 
Author-X-Name-First: M. Kabir 
Author-X-Name-Last: Hassan 
Author-Name: Ihsan Isik 
Author-X-Name-First: Ihsan 
Author-X-Name-Last: Isik 
Title: Cross-border impact of the Financial Services Modernization Act: evidence from large foreign banks 
Abstract:
  This article investigates the impact of the Financial Services
 Modernization Act (FSMA) on foreign banks. We find that the banking
 sectors of most developed countries experience significant negative
 spillover effect. However, the impacts on any two countries' banking
 sectors are not identical. Most importantly, we show that exposure to
 systematic risk with respect to the world equity index can explain the
 cross-sectional variation of the wealth effects. We also find that larger
 banks are more adversely affected. 
Journal: Applied Economics Letters 
Pages: 337-341 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003670627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003670627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nobuyoshi Yamori 
Author-X-Name-First: Nobuyoshi 
Author-X-Name-Last: Yamori 
Author-Name: Kei Tomimura 
Author-X-Name-First: Kei 
Author-X-Name-Last: Tomimura 
Author-Name: Kozo Harimaya 
Author-X-Name-First: Kozo 
Author-X-Name-Last: Harimaya 
Title: What kinds of credit associations favour introducing new financial technology? 
Abstract:
  Since 2003, the Financial Services Agency (FSA) has set relationship
 banking enhancement program as an important strategic task to improve the
 functions of regional financial institutions. In this enhancement program,
 the FSA recommended that regional financial institutions introduce new
 financial products such as collateralized loan obligations (CLOs) and
 collateralized bond obligations (CBOs). However, this was left up to each
 institution's discretion rather than being mandatory. This resulted in a
 large difference in the introduction of new products. Therefore, this
 article has analysed what kinds of credit associations favourably
 increased the use of new financial products. As a result, it has been
 confirmed that the larger their lending shares and management scale and
 the better their business conditions are, the more positively they work on
 the introduction of new products. Considering the fact that relationships
 between financial institutions and enterprises tend to be fixed in Japan,
 this means that medium and small enterprises will have restrictions on the
 financial products they can use depending on the situation of their main
 banks. 
Journal: Applied Economics Letters 
Pages: 343-347 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003636131 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003636131&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frederick Wallace 
Author-X-Name-First: Frederick 
Author-X-Name-Last: Wallace 
Title: Purchasing power parity in Mexico: a historical note 
Abstract:
  Purchasing power parity has been the subject of many empirical studies.
 Much of this work has focused on recent history in developed countries.
 This article reports results of tests for nonlinear, mean reversion of the
 real exchange rate for a less-developed country, Mexico, using a
 previously unexploited data set of monthly observations for 1930-1960. The
 test results provide limited support for Purchasing Power Parity (PPP). 
Journal: Applied Economics Letters 
Pages: 349-352 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003636149 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003636149&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Wenshu Gao 
Author-X-Name-First: Wenshu 
Author-X-Name-Last: Gao 
Author-Name: Russell Smyth 
Author-X-Name-First: Russell 
Author-X-Name-Last: Smyth 
Title: Firm size and wages in China 
Abstract:
  We find that larger firms in China actually pay lower wages. The most
 plausible explanation for this result is that larger firms in China employ
 a higher ratio of blue-collar workers. 
Journal: Applied Economics Letters 
Pages: 353-357 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003636156 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003636156&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Javier Nunez 
Author-X-Name-First: Javier 
Author-X-Name-Last: Nunez 
Author-Name: Andrea Tartakowsky 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Tartakowsky 
Title: The relationship between income inequality and inequality of opportunities in a high-inequality country: the case of Chile 
Abstract:
  Based on Bourguignon et al. (2005, 2007), we explore the extent to which
 income inequality in Chile is associated with inequality of
 'opportunities', proxied by inequality in observed socioeconomic
 circumstances of origin. We found that equalizing a diverse set of
 observed circumstances across individuals reduces the Gini and the Theil
 coefficients by about 15 and 25%, respectively. Almost half of the effect
 of observed circumstances on incomes is transmitted directly to earnings,
 whereas the rest is indirectly transmitted through the accumulation of
 schooling. Further results suggest that the influence of unobserved
 circumstances on income inequality may be limited; hence aspects such as
 preferences, choices, transitory income shocks and income measurement
 errors may be important factors behind observed income inequality. 
Journal: Applied Economics Letters 
Pages: 359-369 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003636172 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003636172&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jo&#xeb;lle Noailly 
Author-X-Name-First: Jo&#xeb;lle 
Author-X-Name-Last: Noailly 
Author-Name: Dinand Webbink 
Author-X-Name-First: Dinand 
Author-X-Name-Last: Webbink 
Author-Name: Bas Jacobs 
Author-X-Name-First: Bas 
Author-X-Name-Last: Jacobs 
Title: Should the government stimulate enrolment in science and engineering studies? 
Abstract:
  In many countries there is a deep concern about shortages of Science and
 Engineering workers (S&E). This article focuses on the effectiveness of
 policies aimed at stimulating the supply of S&E workers in the
 Netherlands. Despite the 'common wisdom' of severe and increasing
 shortages, we do not find evidence for a tight labour market of S&E
 workers. Instead, the data suggest that S&E workers have become less
 scarce since 1996. Stimulating enrolment in S&E studies may not be an
 effective policy for increasing R&D activity in the Netherlands because
 the majority of Dutch S&E freshmen do not end up working in R&D. They drop
 out during their S&E study or choose other jobs. In addition, the
 internationalization of the market for S&E workers tends to counter the
 effects of supply-side policies because the growing supply of foreign S&E
 graduates puts downward pressure on wages. As a result, demand-side
 policies may be more effective because they are directly targeted at
 fostering R&D. 
Journal: Applied Economics Letters 
Pages: 371-375 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003652385 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003652385&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Handle: RePEc:taf:apeclt:v:18:y:2011:i:4:p:371-375




Template-Type: ReDIF-Article 1.0
Author-Name: B. -W. Kim 
Author-X-Name-First: B. -W. 
Author-X-Name-Last: Kim 
Author-Name: S. -H. Seol 
Author-X-Name-First: S. -H. 
Author-X-Name-Last: Seol 
Author-Name: D. -H. Lee 
Author-X-Name-First: D. -H. 
Author-X-Name-Last: Lee 
Title: Indirect access to mobile networks: economic effects and policy implications 
Abstract:
  This study investigates the economic effects that may be expected from
 the introduction of an indirect access (IA) scheme, a potentially
 effective tool for stimulating competition, into Korea's mobile market. We
 estimate the changes in consumer surplus and operator's net revenues
 attributable to the IA system, using actual or estimated market data such
 as the price elasticity, call traffics, prices and interconnection
 charges, combined with some competition scenarios. Our results suggest
 that the increase of consumer surplus by the introduction of an IA scheme
 would be sizeable, regardless of its type and that is largest under the
 scheme access charge is regulated on cost-plus basis and mandated for
 Significant Market Power (SMP) only to provide interconnection service if
 IA providers (IAP) request. 
Journal: Applied Economics Letters 
Pages: 377-381 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003670593 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003670593&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: George Geronikolaou 
Author-X-Name-First: George 
Author-X-Name-Last: Geronikolaou 
Author-Name: George Papachristou 
Author-X-Name-First: George 
Author-X-Name-Last: Papachristou 
Title: Is there an adverse effect of uncertainty on Venture Capital? The European evidence 
Abstract:
  Early-stage and, to a lesser degree, expansion Venture Capital (VC)
 investment exhibits evident irreversibility characteristics and, according
 to the irreversibility-delay theory of investment, should thus be
 sensitive to real and financial uncertainty. The objective of this article
 is to examine to what extent VC investment is adversely affected by
 macroeconomic uncertainty on the basis of a European dataset from 1995 to
 2005. Our results indicate that price uncertainty and interest rate
 volatility do not significantly affect European VC finance and that only
 growth and cost of capital considerations seem to matter. 
Journal: Applied Economics Letters 
Pages: 383-388 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003670601 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003670601&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Harry Haupt 
Author-X-Name-First: Harry 
Author-X-Name-Last: Haupt 
Author-Name: Verena Petring 
Author-X-Name-First: Verena 
Author-X-Name-Last: Petring 
Title: Assessing parametric misspecification and heterogeneity in growth regression 
Abstract:
  A fully nonparametric analysis is applied to address the problems of
 nonlinearity and heterogeneity in classical growth regression models using
 original data from seminal contributions in this field. Nonparametric
 specification tests and in-sample goodness-of-fit measures, as well as
 cross-validation based out-of-sample measures provide considerable
 evidence for parametric misspecification and a superior performance of a
 nonparametric model, despite the small sample size. In contrast to recent
 contributions identifying heterogeneity as the primal source of
 misspecification, a formal and graphical analysis does not reveal evidence
 for heterogeneity in a parametric and nonparametric quantile regression
 framework. 
Journal: Applied Economics Letters 
Pages: 389-394 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003670643 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003670643&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tiziana La Rocca 
Author-X-Name-First: Tiziana 
Author-X-Name-Last: La Rocca 
Title: Debt-maturity, corporate diversification and relatedness 
Abstract:
  The aim of this study is to analyse the financing choices of
 multibusiness firms, in terms of debt-maturity. The results suggest that
 the degree of product diversification and the direction of diversification
 (related or unrelated) translate into different corporate financial
 behaviours. In particular, diversification related or unrelated had
 opposite effects on debt-maturity; the former strategy has a negative
 effect whereas the latter has a positive influence on debt-maturity. 
Journal: Applied Economics Letters 
Pages: 395-398 
Issue: 4 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003689635 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003689635&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rudiger Ahrend 
Author-X-Name-First: Rudiger 
Author-X-Name-Last: Ahrend 
Author-Name: Jens Arnold 
Author-X-Name-First: Jens 
Author-X-Name-Last: Arnold 
Author-Name: Fabrice Murtin 
Author-X-Name-First: Fabrice 
Author-X-Name-Last: Murtin 
Title: Have more strictly regulated banking systems fared better during the recent financial crisis? 
Abstract:
  We assess whether during the recent financial crisis banking systems in
 countries with more stringent prudential banking regulation have proved
 more stable. We find indicators of regulatory strength to be relatively
 well correlated with the extent to which countries have escaped damage
 during the recent crisis, as measured either by the degree of equity value
 destruction in the banking sector or by the fiscal cost of financial
 sector rescue. 
Journal: Applied Economics Letters 
Pages: 399-403 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003689684 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003689684&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Hammond 
Author-X-Name-First: Robert 
Author-X-Name-Last: Hammond 
Title: Auctioning to buyers with correlated values 
Abstract:
  In a laboratory setting, a monopolistic auctioneer sells to buyers as the
 level and nature of demand changes. I ask whether sellers correctly
 recognize the role played by correlation among buyers' values. The prices
 set by subjects closely match the risk-neutral benchmark predictions when
 demand follows the independent-private-values framework. In contrast,
 subjects fail to correctly account for correlation among buyers' values
 once the independence assumption is dropped. I offer two new models of
 pricing in a correlated-values environment. The model that suggests
 sellers ignore correlation outperforms both the benchmark and the model
 that suggests sellers incorrectly account for correlation. 
Journal: Applied Economics Letters 
Pages: 405-409 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003724275 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003724275&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hsu-Ling Chang 
Author-X-Name-First: Hsu-Ling 
Author-X-Name-Last: Chang 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Author-Name: Meng-Nan Zhu 
Author-X-Name-First: Meng-Nan 
Author-X-Name-Last: Zhu 
Author-Name: Pei Liu 
Author-X-Name-First: Pei 
Author-X-Name-Last: Liu 
Title: Re-examining long-run purchasing power parity for Central and Eastern European countries: nonlinear panel unit root tests 
Abstract:
  This study applies nonlinear panel unit root test to assess the
 nonstationary properties of the real exchange rate for seven Central and
 Eastern European countries (CEEC). We find that nonlinear panel unit root
 test has higher power than linear method suggested by Breuer et al. (2001)
 if the true data-generating process of exchange rate is in fact a
 stationary nonlinear process. We re-examine the validity of Purchasing
 Power Parity (PPP) from the panel nonlinear point of view and provide
 robust evidence that clearly indicates that PPP holds true for five
 countries, namely, Bulgaria, Hungary, Poland, Romania and Russia. Our
 findings point out their exchange rate adjustment is mean reversion
 towards PPP equilibrium values in a nonlinear way. 
Journal: Applied Economics Letters 
Pages: 411-415 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003724218 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003724218&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Bruner 
Author-X-Name-First: David 
Author-X-Name-Last: Bruner 
Title: Multiple switching behaviour in multiple price lists 
Abstract:
  A common mechanism to elicit risk preferences requires a respondent to
 make a series of dichotomous choices. A recurring problem with this
 mechanism is a frequently observed tendency to switch from the less to the
 more risky choice multiple times, multiple switching behaviour. We
 introduce an instructional variation which our evidence suggests
 practically eliminates such behaviour. We read a script emphasizing only
 one decision will determine earnings before providing written
 instructions. Emphasizing the incentive compatibility of the payment rule
 reduces observed multiple switching behaviour from 13.3% to 2.3% in one
 format and from 25.8% to 6.7% in another. 
Journal: Applied Economics Letters 
Pages: 417-420 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003724242 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003724242&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Pasten 
Author-X-Name-First: R. 
Author-X-Name-Last: Pasten 
Author-Name: J. P. Cover 
Author-X-Name-First: J. P. 
Author-X-Name-Last: Cover 
Title: Does the Chilean government smooth taxes? A tax-smoothing model with revenue collection from a natural resource 
Abstract:
  This article uses a present value test to examine whether the Chilean
 government has smoothed taxes optimally since 1973. An important portion
 of the Chilean government's revenue is the result of royalties it earns
 from the extraction of copper. An appropriate test for tax-smoothing
 therefore must recognize that this part of the government's revenue is not
 completely under its control. The results provide strong evidence for tax
 smoothing when royalties from copper are treated as not being under
 government control, but only weak evidence if they are treated as if they
 are under government control. 
Journal: Applied Economics Letters 
Pages: 421-425 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003705274 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003705274&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jean Heck 
Author-X-Name-First: Jean 
Author-X-Name-Last: Heck 
Author-Name: Rajneesh Sharma 
Author-X-Name-First: Rajneesh 
Author-X-Name-Last: Sharma 
Title: Leading contributing institutions to the elite finance journals: affiliation on publication versus current institutional affiliation 
Abstract:
  This study examines the ranking by institutional affiliation of authors
 appearing in the six leading finance journals (Financial Management,
 Journal of Banking and Finance, Journal of Finance, Journal of Financial
 Economics, Journal of Financial and Quantitative Analysis and Review of
 Financial Studies) over the past 25 years (1984-2008). Unlike previous
 studies that rank schools' appearances in finance journals, this study
 compares the rankings of schools that appear on the articles at the time
 of publication versus the ranking of schools based on authors' current
 institutional affiliation. In a mobile academic marketplace, the schools
 with faculty appearing most frequently in the leading journals may change
 over time. 
Journal: Applied Economics Letters 
Pages: 427-432 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003689676 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003689676&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. R. Hughes 
Author-X-Name-First: D. R. 
Author-X-Name-Last: Hughes 
Author-Name: D. T. Mitchell 
Author-X-Name-First: D. T. 
Author-X-Name-Last: Mitchell 
Author-Name: D. P. Molinari 
Author-X-Name-First: D. P. 
Author-X-Name-Last: Molinari 
Title: Heeding the call: seminary enrollment and the business cycle 
Abstract:
  We examine a panel of divinity school enrollments to explore the
 motivations of prospective clergy considering post-graduate training in
 preparation for the ministry. Employing the fixed-effects within estimator
 allows us to see pecuniary motivations while controlling for the
 differences between types of divinity school and denomination. We find
 decisions by prospective clergy to enroll in seminary are responsive to
 changes in the business cycle as well as salaries. Our results reinforce
 the view that variation in opportunity costs associated with business
 cycles plays a significant role in the timing of human capital formation
 even for those with mostly nonmonetary motivations. 
Journal: Applied Economics Letters 
Pages: 433-437 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003689668 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003689668&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gregory Berg 
Author-X-Name-First: Gregory 
Author-X-Name-Last: Berg 
Title: An application of kernel-based versus one-to-one propensity score matching for a nonexperimental causal study: example from a disease management program evaluation 
Abstract:
  Objective: To discuss and compare kernel-based matching with one-to-one
 propensity score matching applied to disease management. Data sources:
 Administrative claims data from a US Medicaid fee for service plan. Study
 design: Matched two group analyses using both kernel-based matching and
 one-to-one propensity score matching. This comparison is applied to the
 estimation of diabetes disease management treatment effects. Principle
 findings: Kernel-based matching is found to be better than one-to-one
 propensity score matching when there is no sufficient number of potential
 controls from which to draw a matched cohort but similar when there is a
 sufficient number of potential controls. Matching was applied in the
 context of a diabetes disease management program that showed an increase
 in management of each person's medical care through the disease management
 program. Conclusions: The approach provides a methodology for researchers
 to evaluate healthcare service innovations without a randomized trial
 design and delineates the requirements for a matched analysis. Matching
 was applied in the context of a disease management program showing better
 patient management through the disease management program. 
Journal: Applied Economics Letters 
Pages: 439-447 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003689692 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003689692&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dragan Miljkovic 
Author-X-Name-First: Dragan 
Author-X-Name-Last: Miljkovic 
Author-Name: William Wilson 
Author-X-Name-First: William 
Author-X-Name-Last: Wilson 
Title: The impact of emergence of Chinese international corn markets on Chinese and US corn prices 
Abstract:
  Because of reduced stockholding, Chinese domestic corn markets are
 becoming much more interdependent with the rest of the world. As China's
 economy continues to transition from centrally planned to market oriented,
 internal pressure for increased use of market mechanisms in trading corn
 and other commodities is continuous. Moreover, there is also external
 pressure for increased use of market mechanisms because of the accession
 of China to the World Trade Organization (WTO). The objective of this
 article is to evaluate the dynamic interrelationships between Chinese corn
 prices in producing, consuming and export/import locations and the US
 Chicago Board of Trade (CBOT) price. A novel dataset including daily
 prices from dominant cash markets at producing regions, at export/import
 ports and at major consuming regions within China, as well as prices at
 Chicago is used in the analysis. Based on results of Vector Error
 Correction (VEC) model, prices in these markets are correlated in short
 run while error correction terms indicate long-run relationship among
 Chinese prices only. Causality relationships suggest that Dalian export
 price in China precedes the US price in the short run. However, shocks to
 any of Chinese prices have no long-term impact on the behaviour of US corn
 prices and the vice versa. 
Journal: Applied Economics Letters 
Pages: 449-454 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003724192 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003724192&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gianfranco Giulioni 
Author-X-Name-First: Gianfranco 
Author-X-Name-Last: Giulioni 
Author-Name: Edgardo Bucciarelli 
Author-X-Name-First: Edgardo 
Author-X-Name-Last: Bucciarelli 
Title: Agent's behaviour in a sequential Dutch auction: evidence from the Pescara wholesale fish market 
Abstract:
  In this article we perform an empirical investigation to detect whether
 and to what extent agents' behaviour departs from those foreseen by the
 orthodox economic theory in the Pescara wholesale fish market, which has a
 centralized structure. Using non-parametric techniques and tools from
 statistical physics, we tackle the issue investigating features such as
 the dynamics of the structure of attendance in auctions, the varieties of
 fish presentation during the seller's turn and the presence of long-term
 relationships between buyers and sellers. We follow this way instead of
 focusing on the price dispersion and dynamics to avoid risking that the
 unobserved quality differences of the traded products might bias the
 results of the analysis. 
Journal: Applied Economics Letters 
Pages: 455-460 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003705266 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003705266&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Elena Bojesteanu 
Author-X-Name-First: Elena 
Author-X-Name-Last: Bojesteanu 
Author-Name: Gabriel Bobeic&#x103; 
Author-X-Name-First: Gabriel 
Author-X-Name-Last: Bobeic&#x103; 
Title: The propagation of European monetary policy shocks into Romania's economy 
Abstract:
  This article analyses the role of monetary shocks in transmitting
 macroeconomic fluctuations across countries within a two-country
 framework, with a special emphasis on the case of Romania. Based on the
 estimation results for various specifications of the European Central Bank
 reaction function, we argue that the proper framework for isolating the
 European monetary policy shocks includes survey data. To determine the
 magnitude of the effects of European monetary fluctuations on the Romanian
 economy, we employ a Structural Vector Autoregressive (SVAR) model
 identified using long-term restrictions that comprises key Romanian
 macro-indicators and the variables considered suitable for isolating the
 European monetary policy shocks. Our findings are important to establish
 the degree of vulnerability of the Romanian economy to external
 disturbances and the degree of fulfilment of the prerequisites for
 becoming a full member of the Economic and Monetary Union. 
Journal: Applied Economics Letters 
Pages: 461-465 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003705282 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003705282&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ankita Mishra 
Author-X-Name-First: Ankita 
Author-X-Name-Last: Mishra 
Author-Name: Vinod Mishra 
Author-X-Name-First: Vinod 
Author-X-Name-Last: Mishra 
Title: Is the Indian stock market efficient? Evidence from a TAR model with an autoregressive unit root 
Abstract:
  This study uses a two-regime threshold autoregressive (TAR) model with an
 autoregressive unit root to examine the efficiency of the Indian stock
 market. Using 11 years' weekly data for two indices and 10 common stocks
 from the National Stock Exchange (NSE) of India, this study applies the
 Caner and Hensen (2001) methodology to simultaneously test for the
 presence of nonlinearities and unit root in the stock prices data. The
 main finding of this study is that Indian stock prices follow a random
 walk albeit the presence of nonlinearities in the data. 
Journal: Applied Economics Letters 
Pages: 467-472 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003705290 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003705290&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joon Chae 
Author-X-Name-First: Joon 
Author-X-Name-Last: Chae 
Author-Name: Eun Jung Lee 
Author-X-Name-First: Eun Jung 
Author-X-Name-Last: Lee 
Title: An analysis of split orders in an index options market 
Abstract:
  This study presents the empirical evidence of Kyle (1985) that informed
 traders spread their orders over time to camouflage their information. Our
 proprietary data, which contain account numbers in the Korean options
 market, identify whether traders break up his or her order (split orders)
 or not. We show that split orders are associated with a larger proportion
 of cumulative price change than nonsplit orders are. Furthermore, nonsplit
 orders, even small- or medium-size ones, cause much smaller cumulative
 price changes. These results improve upon the tests of Barclay and Warner
 (1993). 
Journal: Applied Economics Letters 
Pages: 473-477 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003724200 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003724200&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zoya Nissanov 
Author-X-Name-First: Zoya 
Author-X-Name-Last: Nissanov 
Author-Name: Jacques Gabriel Silber 
Author-X-Name-First: Jacques Gabriel 
Author-X-Name-Last: Silber 
Title: On some extensions of the concept of growth incidence curves 
Abstract:
  This article proposes a decomposition of what Grimm (2007) called
 individual growth incidence curve into two components measuring the impact
 of structural mobility (measured through the traditional growth incidence
 curve) and of exchange mobility, respectively. It also suggests
 introducing a growth incidence curve that checks whether pure mobility was
 pro-poor. An illustration based on Israeli census data for the years 1983
 and 1995 seems to confirm the usefulness of the proposed breakdown. 
Journal: Applied Economics Letters 
Pages: 479-483 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003724226 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003724226&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Helder Ferreira de Mendonca 
Author-X-Name-First: Helder Ferreira 
Author-X-Name-Last: de Mendonca 
Author-Name: Delio Jose Cordeiro Galvao 
Author-X-Name-First: Delio Jose Cordeiro 
Author-X-Name-Last: Galvao 
Author-Name: Renato Falci Villela Loures 
Author-X-Name-First: Renato Falci Villela 
Author-X-Name-Last: Loures 
Title: Estimation of economic capital for operational risk in banking industry: a Brazilian case 
Abstract:
  This article presents an analysis for the estimation of economic capital
 concerning operational risk in a Brazilian banking industry case making
 use of Markov chains, Extreme Value Theory (EVT) and Peaks Over Threshold
 (POT) modelling. The findings denote that some existent methods present
 consistent results among institutions with similar characteristics of loss
 data. 
Journal: Applied Economics Letters 
Pages: 485-491 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003724234 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003724234&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hooi Hooi Lean 
Author-X-Name-First: Hooi Hooi 
Author-X-Name-Last: Lean 
Author-Name: Russell Smyth 
Author-X-Name-First: Russell 
Author-X-Name-Last: Smyth 
Title: Will Obama's economic stimulus package be effective? Evidence from the misery index 
Abstract:
  We apply Lagrange Multiplier (LM) unit root tests with one and two
 structural breaks to the US misery index. The results indicate that
 aggregate demand shocks, such as the economic stimulus package passed by
 the Congress in 2009, will only have a temporary effect on the long-run
 growth path of the misery index. The implication is that the benefits of
 the Obama package in terms of initiating recovery from the Global
 Financial Crisis will only be transitory. 
Journal: Applied Economics Letters 
Pages: 493-495 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003724259 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003724259&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chul-Hwan Kim 
Author-X-Name-First: Chul-Hwan 
Author-X-Name-Last: Kim 
Author-Name: Donggeun Kim 
Author-X-Name-First: Donggeun 
Author-X-Name-Last: Kim 
Title: Do capital inflows cause current account deficits? 
Abstract:
  This article examines the causal relationship between the Current Account
 (CA) and the Capital Account (KA) for Korea in a multivariate framework.
 The estimation results indicate the existence of bidirectional causality
 between the KA and the CA. The findings imply that an inflow of capital
 causes an appreciation of the Exchange Rate (ER), which in turn worsens
 the CA balance and may even trigger a currency crisis in the absence of
 adequately supervised banking systems and ER flexibility. 
Journal: Applied Economics Letters 
Pages: 497-500 
Issue: 5 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003724267 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003724267&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeffrey Prince 
Author-X-Name-First: Jeffrey 
Author-X-Name-Last: Prince 
Author-Name: Daniel Shawhan 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Shawhan 
Title: Is time inconsistency primarily a male problem? 
Abstract:
  We conduct a simple experiment, using real money, that tests whether men
 and woman differ in time consistency. The experiment provides strong
 evidence of time inconsistency among males, but no evidence of such
 behaviour among females. Furthermore, the difference between males and
 females is statistically significant. This result could have important
 implications in marketing and in efforts to improve intertemporal
 decision-marking. 
Journal: Applied Economics Letters 
Pages: 501-504 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761806 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761806&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kenneth Moon 
Author-X-Name-First: Kenneth 
Author-X-Name-Last: Moon 
Author-Name: James LeSage 
Author-X-Name-First: James 
Author-X-Name-Last: LeSage 
Title: Revisiting the question - Does corporate headquarters location matter for stock returns? 
Abstract:
  We show that the ordinary least squares applied to right-hand-side
 variables consisting of averages of neighbouring observations such as
 stock returns representing a portfolio of firms in the same location or
 industry result in biased and inconsistent estimates. A maximum likelihood
 estimation procedure that will produce consistent estimates for this type
 of model is set forth. In addition, we show how to correctly interpret the
 maximum likelihood parameter estimates. 
Journal: Applied Economics Letters 
Pages: 505-508 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761780 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761780&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jurgen Holl 
Author-X-Name-First: Jurgen 
Author-X-Name-Last: Holl 
Author-Name: Robert Kunst 
Author-X-Name-First: Robert 
Author-X-Name-Last: Kunst 
Title: Unit root in unemployment - new evidence from nonparametric tests 
Abstract:
  We apply Range Unit Root (RUR) tests to Organization for Economic
 Co-operation and Development (OECD) unemployment rates and compare the
 results to conventional tests. By simulations, we find that unemployment
 is represented adequately by a new nonlinear transformation of a serially
 correlated I(1) process. 
Journal: Applied Economics Letters 
Pages: 509-512 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003725934 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003725934&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Hoffmann 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Hoffmann 
Author-Name: Gunther Schnabl 
Author-X-Name-First: Gunther 
Author-X-Name-Last: Schnabl 
Title: The theory of optimum currency areas and growth in emerging markets 
Abstract:
  We test for the impact of exchange rate volatility on growth in emerging
 market economies based on the theory of optimum currency areas. Our
 findings provide evidence for a positive impact of exchange rate stability
 on growth. 
Journal: Applied Economics Letters 
Pages: 513-517 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003742434 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003742434&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Yamaguchi 
Author-X-Name-First: R. 
Author-X-Name-Last: Yamaguchi 
Author-Name: K. Ueta 
Author-X-Name-First: K. 
Author-X-Name-Last: Ueta 
Title: Capital depreciation and waste accumulation in capital-resource economies 
Abstract:
  In this article, we investigate how the depreciation of a manufactured
 stock and the related accumulation of a waste stock can alter the optimal
 path of the capital-resource economy. It is shown that the optimal
 consumption path is affected by how the disuse pattern of the manufactured
 stock in question is distributed, specifically with forward-looking terms. 
Journal: Applied Economics Letters 
Pages: 519-522 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761814 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761814&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Philip Grossman 
Author-X-Name-First: Philip 
Author-X-Name-Last: Grossman 
Author-Name: Matthew Parrett 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Parrett 
Title: Religion and prosocial behaviour: a field test 
Abstract:
  Religious people are thought to be more prosocial than nonreligious
 people. Laboratory studies of this using ultimatum, dictator, public goods
 and trust games have produced mixed results, which could be due to lack of
 context. This article examines the relationship between religion and
 prosocial behaviour using data from a context-rich, naturally occurring
 field experiment that closely resembles the dictator game - tipping in
 restaurants. Customers were surveyed as they left a set of restaurants in
 Richmond, Virginia, in the summers of 2002 and 2003. Our findings reveal
 no evidence of religious prosociality. 
Journal: Applied Economics Letters 
Pages: 523-526 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761798 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761798&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Holian 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Holian 
Author-Name: Ali Reza 
Author-X-Name-First: Ali 
Author-X-Name-Last: Reza 
Title: Firm and industry effects in accounting versus economic profit data 
Abstract:
  This article presents estimates of firm and industry fixed effects on
 profit rates for large US corporations, using Economic Value Added (EVA),
 the popular measure of profits produced by Stern Stewart & Co., and simple
 (unadjusted) accounting measures as the dependent variables. We find that
 the improvement in explanatory power of the fixed-effect model is
 substantially greater when using EVA than has been documented with
 alternative measures. 
Journal: Applied Economics Letters 
Pages: 527-529 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761756 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761756&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jean Serbera 
Author-X-Name-First: Jean 
Author-X-Name-Last: Serbera 
Title: Partial horizontal and vertical ownership 
Abstract:
  Others have shown that in vertically related Cournot oligopolies, partial
 ownership could have no real effects on total output or price choice, and
 in a separate way that increasing cross-ownership among rivals leads to
 more collusive outcome. In a complementary manner we study the
 interactions between vertical and horizontal partial ownership giving no
 control over target. This article shows that when the choice of optimal
 cross-ownership profile is simultaneous, a mixed equilibrium with upward
 vertical and horizontal participations can be achieved, vertical and
 horizontal ones being strategic substitutes. We finally exhibit the
 significant influence of vertical shareholdings on output price as on
 profits and on consumer surplus, which in our model is harmful at optimum
 from a consumer and a social point of view. 
Journal: Applied Economics Letters 
Pages: 531-537 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761772 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761772&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jonathan Leightner 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Leightner 
Title: Fiscal stimulus for the USA in the current financial crisis: what does 1930-2008 tell us? 
Abstract:
  This article uses Bi-directional Reiterative Truncated Projected Least
 Squares (BD-RTPLS) to estimate annual dGDP/dG (GDP, Gross Domestic Product
 and G, government spending) multipliers for the USA between 1930 and 2008.
 The analysis is redone with quarterly data from 1947 to 2008. To account
 for the influence of omitted variables, BD-RTPLS produces a separate
 dGPP/dG estimate for every observation in the data set. I find that
 whenever the US government increases government spending by an unusually
 large amount in a given year or quarter, the resulting government spending
 multiplier plummets. This is not good news for the current US government
 which is hoping that a huge fiscal stimulus package will rescue the USA
 from the current crisis. 
Journal: Applied Economics Letters 
Pages: 539-549 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003724374 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003724374&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Howe 
Author-X-Name-First: John 
Author-X-Name-Last: Howe 
Author-Name: David Maslar 
Author-X-Name-First: David 
Author-X-Name-Last: Maslar 
Title: The intra-industry effects of the acquisition of Dow Jones 
Abstract:
  We examine the intra-industry effects associated with the acquisition of
 Dow Jones and Company by News Corporation. We test the significance of the
 market's reaction to news releases throughout 2007 using event study
 methods. We find evidence of a direct relation between the stock price
 reaction of Dow Jones and the stock price reaction of its competitors,
 indicating that the market viewed the acquisition as beneficial to Dow
 Jones's industry rivals. 
Journal: Applied Economics Letters 
Pages: 551-554 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003742475 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003742475&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Anna Micaela Ciarrapico 
Author-X-Name-First: Anna Micaela 
Author-X-Name-Last: Ciarrapico 
Author-Name: Stefania Cosci 
Author-X-Name-First: Stefania 
Author-X-Name-Last: Cosci 
Title: European banks and cross-selling 
Abstract:
  According to a part of economic literature, the growing competition among
 financial intermediaries, together with the consequent interest margin
 shrink, induced many banks to enter new markets and adopt cross-selling
 strategies. Our results show that two kinds of banks coexist in Europe:
 cross-selling banks, more interested in 'depositors' than in loans, and
 traditional banks, interested in granting loans to good borrowers. The
 awareness of the deep difference existing between these two types of banks
 now operating in Europe is very important for the implementation of an
 effective economic policy in the face of the financial crisis. We find
 evidence that cross-selling banks tend to be localized in countries where
 the banking system is less concentrated but they are not characterized by
 lower interest margins. 
Journal: Applied Economics Letters 
Pages: 555-559 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761749 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761749&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ahmet Ozyigit 
Author-X-Name-First: Ahmet 
Author-X-Name-Last: Ozyigit 
Author-Name: Fehiman Eminer 
Author-X-Name-First: Fehiman 
Author-X-Name-Last: Eminer 
Title: Bounds test approach to the relationship between human capital and foreign direct investment as regressors of economic growth in Turkey 
Abstract:
  Although the linkages between Foreign Direct Investment (FDI), Human
 Capital Investment (HC) and economic growth have been of special interest
 in many lines of research for quite some time, there is no clear-cut
 evidence as to suggest a concrete arrow of causality between these
 variables. This article employs a bounds test analysis for co-integration
 and Granger causality test to investigate a long-term relationship between
 FDI, HC and economic growth in Turkey after 1970. Our results indicate
 that although there is no evidence for the FDI-led growth hypothesis in
 Turkey, there is evidence for causality in the backwards direction. There
 is also a strong arrow of causality running from HC to FDI and economic
 growth. Our findings are in line with the existing literature on the
 linkages between HC and economic growth; however, the fact that FDI does
 not cause economic growth contradicts a vast range of work in the
 literature. To this end, we employ a trivariate framework to analyse
 whether FDI and HC jointly Granger-cause per capita economic growth.
 Although FDI alone does not exhibit a causal relationship with per capita
 income growth, it is the case where FDI and HC jointly produce this
 result. 
Journal: Applied Economics Letters 
Pages: 561-565 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003742426 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003742426&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pratap Chandra Pati 
Author-X-Name-First: Pratap Chandra 
Author-X-Name-Last: Pati 
Author-Name: Prabina Rajib 
Author-X-Name-First: Prabina 
Author-X-Name-Last: Rajib 
Title: Intraday return dynamics and volatility spillovers between NSE S&P CNX Nifty stock index and stock index futures 
Abstract:
  Using 5-min intraday transaction prices, this study investigates the
 relationship between the National Stock Exchange (NSE) S&P CNX Nifty
 futures and its underlying spot index in terms of both return and
 volatility. By applying Johansen-Juselius (J-J) cointegration analysis, we
 find evidence of single common stochastic trend, to which spot and futures
 prices move together in a long-run equilibrium path. The vector error
 correction model (VECM) and Granger causality test find that there is
 unidirectional causality running from futures to spot market. To examine
 the volatility spillovers between the markets, this study has used
 bivariate Generalized Autoregressive Conditional Heteroscedastic (GARCH)
 (1, 1) model with Baba, Engle, Kraft and Kroner (BEKK) parameterization
 and finds evidence of bidirectional volatility spillovers between spot and
 futures markets. However, there is pronounced spillover effect of a
 previous shock and volatility from the futures market to spot market.
 Hence, we conclude that Nifty futures prices lead spot prices and futures
 market largely contributes to price discovery. These findings have
 significant implications for traders in implementing hedging and arbitrage
 trading strategies, for portfolio managers in managing risk and also for
 policymakers in assessing market stability. 
Journal: Applied Economics Letters 
Pages: 567-574 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003742442 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003742442&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christos Agiakloglou 
Author-X-Name-First: Christos 
Author-X-Name-Last: Agiakloglou 
Author-Name: Konstantinos Bloutsos 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Bloutsos 
Title: Comparing estimates of risk between markets and telecommunications institutions in Europe 
Abstract:
  We examine and evaluate the concept of risk for the financial market of
 telecommunications in Europe using the Value-at-Risk (VaR) method. In
 particular, we compare the estimates of risk between stock market indices
 and stock prices of telecommunications institutions in Europe. The
 estimates of risk are obtained as a one-step-ahead forecast using
 AutoRegressive Integrated Moving Average (ARIMA) analysis with Generalized
 AutoRegressive Conditional Heteroscedastic (GARCH) errors. 
Journal: Applied Economics Letters 
Pages: 575-579 
Issue: 6 
Volume: 18 
Year: 2011 
Keywords: value-at- risk method, ARIMA analysis, GARCH models, telecommunications market, 
X-DOI: 10.1080/13504851003742459 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003742459&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Loureiro 
Author-X-Name-First: Maria 
Author-X-Name-Last: Loureiro 
Author-Name: Melina Barrio 
Author-X-Name-First: Melina 
Author-X-Name-Last: Barrio 
Title: Do entreaties reduce the WTA-WTP disparity when valuing public goods? 
Abstract:
  In this work we investigate the effects of entreaties to reduce the
 disparity between willingness to pay (WTP) and willingness to accept (WTA)
 estimates in the valuation of a public program. We find that entreaties
 are very effective on reducing the hypothetical bias inherent to the WTA
 estimates, as well as the gap between both WTP and WTA welfare estimates.
 The success of such entreaties warrants future research in this area. 
Journal: Applied Economics Letters 
Pages: 581-584 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003742467 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003742467&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. H. Hung 
Author-X-Name-First: S. H. 
Author-X-Name-Last: Hung 
Author-Name: M. J. Weng 
Author-X-Name-First: M. J. 
Author-X-Name-Last: Weng 
Title: Panel unit root tests of purchasing power parity for Central Asian countries 
Abstract:
  Is the real price of commodities among the Central Asian countries
 similar? Prior research suggests that for Central Asian countries the
 Purchasing Power Parity (PPP) doctrine does not hold. This article employs
 alternative cross-section correlations of panel unit root tests to examine
 the validity of the PPP hypothesis for three Central Asian countries
 vis-a-vis the Russian Federation. The empirical results show significant
 support for the PPP doctrine in these Central Asian countries when the
 testing takes into account the cross-sectional dependence on panel unit
 root tests. 
Journal: Applied Economics Letters 
Pages: 585-590 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003742483 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003742483&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mingxi Wang 
Author-X-Name-First: Mingxi 
Author-X-Name-Last: Wang 
Author-Name: Shulin Liu 
Author-X-Name-First: Shulin 
Author-X-Name-Last: Liu 
Author-Name: Shouyang Wang 
Author-X-Name-First: Shouyang 
Author-X-Name-Last: Wang 
Title: The simple economics of bid criteria 
Abstract:
  Bid criteria are of prime importance to bidders because they are the
 basis for the bidders to select bid price or bid mark-up. This article
 presents the alternative expressions of the bid criteria of the
 conditional negative and positive profit ratios proposed by Seydel and
 Olson (1990) and Lai et al. (2002), respectively, and interprets them in
 the traditional demand and supply theory. It is found that there is a
 'frontier' bid mark-up if the bidders adopt the conditional profit ratio
 as their sole bid criterion. 
Journal: Applied Economics Letters 
Pages: 591-594 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761731 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761731&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: U&#x11f;ur Soytas 
Author-X-Name-First: U&#x11f;ur 
Author-X-Name-Last: Soytas 
Author-Name: Engin Kucukkaya 
Author-X-Name-First: Engin 
Author-X-Name-Last: Kucukkaya 
Title: Economic growth and financial development in Turkey: new evidence 
Abstract:
  We examine the link between financial development and economic growth in
 Turkey for the period 1991 to 2005 using quarterly data. We use relatively
 new time series techniques that are less prone to bias to examine this
 relationship. We also construct a comprehensive financial development
 index using principal component analysis. When we control for the possible
 effects of inflation and monetary and fiscal policies on monetary
 aggregates and the economic growth rate, we fail to find any long-run
 causality in either direction. The result is also confirmed by generalized
 impulse response analysis. 
Journal: Applied Economics Letters 
Pages: 595-600 
Issue: 6 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761764 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761764&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gabe de Bondt 
Author-X-Name-First: Gabe 
Author-X-Name-Last: de Bondt 
Title: Equity wealth effects: fundamental or bubble-driven? 
Abstract:
  This article estimates equity wealth effects on euro area consumption,
 splitting equity returns into fundamental- and bubble-related components.
 The equity wealth effect is fundamental-driven, particularly strong since
 1994, and operates comparatively quickly during negative bubble returns. 
Journal: Applied Economics Letters 
Pages: 601-605 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761822 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761822&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Steffen Habermalz 
Author-X-Name-First: Steffen 
Author-X-Name-Last: Habermalz 
Title: The speed of employer learning and job market signalling revisited 
Abstract:
  This article discusses the claim made by Altonji and Pierret (AP) (1997)
 and Lange (2007) that a high Speed of Employer Learning (SEL) indicates a
 low value of Job Market Signalling (JMS). It is first discussed
 intuitively in the light of Spence's original model and then evaluated in
 a simple extension of a model developed by AP (1997). The analysis
 provided indicates that, if Employer Learning (EL) is incomplete, a high
 SEL is not necessarily indicative of a low value of JMS. 
Journal: Applied Economics Letters 
Pages: 607-610 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.482514 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.482514&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Title: Persistence of cigarette advertising across media and smoking rates 
Abstract:
  This article uses state-level US panel data to examine the effects of
 cigarette advertising on smoking. We disaggregate cigarette advertising
 into (1) print, (2) outdoor, (3) entertainment and (4) store. How does
 advertising persist over time across advertising media? Are there
 differences in effectiveness of advertising across different smoking
 rates? Results show that the price elasticity of cigarette demand is
 negative and within the range of recent estimates, whereas border price
 elasticities and income elasticities are positive. All elasticities,
 however, are uniquely sensitive to smoking rates, as is the effectiveness
 of the Master Settlement Agreement. Current aggregate advertising
 increases cigarette demand, whereas accompanying negative advertising
 takes hold in the third year. Upon disaggregation, current store
 advertising increases smoking in most cases. However, store advertising
 has a negative effect by the third year, especially in states with smoking
 rates at or above the median. Other advertising media have weak or no
 effects. 
Journal: Applied Economics Letters 
Pages: 611-619 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.487822 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.487822&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gabriel Power 
Author-X-Name-First: Gabriel 
Author-X-Name-Last: Power 
Author-Name: Calum Turvey 
Author-X-Name-First: Calum 
Author-X-Name-Last: Turvey 
Title: Revealing the impact of index traders on commodity futures markets 
Abstract:
  Commodity futures prices and volatility increased dramatically from 2006
 to 2008, following a period during which index traders, a class of large
 investment funds, took on massive commodity futures positions. This
 article presents a method to reveal the extent to which index trader
 trading activity (volume) might have caused increases in futures price
 volatility. This approach is useful when position-level data are
 incomplete or confidential, as with index trader position data. The method
 is applied to leading agricultural commodity futures data. The impact of
 index traders is identified during their period of greatest activity, that
 is, 2005 to 2006, using aggregated volume data that are filtered using
 wavelet transforms. The filtering decision rule is guided by the Commodity
 Futures Trading Commission's (CFTC) finding that index traders do not
 engage in short-run trades. A joint model of futures (filtered) volume and
 (unfiltered) price volatility is estimated by 2SLS to account for the
 endogeneity of prices and volume. As a robustness check, both log-range
 and GARCH measures of volatility are used. The evidence provides no
 support for the claim that index traders have increased price volatility
 for storable commodities (grains/oilseeds) and only weak support in the
 case of nonstorable commodities (meats). 
Journal: Applied Economics Letters 
Pages: 621-626 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761848 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761848&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: S. Chatterjee 
Author-X-Name-First: S. 
Author-X-Name-Last: Chatterjee 
Author-Name: M. Finke 
Author-X-Name-First: M. 
Author-X-Name-Last: Finke 
Author-Name: N. Harness 
Author-X-Name-First: N. 
Author-X-Name-Last: Harness 
Title: The impact of self-efficacy on wealth accumulation and portfolio choice 
Abstract:
  Self-efficacy is a psychological construct based on the evaluations of
 one's ability to accomplish certain behaviours or achieve certain outcomes
 (Bandura, 1977). Although self-efficacy has been linked to health, task
 accomplishment, greater socio-economic status and income (Seeman and
 Seeman, 1983; Stretcher et al., 1986; Gecas and Seff, 1990; Judge et al.,
 2002; Zagorsky, 2007), there has been no study that investigates whether
 self-efficacy is also a predictor of greater wealth creation over a
 specific period of time. Applying a theoretical framework based on
 self-efficacy, this article investigates household financial behaviours
 using the National Longitudinal Survey of Youth (NLSY79) data-set. For the
 purpose of this study, change in wealth across time and financial market
 participation is modelled as a function of socio-economic and demographic
 variables drawn from prior literature. Findings from this research reveal
 that self-efficacy is indeed a predictor of investment for financial
 assets and is also a predictor of wealth creation across time. 
Journal: Applied Economics Letters 
Pages: 627-631 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761830 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761830&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: M. Ryan Haley 
Author-X-Name-First: M. Ryan 
Author-X-Name-Last: Haley 
Author-Name: Sarinda Taengnoi 
Author-X-Name-First: Sarinda 
Author-X-Name-Last: Taengnoi 
Title: The skill transferability of high-skilled US immigrants 
Abstract:
  Using the 2000 US Census data, we explored the effect of international
 transferability of skills on the earnings of high-skilled US immigrants.
 We confirmed that education and labour market experience received by
 immigrants from Japan and English-speaking developed countries before
 migrating have the greatest transferability; immigrants from
 non-English-speaking and Less Developed Countries (LDCs) make a greater
 investment in US-specific skills after arrival and earn a salary
 commensurate with the acquired skill level. Nevertheless, high-skilled
 workers from English-speaking developed countries still receive higher
 earnings, other things equal. We explore factors that influence this
 earnings differential. 
Journal: Applied Economics Letters 
Pages: 633-636 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.491438 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.491438&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marcus Mossfeldt 
Author-X-Name-First: Marcus 
Author-X-Name-Last: Mossfeldt 
Author-Name: Par Osterholm 
Author-X-Name-First: Par 
Author-X-Name-Last: Osterholm 
Title: The persistent labour-market effects of the financial crisis 
Abstract:
  This article estimates the effects of the financial crisis on the Swedish
 labour market. Using an unobserved components model and an external
 forecast, we estimate a future path for the Nonaccelerating Inflation Rate
 of Unemployment (NAIRU). Judging by this analysis, the labour market will
 be in equilibrium again in 2013. Linking the NAIRU to other labour-market
 variables through an estimated vector error correction model and
 population projections, it is found that this new equilibrium is
 associated with a smaller equilibrium labour force and lower equilibrium
 employment. 
Journal: Applied Economics Letters 
Pages: 637-642 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003781424 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003781424&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Magnus Gustavsson 
Author-X-Name-First: Magnus 
Author-X-Name-Last: Gustavsson 
Author-Name: Par Osterholm 
Author-X-Name-First: Par 
Author-X-Name-Last: Osterholm 
Title: Mean reversion in the US unemployment rate - evidence from bootstrapped out-of-sample forecasts 
Abstract:
  This article investigates whether the US unemployment rate is best
 described as a unit-root or mean-reverting process. An out-of-sample
 forecast exercise is conducted in which the performance of an
 autoregressive (AR) model with an imposed unit root is compared with that
 of a mean-reverting AR model. A bootstrap distribution for the relative
 root mean square forecast error is generated and provides strong support
 for mean reversion in the US unemployment rate. 
Journal: Applied Economics Letters 
Pages: 643-646 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003761855 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003761855&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mahmood Yahyazadehfar 
Author-X-Name-First: Mahmood 
Author-X-Name-Last: Yahyazadehfar 
Author-Name: Mohammad Reza Zali 
Author-X-Name-First: Mohammad Reza 
Author-X-Name-Last: Zali 
Author-Name: Hooman Shababi 
Author-X-Name-First: Hooman 
Author-X-Name-Last: Shababi 
Title: Determinants of investors' financial behaviour in Tehran Stock Exchange 
Abstract:
  Decision-making and investors' behaviours are affected by various factors
 in Tehran Stock Exchange. Based on theoretical perspective, investors
 collect the key information of decision-making by the study of macro- and
 micro-levels of investment environments. To analyse the research data,
 path analysis and Linear Structural Relationships (LISREL) software are
 used. The results indicate that political factors with 62%, psychological
 factors with 53%, economic factors with 47% and internal factors with 31%
 are the most important factors that affect the stocks trading in Tehran
 Stock Exchange. Political and psychological factors not only have direct
 effect but also affect the investors' financial decision-making indirectly
 (through intended interest rate) 16 and 11%, respectively. The total
 effect of political and psychological factors on investors' financial
 decision-making is 79 and 64%, respectively. 
Journal: Applied Economics Letters 
Pages: 647-654 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003781416 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003781416&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Author-Name: Gazi Hassan 
Author-X-Name-First: Gazi 
Author-X-Name-Last: Hassan 
Title: Determinants of the long-run growth rate of Bangladesh 
Abstract:
  This article estimates Total Factor Productivity (TFP) for Bangladesh and
 analyses its key determinants. According to the Solow (1956) growth model,
 long-run growth rate equals TFP. Estimated &#x3b2;-coefficients show that
 trade openness, foreign direct investment and development of financial
 sector increase TFP. 
Journal: Applied Economics Letters 
Pages: 655-658 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003800760 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003800760&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Logan Kelly 
Author-X-Name-First: Logan 
Author-X-Name-Last: Kelly 
Title: The current stock of money: an aggregation theoretic measure of narrowly defined money 
Abstract:
  While the usual definition of narrowly defined money is in terms of
 grouping of assets to be included in the aggregate, the Current Stock of
 Money (CSM) focuses on the function of those assets. By isolating the
 portion of each monetary asset that functions as currency, the CSM
 measures the amount of currency needed to provide an equal level of
 monetary service to that of the current monetary portfolio. This makes the
 CSM suitable for use in any model that contains currency, that is,
 narrowly defined money. Thus, the main contributions of this research are
 to derive the CSM and to show that the Currency Equivalent (CE) index is
 an unbiased measure of the CSM. 
Journal: Applied Economics Letters 
Pages: 659-664 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003800778 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003800778&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Garcia-Jimenez 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Garcia-Jimenez 
Author-Name: Ashok Kumar Mishra 
Author-X-Name-First: Ashok Kumar 
Author-X-Name-Last: Mishra 
Title: Role of ethnicity in consumption of meat products 
Abstract:
  Previous studies on the demand for meat products have not received much
 attention on the role of ethnicity on consumption. Using data from the US
 Consumer Expenditure Survey (CES) and LinQuad demand systems, this study
 investigates the impact of ethnicity on the demand for meat products in
 the United States. Results indicate that ethnicity plays a significant
 role in the consumption of meat products. Specifically, results show that,
 compared to Hispanics, African American households consume significantly
 more bacon, pork chops and chicken meats. In general, White households
 consume lower quantities of meat products, compared to Hispanics,
 specifically chicken and seafood products. 
Journal: Applied Economics Letters 
Pages: 665-669 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851003800786 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851003800786&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Horacio Sobarzo 
Author-X-Name-First: Horacio 
Author-X-Name-Last: Sobarzo 
Title: Tax reform in Mexico: a general equilibrium assessment 
Abstract:
  This article reports the results of an Applied General Equilibrium Model
 (AGEM) built to simulate a recent fiscal reform initiative of the Mexican
 government. Treating public revenues as endogenous and tax rates as
 exogenous variables, the model explicitly incorporates both the tax
 structure and the oil-exporting sector as important sources of government
 revenues. The results confirm that the fiscal problem in Mexico lies in
 the low degree of tax compliance. By simulating the reform starting in the
 year 2008, the results suggest that consumption taxes are not necessarily
 the unique solution to the tax collection process in a developing country
 like Mexico. 
Journal: Applied Economics Letters 
Pages: 671-678 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.483999 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.483999&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. Pistoresi 
Author-X-Name-First: B. 
Author-X-Name-Last: Pistoresi 
Author-Name: F. Salsano 
Author-X-Name-First: F. 
Author-X-Name-Last: Salsano 
Author-Name: D. Ferrari 
Author-X-Name-First: D. 
Author-X-Name-Last: Ferrari 
Title: Political institutions and central bank independence revisited 
Abstract:
  We build on earlier studies regarding Central Bank Independence (CBI) by
 relating it to political, institutional and economic variables. The data
 suggest that CBI is positively related to the presence of federalism, the
 features of the electoral system and parties, the correlation between the
 shocks to the level of economic activity in the countries included in the
 sample and, for a sub-sample of economies, the convergence criteria to
 join the European Monetary Union (EMU). 
Journal: Applied Economics Letters 
Pages: 679-682 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.485923 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.485923&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Dominguez 
Author-X-Name-First: E. 
Author-X-Name-Last: Dominguez 
Author-Name: M. Ullibarri 
Author-X-Name-First: M. 
Author-X-Name-Last: Ullibarri 
Author-Name: I. Zabaleta 
Author-X-Name-First: I. 
Author-X-Name-Last: Zabaleta 
Title: Reduction of working hours as a policy of work sharing in the face of an economic crisis 
Abstract:
  In times of economic crisis, with a high unemployment rate expected to
 continue rising, governments such as those of the European countries which
 establish the number of hours to be worked can share out work by reducing
 the length of the working week. This article constructs a general
 equilibrium model in which the effects of reduction in working hours on
 the main macroeconomic variables are studied. To do so, the model includes
 two important new features with regard to the production function: a
 parameter measuring the productivity of working hours and another
 parameter of adjustment costs measuring the unproductive time in the
 course of the working day. Results show that the employment level always
 improves as the length of the working week is reduced but also reveal an
 inflection point in terms of the productivity of working hours, below
 which a reduction in the number of working hours improves the results of
 macroeconomic variables and above which this policy aggravates the
 economic situation. 
Journal: Applied Economics Letters 
Pages: 683-686 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.485924 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.485924&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: L. M. Doncel 
Author-X-Name-First: L. M. 
Author-X-Name-Last: Doncel 
Author-Name: P. Grau 
Author-X-Name-First: P. 
Author-X-Name-Last: Grau 
Author-Name: J. Otamendi 
Author-X-Name-First: J. 
Author-X-Name-Last: Otamendi 
Author-Name: J. Sainz 
Author-X-Name-First: J. 
Author-X-Name-Last: Sainz 
Title: The truth about mutual funds across Europe 
Abstract:
  Traditional measures of mutual funds persistence are based on measures
 like Jensen's alpha, factor models and so on. As expected, their results
 on a broad data-set of European mutual funds show a small, but relevant,
 amount of persistent funds, depending on the method of estimation used. We
 go further in our analysis and, by using a multiple hypothesis testing
 methodology, find that those measures overstate the performance on the
 sample across countries, signalling persistence in situations where the
 positive results are due to luck. 
Journal: Applied Economics Letters 
Pages: 687-692 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.487820 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.487820&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Fuentes-Castro 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Fuentes-Castro 
Title: Leverage and bubbles: a note on the Spanish property market between 1998 and 2006 
Abstract:
  Financial leverage means the debt taken to make a property investment is
 revalued in the same proportion as the speculative asset acquired. When
 the expected price rises above a certain threshold, it becomes rational to
 take on long-term debt to finance a short-term investment. This causes
 bubbles, which can have disastrous consequences for the economy as a
 whole. We model here the economics of speculative leverage and calculate
 the speculative threshold for the Spanish property market over the last
 decade, showing how far prices were above the mark. 
Journal: Applied Economics Letters 
Pages: 693-695 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.487821 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.487821&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Boitumelo Dudu Moffat 
Author-X-Name-First: Boitumelo Dudu 
Author-X-Name-Last: Moffat 
Author-Name: Abbas Valadkhani 
Author-X-Name-First: Abbas 
Author-X-Name-Last: Valadkhani 
Title: Efficiency of Botswana's financial institutions: a data envelopment analysis 
Abstract:
  This article examines technical and pure technical efficiencies of 10
 major financial institutions in Botswana during the period 2001 to 2006
 using Data Envelopment Analysis (DEA). To obtain more robust and reliable
 results, the sensitivity of our efficiency indices were put to test by
 choosing three alternative approaches in specifying the mix of inputs and
 outputs. The empirical results indicate that (a) no matter which approach
 and year are taken into consideration, Bank of Baroda (BoB) and First
 National Bank (FNB) (which are both foreign banks) and Botswana Savings
 Bank (BSB) (which is a publicly owned institution) are consistently among
 the most efficient institutions and Botswana Development Corporation,
 African Bank Corporation and National Development Bank (NDB) are the least
 efficient ones; and (b) the most efficient banks are either small or large
 institutions in terms of their asset sizes. One can conclude that
 financial institutions can further enhance efficiency by adopting
 Self-Service Technologies (SSTs) such as telephone and Internet banking,
 which can substantially reduce their service delivery costs. 
Journal: Applied Economics Letters 
Pages: 697-702 
Issue: 7 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.491456 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.491456&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. Treme 
Author-X-Name-First: J. 
Author-X-Name-Last: Treme 
Author-Name: R. Burrus 
Author-X-Name-First: R. 
Author-X-Name-Last: Burrus 
Author-Name: B. Sherrick 
Author-X-Name-First: B. 
Author-X-Name-Last: Sherrick 
Title: The impact of recruiting on NCAA basketball success 
Abstract:
  This study examines whether highly ranked recruiting classes
 significantly impact the number of games won by an NCAA men's basketball
 team the following year. The results suggest that highly regarded freshman
 guards increase the number of wins whereas freshman players at other
 positions do not have a significant impact. Although both experience and
 incoming talent significantly affect regular season wins, the results
 imply that experience trumps freshman talent in post-season play in the
 NCAA tournament. 
Journal: Applied Economics Letters 
Pages: 795-798 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.507171 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.507171&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Don Clark 
Author-X-Name-First: Don 
Author-X-Name-Last: Clark 
Author-Name: Alejandro Dellachiesa 
Author-X-Name-First: Alejandro 
Author-X-Name-Last: Dellachiesa 
Title: Cross-country pollution patterns 
Abstract:
  This study investigates the relationship between pollution emissions and
 levels of economic activity as countries move up the per capita income
 scale. Previous studies examine the relationships between pollution and
 per capita income. Pollution emissions are found to be highly concentrated
 among the lower income countries. Poorer countries account for much more
 pollution than would be expected from their levels of economic activity.
 Findings suggest that the proposed US legislation to curb carbon dioxide
 (CO2) emissions will have a minor effect on global warming. The United
 States should not attempt costly emission reductions until there is a
 global agreement on CO2 emissions that includes lower- and middle-income
 countries. 
Journal: Applied Economics Letters 
Pages: 799-804 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.507169 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.507169&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Merkl 
Author-X-Name-First: Christian 
Author-X-Name-Last: Merkl 
Author-Name: Dennis Wesselbaum 
Author-X-Name-First: Dennis 
Author-X-Name-Last: Wesselbaum 
Title: Extensive versus intensive margin in Germany and the United States: any differences? 
Abstract:
  This article analyses the role of the extensive vis-a-vis the intensive
 margin of labour adjustment in Germany and in the United States. The
 contribution is twofold. First, we provide an update of older US studies
 and confirm the view that the extensive margin (i.e. the adjustment in the
 number of workers) explains the largest part in the overall variability in
 aggregate hours. Second, although the German labour market structure is
 very different from its US counterpart, the quantitative importance of the
 extensive margin is of similar magnitude. 
Journal: Applied Economics Letters 
Pages: 805-808 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.507170 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.507170&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robert Lensink 
Author-X-Name-First: Robert 
Author-X-Name-Last: Lensink 
Author-Name: Thi Thu Tra Pham 
Author-X-Name-First: Thi Thu Tra 
Author-X-Name-Last: Pham 
Title: On the signalling property of debt maturity: empirical evidence from a private bank in Vietnam 
Abstract:
  This article provides new empirical evidence for the relevance of the
 signalling view on debt maturity, using data from a private bank in
 Vietnam. More specifically, we test the empirical predictions of the two
 main signalling models on debt maturity, that is, the models by Flannery
 (1986) and Diamond (1991), and compare this with the debt covenant view.
 The results of our regressions provide strong evidence for a
 downward-sloping effect of firm quality on maturity, which is in line with
 the signalling model of Flannery (1986), and contradict the debt covenant
 view. Our empirical analysis does not support the model by Diamond (1991). 
Journal: Applied Economics Letters 
Pages: 809-816 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.507167 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.507167&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nicolas Berman 
Author-X-Name-First: Nicolas 
Author-X-Name-Last: Berman 
Author-Name: Jerome Hericourt 
Author-X-Name-First: Jerome 
Author-X-Name-Last: Hericourt 
Title: Debt denomination, exchange-rate variations and the margins of trade 
Abstract:
  Using firm-level data, we find that a currency depreciation has two
 opposite effects on exports when firms are indebted in foreign currency:
 (i) a pro-competitive effect that increases both the amount of exports by
 firm (the intensive margin) and the number of firms (the extensive
 margin); and (ii) a balance-sheet effect that forces some firms to exit
 the export market and decreases the extensive margin. These results both
 provide an explanation for the negative reactions of trade after recent
 emerging market crises and document a finance-based empirical
 microfoundation to the 'exchange-rate disconnect puzzle'. 
Journal: Applied Economics Letters 
Pages: 817-822 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.510462 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.510462&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. G. Menezes 
Author-X-Name-First: A. G. 
Author-X-Name-Last: Menezes 
Author-Name: D. Sciulli 
Author-X-Name-First: D. 
Author-X-Name-Last: Sciulli 
Author-Name: J. C. Vieira 
Author-X-Name-First: J. C. 
Author-X-Name-Last: Vieira 
Title: Wage persistence and labour market institutions: an analysis of young European workers 
Abstract:
  This article investigates the effects of Labour Market Institutions
 (LMIs) on wage persistence among young European workers at the beginning
 of their careers. We use European Community Household Panel (ECHP) data
 from 1995 to 2001 for 13 EU countries and estimate a three-level random
 intercept probit model that allows for unobserved heterogeneity both at
 the individual and country level. Overall, we find that LMIs explain wage
 persistence. In particular, we find a high level of Employment Protection
 Legislation (EPL) and a high level of Bargaining Centralization (BC)
 increase wage persistence. 
Journal: Applied Economics Letters 
Pages: 823-828 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.505554 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.505554&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Bang 
Author-X-Name-First: James 
Author-X-Name-Last: Bang 
Author-Name: Aniruddha Mitra 
Author-X-Name-First: Aniruddha 
Author-X-Name-Last: Mitra 
Title: Gender bias and the female brain drain 
Abstract:
  This article contributes to the emerging literature on gender differences
 in the causes and consequences of brain drain. Differentiating between
 gender bias in the access to economic opportunities and gender
 differentials in economic outcomes, we find that differences in access
 have a significant impact on the emigration of highly skilled women
 relative to that of men. However, differentials in outcomes do not have a
 significant impact. Additionally, the structure of political institutions
 in the source countries does not have a significant impact on the
 difference in emigration rates. 
Journal: Applied Economics Letters 
Pages: 829-833 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.503928 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.503928&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Arne Bigsten 
Author-X-Name-First: Arne 
Author-X-Name-Last: Bigsten 
Author-Name: Abebe Shimeles 
Author-X-Name-First: Abebe 
Author-X-Name-Last: Shimeles 
Title: The persistence of urban poverty in Ethiopia: a tale of two measurements 
Abstract:
  This article investigates dynamics of poverty in urban Ethiopia using
 both subjective and objective definitions of poverty. The two sets of
 estimates of persistence and recurrence of poverty are similar, suggesting
 that consumption-based mobility or poverty persistence estimates are not
 seriously distorted by measurement error. 
Journal: Applied Economics Letters 
Pages: 835-839 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.503930 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.503930&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bernd Ebersberger 
Author-X-Name-First: Bernd 
Author-X-Name-Last: Ebersberger 
Author-Name: Christine Pirhofer 
Author-X-Name-First: Christine 
Author-X-Name-Last: Pirhofer 
Title: Gender, management education and the willingness for academic entrepreneurship 
Abstract:
  This article explores the determinants of academic entrepreneurship. In
 particular, it investigates the effects of gender and supplementary
 management education on academics' willingness to start up a company. The
 analysis is based on a survey of academics. Controlling for academic
 achievement, field of science and perceived hampering factors, we find
 that female academics show a significantly lower propensity to have a high
 willingness to start up. Our results indicate that supplementary
 management education does not in general have a significant effect on the
 willingness to start up. Yet, for female academics supplementary
 management education exerts a significantly positive effect almost
 offsetting the gender effect. 
Journal: Applied Economics Letters 
Pages: 841-844 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.503931 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.503931&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Horst Feldmann 
Author-X-Name-First: Horst 
Author-X-Name-Last: Feldmann 
Title: Stock markets and unemployment in industrial countries 
Abstract:
  Using data on 20 industrial countries for the period 1982 to 2003, this
 article finds that more active stock markets are likely to lower the
 unemployment rate. The magnitude of the effect appears to be modest but
 noticeable. We control for both endogeneity of stock market activity and
 all major determinants of unemployment. Our results are robust to
 variations in specification. 
Journal: Applied Economics Letters 
Pages: 845-849 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.503929 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.503929&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Evangelia Kasimati 
Author-X-Name-First: Evangelia 
Author-X-Name-Last: Kasimati 
Title: Did the climb on the Greek sovereign spreads cause the devaluation of euro? 
Abstract:
  Despite the minimal size of the Greek economy within eurozone, our
 Error-Correction Model (ECM) identified that the deterioration in the
 public finances of the Greek government caused the euro depreciation over
 the last weeks of 2009 and first weeks of 2010. 
Journal: Applied Economics Letters 
Pages: 851-854 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.503927 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.503927&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: A. Hatemi-J 
Author-X-Name-First: A. 
Author-X-Name-Last: Hatemi-J 
Title: A re-examination of the Fisher effect using an alternative approach 
Abstract:
  The Fisher Effect (FE) is of fundamental importance in financial markets.
 The majority of previous studies have not managed to obtain the expected
 one-for-one reaction of the nominal interest rate to the inflation rate.
 The aim of this article is to reinvestigate the FE for the USA and the UK
 using a case-wise bootstrap approach developed by Hatemi-J and Hacker
 (2005). This method is robust to nonnormality or heteroscedasticity and it
 is used to calculate and test the statistical significance of the
 coefficients. The results support a tax-adjusted FE in the presence of a
 structural break. 
Journal: Applied Economics Letters 
Pages: 855-858 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.505551 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.505551&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yeti Nisha Madhoo 
Author-X-Name-First: Yeti Nisha 
Author-X-Name-Last: Madhoo 
Title: Fish imports as an environmental policy 
Abstract:
  Although Total Allowable Catch (TAC) system has not been successful in
 management of fisheries, fish imports have shown features of an
 environmental-friendly policy. Imports emerge as a significant tool to
 improve fish productivity through biodiversity conservation and induce the
 use of less capital intensive technology. Conversely, TAC system harms
 biodiversity leading to increased capital effort and reduced catch levels.
 Another interesting finding is the existence of an Environmental Kuznets
 Curve (EKC)-type relationship between per capita Gross Domestic Product
 (GDP) and fish catch. As development proceeds, propensity to import
 increases, having favourable impact on biodiversity through reduced fish
 production. 
Journal: Applied Economics Letters 
Pages: 859-864 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.508712 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.508712&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cedric Schneider 
Author-X-Name-First: Cedric 
Author-X-Name-Last: Schneider 
Title: How important are noncorporate patents? A comparative analysis using patent citations data 
Abstract:
  This article analyses the innovative performances of noncorporate
 inventors using patent citations data from the European Patent Office. The
 results show that inventions patented outside an established corporate
 framework are on average less 'important' than corporate patents, but with
 large variations across technology classes. Patents applied for by
 independent inventors, start-ups and corporate firms are of comparable
 'quality' in emerging technologies. The results also highlight that in
 these fields noncorporate patents are more 'radical' than corporate
 patents. 
Journal: Applied Economics Letters 
Pages: 865-871 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.507168 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.507168&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: W. Smolny 
Author-X-Name-First: W. 
Author-X-Name-Last: Smolny 
Author-Name: M. Kirbach 
Author-X-Name-First: M. 
Author-X-Name-Last: Kirbach 
Title: Wage differentials between East and West Germany: are they related to the location or to the people? 
Abstract:
  Despite rapid economic integration and massive help from the Federal
 Government, large wage differences between East and West Germany still
 persist. We ask whether those differences are related to disadvantageous
 locational conditions in East Germany or could be found in the
 characteristics of the people living there. This article analyses income
 adjustment of East-West migrants based on the German Socio-Economic Panel
 (GSOEP), 1990-2008. Because migrants earned their income in both East and
 West Germany, the effect of the location can be identified. The results
 indicate that the wage differences cannot be attributed to the people. 
Journal: Applied Economics Letters 
Pages: 873-879 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.511990 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.511990&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yang-Cheng Lu 
Author-X-Name-First: Yang-Cheng 
Author-X-Name-Last: Lu 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Title: Long-run purchasing power parity with asymmetric adjustment: further evidence from China 
Abstract:
  This study applies threshold cointegration test advanced by Enders and
 Siklos (2001) to investigate the properties of asymmetric adjustment in
 long-run Purchasing Power Parity (PPP) for China during the period of
 March 1985 to September 2008. Although there is evidence of long-run PPP
 for China, when both the United States and Japan are served as the base
 country, the adjustment mechanism is asymmetric only when the United
 States is served as the base country. These results have particularly
 important policy implications for China. 
Journal: Applied Economics Letters 
Pages: 881-886 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.513673 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.513673&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Meijui Sun 
Author-X-Name-First: Meijui 
Author-X-Name-Last: Sun 
Author-Name: Pei-Gi Shu 
Author-X-Name-First: Pei-Gi 
Author-X-Name-Last: Shu 
Title: The valuation effects of equity carve-outs 
Abstract:
  In an examination of 136 equity carve-outs in Taiwan in 1994-2007 we
 first find significantly positive stock price reactions associated with
 the announcements, consistent with the global findings. We further examine
 the sources of wealth gains on the basis of the asymmetric information
 hypothesis (Nanda, 1991) and the divestiture gains hypothesis (Schipper
 and Smith, 1986) and find that the results lend more support to the latter
 than the former. Specifically, two ramifications of the divestiture gains
 hypothesis are supported: firms that divest unrelated business (refocusing
 strategy hypothesis) and use the proceeds to undertake new investments
 (the investment strategy hypothesis) draw favourable market appraisals. 
Journal: Applied Economics Letters 
Pages: 887-891 
Issue: 9 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.515196 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.515196&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rosa Abrantes-Metz 
Author-X-Name-First: Rosa 
Author-X-Name-Last: Abrantes-Metz 
Author-Name: Sofia Villas-Boas 
Author-X-Name-First: Sofia 
Author-X-Name-Last: Villas-Boas 
Author-Name: George Judge 
Author-X-Name-First: George 
Author-X-Name-Last: Judge 
Title: Tracking the Libor rate 
Abstract:
  With an eye to providing a methodology for tracking the dynamic integrity
 of prices for important market indicators, in this article we use Benford
 second digit (SD) reference distribution to track the daily London
 Interbank Offered Rate (Libor) over the period 2005 to 2008. This
 reference, known as Benford's law, is present in many naturally occurring
 numerical data sets as well as in several financial data sets. We find
 that in two recent periods, Libor rates depart significantly from the
 expected Benford reference distribution. This raises potential concerns
 relative to the unbiased nature of the signals coming from the 16 banks
 from which the Libor is computed and the usefulness of the Libor as a
 major economic indicator. 
Journal: Applied Economics Letters 
Pages: 893-899 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.515197 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.515197&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Maria Erlinda Mutuc 
Author-X-Name-First: Maria Erlinda 
Author-X-Name-Last: Mutuc 
Author-Name: Samarendu Mohanty 
Author-X-Name-First: Samarendu 
Author-X-Name-Last: Mohanty 
Author-Name: Don Ethridge 
Author-X-Name-First: Don 
Author-X-Name-Last: Ethridge 
Author-Name: Darren Hudson 
Author-X-Name-First: Darren 
Author-X-Name-Last: Hudson 
Title: The effects of the removal of US safeguards on imports from China 
Abstract:
  The expiration of temporary safeguard measures against Chinese exports of
 certain cotton apparel to the US beginning 2009 is estimated to result in
 lower apparel prices in the US by $0.02/kg, on average, whereas cotton
 prices in the US remain unaltered in the medium term (2009-2015). A price
 equilibrium simulation model (of both the cotton apparel and cotton
 sectors) was used to estimate the trade effects of China's increased
 access into the US import market on other Asian and Latin American
 exporters to the US, and ultimately in these exporters' demand for US
 cotton. 
Journal: Applied Economics Letters 
Pages: 901-913 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.517186 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.517186&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Cuesta 
Author-X-Name-First: Jose 
Author-X-Name-Last: Cuesta 
Title: Music to my ears: the (many) socioeconomic benefits of music training programmes 
Abstract:
  A simple cost-benefit analysis is used to estimate substantive social
 benefits associated with a universal music training programme in Venezuela
 (B/C ratio of 1.68). Those social benefits accrue from both reduced school
 dropouts and declining community victimization. Biases affecting these
 results (omission of other social benefits and selection bias) work in
 opposite directions, which reduce the potential error associated with the
 results. This evidence of important social benefits adds to the already
 existing evidence of individual gains reported by the developmental
 psychology literature. 
Journal: Applied Economics Letters 
Pages: 915-918 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.517187 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.517187&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles Reback 
Author-X-Name-First: Charles 
Author-X-Name-Last: Reback 
Author-Name: Kristin Stowe 
Author-X-Name-First: Kristin 
Author-X-Name-Last: Stowe 
Title: Unnatural experiments: the case of television game shows 
Abstract:
  Economists often use television game shows as 'natural experiments' to
 test theories on risk aversion. This article demonstrates that some of
 these natural experiments may not be so natural after all. Using data from
 Jeopardy!, we show that contestants are chosen to maintain a gender
 balance, with the result that men outperform women across several
 dimensions. This selection bias suggests that caution should be exercised
 in generalizing findings based on these shows to the population as a
 whole. 
Journal: Applied Economics Letters 
Pages: 919-923 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.515198 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.515198&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nadia Doytch 
Author-X-Name-First: Nadia 
Author-X-Name-Last: Doytch 
Author-Name: Franklin Mixon 
Author-X-Name-First: Franklin 
Author-X-Name-Last: Mixon 
Author-Name: Kamal Upadhyaya 
Author-X-Name-First: Kamal 
Author-X-Name-Last: Upadhyaya 
Title: Employment effects of mergers and acquisitions in the United States by sector 
Abstract:
  This article studies the employment effects of mergers and acquisitions
 in the manufacturing, financial and service sectors of the US economy
 using annual time series data from 1978 to 2008. An empirical model is
 developed in which average wages per hour and the total value of mergers
 and acquisitions are the explanatory variables, with the number of people
 employed as the dependent variable. Before estimating the model, the time
 series properties of the data are diagnosed. The estimated results suggest
 that mergers and acquisitions have helped to increase employment in both
 the short-run as well as in the long-run in all three sectors of the
 economy. To ensure the robustness of the finding, a panel data set is
 created and the model is re-estimated using the fixed effects estimator.
 The finding is consistent with the sectoral results. 
Journal: Applied Economics Letters 
Pages: 925-928 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.515200 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.515200&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pierre Siklos 
Author-X-Name-First: Pierre 
Author-X-Name-Last: Siklos 
Title: Central bank transparency: another look 
Abstract:
  This article extends the Dincer and Eichengreen (2007) index of central
 bank transparency. Improvements in transparency are notable in Central and
 Eastern Europe, whereas the index has shown much smaller rises in most
 other parts of the world. The pattern observed by Dincer and Eichengreen,
 consistent with a permanent increase in central bank transparency, is also
 evident in the updated results. The dramatic enhancements in central bank
 transparency reported earlier appear to be a feature of the late 1990s and
 the early 2000s. Whether the subsequent data reflect limits to central
 banks' transparency or, to some extent, transparency 'fatigue' is unclear. 
Journal: Applied Economics Letters 
Pages: 929-933 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.515199 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.515199&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vani Borooah 
Author-X-Name-First: Vani 
Author-X-Name-Last: Borooah 
Title: Driving under the influence: the breathalyser fallacy 
Abstract:
  The use of breathalysers to determine whether a person is 'Driving Under
 the Influence' (DUI) is an example of situations in which the outcome of a
 test - positive or negative - is used to determine whether a condition
 exists. As such, it is susceptible to a fallacy that is inherent in such
 situations: confusing the chances that a person would test positive if
 he/she was DUI with the chances that a person was DUI if he/she tested
 positive. This is referred to here as the breathalyser fallacy and this
 article provides quantitative estimates of the size of this fallacy.
 Almost all of the criticism of the conclusions of breathalyser tests
 (namely, a person over the limit is DUI, a person below the limit is not)
 concerns the likelihood of a person who is not DUI being incorrectly
 identified. This analysis questions this argument. We show that the
 likelihood of an innocent person testing positive depends on two further
 factors: (i) the a priori likelihood that a person selected for breath
 analysis is, in fact, DUI and (ii) the reliability of the test in terms of
 the likelihood of a DUI person being found to be over the limit. If these
 two likelihoods are high, then the probability of a person being guilty of
 DUI for a positive outcome on the breathalyser test would also be high,
 even though there is a significant chance that a person who is not DUI
 will be incorrectly identified as being over the limit. 
Journal: Applied Economics Letters 
Pages: 935-938 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.515201 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.515201&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Marco Biagetti 
Author-X-Name-First: Marco 
Author-X-Name-Last: Biagetti 
Author-Name: Sergio Scicchitano 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Scicchitano 
Title: A note on the gender wage gap among managerial positions using a counterfactual decomposition approach: sticky floor or glass ceiling? 
Abstract:
  In this article, we apply a counterfactual decomposition approach using
 Quantile Regression (QR) to the wage distribution of managerial workforce
 in Italy. We find evidence of both significant sticky floor and glass
 ceiling effects for the Gender Wage Gap (GWG). Furthermore, the U-shaped
 figure of the pay gap is mostly due to the difference in rewards that the
 two genders receive for their characteristics, whose relative incidence is
 also continuously increasing as we move to upper quantiles. 
Journal: Applied Economics Letters 
Pages: 939-943 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.518944 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.518944&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Neil Longley 
Author-X-Name-First: Neil 
Author-X-Name-Last: Longley 
Title: Congressional complicity in the baseball antitrust exemption: analysing senate voting patterns 
Abstract:
  This article examines a key congressional vote on preserving baseball's
 antitrust exemption. It finds that the most important factor influencing a
 legislator's vote was whether there was a Major League Baseball (MLB) team
 in the legislator's constituency. This supports the notion that the
 professional sports industry has been effective in 'capturing' their
 political overseers. 
Journal: Applied Economics Letters 
Pages: 945-947 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.518945 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.518945&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard Borghesi 
Author-X-Name-First: Richard 
Author-X-Name-Last: Borghesi 
Author-Name: Thomas Pencek 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Pencek 
Title: The value of SmartMoney's stock recommendations 
Abstract:
  We examine the value of expert picks published by SmartMoney, a popular
 investment periodical. Most can be described as 'hot' stocks - those that
 have experienced run-ups in price before publication. However, these
 stocks subsequently underperform the market by 0.45% per month in the
 6-month post-publication period. We also observe that market risk-adjusted
 abnormal returns (AR) are -1.18% per month over the same time period,
 which is significantly below expectations. Results suggest SmartMoney's
 recommendations have negative value to its subscribers. 
Journal: Applied Economics Letters 
Pages: 949-953 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.518946 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.518946&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hwai-Chung Ho 
Author-X-Name-First: Hwai-Chung 
Author-X-Name-Last: Ho 
Author-Name: Chien-Chih Lin 
Author-X-Name-First: Chien-Chih 
Author-X-Name-Last: Lin 
Title: Influence of heterogeneous beliefs on volatility when agents' degree of confidence differs 
Abstract:
  This study provides theoretical and empirical evidences of the effects of
 heterogeneous beliefs on asset volatility when agents' level of confidence
 differs. We derive a stock price formula that is applied to simulating
 stock volatility using Monte Carlo method. Through the simulation results,
 we observe that the influence of heterogeneous beliefs on volatility
 depends on the confident agents' level of optimism. Some empirical results
 are provided to confirm those observations. 
Journal: Applied Economics Letters 
Pages: 955-959 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.520659 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.520659&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. Bounie 
Author-X-Name-First: D. 
Author-X-Name-Last: Bounie 
Author-Name: A. Francois 
Author-X-Name-First: A. 
Author-X-Name-Last: Francois 
Title: The economics of bill payments: an empirical analysis 
Abstract:
  The growing economic literature dedicated to payment instruments mainly
 focuses on the point of sale payments. Yet, credit transfers and direct
 debits used in bill payments are much more used in the euro area than
 cheques, payment cards and other payment instruments. The main objective
 of this article is, therefore, to verify whether the theoretical standard
 framework stated for studying the choice of payment instruments at the
 point of sale is relevant to study bill payments. Using an original data
 set, we show that the main predictions of the standard model do not hold. 
Journal: Applied Economics Letters 
Pages: 961-966 
Issue: 10 
Volume: 18 
Year: 2011 
Keywords: payment instruments, bill payments, 
X-DOI: 10.1080/13504851.2010.520660 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.520660&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ameeta Jain 
Author-X-Name-First: Ameeta 
Author-X-Name-Last: Jain 
Author-Name: Paresh Kumar Narayan 
Author-X-Name-First: Paresh Kumar 
Author-X-Name-Last: Narayan 
Author-Name: Dianne Thomson 
Author-X-Name-First: Dianne 
Author-X-Name-Last: Thomson 
Title: The relationship between exchange rates, interest rates and Australian bank returns 
Abstract:
  Although there has been significant research on US financial
 intermediaries' stock returns and sensitivity to interest yields, there
 has only been limited research on Australian bank stock returns and key
 macro variables, such as interest rates and exchange rates. The aim of
 this article is to examine this relationship for four major Australian
 banks, namely the Australia New Zealand bank (ANZ), the Commonwealth Bank
 of Australia (CBA), the National Australia Bank (NAB) and the Westpac
 Banking Corporation (WBC). We use the EGARCH model and examine the
 relationship using monthly data covering the period 1992 to 2007. The
 results suggest that for all four banks: (1) there is a similar and
 statistically significant negative relationship between interest rates and
 stock returns; and (2) there is evidence of an increase in returns during
 the period of appreciation of the Australian dollar. 
Journal: Applied Economics Letters 
Pages: 967-972 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.520661 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.520661&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Robin Chou 
Author-X-Name-First: Robin 
Author-X-Name-Last: Chou 
Author-Name: Yi-Min Yu 
Author-X-Name-First: Yi-Min 
Author-X-Name-Last: Yu 
Title: Information trading around open market share repurchases: evidence from the Taiwan Stock Exchange 
Abstract:
  We examine the information trading around open market share repurchases
 on the Taiwan Stock Exchange (TSE). Because of the distinctive regulations
 of share repurchases in Taiwan, our samples offer a unique opportunity to
 test changes in information trading during share repurchases. We show that
 the risk of information trading significantly increases during the
 repurchase execution period and reverts back in the post-expiration
 period. It is likely that some uninformed traders leave the market in the
 execution period, in anticipation of higher information uncertainties.
 Therefore, the remaining uninformed traders collectively face higher
 possibility of trading with informed traders. 
Journal: Applied Economics Letters 
Pages: 973-981 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.520662 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.520662&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jo-Hui Chen 
Author-X-Name-First: Jo-Hui 
Author-X-Name-Last: Chen 
Title: The spillover and leverage effects of ethical exchange traded fund 
Abstract:
  Using the Exponentially Generalized AutoRegressive Conditional
 Heteroscedasticity-AutoRegressive Moving Average (EGARCH-ARMA) model,
 there are no differences in terms of the spillover of returns from
 volatilities and leverage effects between ethical and non-ethical Exchange
 Traded Funds (ETFs) against benchmark indexes after applying negative
 ethical screening on ETFs. The lagged ethical ETF returns unilaterally
 influence current stock index returns or the bilateral relationships
 between them. This article sheds new light on the selection process
 involved in ethical ETFs and may provide clues for fund managers as they
 reward investors who prefer ethical value investments. 
Journal: Applied Economics Letters 
Pages: 983-987 
Issue: 10 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.520663 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.520663&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kazuhiko Nishimura 
Author-X-Name-First: Kazuhiko 
Author-X-Name-Last: Nishimura 
Author-Name: Satoshi Nakano 
Author-X-Name-First: Satoshi 
Author-X-Name-Last: Nakano 
Title: Measuring innovations in the Japanese LCD TVs using market data 
Abstract:
  Quality-adjusted price indexes based on a discrete choice model and a
 weighted hedonic function are estimated using market data for Liquid
 Crystal Display (LCD) TVs obtained from a large Internet price comparison
 service in Japan. Implicit values of attributes were used to unify
 marginal values of attributes into a scalar quality measure, and thus, we
 measure innovations by the price shift while controlling the levels of the
 attributes. We also report estimates on welfare gains through the discrete
 choice approach. 
Journal: Applied Economics Letters 
Pages: 989-995 
Issue: 10 
Volume: 18 
Year: 2011 
Keywords: innovation, measurement, discrete choice, LCD TV, 
X-DOI: 10.1080/13504851.2010.520664 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.520664&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Johanna &#xc5;strom 
Author-X-Name-First: Johanna 
Author-X-Name-Last: &#xc5;strom 
Author-Name: Robert Nakosteen 
Author-X-Name-First: Robert 
Author-X-Name-Last: Nakosteen 
Author-Name: Olle Westerlund 
Author-X-Name-First: Olle 
Author-X-Name-Last: Westerlund 
Author-Name: Michael Zimmer 
Author-X-Name-First: Michael 
Author-X-Name-Last: Zimmer 
Title: See the future by looking at the past: predicting divorce with premarital earnings 
Abstract:
  The effect of spouse's premarital earnings capacity on the probability of
 divorce is examined. This study is based on longitudinal register data on
 married and cohabitating couples in Sweden. We use the residuals from
 estimated earnings equations of men and women based on observations before
 their marriage in estimation of a logit model of divorce. By using
 information on individuals as singles, we can identify the impact of
 relative earnings power on the probability of divorce, per se, without the
 confounding effect of the marital relationship. The results indicate that
 differences in spouse's conditional earnings capacities increase the
 probability of divorce. 
Journal: Applied Economics Letters 
Pages: 997-1000 
Issue: 11 
Volume: 18 
Year: 2011 
Keywords: divorce, earnings, marriage, 
X-DOI: 10.1080/13504851.2010.520665 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.520665&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Miguel Garcia-Rubio 
Author-X-Name-First: Miguel 
Author-X-Name-Last: Garcia-Rubio 
Author-Name: Andres Picazo-Tadeo 
Author-X-Name-First: Andres 
Author-X-Name-Last: Picazo-Tadeo 
Author-Name: Francisco Gonzalez-Gomez 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Gonzalez-Gomez 
Title: Does a red shirt improve sporting performance? Evidence from Spanish football 
Abstract:
  Recent research has linked red shirts to sporting success. In this
 article, we analyse the relationship between the colour red and sporting
 performance in the Spanish Professional Football League. Our foremost
 conclusion is that once the effect of the different endowments of
 resources and the ability of managers have been discounted, teams with red
 shirts do not show greater performance than teams wearing shirts of other
 colours. 
Journal: Applied Economics Letters 
Pages: 1001-1004 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.520666 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.520666&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hideo Aizaki 
Author-X-Name-First: Hideo 
Author-X-Name-Last: Aizaki 
Author-Name: Yasuhiro Nakashima 
Author-X-Name-First: Yasuhiro 
Author-X-Name-Last: Nakashima 
Author-Name: Kiyokazu Ujiie 
Author-X-Name-First: Kiyokazu 
Author-X-Name-Last: Ujiie 
Author-Name: Hironobu Takeshita 
Author-X-Name-First: Hironobu 
Author-X-Name-Last: Takeshita 
Author-Name: Kengo Tahara 
Author-X-Name-First: Kengo 
Author-X-Name-Last: Tahara 
Title: Intention to access food risk information through Internet-enabled mobile phones: the role of critical thinking 
Abstract:
  Although the development of an Internet-based communication system could
 decrease the cost of accessing food risk information, a strong intention
 to access information through the Web would also be required to activate
 consumer behaviour. We examined how consumers' critical thinking attitudes
 influence their intention to contract a hypothetical pay website that
 provides food risk information, through an Internet-enabled mobile phone.
 A payment card contingent valuation method was applied to capture a
 Japanese co-op members' intention to contract the website and the
 willingness to pay for it. A critical thinking attitude was found to have
 a statistically significant effect on the respondents' intention to access
 food risk information, suggesting that to strengthen consumer
 participation in food risk communication through the Internet, it is
 important to examine measures that promote critical thinking among
 consumers. 
Journal: Applied Economics Letters 
Pages: 1005-1009 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.520667 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.520667&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: T. J. Classen 
Author-X-Name-First: T. J. 
Author-X-Name-Last: Classen 
Author-Name: R. A. Dunn 
Author-X-Name-First: R. A. 
Author-X-Name-Last: Dunn 
Title: Suicide, social integration and fertility rates 
Abstract:
  We measure the association between rates of suicide and fertility in the
 United States using a panel of states from 1981 to 2005. We find a
 positive relationship between suicide and fertility rates, in contrast to
 previous empirical work from other countries that has reported a strong
 negative relationship between fertility and suicide. This suggests that
 differences in the health-care system and social safety net between the
 United States and Europe may influence the relationship between childbirth
 and suicide. 
Journal: Applied Economics Letters 
Pages: 1011-1014 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.520668 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.520668&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luis Marcano 
Author-X-Name-First: Luis 
Author-X-Name-Last: Marcano 
Author-Name: Inder Ruprah 
Author-X-Name-First: Inder 
Author-X-Name-Last: Ruprah 
Title: Incapacity to pay or moral hazard? Public mortgage delinquency rates in Chile 
Abstract:
  High delinquency rate of publicly provided mortgages in social housing
 programmes are often interpreted to be due to moral hazard. In this
 article we show that the typically used parametric approaches give
 misleading results because of overlooked confounding and selection biases.
 We show that using the more appropriate impact or treatment nonparametric
 approach the problem of high delinquency rate in publicly provided
 mortgages is due to the incapacity to pay and not due to moral hazard. The
 results caution against public policies to encourage private mortgage
 providers to move down market, and suggest eliminating mortgages and
 correspondingly increasing the grant component of the programmes. 
Journal: Applied Economics Letters 
Pages: 1015-1020 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.522510 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.522510&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Su-Yin Cheng 
Author-X-Name-First: Su-Yin 
Author-X-Name-Last: Cheng 
Author-Name: Han Hou 
Author-X-Name-First: Han 
Author-X-Name-Last: Hou 
Author-Name: Chia-Cheng Ho 
Author-X-Name-First: Chia-Cheng 
Author-X-Name-Last: Ho 
Author-Name: Joakim Westerlund 
Author-X-Name-First: Joakim 
Author-X-Name-Last: Westerlund 
Title: Financial systems and mechanisms of growth in different conditions of country risk 
Abstract:
  This article uses panel data from 1976 to 2003 to investigate the ways in
 which banking and stock markets influence economic growth in situations of
 high and low country risk. The mean and Standard Deviation (SD) of country
 risk are adopted to classify 28 countries into Low Risk Low Volatility
 (LRLV) and High Risk High Volatility (HRHV) subgroups. Through the
 technique of error correction-based panel co-integration developed by
 Westerlund (2007), several results are obtained. First, LRLV countries can
 expand the capitalization of stock market to enhance long-term economic
 growth. Second, HRHV countries, on the other hand, use two distinct
 strategies to promote long-term economic growth. Initially they develop
 their equity markets, which promote economic growth directly. Strengthened
 equity markets, in turn, aid in the development of credit markets, which
 subsequently brings an economic boom. Finally, regardless of selected
 subgroups, the contribution of stock market capitalization to economic
 growth appears to be substantially larger than that of bank credit,
 highlighting the importance of stock markets. 
Journal: Applied Economics Letters 
Pages: 1021-1028 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.522511 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.522511&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dimitris Kenourgios 
Author-X-Name-First: Dimitris 
Author-X-Name-Last: Kenourgios 
Author-Name: Athanasios Katevatis 
Author-X-Name-First: Athanasios 
Author-X-Name-Last: Katevatis 
Title: Maturity effect on stock index futures in an emerging market 
Abstract:
  This article examines the maturity effect or Samuelson hypothesis on
 stock index futures in the emerging Greek market, using a range of
 methodologies such as linear models and conditional variance
 specifications. The results obtained show that the Greek index futures
 exhibit the phenomenon of maturity effect. Furthermore, we document a
 positive relationship between futures price volatility and volume and a
 negative one between volatility and open interest. However, including
 trading volume and open interest in a conditional variance framework, we
 provide evidence on the simultaneous diminution of maturity effect. 
Journal: Applied Economics Letters 
Pages: 1029-1033 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.522512 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.522512&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: H. F. Baklaci 
Author-X-Name-First: H. F. 
Author-X-Name-Last: Baklaci 
Author-Name: O. Olgun 
Author-X-Name-First: O. 
Author-X-Name-Last: Olgun 
Author-Name: E. Can 
Author-X-Name-First: E. 
Author-X-Name-Last: Can 
Title: Noise traders: a new approach to understand the phantom of stock markets 
Abstract:
  In microstructure literature, the ambiguity regarding the distinctive
 features of noise traders suggests that a further exploration of their
 behaviour is needed. In this study, we attempt to illuminate the intraday
 behavioural aspects of noise traders in the Turkish stock market using a
 novel approach. The diagnostic results in the initial phase of the
 analysis reveal that residual volume is a suitable proxy to identify noise
 traders' activities. The second phase of the analysis manifests that the
 noise traders significantly contribute to the volatility in spreads and
 that the duration of the volatility impact is short lived. These results
 are consistent with our prior conjectures and affirm the validity of our
 approach and propositions. The approach and findings, when generalized to
 other emerging markets, carry some implications for policy markers. In
 Turkey, revival of capital gain taxes abolished after the inception of
 global crisis might be a resolution to alleviate noise trader activities. 
Journal: Applied Economics Letters 
Pages: 1035-1041 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.522513 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.522513&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Martinez-Sanchez 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Martinez-Sanchez 
Title: Collusion, competition and piracy 
Abstract:
  In this article we analyse firms' ability to tacitly collude on prices in
 an infinitely repeated duopoly game of vertical product differentiation.
 We show that firms collude if and only if their discount factor is high
 enough, that is, if they value future profits sufficiently. We also show
 that a lower cost of copying facilitates collusion but that a higher
 quality of the copy hinders collusion. Thus, the overall effect of these
 new characteristics of copies made by consumers is ambiguous. 
Journal: Applied Economics Letters 
Pages: 1043-1047 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.522514 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.522514&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Boram Lee 
Author-X-Name-First: Boram 
Author-X-Name-Last: Lee 
Author-Name: Yulia Veld-Merkoulova 
Author-X-Name-First: Yulia 
Author-X-Name-Last: Veld-Merkoulova 
Title: The persistence of memory of Marilyn: the diversification potential of individual artists 
Abstract:
  We investigate the investment performance of the art of Andy Warhol and
 Salvador Dali through constructing hedonic price indices from auction
 sales records. Although the arithmetic average returns are higher for the
 art than for equities, the geometric returns and the Sharpe ratios of the
 art indices underperform the market, because of their higher volatilities.
 The Capital Asset Pricing Model (CAPM) regression results indicate that
 Dali artworks were negatively correlated with the stock market and
 achieved a positive and significant Jensen's alpha of 12.3%. Therefore,
 investment in selected artists' works can provide sufficient
 diversification benefits even for individual investors unable to diversify
 their art portfolios. 
Journal: Applied Economics Letters 
Pages: 1049-1052 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.522515 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.522515&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Naoko Akashi-Ronquest 
Author-X-Name-First: Naoko 
Author-X-Name-Last: Akashi-Ronquest 
Author-Name: Paul Carrillo 
Author-X-Name-First: Paul 
Author-X-Name-Last: Carrillo 
Author-Name: Bruce Dembling 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Dembling 
Author-Name: Steven Stern 
Author-X-Name-First: Steven 
Author-X-Name-Last: Stern 
Title: Measuring the biases in self-reported disability status: evidence from aggregate data 
Abstract:
  Self-reported health status measures are generally used to analyse Social
 Security Disability Insurance's (SSDI) application and award decisions as
 well as the relationship between its generosity and labour force
 participation. Due to endogeneity and measurement error, the use of
 self-reported health and disability indicators as explanatory variables in
 economic models is problematic. We employ county-level aggregate data,
 instrumental variables and spatial econometric techniques to analyse the
 determinants of variation in SSDI rates and explicitly account for the
 endogeneity and measurement error of the self-reported disability measure.
 Two surprising results are found. First, it is shown that measurement
 error is the dominating source of the bias and that the main source of
 measurement error is sampling error. Second, results suggest that there
 may be synergies for applying for SSDI when the disabled population is
 larger. 
Journal: Applied Economics Letters 
Pages: 1053-1060 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.524603 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.524603&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xindan Li 
Author-X-Name-First: Xindan 
Author-X-Name-Last: Li 
Author-Name: Bing Zhang 
Author-X-Name-First: Bing 
Author-X-Name-Last: Zhang 
Title: Has split share structure reform improved the efficiency of the Chinese stock market? 
Abstract:
  Split share structure reform brings about fundamental changes to the
 Chinese stock market. This article compares the market efficiency before
 and after this reform. The generalized spectral derivative method is
 applied, which can capture linear and nonlinear serial dependence, and has
 stronger power against departures from market efficiency. The results show
 that although the markets were inefficient before the split share
 structure reform, they have reached the weak-form efficiency after that.
 This fundamental reform has improved the Chinese stock market efficiency. 
Journal: Applied Economics Letters 
Pages: 1061-1064 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.524604 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.524604&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xianbo Zhou 
Author-X-Name-First: Xianbo 
Author-X-Name-Last: Zhou 
Author-Name: Kui-Wai Li 
Author-X-Name-First: Kui-Wai 
Author-X-Name-Last: Li 
Title: The impact of openness and domestic performance on growth using nonparametric estimation 
Abstract:
  This article distinguishes openness from domestic performance as
 different growth determinants and uses nonparametric estimation to reveal
 their direct effects on GDP. On average, openness promotes growth, but its
 effect on growth is negative when the levels of openness and domestic
 performance both are very low. The effect of domestic performance on
 growth is always positive averagely and locally, but its effect on growth
 is decreasing when the economy experiences the initial stage of
 globalization and domestic performance. Our result makes a useful
 contribution to the globalization debate because the distinction between
 openness and domestic performance shows how different economies can
 perform and improve in each aspect. Among the developing economies,
 openness is a necessary and prerequisite condition for growth, but the
 achievement of a high level in domestic performance is also important for
 growth. 
Journal: Applied Economics Letters 
Pages: 1065-1070 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.524605 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.524605&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christos Kollias 
Author-X-Name-First: Christos 
Author-X-Name-Last: Kollias 
Author-Name: Susana-Maria Paleologou 
Author-X-Name-First: Susana-Maria 
Author-X-Name-Last: Paleologou 
Title: Budgetary trade-offs between defence, education and social spending in Greece 
Abstract:
  We examine the presence of budgetary trade-offs between defence spending
 and welfare expenditure in the case of Greece, the country with the
 highest defence burden in the European Union. The findings reported herein
 point to a positive trade-off between education, social expenditure and
 defence. 
Journal: Applied Economics Letters 
Pages: 1071-1075 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.524606 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.524606&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shah Danyal 
Author-X-Name-First: Shah 
Author-X-Name-Last: Danyal 
Author-Name: Pankaj Maskara 
Author-X-Name-First: Pankaj 
Author-X-Name-Last: Maskara 
Author-Name: Annaheeta Naqvi 
Author-X-Name-First: Annaheeta 
Author-X-Name-Last: Naqvi 
Title: Impact of computer skills on wages in USA 
Abstract:
  Using US NLSY panel data set, staggered every 2 years from 2000 to 2006
 for a cross section of 12&#xa0;686 individuals, we investigate the effect
 of computer skills on wages. We use the definition of computer skills as
 having a personal computer with Microsoft Windows at home. Unlike most
 previous studies in the United States, which used instrumental variables
 for controlling the unobserved factors, we use fixed-effects estimation
 methodology. Based on the unique data set and the robust fixed-effects
 estimation, we find that individuals possessing computer skills earn a
 wage premium. 
Journal: Applied Economics Letters 
Pages: 1077-1081 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.524607 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.524607&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sandeep Mazumder 
Author-X-Name-First: Sandeep 
Author-X-Name-Last: Mazumder 
Title: Inflation and marginal cost: on the importance of their covariance 
Abstract:
  Many researchers have found that estimating the New Keynesian Phillips
 Curve (NKPC) using the output gap to proxy for real marginal cost tends to
 produce a counter-intuitive coefficient sign in the model, whereas using
 the labour income share produces the expected coefficient sign. This
 article investigates the potential cause of this puzzle: What causes these
 differing signs for the coefficient for real marginal cost? We find that
 this coefficient sign crucially depends on the covariance between
 inflation and marginal cost. Moreover, this covariance in turn critically
 depends on the cyclicality of the marginal cost proxy that is used. 
Journal: Applied Economics Letters 
Pages: 1083-1089 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.524608 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.524608&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Charles Moul 
Author-X-Name-First: Charles 
Author-X-Name-Last: Moul 
Author-Name: John Nye 
Author-X-Name-First: John 
Author-X-Name-Last: Nye 
Title: Money isn't everything: linking college choice to winning prizes and professorships 
Abstract:
  We expand upon the literature that considers how characteristics of
 undergraduate schools affect nonincome outcomes by considering Nobel Prize
 winners and full professors at top 25 universities. We introduce National
 Merit Scholars (NMS) as a percentage of 1960-1961 class as a
 time-appropriate measure of student quality and show how this measure
 largely matches up with prior expectations and observed outcomes. We
 conclude with the discussion of the convex relation between NMS and these
 professional outcomes. 
Journal: Applied Economics Letters 
Pages: 1091-1098 
Issue: 11 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.524611 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.524611&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ali Ahmed 
Author-X-Name-First: Ali 
Author-X-Name-Last: Ahmed 
Title: Women are not always less competitive than men: evidence from Come Dine with Me 
Abstract:
  Are women less competitive than men? Many experimental and
 nonexperimental studies have documented gender differences in
 competitiveness. This article presents the results from a study that
 examines gender differences in competitiveness in the television show Come
 Dine with Me. It is a cooking show in which amateur chefs compete against
 each other for a cash prize. The show provides an unusual opportunity to
 study gender differences in a high-stakes game environment. The results
 demonstrate that there are no gender differences in competitiveness. 
Journal: Applied Economics Letters 
Pages: 1099-1101 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.524609 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.524609&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Baumohl 
Author-X-Name-First: E. 
Author-X-Name-Last: Baumohl 
Author-Name: S. Lyocsa 
Author-X-Name-First: S. 
Author-X-Name-Last: Lyocsa 
Author-Name: T. Vyrost 
Author-X-Name-First: T. 
Author-X-Name-Last: Vyrost 
Title: Shift contagion with endogenously detected volatility breaks: the case of CEE stock markets 
Abstract:
  Using data from three Central and Eastern European (CEE-3) and two
 developed stock markets, we present a methodology for validating the
 existence of shift contagion between these markets. The use of
 endogenously detected changes in the volatility of stock market returns
 allows us to define relatively high- and low-volatility regimes for
 particular stock markets. We verify whether volatility regimes are
 significantly associated with dynamic conditional correlations (DCCs),
 thus providing evidence for contagion between stock markets. 
Journal: Applied Economics Letters 
Pages: 1103-1109 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.524610 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.524610&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chen-Jui Huang 
Author-X-Name-First: Chen-Jui 
Author-X-Name-Last: Huang 
Author-Name: Jwu-Rong Lin 
Author-X-Name-First: Jwu-Rong 
Author-X-Name-Last: Lin 
Title: Financial liberalization and banking performance: an analysis of Taiwan's former 'Top 10 Banks' 
Abstract:
  This article examines, from a unique sample of once-oligopolized 'Top 10
 Banks' in Taiwan between 1981 and 2001, the dynamic effect of cost-side
 efficiency structure and revenue-side market structure on performance
 gauged by the Return on Asset (ROA) and the Return on Equity (ROE).
 Financial liberalization with market reopening by the Taiwanese government
 in 1991 reduces ROA. Cost Efficiency (CE) and Allocative Efficiency (AE)
 assessed with Data Envelopment Analysis (DEA) increase procyclical ROA but
 are unrelated to ROE, suggesting effectiveness of cost control over
 productivity innovation for the 'Top 10' to maintain performance.
 Operation expansion merely aggravates hierarchical complexity. Market
 Share (MS) and Market Concentration (CR) behave oppositely and profit is
 unaffected by their interaction term, substantiating the standard
 efficient structure hypothesis and confirming inappropriateness of using
 MS as a proxy for efficiency. Under the trend towards universal banking,
 longer-term revenue generated from geographical and operational
 diversification, on balance, is likely to overweigh the cost linked with
 greater asymmetry of information in loan making. 
Journal: Applied Economics Letters 
Pages: 1111-1120 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.526566 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.526566&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chich-Jen Shieh 
Author-X-Name-First: Chich-Jen 
Author-X-Name-Last: Shieh 
Title: Management innovation, corporation core competence and corporate culture: the impact of relatedness 
Abstract:
  This study reports the results of a study of Management Innovation of
 Taiwanese businesses in China. Over 800 questionnaires were sent out to
 the Taiwanese owners/managers in Kun-Shan City, China, with 260 valid
 responses included in the study. Four relationships were examined in the
 study: the correlation between management innovation and corporation core
 competence, between management innovation and the corporate culture,
 between corporation core competence and the corporate culture and finally
 the effect of the corporate culture on the relationship between management
 innovation and corporation core competence. Findings and conclusions are
 discussed. 
Journal: Applied Economics Letters 
Pages: 1121-1124 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.526567 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.526567&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michio Yuda 
Author-X-Name-First: Michio 
Author-X-Name-Last: Yuda 
Title: The effect of habitual smoking on labour productivity 
Abstract:
  This article investigates the effect of habitual smoking on full-time
 employees' hourly wages, which represent one of the social costs of
 smoking. Because the decision whether to smoke is affected by the
 cigarette tax level and by various socioeconomic factors, it is
 appropriate that we treat smoking indicators as endogenous in econometric
 analyses. To control this endogeneity, I use the levels of state and
 federal cigarette taxes per package and family attributes as instrumental
 variables for habitual smoking. According to the estimation results, there
 is no difference in wages between smokers and nonsmokers of both genders
 after appropriately controlling for the endogeneity of smoking. This
 result is different from the results of most previous studies, most of
 which suffer from several methodological problems. I also found that
 cigarette taxes have a strong impact on smoking participation for both
 genders. However, it is also found that cigarette taxes do not make
 smokers without rationality quit smoking. 
Journal: Applied Economics Letters 
Pages: 1125-1132 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.526568 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.526568&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Javed Younas 
Author-X-Name-First: Javed 
Author-X-Name-Last: Younas 
Title: Role of foreign direct investment in estimating capital mobility: a reappraisal of Feldstein-Horioka puzzle 
Abstract:
  As investment by nonresidents is not subject to inter-temporal budget
 constraint of the recipient country, it may not belong to
 Feldstein-Horioka equation. This article finds that capital mobility is
 remarkably high in both developed and developing countries when Foreign
 Direct Investment (FDI) is excluded from domestic investment. Moreover,
 economic openness and financial markets' liberalization are also found to
 have increased the degree of capital mobility. 
Journal: Applied Economics Letters 
Pages: 1133-1137 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.526569 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.526569&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kurt Rotthoff 
Author-X-Name-First: Kurt 
Author-X-Name-Last: Rotthoff 
Author-Name: Danielle Zanzalari 
Author-X-Name-First: Danielle 
Author-X-Name-Last: Zanzalari 
Author-Name: John Jasina 
Author-X-Name-First: John 
Author-X-Name-Last: Jasina 
Title: What are the odds? A measure of the small sample problems 
Abstract:
  Decisions on whether to retain recent hires are often limited by small
 sample size. We empirically assess whether uncertainty in employee
 retention decisions could be significantly reduced by increasing sample
 size. Using a unique data set from professional tennis matches to measure
 small sample outcomes, we find little difference in giving three chances,
 relative to five chances, in determining innate ability. 
Journal: Applied Economics Letters 
Pages: 1139-1143 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.526570 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.526570&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sun-Tien Wu 
Author-X-Name-First: Sun-Tien 
Author-X-Name-Last: Wu 
Author-Name: Chieh-Hsuan Wang 
Author-X-Name-First: Chieh-Hsuan 
Author-X-Name-Last: Wang 
Title: The relationships between rent multiplier and user cost - a case study of Taipei 
Abstract:
  The value of Rent Multiplier (RM) for the city of Taipei has been in
 extraordinary magnitudes and remains to be a myth to most housing
 economists. Why does the RM in Taipei exhibit such a peculiarity? Is it
 because the populace there are so peculiar in their housing behaviours
 that can be held to account for such an extraordinary phenomenon or
 because there are logically consistent economic factors behind the scene
 that might have led the people to make their housing choices rather
 differently from the way usually envisaged by the conventional wisdom in
 economics? In this article, we try to uncover the myth by examining
 whether the economic factors such as user cost, vacancy rate and people's
 disposable income can be held to account for the above-mentioned
 consequence through a vector error correction model. More specifically, we
 examine whether there are long-term relationships between those
 explanatory variables and the RMs in question. The results show that our
 argument that the extraordinary RM phenomenon can be explained with user
 cost is empirically verified. 
Journal: Applied Economics Letters 
Pages: 1145-1148 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.528348 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.528348&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Magnus Soderberg 
Author-X-Name-First: Magnus 
Author-X-Name-Last: Soderberg 
Title: Firm-level inefficiency and its determinants in the Swedish water and wastewater sector 
Abstract:
  The Swedish Water and Wastewater (WW) utilities are subject to a
 cost-of-service regulation with no regulatory incentives to reduce costs.
 An estimation of firm-level inefficiency using stochastic frontier models
 on a cross-sectional sample of 148 utilities from 2006 suggests that
 overall the sector has at least a 15% cost reduction potential. Utilities
 can increase efficiency by reducing network losses. The cost frontier
 shifts to a higher level when (1) two or more municipalities merge their
 WW operations and when (2) utilities receive tax subsidies. 
Journal: Applied Economics Letters 
Pages: 1149-1153 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.528349 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.528349&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cipriano Quiros 
Author-X-Name-First: Cipriano 
Author-X-Name-Last: Quiros 
Title: Liberalization and efficiency in the European postal sector 
Abstract:
  Market competition has been widely considered as one of the main
 determinants of business efficiency. This study evaluates this hypothesis
 for European postal operators. In particular, it takes advantage of the
 coexistence of various degrees of competition in national postal markets
 and the differences in regulations established among countries. For this
 purpose, a stochastic production frontier model is estimated, using a
 database of 17 European national postal operators. The results show that
 the degree of competition in domestic markets and the independence of
 national regulatory authorities are the main factors to explain the
 increase in efficiency in the postal sector. This reinforces the need for
 transposing the European regulatory framework into all national postal
 markets and opening them up to competition with no further delay. 
Journal: Applied Economics Letters 
Pages: 1155-1158 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.528350 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.528350&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Julide Yildirim 
Author-X-Name-First: Julide 
Author-X-Name-Last: Yildirim 
Author-Name: Erdogan Yilmaz 
Author-X-Name-First: Erdogan 
Author-X-Name-Last: Yilmaz 
Author-Name: Nebile Korucu 
Author-X-Name-First: Nebile 
Author-X-Name-Last: Korucu 
Title: The determinants of out-of-pocket payments: evidence from selected hospitals in Ankara, Turkey 
Abstract:
  The aim of this study is to explore the determinants of the out-of-pocket
 expenditures on health in selected hospitals of the capital city Ankara,
 Turkey. Maximum likelihood logistic analysis is used to estimate the
 relationship between the likelihood of incurring out-of-pocket payments
 and a set of individual- and facility-level covariates, such as income,
 education level and wealth of the patient. Empirical findings indicate
 that as the level of education, age and income increase the likelihood of
 making out-of-payment expenditures on health increases. Additionally, the
 attitudes of patients towards the health-care system and their possible
 impacts on the decision of out-of-pocket payments have also been
 considered. The distrust in the public health-care system is reflected in
 patients' choices regarding the first applied medical centre. It appears
 that patients with high levels of income prefer private health-care rather
 than the public health-care services. 
Journal: Applied Economics Letters 
Pages: 1159-1162 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.528351 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.528351&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ross Guest 
Author-X-Name-First: Ross 
Author-X-Name-Last: Guest 
Title: Social time preference and the optimal carbon price 
Abstract:
  This article examines the implications of alternative social time
 preference assumptions for the optimal carbon price by numerical
 simulations of a simple Ramsey model. Three specifications of social time
 preferences are compared: a constant social time preference rate (stpr),
 decreasing social impatience or hyperbolic social preferences and
 increasing social impatience. The results show nontrivial effects on the
 optimal carbon price. The policy implication is that value judgements
 about intergenerational welfare, reflected in stpr, have implications for
 policies aimed at achieving a target carbon price. These value judgements
 therefore ought to be made explicit in setting target carbon prices over
 time. 
Journal: Applied Economics Letters 
Pages: 1163-1166 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.528352 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.528352&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: B. van Groezen 
Author-X-Name-First: B. 
Author-X-Name-Last: van Groezen 
Author-Name: R. Jadoenandansing 
Author-X-Name-First: R. 
Author-X-Name-Last: Jadoenandansing 
Author-Name: G. Pasini 
Author-X-Name-First: G. 
Author-X-Name-Last: Pasini 
Title: Social capital and health across European countries 
Abstract:
  In this article we compare the effect of trust and civic participation on
 self-assessed health across 10 European countries. We find that, after
 controlling for a rich set of socio-economic characteristics, for actual
 health status and for health-related behaviours, trust has a significantly
 positive effect on perceived health in Sweden and Germany, but none in the
 other countries. Civic participation does have a positive and quite
 similar effect in all countries. Our conclusion is that they measure two
 different aspects of social capital that must be treated separately. 
Journal: Applied Economics Letters 
Pages: 1167-1170 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.528353 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.528353&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Garrett 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Garrett 
Author-Name: Lesli Ott 
Author-X-Name-First: Lesli 
Author-X-Name-Last: Ott 
Title: Crime and arrests: deterrence or resource reallocation? 
Abstract:
  We use monthly time-series data for 20 large US cities to test the
 deterrence hypothesis (arrests reduce crimes) and the resource
 reallocation hypothesis (arrests follow from an increase in crime). We
 find (1) weak support for the deterrence hypothesis, (2) much stronger
 support for the resource reallocation hypothesis and (3) differences in
 city-level estimates suggest much heterogeneity in the crime and arrest
 relationship across regions. 
Journal: Applied Economics Letters 
Pages: 1171-1175 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.528354 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.528354&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Scott Hegerty 
Author-X-Name-First: Scott 
Author-X-Name-Last: Hegerty 
Title: Openness and capital flow volatility: comparisons between transition economies and Latin America 
Abstract:
  The transition economies of Eastern Europe, much like Latin America, have
 attracted a great deal of capital and thus become vulnerable to external
 crises. As a result, assessing the volatility of capital movements, and
 distinguishing between stable and transitory flows, is particularly
 important. This study looks at nine transition and six Latin American
 countries individually, modelling Foreign Direct Investment (FDI),
 portfolio and other inflows separately as functions of macroeconomic
 variables that include economic openness. Cointegration analysis shows
 that Latin American flows seem to experience more of a reduction in
 volatility due to increased openness, suggesting that this region enjoys
 more risk-sharing as a result of financial integration than do transition
 economies. 
Journal: Applied Economics Letters 
Pages: 1177-1180 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.528355 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.528355&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tiago de. V. Cavalcanti 
Author-X-Name-First: Tiago 
Author-X-Name-Last: de. V. Cavalcanti 
Author-Name: Kamiar Mohaddes 
Author-X-Name-First: Kamiar 
Author-X-Name-Last: Mohaddes 
Author-Name: Mehdi Raissi 
Author-X-Name-First: Mehdi 
Author-X-Name-Last: Raissi 
Title: Does oil abundance harm growth? 
Abstract:
  This article explores whether natural resource abundance is a curse. Our
 results reveal that oil abundance has a positive effect on both long-run
 income levels and short-run economic growth. 
Journal: Applied Economics Letters 
Pages: 1181-1184 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.528356 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.528356&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Todd Gabe 
Author-X-Name-First: Todd 
Author-X-Name-Last: Gabe 
Author-Name: Bernardita Silva 
Author-X-Name-First: Bernardita 
Author-X-Name-Last: Silva 
Title: Did George W. Bush increase the happiness of US Republicans? 
Abstract:
  Using information from the US General Social Survey (GSS) between 1972
 and 2006, we examine the effects of political affiliation on happiness.
 Regression results show that Republicans are always happier than
 Democrats, but members of both parties tend to be happier during a
 Democratic presidential administration. We do not find compelling evidence
 that Americans are happier when their own political party is in power. 
Journal: Applied Economics Letters 
Pages: 1185-1188 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.528357 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.528357&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: David Bywaters 
Author-X-Name-First: David 
Author-X-Name-Last: Bywaters 
Author-Name: David Thomas 
Author-X-Name-First: David 
Author-X-Name-Last: Thomas 
Title: Real money demand and supply meets Federal debt 
Abstract:
  This article presents the empirical results of an econometric
 investigation of the demand and supply of real money (M2) with real
 Federal debt in the USA economy as a Vector Auto-Regressions (VARs)
 system. This allows the study to focus on the crucial variables of fiscal
 and monetary policies, specifically the debt (wealth-creating
 instruments), the real monetary base and the relevant rates of interest.
 The long- and short-run effects of these variables over the quarterly
 data, spanning from 1960 to 2007, are analysed. Clearly, this is a
 well-researched field, where others have published excellent work,
 although this investigation differs in its choice of variables. The idea
 is to explain the dynamics and mechanisms of adjustment, generally left
 unexplained by economic theory. 
Journal: Applied Economics Letters 
Pages: 1189-1193 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532089 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532089&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tin-Chun Lin 
Author-X-Name-First: Tin-Chun 
Author-X-Name-Last: Lin 
Title: Economic effects of grades on course evaluations 
Abstract:
  In this article, we develop econometric models to test the hypothesis
 that students rate their professors primarily based upon their midterm
 grades. Our findings reveal that students' midterm grades are positively
 and significantly related to professors' overall evaluations, indicating
 that the hypothesis is accepted. 
Journal: Applied Economics Letters 
Pages: 1195-1199 
Issue: 12 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532090 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532090&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Josep Maria Raya 
Author-X-Name-First: Josep Maria 
Author-X-Name-Last: Raya 
Title: The effect of time on hotel pricing strategy 
Abstract:
  Tourist product distribution over the Internet is encouraging companies
 to implement dynamic pricing policies. The aim of this article is to
 present an empirical model of the dynamics of room prices in tourist
 resorts on the Catalan coast. We estimate a discrete time duration model
 for the probability of a price change occurring at any particular time and
 a count model for the number of price changes occurring over the period.
 The results suggest that the largest marginal effects are caused by a
 change in the location, the hotel category and the market share. 
Journal: Applied Economics Letters 
Pages: 1201-1205 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532091 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532091&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Massimo Peri 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Peri 
Author-Name: Lucia Baldi 
Author-X-Name-First: Lucia 
Author-X-Name-Last: Baldi 
Title: Nonlinear price dynamics between CO2 futures and Brent 
Abstract:
  The growing expansion of European Union Emission Trading futures market
 and the parallel increase in the tendency of using such products also as
 financial instruments in the capital market outline the interest in the
 analysis of European Union Allowances (EUA) futures prices drivers. We
 applied recent developments in the threshold cointegration approach to
 investigate the presence of asymmetric dynamic adjusting processes between
 CO2 futures and spot Brent prices. We found evidence of the existences of
 long-run nonlinear relationships, with Brent prices driving EUA futures
 prices to a long-run equilibrium up to a point where the gap between the
 two prices exceeds a critical threshold. Hence, EUA futures market
 currently do not act only as a tool for compliance within the
 environmental regulation (i.e. to contain CO2 emissions), but has become a
 financial instrument to support firms' profit-maximizing behaviour. 
Journal: Applied Economics Letters 
Pages: 1207-1211 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532092 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532092&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Hey 
Author-X-Name-First: John 
Author-X-Name-Last: Hey 
Author-Name: Carmen Pasca 
Author-X-Name-First: Carmen 
Author-X-Name-Last: Pasca 
Title: On choosing a constitution (at least the part relating to the distribution of income) 
Abstract:
  A constitution is a collection of principles or axioms determining how
 society should be organized and a description of the ordering of the
 axioms in terms of their importance and invocation. We report on an
 exploratory experiment aimed at discovering preferred axioms relating to
 the distribution of income within society. Unlike most previous
 experiments, we inquired directly into preferred axioms, rather than
 indirectly (done by asking subjects to choose between distributions). In
 addition to learning that the experimental design was, in principle,
 appropriate, we discovered that preferences expressed in this direct way
 appear to differ from preferences expressed indirectly. Interestingly, we
 also get an insight into the order in which people prefer principles to be
 implemented, thus suggesting something about relative importance. 
Journal: Applied Economics Letters 
Pages: 1213-1217 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532093 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532093&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Josef Loening 
Author-X-Name-First: Josef 
Author-X-Name-Last: Loening 
Author-Name: Masato Higashi 
Author-X-Name-First: Masato 
Author-X-Name-Last: Higashi 
Title: Decomposing terms of trade fluctuations in Ethiopia 
Abstract:
  This article proposes a technique to decompose short-run fluctuations in
 the terms of trade. Using Ethiopia as an example, we decompose the
 commodity terms of trade into various components to measure the impact of
 price and volume shifts as well as export diversification. We use monthly
 data from the past decade, including periods during the global food and
 financial crises. Our findings suggest that diversification out of
 traditional coffee exports to other export commodities successfully
 mitigated the terms of trade shock. Continued export diversification will
 be beneficial. 
Journal: Applied Economics Letters 
Pages: 1219-1224 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532094 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532094&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Brian Lucey 
Author-X-Name-First: Brian 
Author-X-Name-Last: Lucey 
Author-Name: Brenda Carron 
Author-X-Name-First: Brenda 
Author-X-Name-Last: Carron 
Title: The effect of gender on stock price reaction to the appointment of directors: the case of the FTSE 100 
Abstract:
  We examine the effect of the appointment of directors on the share price
 of FTSE companies. We find that the share price reaction to the
 appointment of directors suggests that gender is not an issue in the
 appointment of nonexecutive directors, but it does have an effect on the
 market reaction to the appointment of executive directors. 
Journal: Applied Economics Letters 
Pages: 1225-1229 
Issue: 13 
Volume: 18 
Year: 2011 
Keywords: FTSE 100, gender, directors, event study, 
X-DOI: 10.1080/13504851.2010.532095 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532095&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jens Matthias Arnold 
Author-X-Name-First: Jens Matthias 
Author-X-Name-Last: Arnold 
Author-Name: Andreas Worgotter 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Worgotter 
Title: Structural reforms and the benefits of the enlarged EU internal market: still much to be gained 
Abstract:
  In the light of recent calls for additional structural reforms in Europe,
 this article looks at the role that a reduction of remaining barriers for
 integration and competition in the EU internal market can play in this
 context. This article presents new estimates of the likely impact of
 product market reform on labour productivity in old and new EU member
 countries, with a particular focus on network industries, professional
 services and retail trade. These estimates reveal that labour productivity
 could be boosted by an average of 10% over a time horizon of 10 years, in
 reward for a reform agenda that would align the stringency of
 anti-competitive regulation in services sectors to European best practice
 across all countries. 
Journal: Applied Economics Letters 
Pages: 1231-1235 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532096 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532096&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Naomi Kodama 
Author-X-Name-First: Naomi 
Author-X-Name-Last: Kodama 
Author-Name: Kazuhiko Odaki 
Author-X-Name-First: Kazuhiko 
Author-X-Name-Last: Odaki 
Title: Gender difference in the probability of success in starting business turns negligible when controlling for the managerial experience 
Abstract:
  This study analyses the difference in the probability of success in
 starting a business between male and female entrepreneurs. The novel data
 set of the participants of business start-up seminars enables us to
 control for entrepreneurial drive, educational level and managerial
 experience. In contrast to the existing literature, the gender difference
 proves to be negligible after controlling for the managerial experience.
 Our finding implies that the training programmes for women to improve
 their management skill will reduce the gender gap in starting a business. 
Journal: Applied Economics Letters 
Pages: 1237-1241 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532097 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532097&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: R. Harris 
Author-X-Name-First: R. 
Author-X-Name-Last: Harris 
Author-Name: Q. C. Li 
Author-X-Name-First: Q. C. 
Author-X-Name-Last: Li 
Author-Name: J. Moffat 
Author-X-Name-First: J. 
Author-X-Name-Last: Moffat 
Title: The impact of higher education institution-firm knowledge links on firm-level productivity in Britain 
Abstract:
  This article estimates whether knowledge links with universities impact
 on establishment-level Total Factor Productivity (TFP). Using propensity
 score matching, the results show a positive and statistically significant
 impact although there are differences across production and nonproduction
 industries and domestically and foreign-owned firms. 
Journal: Applied Economics Letters 
Pages: 1243-1246 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532098 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532098&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rosa Badillo 
Author-X-Name-First: Rosa 
Author-X-Name-Last: Badillo 
Author-Name: Carmelo Reverte 
Author-X-Name-First: Carmelo 
Author-X-Name-Last: Reverte 
Author-Name: Elena Rubio 
Author-X-Name-First: Elena 
Author-X-Name-Last: Rubio 
Title: The Fisher effect in the EU revisited: new evidence using panel cointegration estimation with global stochastic trends 
Abstract:
  This article is aimed at verifying the fulfilment of the Fisher
 hypothesis for a panel of 15 EU countries using the recent developments in
 the estimation of panel cointegration models with cross-sectional
 dependence generated by unobservable global stochastic trends (Bai et al.,
 2009). Bai et al. (2009) propose two iterative procedures that jointly
 estimate the slope parameters and the stochastic trends. The resulting
 estimators are referred to, respectively, as Continuously Updated and Bias
 Corrected (CupBC) and Continuously Updated and Fully Modified (CupFM)
 estimators. Our results show that, if we ignore the cross-sectional
 dependence generated by global stochastic trends when estimating the
 Fisher equation, we could erroneously infer that there is a full Fisher
 effect, as found by Westerlund (2008) for a panel of OECD countries.
 However, if we explicitly introduce the common factors in the Fisher
 equation, the CupBC and CupFM estimators of the slope parameter on
 inflation are significantly lower than unity, which implies the existence
 of a 'partial' Fisher effect. 
Journal: Applied Economics Letters 
Pages: 1247-1251 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532099 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532099&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. Forrest 
Author-X-Name-First: D. 
Author-X-Name-Last: Forrest 
Author-Name: L. Perez 
Author-X-Name-First: L. 
Author-X-Name-Last: Perez 
Title: Football pools and lotteries: substitute roads to riches? 
Abstract:
  Football pools offer an older alternative to lotto games for gamblers
 seeking high prizes with low stakes. The article models football pools
 demand in Spain over nearly 40 years. The introduction of lotto games to
 the market led to substantial cannibalization of the pools but,
 subsequently, there is no evidence that the products were substitutes when
 the relative value for money fluctuated. Entry fee is shown to be a
 determinant of demand independent of the expected loss per euro, implying
 that long-odds games should not be analysed as if buyers were acquiring a
 purely financial asset. 
Journal: Applied Economics Letters 
Pages: 1253-1257 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532100 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532100&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ana-Isabel Guerra 
Author-X-Name-First: Ana-Isabel 
Author-X-Name-Last: Guerra 
Author-Name: Ferran Sancho 
Author-X-Name-First: Ferran 
Author-X-Name-Last: Sancho 
Title: Budget-constrained expenditure multipliers 
Abstract:
  Standard expenditure multipliers capture economy-wide effects of new
 government projects only when financing constraints are not binding. In
 actual policy-making, however, new projects usually need financing. We
 show that under liquidity constraints, new projects are subject to two
 opposite effects: an income effect and a set of spending substitution
 effects. The former is the traditional, unrestricted, multiplier effect;
 the latter is the result of expenditure reallocation to uphold effective
 financing constraints. Unrestricted multipliers will therefore be, as a
 general rule, upward biased and policy designs based upon them should be
 reassessed in the light of the countervailing substitution effects. We
 also propose a novel decomposition of multiplier effects based on internal
 and external dependencies. 
Journal: Applied Economics Letters 
Pages: 1259-1262 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532101 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532101&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jon Olaskoaga-Larrauri 
Author-X-Name-First: Jon 
Author-X-Name-Last: Olaskoaga-Larrauri 
Author-Name: Ricardo Alaez-Aller 
Author-X-Name-First: Ricardo 
Author-X-Name-Last: Alaez-Aller 
Author-Name: Eneko Arrospide-Zabala 
Author-X-Name-First: Eneko 
Author-X-Name-Last: Arrospide-Zabala 
Title: Determinant factors in the convergence of welfare effort in OECD countries: a decomposition of the Theil indices 
Abstract:
  This article uses Theil's index to confirm the convergence of welfare
 effort in 21 developed countries. Taking advantage of the properties of
 this index, this article decomposes the dispersion of effort into its
 immediate determinants and thus illustrates that it is possible for there
 to be convergence in welfare effort but not in the intensity with which
 national systems protect their citizens. 
Journal: Applied Economics Letters 
Pages: 1263-1266 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.532102 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.532102&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: K. Ben Khediri 
Author-X-Name-First: K. 
Author-X-Name-Last: Ben Khediri 
Author-Name: H. Ben-Khedhiri 
Author-X-Name-First: H. 
Author-X-Name-Last: Ben-Khedhiri 
Title: Determinants of bank net interest margin in Tunisia: a panel data model 
Abstract:
  This article examines the determinants of Net Interest Margins (NIM) in
 Tunisia and tests some of the bank's characteristics that are derived
 mainly from the dealership model (Ho and Saunders, 1981). The research
 considers the heterogeneity of individual banks through the use of
 random-effect as well as fixed-effect models. It tests the robustness of
 the results by running the Wooldridge test for autocorrelation in panel
 data and robust cluster estimation. Operating Costs (OC) and Bank Capital
 (BC) are found to be consistent to the theoretical model implying positive
 association to NIM. In addition, NIM is positively related to Opportunity
 Costs of Bank Reserves (OCBR), Implicit Interest Payments (IIP) and
 negatively related to Quality of Management (QM). 
Journal: Applied Economics Letters 
Pages: 1267-1271 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.534052 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.534052&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Viktors Ajevskis 
Author-X-Name-First: Viktors 
Author-X-Name-Last: Ajevskis 
Title: A target zone model with the terminal condition of joining a currency area 
Abstract:
  This study aims to generalize the Krugman target zone model for the case
 of terminal condition of joining a currency area. Using the terminal
 condition and the 'smooth pasting conditions', both analytical and
 numerical solutions of the problem are obtained. The proposed model is
 more adequate than the Krugman one when the moment of joining currency
 area approaches. The properties of the model highlight that monetary
 authorities have some degree of monetary independence until the moment of
 entering a currency zone. The model's outcomes are consistent with dynamic
 properties of the exchange rate time series of the European countries that
 entered euro zone in January 1999. 
Journal: Applied Economics Letters 
Pages: 1273-1278 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.534053 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.534053&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ellen Sewell 
Author-X-Name-First: Ellen 
Author-X-Name-Last: Sewell 
Title: Competition and dealership agglomeration in new car markets 
Abstract:
  The theoretical literature addressing firm agglomeration is rich and
 varied. Yet few empirical studies have been published. This article
 investigates the impact of competition on dealership agglomeration in new
 car markets in the United States. The driving distance between Dodge and
 Ford dealerships is used as a proxy for the extent of market
 agglomeration. The number of new car dealers, used car dealers and
 automotive service facilities are included to measure the extent of
 competition in the market. Both the land area and the population of the
 county are used as measures of market size. The geographical dimension for
 the market is taken to be the county, with counties included in
 multi-county Metropolitan Statistical Areas (MSAs) excluded from the
 study. The empirical results provide no support for the expectation that
 competition drives agglomeration. 
Journal: Applied Economics Letters 
Pages: 1279-1283 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.534054 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.534054&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mathias Moersch 
Author-X-Name-First: Mathias 
Author-X-Name-Last: Moersch 
Author-Name: Armin Pohl 
Author-X-Name-First: Armin 
Author-X-Name-Last: Pohl 
Title: Predicting recessions with the term spread - recent evidence from seven countries 
Abstract:
  Using data including the most recent recession and employing two
 different definitions of recessions, this article examines the ability of
 the term spread of interest rates to predict recessions for seven
 countries. The empirical results indicate that the predictive power of the
 term spread is best for Canada, Germany, the United States and the United
 Kingdom. It is not solely a result of the link with monetary policy but
 for the most part reflects information independent of monetary policy
 actions. The National Bureau of Economic Research (NBER)/Economic Cycle
 Research Institute (ECRI) chronology of recessions provides the best fit. 
Journal: Applied Economics Letters 
Pages: 1285-1288 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.534055 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.534055&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rupert Rhodd 
Author-X-Name-First: Rupert 
Author-X-Name-Last: Rhodd 
Author-Name: Sandra Schrouder 
Author-X-Name-First: Sandra 
Author-X-Name-Last: Schrouder 
Author-Name: Marcus Allen 
Author-X-Name-First: Marcus 
Author-X-Name-Last: Allen 
Title: Weekend business school degrees: Levelling the playing field? 
Abstract:
  Using a sample of 6001 students in the traditional Bachelor of Business
 Administration (BBA) programme and 228 students in the weekend BBA
 programme, this study considers whether undergraduate students who
 participate in a weekend bachelor degree programme at an Association to
 Advance Collegiate Schools of Business (AACSB)-accredited business school
 perform as well as students who attend the traditional programme at the
 same university as measured by their final Grade Point Averages (GPAs).
 The results of this study demonstrate that some demographic factors that
 are correlated with the level of overall academic performance in the
 weekend programme significantly differ from the demographic factors that
 are correlated with students' performances in the traditional programme.
 Although the mean performances of students in the traditional and weekend
 programmes differ only slightly (2.95 GPA and 3.00 GPA, respectively),
 gender and age were a factor only in the traditional programme as females
 and older students outperform males and younger students. Underperformance
 by minority students is consistent in both programmes. 
Journal: Applied Economics Letters 
Pages: 1289-1294 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.534058 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.534058&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jomana Amara 
Author-X-Name-First: Jomana 
Author-X-Name-Last: Amara 
Title: Testing for stationarity using covariates: an application to purchasing power parity 
Abstract:
  We examine the evidence for Purchasing Power Parity (PPP) using
 post-Bretton Woods exchange rate data for 20 industrialized countries. The
 two tests used are the covariate tests for stationarity where the null
 hypothesis of stationarity is tested against the unit root alternative.
 These tests are generalizations of existing univariate stationarity tests
 and improve the power of univariate tests by utilizing the information
 contained in related stationary covariates. We conclude that PPP holds for
 17 out of the 20 countries tested. 
Journal: Applied Economics Letters 
Pages: 1295-1301 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.534059 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.534059&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sherif Khalifa 
Author-X-Name-First: Sherif 
Author-X-Name-Last: Khalifa 
Author-Name: Ousmane Seck 
Author-X-Name-First: Ousmane 
Author-X-Name-Last: Seck 
Author-Name: Elwin Tobing 
Author-X-Name-First: Elwin 
Author-X-Name-Last: Tobing 
Title: Financial wealth effect: evidence from threshold estimation 
Abstract:
  Using Hansen's (1999) threshold estimation technique and Panel Study of
 Income Dynamics (PSID) data set for the waves of 2001, 2003 and 2005, we
 estimate the effects of the fluctuations in financial wealth on the
 consumption behaviour of households for different endogenously determined
 income groups. We found a threshold income level of almost $130 000, below
 which the financial wealth effect is insignificant, and above which the
 effect is 0.004. 
Journal: Applied Economics Letters 
Pages: 1303-1305 
Issue: 13 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.535777 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.535777&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hai Fang 
Author-X-Name-First: Hai 
Author-X-Name-Last: Fang 
Author-Name: John Rizzo 
Author-X-Name-First: John 
Author-X-Name-Last: Rizzo 
Title: Income inequality dynamics in rural China from 1991 to 2006: the role of alternative income sources 
Abstract:
  This article decomposes income inequality in rural China into five income
 sources and studies the marginal effect of each income source on total
 income inequality. We find that rising wage income and declining
 agricultural income play important roles in the rapid increase of income
 inequality in rural China from 1991 to 2006. Only increases in
 agricultural income appear to reduce total income inequality. China has
 recently eliminated taxes on agricultural income. These findings suggest
 that such a policy will help reduce income inequality in rural China. 
Journal: Applied Economics Letters 
Pages: 1307-1310 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.535778 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.535778&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hans Bystrom 
Author-X-Name-First: Hans 
Author-X-Name-Last: Bystrom 
Title: An index to evaluate fund and fund manager performance 
Abstract:
  I propose a new index, the b-index, to measure the performance of funds
 and fund managers. A fund or fund manager has a b-index equal to b if b is
 the highest number for which it holds that the fund/fund manager has
 returned more than b% at least b years throughout the history of the
 fund/fund manager. 
Journal: Applied Economics Letters 
Pages: 1311-1314 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.535779 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.535779&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Terence Tai-Leung Chong 
Author-X-Name-First: Terence Tai-Leung 
Author-X-Name-Last: Chong 
Author-Name: Wing-Keung Wong 
Author-X-Name-First: Wing-Keung 
Author-X-Name-Last: Wong 
Author-Name: Juan Zhang 
Author-X-Name-First: Juan 
Author-X-Name-Last: Zhang 
Title: A gravity analysis of international stock market linkages 
Abstract:
  The last decade has witnessed a marked improvement in information
 technology. Such an improvement has reduced the information cost for
 market participants. Thus, whether the influence of geographic factors on
 international financial linkage is still significant nowadays is an
 important question yet to be addressed. This article develops a gravity
 model of international financial linkages. Using the panel data of
 bilateral cross-country stock market correlations of 23 countries, it is
 found that the correlations are negatively associated with the Great
 Circular Distance (GCD) between the financial centres of these countries
 and positively associated with the duration of overlapping trading hours
 among stock exchanges and the colonial links between countries. However,
 whether the countries share a common border or language does not affect
 the stock market correlations. 
Journal: Applied Economics Letters 
Pages: 1315-1319 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537614 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537614&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Claudio Bonilla 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Bonilla 
Author-Name: Jean Sepulveda 
Author-X-Name-First: Jean 
Author-X-Name-Last: Sepulveda 
Title: Stock returns in emerging markets and the use of GARCH models 
Abstract:
  We use the Hinich portmanteau bicorrelation test to detect for the
 adequacy of using GARCH (Generalized Autoregressive Conditional
 Heteroscedasticity) as the data-generating process to model conditional
 volatility of stock market index rates of return in 13 emerging economies.
 We find that a GARCH formulation or any of its variants fail to provide an
 adequate characterization for the underlying process of the 13 emerging
 stock market indices. We also study whether there exist evidence of ARCH
 effects, over windows of 200, 400 and 800 observations, using Engle's LM
 (Lagrange Multiplier) test, and find that there exist long periods of time
 with no evidence of ARCH effects. The results suggest that policymakers
 should use caution when using autoregressive models for policy analysis
 and forecast because the inadequacy of GARCH models has strong
 implications for the pricing of stock index options, portfolio selection
 and risk management. Specially, measures of spillover effects and output
 volatility may not be accurate when using GARCH models to evaluate
 economic policy. 
Journal: Applied Economics Letters 
Pages: 1321-1325 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537615 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537615&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vedat Yorucu 
Author-X-Name-First: Vedat 
Author-X-Name-Last: Yorucu 
Author-Name: Ozay Mehmet 
Author-X-Name-First: Ozay 
Author-X-Name-Last: Mehmet 
Title: The bounds-test approach for co-integration between international tourist arrivals, per capita income and cost of living: the case of All Cyprus 
Abstract:
  Tourism is a major income earner for Cyprus, but the market is a divided
 destination. Since 1974 the country has been divided into the North and
 the South, each competing with one another in the same tourism market. For
 the first time, this empirical study investigates an island-wide tourism
 demand. Extending earlier work (Yorucu, 2001), All Cyprus tourism time
 series data covering 1980-2006 has been used in this article to estimate
 demand applying standard bounds-test approach for co-integration within a
 disaggregated framework. The results confirm a special long-run
 equilibrium relationship between Turkey/North Cyprus and Greece/South
 Cyprus. Thus, per capita tourist arrivals from Greece to South Cyprus and
 those from Turkey to North Cyprus are statistically significant with cost
 of living and per capita income variables. So long as incomes per capita
 increase in Turkey and Greece, a reunited All Cyprus will gain as one
 destination as Turkish and Greek citizens will become mobile island-wide. 
Journal: Applied Economics Letters 
Pages: 1327-1331 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537616 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537616&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Paul Alagidede 
Author-X-Name-First: Paul 
Author-X-Name-Last: Alagidede 
Author-Name: Theodore Panagiotidis 
Author-X-Name-First: Theodore 
Author-X-Name-Last: Panagiotidis 
Author-Name: Xu Zhang 
Author-X-Name-First: Xu 
Author-X-Name-Last: Zhang 
Title: Why a diversified portfolio should include African assets 
Abstract:
  We employ parametric and nonparametric cointegration approaches to
 investigate the extent of integration between African stock markets and
 the rest of the world. Long-run correlation estimates imply very low
 association between these two. The two distinct cointegration approaches
 confirm the latter through recursive estimation. The implication is that
 global markets have little impact on African stock markets. However,
 including African assets in a mean-variance portfolio would be beneficial
 to international investors. 
Journal: Applied Economics Letters 
Pages: 1333-1340 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537617 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537617&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matteo Barigozzi 
Author-X-Name-First: Matteo 
Author-X-Name-Last: Barigozzi 
Author-Name: Biagio Speciale 
Author-X-Name-First: Biagio 
Author-X-Name-Last: Speciale 
Title: Immigrants' legal status, permanence in the destination country and the distribution of consumption expenditure 
Abstract:
  This article considers the distribution of consumption expenditures for a
 large sample of documented and undocumented immigrants in Italy. Using the
 one-sided and two-sided Kolmogorov-Smirnov tests, we show that the
 distribution of consumption of immigrants with higher permanence in the
 host country first-order stochastically dominates the one of immigrants
 with lower permanence. These distributions are first-order stochastically
 dominated by the ones of natives with similar characteristics. Apart from
 differences in the first years since migration, undocumented immigrants
 show similar consumption distributions to the ones of documented
 immigrants. 
Journal: Applied Economics Letters 
Pages: 1341-1347 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537618 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537618&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ahmet Goncu 
Author-X-Name-First: Ahmet 
Author-X-Name-Last: Goncu 
Title: Pricing temperature-based weather contracts: an application to China 
Abstract:
  This article is the first study to price temperature-based weather
 derivatives based on the daily average temperatures of Chinese cities,
 namely Beijing, Shanghai and Shenzhen. A dynamic model with a piecewise
 constant volatility function, proposed by Alaton et al. (2002), is used
 for pricing Heating Degree Days (HDD) and Cooling Degree Days (CDD)
 options. Price estimates for these options are obtained using Monte Carlo
 simulation and analytical approximation methods. 
Journal: Applied Economics Letters 
Pages: 1349-1354 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537619 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537619&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dierk Herzer 
Author-X-Name-First: Dierk 
Author-X-Name-Last: Herzer 
Title: The long-run effect of outward FDI on domestic output in developing countries 
Abstract:
  This article examines the long-run effect of outward Foreign Direct
 Investment (FDI) on domestic output in developing countries. Using panel
 cointegration techniques, we find a significant positive long-run effect. 
Journal: Applied Economics Letters 
Pages: 1355-1358 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537620 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537620&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig Gallet 
Author-X-Name-First: Craig 
Author-X-Name-Last: Gallet 
Author-Name: Antonio Andres 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Andres 
Title: International evidence on the determinants of alcohol advertising restrictions 
Abstract:
  Unlike previous studies, which address the impact of alcohol advertising
 restrictions on alcohol demand, this article turns the issue around by
 investigating the determinants of alcohol advertising restrictions.
 Estimating a series of Probit models, our results show that the
 probability of adopting advertising restrictions tends to be higher in
 countries with higher life expectancy, higher per capita income, having a
 majority of the population that is Muslim and having a higher share of the
 population that is young. Population density, alcohol consumption and
 economic freedom play largely insignificant roles in the determination of
 advertising restrictions. 
Journal: Applied Economics Letters 
Pages: 1359-1362 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537621 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537621&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Barry Harrison 
Author-X-Name-First: Barry 
Author-X-Name-Last: Harrison 
Author-Name: Winston Moore 
Author-X-Name-First: Winston 
Author-X-Name-Last: Moore 
Title: Nonlinearities in central and eastern European stock markets 
Abstract:
  In this article we use nonlinear tests to investigate the mean reverting
 properties of stock prices in a group of Central and East European (CEE)
 markets. We also test whether returns in our target group of countries
 demonstrate characteristics of persistence and cross-sectional dependence.
 Our results indicate that ignoring the nonlinearity in the stock prices of
 CEE countries could result in misleading inferences. 
Journal: Applied Economics Letters 
Pages: 1363-1366 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537622 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537622&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Kozyra 
Author-X-Name-First: James 
Author-X-Name-Last: Kozyra 
Author-Name: Camillo Lento 
Author-X-Name-First: Camillo 
Author-X-Name-Last: Lento 
Title: Using VIX data to enhance technical trading signals 
Abstract:
  The purpose of this article is to provide new insights into the
 relationship between technical analysis and implied market volatility
 (VIX) by calculating technical trading rules with the VIX price data, as
 opposed to the stock prices. Three trending trading rule signals are
 calculated on the prices of three major US indices and the VIX prices. The
 results reveal that the trading signals calculated with the VIX level
 provide large, statistically significant profits that are in excess of the
 profits from the traditional computation. Sub-period analysis reveals that
 technical trading rules were most (least) profitable during the period
 with the highest (lowest) volatility levels. 
Journal: Applied Economics Letters 
Pages: 1367-1370 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537623 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537623&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: WenShwo Fang 
Author-X-Name-First: WenShwo 
Author-X-Name-Last: Fang 
Author-Name: Stephen Miller 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Miller 
Title: The lag in effect of inflation targeting and policy evaluation 
Abstract:
  The lag in effect of monetary policy contains vital information for the
 policy evaluation. Allowing for a time-varying treatment effect, we show
 that Inflation Targeting (IT) effectively lowers inflation for both
 developed and developing countries. Developed countries reach their
 targets rapidly with a 2-year lag in effect. Developing countries,
 however, reduce inflation gradually towards their targets and do not reach
 their ultimate goal by the end year of 2007. 
Journal: Applied Economics Letters 
Pages: 1371-1375 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537624 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537624&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. You 
Author-X-Name-First: J. 
Author-X-Name-Last: You 
Title: Evaluating poverty duration and transition: a spell-approach to rural China 
Abstract:
  This article uses a discrete-time multivariate duration model to study
 poverty transition in rural China between 1989 and 2006. The analysis
 identifies nonlinear negative duration-dependence for both exit and
 re-entry rates of poverty. There is significant difference in hazard rates
 of exit and re-entry associated with geographic location and educational
 level of households, but less related to gender, occupation or ethnic
 background of household head. The factors facilitating households' ending
 a poverty spell are found to be education, land ownership, asset
 accumulation, health insurance and outmigration, whereas larger family
 size and dependence ratio may reduce the chance of exit. 
Journal: Applied Economics Letters 
Pages: 1377-1382 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537625 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537625&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Bentzen 
Author-X-Name-First: Jan 
Author-X-Name-Last: Bentzen 
Title: Quantifying environmental sustainability using an aggregate index reflecting increasing marginal damage costs 
Abstract:
  In an environmental economics context increasing marginal damage costs
 are usually assumed, and a methodology for calculating a sustainability
 index in accordance with this assumption is presented. The aggregate index
 is constructed from an n-element vector including the values of the (n)
 subset indicators, and the length of this vector in Euclidian space is
 perceived as an alternative measurement scale. Increasing values for any
 of the elements in the vector will influence the total result more than
 proportionately and hence in accordance with an assumption of increasing
 marginal damage costs. 
Journal: Applied Economics Letters 
Pages: 1383-1386 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537626 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537626&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Scott Hegerty 
Author-X-Name-First: Scott 
Author-X-Name-Last: Hegerty 
Title: How stable is the demand for international reserves? 
Abstract:
  Previous research that has tested the stability of the reserve demand
 function uses panel data, without incorporating any adjustment process
 into the testing procedure when providing evidence of instability in
 reserve demand. In this article, we use time-series data, as well as a
 bounds testing approach to error-correction modelling that incorporates
 the adjustment process, to show that reserve demand function is stable in
 20 of the 22 Organisation for Economic Co-operation and Development (OECD)
 countries in our study. 
Journal: Applied Economics Letters 
Pages: 1387-1392 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537627 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537627&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nick Drydakis 
Author-X-Name-First: Nick 
Author-X-Name-Last: Drydakis 
Title: Health status and wage differences: measuring productivity penalty and discrimination patterns 
Abstract:
  In this study by utilizing the 2008 Athens Area Study (AAS) data set, I
 examine to what extent inequalities in the Greek labour market between
 health-impaired and healthy employees may be attributed to differences in
 productivity and/or discrimination. A group of health-impaired male and
 female employees who self-reported that their productivity is not affected
 by their impairment is used to measure the effects of discrimination
 separately from the effects of poor health on wages. A penalty for
 heath-impaired employees having work limitations exists. Evidence of wage
 discrimination against health-impaired employees having no work
 limitations is also observed. Both findings are statistically significant.
 Currently, health-impaired people do not appear to face a level playing
 field in the Greek labour market. 
Journal: Applied Economics Letters 
Pages: 1393-1396 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.537628 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.537628&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Simonian 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Simonian 
Title: A Bayesian approach to building robust structural credit default models 
Abstract:
  We present a methodology for constructing robust credit default estimates
 using Bayesian mixture models. Robust models explicitly take parameter
 uncertainty into account by allowing the modeller to formally express his
 degree of confidence in the model he is using and thus generate new model
 parameters that more accurately reflect his views on the soundness of his
 model. In the context of credit risk modelling, robust models are
 beneficial to practitioners because they provide a more structured way to
 err on the side of caution when estimating default probabilities. We
 conclude by briefly comparing the model presented with so-called credit
 risk models of incomplete information. 
Journal: Applied Economics Letters 
Pages: 1397-1400 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.539528 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.539528&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Giulio Bottazzi 
Author-X-Name-First: Giulio 
Author-X-Name-Last: Bottazzi 
Author-Name: Federico Tamagni 
Author-X-Name-First: Federico 
Author-X-Name-Last: Tamagni 
Title: Big and fragile: when size does not shield from default 
Abstract:
  Analysing a large sample of Italian firms we find that the probability of
 default increases with size. This contrasts with the common observation,
 based on measures of exit from business registry data, that firms' death
 rate is inversely related to the scale of their operation and suggests a
 rethinking of the economic role of larger companies. 
Journal: Applied Economics Letters 
Pages: 1401-1404 
Issue: 14 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.539529 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.539529&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Miao Wang 
Author-X-Name-First: Miao 
Author-X-Name-Last: Wang 
Author-Name: M. C. Sunny Wong 
Author-X-Name-First: M. C. Sunny 
Author-X-Name-Last: Wong 
Title: Inward FDI, remittances and out-migration 
Abstract:
  In this study, we look at the relationship between remittances received
 at home, inward Foreign Direct Investment (FDI) and out-migration of
 individuals with different levels of education. Using the bilateral
 international migration data in 1990 and 2000, we find that inward FDI
 tends to deter the out-migration of individuals with secondary and
 tertiary education, but has no significant impact on the out-migration of
 individuals with primary education. In addition, remittances received at
 home induce the out-migration of individuals with primary education, but
 not the out-migration of individuals with secondary and tertiary
 education. The stock of existing migrants in a foreign country encourage
 future out-migration regardless of migrants' levels of education. 
Journal: Applied Economics Letters 
Pages: 1405-1409 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.539530 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.539530&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Deng Lu 
Author-X-Name-First: Deng 
Author-X-Name-Last: Lu 
Author-Name: Li Si-fei 
Author-X-Name-First: Li 
Author-X-Name-Last: Si-fei 
Author-Name: Wu Wei-xing 
Author-X-Name-First: Wu 
Author-X-Name-Last: Wei-xing 
Title: Market discounts and announcement effects of private placements: evidence from China 
Abstract:
  This article examines the market discounts and announcement effects of
 private equity placements in China. We find that, on average, Chinese
 firms have about 30% market discounts for private placements, which is
 higher in number than those of US firms. Firms experience positive
 announcement effects for private placements and such effects are
 positively related with the market discounts. 
Journal: Applied Economics Letters 
Pages: 1411-1414 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.539531 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.539531&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: N. Baba 
Author-X-Name-First: N. 
Author-X-Name-Last: Baba 
Author-Name: Y. Sakurai 
Author-X-Name-First: Y. 
Author-X-Name-Last: Sakurai 
Title: Predicting regime switches in the VIX index with macroeconomic variables 
Abstract:
  In this article, we investigate the role of US macroeconomic variables as
 leading indicators of regime shifts in the VIX index using a
 regime-switching approach. We find that there are three distinct regimes
 in the VIX index during the 1990 to 2010 period: tranquil regime with low
 volatility, turmoil regime with high volatility and crisis regime with
 extremely high volatility. We also show that the regime shift from the
 tranquil to the turmoil regime is significantly predicted by lower term
 spreads. 
Journal: Applied Economics Letters 
Pages: 1415-1419 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.539532 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.539532&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu-Hsiu Lin 
Author-X-Name-First: Yu-Hsiu 
Author-X-Name-Last: Lin 
Author-Name: Len-Kuo Hu 
Author-X-Name-First: Len-Kuo 
Author-X-Name-Last: Hu 
Title: The role of ownership on control right allocation and compensation contract design 
Abstract:
  We propose a corporate control model that deals with control right
 allocation and compensation contract design. By drawing upon a special
 feature of human nature, that is the sense of gain and loss affiliated
 with initial ownership as described by the prospect theory in Kahneman and
 Tversky (1979), we find that it helps mitigate the inefficiency stemming
 from the agency problem. In particular, there exists a most desirable
 level of 'managerial irrationality' that completely offsets the social
 efficiency loss inflicted by the moral hazard problem. Moreover, less
 control right should be allocated to outside investors and more
 compensation should be granted to the manager as the latter reveals more
 serious concern about his ownership gain and loss. 
Journal: Applied Economics Letters 
Pages: 1421-1426 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.541148 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.541148&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Afonso 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Afonso 
Author-Name: Miguel St. Aubyn 
Author-X-Name-First: Miguel 
Author-X-Name-Last: St. Aubyn 
Title: Assessing health efficiency across countries with a two-step and bootstrap analysis 
Abstract:
  Regressing Data Envelopment Analysis (DEA) output efficiency scores on
 nondiscretionary variables, with a two-stage DEA/Tobit and bootstrap
 procedures, we show that health inefficiency in Organization for Economic
 Co-operation and Development (OECD) countries is related to Gross Domestic
 Product (GDP) per head, education level, obesity and smoking habits. 
Journal: Applied Economics Letters 
Pages: 1427-1430 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.541149 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.541149&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yan Dong 
Author-X-Name-First: Yan 
Author-X-Name-Last: Dong 
Author-Name: John Whalley 
Author-X-Name-First: John 
Author-X-Name-Last: Whalley 
Title: Optimal tariff calculations in tariff games with climate change considerations 
Abstract:
  We discuss whether the introduction of climate change considerations into
 Nash tariff games increases or reduces post-retaliation tariffs. We
 briefly discuss how climate change considerations can be introduced into
 computational trade models. We then calculate optimal tariffs in
 comparable conventional (no climate change considerations present) and
 with climate change trade models. Results show that compared with
 conventional trade models, adding climate change considerations reduces
 the level of optimal tariffs, but this only occurs when the damage effects
 involved are large. 
Journal: Applied Economics Letters 
Pages: 1431-1435 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.541391 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.541391&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsung-Chi Cheng 
Author-X-Name-First: Tsung-Chi 
Author-X-Name-Last: Cheng 
Author-Name: Wei-Jen Wen 
Author-X-Name-First: Wei-Jen 
Author-X-Name-Last: Wen 
Title: Determinants of performing arts attendance in Taiwan: a multivariate probit analysis 
Abstract:
  This article uses data collected from a telephone survey of Taiwanese
 residents to investigate the live performance attendances at four types of
 performing arts: contemporary drama, traditional theatre, dance and music.
 We estimate a Multivariate Probit (MVP) model to characterize the audience
 for each type of performing arts and to find out the pairwise correlations
 across performing arts. The audience of traditional theatre appears to be
 quite different from that of the other three types of performing arts. We
 also show significant and positive correlations across attendances at all
 four performing arts, with the correlation coefficient between dance and
 music being the highest. This indicates that performing arts are
 complements and audiences tend to be 'omnivorous' rather than 'univorous'. 
Journal: Applied Economics Letters 
Pages: 1437-1442 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543060 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543060&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: Further evidence on money and inflation in the long run 
Abstract:
  The long-run money-inflation relation is re-examined in the context of De
 Grauwe and Polan's (2005) recent claim that the monetary aggregates are of
 no use for monetary analysis at low rates of inflation, and Nelson's
 (2002) counterclaim that in cross-country analysis money should be defined
 as currency and allowance should be made for lags. I report cross-section
 results that support a role for the monetary aggregates at low inflation
 when currency is the monetary aggregate, and panel data results that find
 no such role, notwithstanding the use of currency and allowing for lags. 
Journal: Applied Economics Letters 
Pages: 1443-1447 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543061 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543061&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Huai-I. Lee 
Author-X-Name-First: Huai-I. 
Author-X-Name-Last: Lee 
Author-Name: Hsinan Hsu 
Author-X-Name-First: Hsinan 
Author-X-Name-Last: Hsu 
Author-Name: Len-Kuo Hu 
Author-X-Name-First: Len-Kuo 
Author-X-Name-Last: Hu 
Author-Name: Ching-Chung Lin 
Author-X-Name-First: Ching-Chung 
Author-X-Name-Last: Lin 
Title: Portfolio insurance with ratcheted floor as a long-term asset management strategy: implications of loss aversion 
Abstract:
  The existing literature has revealed that the performance of current
 portfolio insurance strategies as long-term asset management is limited.
 Prospect theory implies that creation of ladder return distributions by
 portfolio insurance can improve long-term asset management with criteria
 of loss avoidance and gain protection. Based on this principle, we propose
 the Ratcheted Floor Variable Proportion Portfolio Insurance (RF-VPPI) as a
 competing strategy with the Constant Proportion Portfolio Insurance (CPPI)
 and rolling-CPPI strategies. Simulations and empirical tests demonstrate
 that the RF-VPPI outperforms the CPPI and the rolling-CPPI in the long
 term. 
Journal: Applied Economics Letters 
Pages: 1449-1454 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543062 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543062&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: P. J. Dawson 
Author-X-Name-First: P. J. 
Author-X-Name-Last: Dawson 
Author-Name: A. I. Sanjuan 
Author-X-Name-First: A. I. 
Author-X-Name-Last: Sanjuan 
Title: Calorie consumption and income: panel cointegration and causality evidence in developing countries 
Abstract:
  Two theories characterize the relationship between calorie consumption
 and income. The Engel curve hypothesizes that calories are determined by
 income whereas the efficiency wage hypothesis posits the converse. This
 article examines the validity of these hypotheses for 41 developing
 countries using panel cointegration methods. Results show bidirectional
 causality and both hypotheses are supported. The long-run income
 elasticity of calorie demand is 0.25, and the calorie elasticity of income
 generation is 1.78. Thus, increases in income can alleviate malnutrition
 to a limited extent, and increases in calorie consumption lead to greater
 work effort and income. 
Journal: Applied Economics Letters 
Pages: 1455-1461 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543063 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543063&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dennis Weisman 
Author-X-Name-First: Dennis 
Author-X-Name-Last: Weisman 
Title: A note on subsidy-free prices and scope economies 
Abstract:
  The necessary admissible range of subsidy-free prices is bounded from
 above by the incremental scope economy measure for the service - the
 difference between total scope economies and the scope economies
 associated with the complement of the service. These incremental scope
 economy measures provide an alternative, though no less computationally
 burdensome, approach for deriving sufficient (necessary) conditions for
 subsidy-free prices. 
Journal: Applied Economics Letters 
Pages: 1463-1468 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543064 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543064&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John Whalley 
Author-X-Name-First: John 
Author-X-Name-Last: Whalley 
Author-Name: Shunming Zhang 
Author-X-Name-First: Shunming 
Author-X-Name-Last: Zhang 
Title: Tax-induced multiple equilibria 
Abstract:
  In this article, we present examples of tax-distorted general equilibrium
 economies in which equilibria are unique in the absence of taxes, but
 taxes generate multiplicity when introduced over a range of tax rates. We
 also provide converse examples of economies with multiple no-tax
 equilibria, but where taxes when introduced induce uniqueness. Both Foster
 and Sonnenschein (1970) and Kehoe (1985) discussed the possibility of
 tax-induced multiplicity. Here, we show how in 2-individual 2-good pure
 exchange economies with Constant Elasticity of Substitution/Linear
 Expenditure System (CES/LES) preferences such cases can occur. We also
 provide ranges of consumption tax rates over which these cases can occur
 for alternative parameterizations. 
Journal: Applied Economics Letters 
Pages: 1469-1477 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543065 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543065&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonio Paradiso 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Paradiso 
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Title: How to offset the negative trend growth rate in the Italian economy? 
Abstract:
  The trend growth rate of the Italian economy has been declining since the
 1980s. To examine how to offset this trend, we estimate a simple
 specification of an endogenous growth model. Cointegrating equations for
 the long-run output growth and its determinants are estimated with
 alternative time series methods. Our results imply that policies to double
 trade openness are necessary. 
Journal: Applied Economics Letters 
Pages: 1479-1483 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543066 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543066&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vahe Lskavyan 
Author-X-Name-First: Vahe 
Author-X-Name-Last: Lskavyan 
Title: Democracy levels and the income-military expenditure relationship 
Abstract:
  I explore whether the level of democracy has an impact on the income
 sensitivity of military expenditures. Such an impact can exist if military
 support is a substitute for popular support in nondemocracies but not in
 democracies. For a panel of developing and less developed countries, I
 find that the sensitivity of military expenditures to income changes
 decreases with the level of democracy. 
Journal: Applied Economics Letters 
Pages: 1485-1489 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543067 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543067&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Mueller 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Mueller 
Author-Name: Philipp Wichardt 
Author-X-Name-First: Philipp 
Author-X-Name-Last: Wichardt 
Title: Why not sell lottery tickets in a pharmacy: on conflicting product features and consumer choice 
Abstract:
  This article reports data from a questionnaire study indicating that in a
 consumer choice problem, additional choice options can cause a tangible
 disutility that people prefer to avoid if the additional options exhibit
 features that conflict with those of the old ones, for example, lottery
 tickets (gambling) and health-care products (health and reliability). 
Journal: Applied Economics Letters 
Pages: 1491-1495 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543068 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543068&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: James Mulligan 
Author-X-Name-First: James 
Author-X-Name-Last: Mulligan 
Title: Market size, service quality and competition in the US downhill ski industry 
Abstract:
  Using a two-sector model of congestion, I explain theoretically how lower
 travel costs and increased consumer income over time resulted in
 endogenous investment in quality and higher real prices at both national
 and local ski resorts despite limited market entry. I also provide
 empirical evidence for the US ski industry in support of the implications
 of the model. 
Journal: Applied Economics Letters 
Pages: 1497-1500 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543072 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543072&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jinliang Li 
Author-X-Name-First: Jinliang 
Author-X-Name-Last: Li 
Author-Name: Liang Lei 
Author-X-Name-First: Liang 
Author-X-Name-Last: Lei 
Title: Determinants and information of REIT pricing 
Abstract:
  Utilizing advanced asset pricing techniques, we investigate the long-term
 relation between the general economy, the broad equity market and Real
 Estate Investment Trusts (REITs). Both monetary and real economy factors,
 along with the stock market factor, are found to be determinants in REIT
 pricing. On a quarterly basis, we provide evidence that the REIT market is
 efficient in terms of incorporating information from the economy and the
 stock market. Furthermore, we test and find that REITs provide significant
 forward-looking information regarding the economy. 
Journal: Applied Economics Letters 
Pages: 1501-1505 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543074 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543074&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: John McDonald 
Author-X-Name-First: John 
Author-X-Name-Last: McDonald 
Title: Why real estate values decline with leverage: a Modigliani-Miller example 
Abstract:
  This article shows that, because real estate investors borrow at an
 interest rate that is greater than the rate at which they can lend, the
 reservation value of real estate investments declines with the amount
 borrowed. The proof is a modified version of the home-made leverage
 examples introduced by Modigliani and Miller (1958). Market value is
 established as the reservation value of the marginal investor. 
Journal: Applied Economics Letters 
Pages: 1507-1510 
Issue: 15 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.544639 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.544639&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jinliang Li 
Author-X-Name-First: Jinliang 
Author-X-Name-Last: Li 
Author-Name: Chunchi Wu 
Author-X-Name-First: Chunchi 
Author-X-Name-Last: Wu 
Title: Stochastic volatility, liquidity and intraday information flow 
Abstract:
  This article examines the relationship among intradaily information
 flows, volatility and volume based on the Mixture of Distribution
 Hypothesis (MDH). We generalize the MDH model to accommodate both informed
 and uninformed trading effects on return volatility. Using a Fourier
 filtering technique, we uncover the salient long-run dependence of
 information flow from high-frequency data with a relative short time span.
 The positive relationship between volatility and volume is primarily
 driven by the informed component of trading. We find a negative
 correlation between uninformed volume and volatility. Uninformed trading
 seems to add depth and liquidity to the market and therefore reduces
 volatility. 
Journal: Applied Economics Letters 
Pages: 1511-1515 
Issue: 16 
Volume: 18 
Year: 2011 
X-DOI: 10.1080/13504851.2010.543077 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.543077&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luisa Zanforlin 
Author-X-Name-First: Luisa 
Author-X-Name-Last: Zanforlin 
Title: Domestic lending when financial markets are integrated: Is it all for real? 
Abstract:
  Recent episodes of strong growth in banks' credit to the private sector
 have been accompanied by large appreciations of the real exchange rates. I
 conjecture that such appreciations have been associated with cross-country
 interest rate differentials, and integrated financial markets generated
 increases in domestic liquidity. I also conjecture that real exchange
 rates alter the relative values of domestic and foreign collateral goods
 and thus they affect total financing available to a country. I use panel
 data for 91 countries from 1970 to 2000 to investigate the association
 between cross-country interest rate differentials, real exchange rate
 levels and private sector credit growth, through dynamic panel data
 techniques. 
Journal: Applied Economics Letters 
Pages: 1517-1520 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: bank lending, exchange rate policy, emerging markets, 
X-DOI: 10.1080/13504851.2010.548769 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548769&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. D. Snowball 
Author-X-Name-First: J. D. 
Author-X-Name-Last: Snowball 
Author-Name: K. G. Willis 
Author-X-Name-First: K. G. 
Author-X-Name-Last: Willis 
Title: Interview versus self-completion questionnaires in discrete choice experiments 
Abstract:
  Since the NOAA (National Oceanic and Atmospheric Administration) panel
 (1993) on Contingent Valuation (CV), it has been accepted that Willingness
 to Pay (WTP) data should ideally be collected using only face-to-face
 interviews and not self-completion surveys. However, there has been little
 testing of the accuracy of Discrete Choice Experiment (DCE) data collected
 using self-completion methods, which may actually produce more reliable
 results because of a reduction in interviewer bias and because respondents
 are given more time to think. This research, conducted at the South
 African National Arts Festival (NAF), compares the findings of
 face-to-face and self-completion surveys using a choice experiment
 eliciting the willingness of attenders to pay for various attributes of
 live theatre performances. Results show that attribute coefficients are
 consistently lower for the self-completion data than for the interview
 data and, for the model including interaction terms, have lower SEs for
 the majority of the coefficients. WTP estimates are also lower and, given
 ticket prices, more realistic, when using the self-completion data. 
Journal: Applied Economics Letters 
Pages: 1521-1525 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: discrete choice, questionnaires, interview, self-completion, 
X-DOI: 10.1080/13504851.2010.548770 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548770&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bidisha Mukhopadhyay 
Author-X-Name-First: Bidisha 
Author-X-Name-Last: Mukhopadhyay 
Author-Name: Rudra Pradhan 
Author-X-Name-First: Rudra 
Author-X-Name-Last: Pradhan 
Author-Name: Mete Feridun 
Author-X-Name-First: Mete 
Author-X-Name-Last: Feridun 
Title: Finance-growth nexus revisited for some Asian countries 
Abstract:
  This article investigates the causal relationship between financial
 development and economic growth for Thailand, Indonesia, Malaysia, the
 Philippines, China, India and Singapore for the period between 1979 and
 2009, using Johansen cointegration tests and vector error correction
 models. The results suggest that in the case of Indonesia, Singapore, the
 Philippines, China and India financial development leads to economic
 growth, whereas in the case of Thailand there exists a bidirectional
 causality between these variables. The results further suggest that in the
 case of Malaysia financial development does not seem to cause economic
 growth. 
Journal: Applied Economics Letters 
Pages: 1527-1530 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: financial development, economic growth, multivariate VAR, 
X-DOI: 10.1080/13504851.2010.548771 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548771&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Kim 
Author-X-Name-First: Benjamin 
Author-X-Name-Last: Kim 
Author-Name: Andrew Perumal 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Perumal 
Title: Are Asian-Pacific real exchange rates (trend) stationary? 
Abstract:
  We apply the Range Unit-Root (RUR) test, a new nonparametric test
 advanced by Aparicio et al. (2006), to the exploration of stationarity for
 19 Asian-Pacific currencies. The RUR test is exceptionally well suited to
 this analysis because it is robust against multiple structural breaks,
 parameter shifts and certain additive outliers, does not depend on the
 variance of any stationary alternative and thereby outperforms standard
 tests in terms of power on near-unit-root stationary time series. We find
 strikingly favourable results for trend-stationarity for most of the 19
 Asian-Pacific currencies studied. Our results indicate that the long-run
 equilibrium Real Exchange Rate (RER) varies with changes in some real
 economic factors, hinting at some type of Balassa-Samuelson effects, which
 is particularly plausible for export-led, fast-growing economies such as
 many of the Asian-Pacific countries included in this study. 
Journal: Applied Economics Letters 
Pages: 1531-1535 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: real exchange rates, trend-stationarity, RUR, FB-RUR, 
X-DOI: 10.1080/13504851.2010.548772 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548772&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jose Garcia-Quevedo 
Author-X-Name-First: Jose 
Author-X-Name-Last: Garcia-Quevedo 
Author-Name: Francisco Mas-Verdu 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Mas-Verdu 
Author-Name: Jose Polo-Otero 
Author-X-Name-First: Jose 
Author-X-Name-Last: Polo-Otero 
Title: R&D human resources in firms: What determines the educational level required? 
Abstract:
  This article analyses the determinants of the demand for R&D employees
 with different educational levels. The results from the estimations of an
 ordered logit model show that the main characteristics of the firms that
 explain the level of education required are university-firm cooperation,
 R&D intensity and how internal R&D activities are organized. 
Journal: Applied Economics Letters 
Pages: 1537-1540 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: R&D, skills, human resources, 
X-DOI: 10.1080/13504851.2010.548774 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548774&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank Strobel 
Author-X-Name-First: Frank 
Author-X-Name-Last: Strobel 
Title: Bank insolvency risk and different approaches to aggregate Z-score measures: a note 
Abstract:
  We discuss to what extent existing approaches to the construction of
 aggregate Z-score measures capture the notion of systemic soundness,
 propose some alternative ones that could be just as informative and have
 potential complementary value, and illustrate how these different
 approaches compare using a data set of Organisation for Economic
 Co-operation and Development (OECD) commercial, cooperative and savings
 banks for the period 1994-2008. 
Journal: Applied Economics Letters 
Pages: 1541-1543 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: insolvency risk, aggregate Z-score, systemic soundness, 
X-DOI: 10.1080/13504851.2010.548775 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548775&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Katharina Hauck 
Author-X-Name-First: Katharina 
Author-X-Name-Last: Hauck 
Author-Name: Bruce Hollingsworth 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Hollingsworth 
Title: Health dynamics, adaptation to illness and resource allocation 
Abstract:
  The increased availability of panel data has made it possible to estimate
 and measure health dynamics for population subgroups who may have
 systematically different levels of dynamics. We use a straightforward
 hypothetical example to investigate the implications of different levels
 of health dynamics on health outcomes, considering in addition the effects
 of adaptation to illness over time. The results demonstrate implications
 for the assessment of health technologies. 
Journal: Applied Economics Letters 
Pages: 1545-1548 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: health dynamics, panel data, quality-adjusted life years, adaptation, response shift, 
X-DOI: 10.1080/13504851.2010.548776 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548776&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guo Li 
Author-X-Name-First: Guo 
Author-X-Name-Last: Li 
Author-Name: Lee Sanning 
Author-X-Name-First: Lee 
Author-X-Name-Last: Sanning 
Author-Name: Sherrill Shaffer 
Author-X-Name-First: Sherrill 
Author-X-Name-Last: Shaffer 
Title: Forecasting bank failures: timeliness versus number of failures 
Abstract:
  Motivated by the observation that very few banks fail in normal years, we
 explore the impact of that pattern on the precision of a standard
 statistical failure model and discuss implications for regulation and risk
 management. Out-of-sample forecasting is found to be worse for a model
 fitted to recent data with few failures than for a model fitted to much
 older data with more failures. 
Journal: Applied Economics Letters 
Pages: 1549-1552 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: bank failure, early warning, rare events, 
X-DOI: 10.1080/13504851.2010.548777 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548777&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zhong Chunping 
Author-X-Name-First: Zhong 
Author-X-Name-Last: Chunping 
Author-Name: Calum Turvey 
Author-X-Name-First: Calum 
Author-X-Name-Last: Turvey 
Title: Can households form consistent/convergent and unbiased expectation of interest rate? 
Abstract:
  Expectation reliability remains a question. In this article, we test
 whether the households could form unbiased expectation of interest rate.
 From the Survey of Consumer Finance (SCF), we find that the majority of
 households hold higher interest rate expectation, and by simple t-test,
 the interest rate movement in 5 years does not support such expectation.
 Additional evidence from the Survey of Economic Expectations (SEE)
 confirms that it is hard to accept that the households could form unbiased
 expectation of interest rate. 
Journal: Applied Economics Letters 
Pages: 1553-1557 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: interest rate, expectation, survey, t-test, 
X-DOI: 10.1080/13504851.2010.548778 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548778&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dennis Weisman 
Author-X-Name-First: Dennis 
Author-X-Name-Last: Weisman 
Title: A note on sibling rivalry and good-kid, bad-kid equilibria 
Abstract:
  When parents with concave utility reward good behaviour on the part of
 their children with a share of the marginal utility they derive from good
 behaviour, a decrease in good behaviour by kid i causes kid j to increase
 the amount of good behaviour he/she supplies in equilibrium. This may
 explain why simultaneous good-kid behaviour is rare and also why children
 try to get their siblings into trouble. 
Journal: Applied Economics Letters 
Pages: 1559-1563 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: sibling rivalry, kid behaviour, bribery, 
X-DOI: 10.1080/13504851.2010.548779 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548779&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Diego Escobari 
Author-X-Name-First: Diego 
Author-X-Name-Last: Escobari 
Title: Frequent flyer programs premium and the role of airport dominance 
Abstract:
  This article estimates a Frequent Flyer Programs (FFP) price premium -
 higher fares associated with a larger proportion of travellers using FFP.
 The results show that FFP affect the entire price distribution, but the
 effect is larger on lower end fares. In addition, airport dominance
 increases the premium on less expensive fares but has no effect on the
 premium associated with the right tail of the price distribution. 
Journal: Applied Economics Letters 
Pages: 1565-1569 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: frequent flyer programs, pricing, airlines, panel data, 
X-DOI: 10.1080/13504851.2010.548780 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548780&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyunbae Chun 
Author-X-Name-First: Hyunbae 
Author-X-Name-Last: Chun 
Author-Name: Jung-Wook Kim 
Author-X-Name-First: Jung-Wook 
Author-X-Name-Last: Kim 
Title: Capital allocation, stock return volatility and productivity growth in US industries 
Abstract:
  Using firm-level Compustat data from 1971 to 2000, we report a
 substantial cross-industry variation of allocative efficiency in capital
 expenditure in the US economy. Industries with higher allocative
 efficiency are the ones with higher firm-level value-added growth
 heterogeneity, higher information transparency captured by firm-specific
 stock return volatility and faster long-run productivity growth. This
 finding is consistent with the idea of creative destruction, where a
 well-functioning market mechanism sharply distinguishes winners from
 losers and thus enhances economic growth in the long run. Allocative
 efficiency has a substantial economic significance and explains as much as
 24.5% of the difference in long-run industry productivity growth. 
Journal: Applied Economics Letters 
Pages: 1571-1576 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: allocative efficiency, capital expenditure, stock return volatility, productivity, 
X-DOI: 10.1080/13504851.2010.548781 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2010.548781&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jorge Perdomo 
Author-X-Name-First: Jorge 
Author-X-Name-Last: Perdomo 
Title: A methodological proposal to estimate changes of residential property value: case study developed in Bogota 
Abstract:
  This article is an empirical study of residential land values in the
 vicinity of the TransMilenio system (Bus Rapid Transit, BRT) in Bogota
 (Colombia). The results have been established through impact evaluation by
 means of nonparameteric approaches (Propensity Score Matching, PSM) and
 econometric approaches (Spatial Hedonic Price, SHP) indicating that access
 to the BRT system generates benefits on the change of property value. 
Journal: Applied Economics Letters 
Pages: 1577-1581 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: TransMilenio, Bogota, impact evaluation, propensity score matching, spatial hedonic price, change of property value, 
X-DOI: 10.1080/13504851.2011.554360 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.554360&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Carsten Colombier 
Author-X-Name-First: Carsten 
Author-X-Name-Last: Colombier 
Title: Does the composition of public expenditure affect economic growth? Evidence from the Swiss case 
Abstract:
  In the light of tightening budget constraints caused by the recent
 financial and economic crisis and population ageing, it has become
 increasingly important to explore which portfolio of public expenditure
 generates economic growth. This article, therefore, estimates the growth
 effects of the composition of public expenditure for the Swiss case. One
 main finding is that public expenditures on transport infrastructure,
 education and administration foster growth. As nonhigh-quality data, which
 can bias least square estimators, are pervasive in economics,
 statistically robust estimation methods are applied. 
Journal: Applied Economics Letters 
Pages: 1583-1589 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: fiscal policy, economic growth, composition of public expenditure, robust estimator, 
X-DOI: 10.1080/13504851.2011.554361 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.554361&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Simonian 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Simonian 
Title: Liquidity on the outside from the inside 
Abstract:
  We describe an extension to a Liquidity-Adjusted Value-at-Risk (LVaR)
 model originally developed by Bangia et al. (1999) that incorporates
 liquidity risk into the traditional VaR model using random bid-ask
 spreads. By applying the Hellinger distance measure, we show how the
 bid-ask spread can be partially endogenized by adjusting it to reflect the
 influence of trade size on prices and ultimately on the measurement of
 market risk. 
Journal: Applied Economics Letters 
Pages: 1591-1593 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: VaR, liquidity, bid-ask spread, 
X-DOI: 10.1080/13504851.2011.554362 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.554362&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Hearn 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Hearn 
Author-Name: Shuk Yin Man 
Author-X-Name-First: Shuk Yin 
Author-X-Name-Last: Man 
Title: An examination of price integration between stock market and international crude oil indices: evidence from China 
Abstract:
  This study examines the degree of price integration between aggregate
 equity market indices of Hong Kong, the Chinese Shanghai and Shenzhen A
 and B share markets, and the international Brent crude oil price. The
 application of Vector Autoregressive (VAR) methods reveals that the
 regions' markets are generally price-segmented, with the prominent
 exception of Shanghai B market which is price-integrated with the domestic
 A share markets in both Shanghai and Shenzhen. The evidence would suggest
 that Chinese markets are more heavily influenced by domestic events in the
 long term than external influences. 
Journal: Applied Economics Letters 
Pages: 1595-1602 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: financial market integration, causality, oil, China, 
X-DOI: 10.1080/13504851.2011.554363 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.554363&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Cynthia Bansak 
Author-X-Name-First: Cynthia 
Author-X-Name-Last: Bansak 
Author-Name: Mary Graham 
Author-X-Name-First: Mary 
Author-X-Name-Last: Graham 
Author-Name: Allan Zebedee 
Author-X-Name-First: Allan 
Author-X-Name-Last: Zebedee 
Title: The effects of gender composition of senior management on the economic fallout 
Abstract:
  In this article, we test the proposition that the presence of women in
 management impacts decision-making outcomes. In particular, we hypothesize
 that the greater the proportion of women on the senior management team,
 the lower the degree of risks taken at the firm level. Using data from the
 US Equal Employment Opportunity Commission (EEOC), the Center for Research
 in Security Prices (CRSP) and the US Treasury in this study, we create
 firm-level gender ratios and control for firm size to assess the impact on
 two separate risk outcome measures. We find some evidence that financial
 institutions with more women in the senior management team avoided having
 to accept Troubled Asset Relief Program (TARP) funds, but that the
 proportion of women executives has no impact on stock return volatility. 
Journal: Applied Economics Letters 
Pages: 1603-1607 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: gender, risk management, financial crisis, senior management, Troubled Asset Relief Program (TARP) funding, 
X-DOI: 10.1080/13504851.2011.554364 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.554364&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tony Caporale 
Author-X-Name-First: Tony 
Author-X-Name-Last: Caporale 
Author-Name: Julia Paxton 
Author-X-Name-First: Julia 
Author-X-Name-Last: Paxton 
Title: From debt crisis to tequila crisis: inflation stationarity through Mexico's turbulent decades 
Abstract:
  The volatility of Mexican inflation throughout the 1980s' debt crisis and
 the 1994 tequila crisis provides an interesting backdrop to test for
 structural breaks and inflation stationarity in a developing country
 context. By allowing for multiple breaks, four inflationary regimes are
 identified during the period 1980 to 2004. Initial unit root tests reject
 stationarity; however, by incorporating structural break analysis,
 inflation is found to be I(0). The structural break analysis and the
 stationarity analysis point to monetary and fiscal determinants of
 inflation. 
Journal: Applied Economics Letters 
Pages: 1609-1612 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: Mexico, inflation, structural breaks, 
X-DOI: 10.1080/13504851.2011.554365 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.554365&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yunhee Kim 
Author-X-Name-First: Yunhee 
Author-X-Name-Last: Kim 
Author-Name: Jae Young Choi 
Author-X-Name-First: Jae Young 
Author-X-Name-Last: Choi 
Author-Name: Yeonbae Kim 
Author-X-Name-First: Yeonbae 
Author-X-Name-Last: Kim 
Title: Complementarity and contextuality in the adoption of information systems 
Abstract:
  To understand the impact of Information Systems (ISs) on actual
 performance, we employed 616 Korean firms to estimate the
 complementarities among such systems and to uncover the contextual factors
 influencing them. In particular, we introduced various contextual
 variables and analysed their effects on the complementarities of firms.
 Our results indicate that Information Technology (IT) stock serves as an
 important contextual factor for enhancing the complementarity between the
 adoption of Enterprise Resource Planning (ERP) and Customer Relationship
 Management (CRM). Furthermore, although IT stock has a strong positive
 direct and indirect IS-mediated impact on the performance of firms, other
 IT-related variables such as IT organization and the use of firewalls
 generally have a positive influence only when they are combined with the
 adoption of ISs. 
Journal: Applied Economics Letters 
Pages: 1613-1618 
Issue: 16 
Volume: 18 
Year: 2011 
Keywords: information systems, performance of firms, complementarity, contextuality, 
X-DOI: 10.1080/13504851.2011.556583 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.556583&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Antoine Belgodere 
Author-X-Name-First: Antoine 
Author-X-Name-Last: Belgodere 
Author-Name: Charles Vellutini 
Author-X-Name-First: Charles 
Author-X-Name-Last: Vellutini 
Title: Identifying key elasticities in a CGE model: a Monte Carlo approach 
Abstract:
  This article presents a simple Monte Carlo (MC) procedure to improve
 sensitivity analysis in Computable general equilibrium (CGE) modelling. MC
 experiments provide the modeller with a population of randomly drawn
 exogenous parameters and corresponding endogenous outcomes. Standard
 econometrics can then shed light on the relationship between them and help
 to identify key parameters, particularly key elasticities. 
Journal: Applied Economics Letters 
Pages: 1619-1622 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: Monte Carlo, elasticities, CGE, 
X-DOI: 10.1080/13504851.2011.554366 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.554366&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hui Feng 
Author-X-Name-First: Hui 
Author-X-Name-Last: Feng 
Title: Forecasting comparison between two nonlinear models: fuzzy regression versus SETAR 
Abstract:
  In this article, we compare the forecasting performances of the
 Self-Exciting Threshold Autoregressive (SETAR) model and a fuzzy
 clustering regression model. The series used in this study are
 high-frequency financial data in the form of seven major stock prices in
 the US stock markets; the stock indices from seven world stock trading
 centres; the daily prices for two important commodities, gold and crude
 oil; and the daily exchange rate between the Canadian dollar and the US
 dollar. We find that the two models are not too different from each other
 in terms of the within-sample fit, but in terms of the forecasting
 performance, the fuzzy model gives better and stable forecasts. 
Journal: Applied Economics Letters 
Pages: 1623-1627 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: one-step-ahead forecast SETAR, fuzzy set, fuzzy regression, 
X-DOI: 10.1080/13504851.2011.554369 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.554369&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Vladimir Kuhl Teles 
Author-X-Name-First: Vladimir Kuhl 
Author-X-Name-Last: Teles 
Author-Name: Renato Joiozo 
Author-X-Name-First: Renato 
Author-X-Name-Last: Joiozo 
Title: Human capital and innovation: evidence from panel cointegration tests 
Abstract:
  Panel cointegration techniques applied to pooled data for 27 countries
 for the period 1960 to 2000 indicate that (1) government spending in
 education and innovation indicators is cointegrated; (2) education
 hierarchy is relevant when explaining innovation; and (3) relationship
 between education and innovation can be obtained after an accommodation of
 a level structural break. 
Journal: Applied Economics Letters 
Pages: 1629-1632 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: human capital, innovation, panel cointegration, 
X-DOI: 10.1080/13504851.2011.556584 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.556584&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yukio Fukumoto 
Author-X-Name-First: Yukio 
Author-X-Name-Last: Fukumoto 
Title: International price dispersions of the Big Mac and economic integration 
Abstract:
  McDonald's Big Mac hamburger is available all over the world, and its
 recipe and quality are almost identical around the world and have changed
 little over time. However, Big Mac prices are widely disparate even across
 countries with more similar per capita incomes. This fact would be amazing
 because world tariff levels have been falling steadily and world trade
 volumes have been increasing dramatically in recent decades. We pay
 attention to the situation of international goods markets' integration and
 attempt to clarify why the deviations from absolute Big Mac parity are
 common across countries. To summarize our main results, global price
 dispersion of the Big Mac did not decrease although per capita income
 dispersion reduced. On the other hand, price dispersions of the Big Mac
 decreased within countries where trade ties are strong. These results
 suggest that Big Mac prices of countries in the world converge to several
 levels and that existence of trading bloc accounts for deviations from
 absolute Big Mac parity to some extent. 
Journal: Applied Economics Letters 
Pages: 1633-1638 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: Big Mac parity, dispersion, price convergence, economic integration, 
X-DOI: 10.1080/13504851.2011.556585 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.556585&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yun-Huan Lee 
Author-X-Name-First: Yun-Huan 
Author-X-Name-Last: Lee 
Author-Name: Ya-Li Huang 
Author-X-Name-First: Ya-Li 
Author-X-Name-Last: Huang 
Title: Do you have credit cards? The expansion of the credit card market in Taiwan 
Abstract:
  This article discusses the expansion of credit cards in Taiwan. The
 intention of the study is (1) to compare the performance of various
 diffusion models, such as logistic models, Fourier models and
 autoregressive models; (2) to identify the important explanatory factors
 regarding the expansion of the credit card market in Taiwan. The data set
 comprised annual data regarding the number of credit cards in circulation
 between 1991 and 2005. Empirical results show that the diffusion rate
 increased with per capita Gross Domestic Product (GDP), but decreases with
 number of banks and net savings. The rate of market penetration for the
 number of credit cards in circulation will reach 204.3% of the population. 
Journal: Applied Economics Letters 
Pages: 1639-1644 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: credit cards in circulation, diffusion model, market penetration rate, 
X-DOI: 10.1080/13504851.2011.556586 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.556586&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Koon Nam Henry Lee 
Author-X-Name-First: Koon Nam Henry 
Author-X-Name-Last: Lee 
Title: Estimating demand elasticities for intra-regional tourist arrivals to Hong Kong - the 'bounds' testing approach 
Abstract:
  The aim of this study is to develop econometric models for estimating
 tourism demand elasticities using the Autoregressive Distributed Lag
 (ARDL) approach to cointegration analysis, and to explain the effects of
 economic determinants on inbound tourist flows to Hong Kong from four
 major short-haul markets. The cointegration test used is the 'bounds' test
 of Pesaran et al. (2001) that is based on the estimation of an
 Unrestricted Error-Correction Model (UECM). This article addresses one of
 the major problems of how to use a relatively small sample to estimate
 tourism demand elasticities using cointegration approaches, which is faced
 by many researchers in modelling tourism demand. The results show that
 permanent income is the most important explanatory variable for all origin
 countries, but there are substantial variations between countries with the
 long-run elasticity ranging between 1.74 for China and 3.05 for Australia.
 Price elasticity is the next most important variable with the long-run
 elasticities ranging from 0.35 (Australia) to 0.98 (Taiwan). The findings
 are consistent with economic theory and have implications for government
 policies and strategies on investment, marketing and promotion and
 pricing. 
Journal: Applied Economics Letters 
Pages: 1645-1654 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: tourism demand, demand elasticities, cointegration, bounds testing, 
X-DOI: 10.1080/13504851.2011.558469 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.558469&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ching-Chih Chang 
Author-X-Name-First: Ching-Chih 
Author-X-Name-Last: Chang 
Author-Name: Tin-Chia Lai 
Author-X-Name-First: Tin-Chia 
Author-X-Name-Last: Lai 
Title: The nonlinear dynamic process of macroeconomic development by modelling dry bulk shipping market 
Abstract:
  The purpose of this research is to study the trough of the global
 economics crisis in 2007 by studying business cycle of dry bulk shipping
 market using an integrative model over the period from January 1999 to
 October 2008 with developing an integrative model. This market is
 comprised of three different vessel sizes (Capesize, Panamax and
 Handymax), which were affected to varying degrees by the global economic
 crisis. Empirical results indicate that there is one complete cycle during
 the research period, which was methodologically determined by X11
 decomposition and the Phase Average Trend (PAT). The values of Mean
 Absolute Percentage Error (MAPE) for the predictive model are 4.0383%
 (Capesize), 0.8393% (Panamax) and 15.5012% (Handymax). The values of MAPE
 for the forecasting models are 19.4276%, 10.146% and 8.0399%,
 respectively. Results indicate that the troughs are September 2009
 (Capesize and Panamax) and July 2009 (Handymax). This article concluded
 that the shipping and macroeconomic recession will persist until the end
 of 2009. 
Journal: Applied Economics Letters 
Pages: 1655-1663 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: dynamic process, integrative model, dry bulk market, X11, MAPE, 
X-DOI: 10.1080/13504851.2011.558470 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.558470&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: F. van Es 
Author-X-Name-First: F. 
Author-X-Name-Last: van Es 
Author-Name: D. J. van Vuuren 
Author-X-Name-First: D. J. 
Author-X-Name-Last: van Vuuren 
Title: A decomposition of the growth in self-employment 
Abstract:
  We decompose the rise of self-employment in the Netherlands in the period
 1992 to 2006. Using Logit estimates we identify the most important
 determinants of the recent upturn, separately for women and for men. In
 contrast with findings for the United States, we find that changes in the
 industrial composition only play a small role. For women, we find that
 intra-sectoral developments have been important in spurring
 self-employment. In particular, it has become more common for women to be
 self-employed in the Trade and Culture sectors. The ageing of society
 (older people are more often self-employed) is an important cause of the
 observed increase. This effect is partly compensated by the negative
 effect of a higher educated labour force. The estimation results imply
 that both policies to foster self-employment and a socio-cultural trend
 have been important. We postulate that generic policy effects have been
 the most important cause of the increase in self-employment. The largest
 effects were seen just in the last few years of our sample (2004-2006),
 which appears to be inconsistent with the notion of a longer lasting
 socio-cultural trend. 
Journal: Applied Economics Letters 
Pages: 1665-1669 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: self-employment, trend, decomposition, 
X-DOI: 10.1080/13504851.2011.558471 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.558471&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Rajeev Goel 
Author-X-Name-First: Rajeev 
Author-X-Name-Last: Goel 
Author-Name: Michael Naretta 
Author-X-Name-First: Michael 
Author-X-Name-Last: Naretta 
Title: Determinants of various aspects of smoking behaviour in the United States 
Abstract:
  Using state-level data for the United States, this study uniquely
 examines the effects of cigarette prices and income on seven dimensions of
 smoking behaviour. Results show that income-based policies are relatively
 more effective than price- or tax-based policies. Smokers considering
 quitting smoking respond in expected ways to changing cigarette prices and
 income. Strong habit effects in most cases stress the need for early
 intervention programmes. 
Journal: Applied Economics Letters 
Pages: 1671-1675 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: smoking, demand, intensity, smuggling, 
X-DOI: 10.1080/13504851.2011.558472 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.558472&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Gilbert Cette 
Author-X-Name-First: Gilbert 
Author-X-Name-Last: Cette 
Author-Name: Samuel Chang 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Chang 
Author-Name: Maty Konte 
Author-X-Name-First: Maty 
Author-X-Name-Last: Konte 
Title: The decreasing returns on working time: an empirical analysis on panel country data 
Abstract:
  An empirical analysis is conducted on two panels of 18 Organisation for
 Economic Cooperation and Development (OECD) countries to test whether the
 elasticity of hourly productivity to working time is negative and
 decreasing with working time itself. If so, the decreasing returns on
 working time could be indicative of a fatigue effect that increases with
 working time. We find that the elasticity of productivity per hour to
 working time is negative and decreases with working time, but its
 coefficient is not strongly significant. This study offers empirical
 support for the hypothesis of a fatigue effect that increases with working
 time, but with some reservations. 
Journal: Applied Economics Letters 
Pages: 1677-1682 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: productivity, working time, decreasing returns, 
X-DOI: 10.1080/13504851.2011.558473 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.558473&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Frank Strobel 
Author-X-Name-First: Frank 
Author-X-Name-Last: Strobel 
Title: Bank insolvency risk and Z-score measures with unimodal returns 
Abstract:
  We specialize the established justification for using Z-scores as a risk
 measure reflecting a bank's probability of insolvency to the case where
 the bank's distribution of returns is unimodal, obtaining a refined upper
 bound of the probability of insolvency for this potentially useful special
 case. 
Journal: Applied Economics Letters 
Pages: 1683-1685 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: insolvency risk, Z-score, unimodal, Vysochanskii-Petunin inequality, 
X-DOI: 10.1080/13504851.2011.558474 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.558474&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hector Bellido 
Author-X-Name-First: Hector 
Author-X-Name-Last: Bellido 
Author-Name: Jose Ignacio Gimenez-Nadal 
Author-X-Name-First: Jose Ignacio 
Author-X-Name-Last: Gimenez-Nadal 
Author-Name: Raquel Ortega 
Author-X-Name-First: Raquel 
Author-X-Name-Last: Ortega 
Title: Measuring satisfaction of the unemployed: a composite indicator and policy implications 
Abstract:
  Given that unemployment is one of the main economic problems,
 policymakers debate the possible solutions. We contribute to this debate
 by analysing the general satisfaction of the unemployed in Spain and
 comparing it with that of the employed. To this end, we create a composite
 indicator of general satisfaction using responses in the European
 Community Household Panel (ECHP) (1994-2001) relating to specific
 satisfaction in different areas, work, financial, home and leisure time.
 We find that being unemployed has a significant and negative association
 with the general satisfaction of individuals and, in consequence, we
 conclude that the Spanish unemployment problem cannot be attributed, at
 least not entirely, to a lack of incentives for seeking work. 
Journal: Applied Economics Letters 
Pages: 1687-1690 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: unemployment, general satisfaction, Spain, 
X-DOI: 10.1080/13504851.2011.558475 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.558475&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yang-Cheng Ralph Lu 
Author-X-Name-First: Yang-Cheng Ralph 
Author-X-Name-Last: Lu 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Kuei-Chiu Lee 
Author-X-Name-First: Kuei-Chiu 
Author-X-Name-Last: Lee 
Author-Name: Han-Wen Tzeng 
Author-X-Name-First: Han-Wen 
Author-X-Name-Last: Tzeng 
Title: An empirical test of the purchasing power parity for transition economies: Panel SURADF tests 
Abstract:
  Purchasing Power Parity (PPP) for transition economies is tested using
 Panel Seemingly Unrelated Regressions Augmented Dickey-Fuller (SURADF)
 tests of Breuer et al. (2001) for the period of January 1995 to December
 2008. Although the other panel-based unit-root tests are joint tests of a
 unit root for all members of the panel and are incapable of determining
 the mix of I(0) and I(1) series in the panel setting, the Panel SURADF
 tests test a separate unit-root null hypothesis for each individual panel
 member and therefore identify how many and which series in the panel are
 stationary processes. The PPP hypothesis is not confirmed for all the nine
 transition countries except Estonia and Romania when Breuer et al.'s Panel
 SURADF tests are conducted. 
Journal: Applied Economics Letters 
Pages: 1691-1696 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: purchasing power parity, transition economic, Panel SURADFtests, 
X-DOI: 10.1080/13504851.2011.560102 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.560102&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fumihide Takeuchi 
Author-X-Name-First: Fumihide 
Author-X-Name-Last: Takeuchi 
Title: The exact import price and its implications for the US external imbalance 
Abstract:
  This article calculates the Feenstra's (1994) 'exact price index' for
 each category of US-imported goods and aggregates them to analyse the US
 import demand equation for assessing the seriousness of the external
 imbalance. What distinguishes Feenstra's exact price index is that it
 incorporates new product varieties. The exact import price index thus
 calculated suggests that US conventional import prices are biased upwards.
 The consequent downward adjustment in import prices causes appreciation in
 the real exchange rate and lowers the excessive portion of imports (the
 difference between actual and theoretical amounts of imports obtained from
 the import demand equation). Since the early 2000s, however, the role that
 new product varieties play in lowering the excessive portion of imports
 has declined because the impact of new products on import prices has been
 outweighed by the impact of the spike in primary commodity prices, which
 has resulted in a substantial depreciation of the real exchange rate. It
 is possible that this depreciation combined with relatively large
 excessive imports has caused the subsequent US current account deficit to
 stop expansion from the late 2000s onwards. 
Journal: Applied Economics Letters 
Pages: 1697-1703 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: exact import price index, import demand equation, real exchange rate, US external imbalance, 
X-DOI: 10.1080/13504851.2011.560103 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.560103&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Laurent Cavenaile 
Author-X-Name-First: Laurent 
Author-X-Name-Last: Cavenaile 
Author-Name: David Dubois 
Author-X-Name-First: David 
Author-X-Name-Last: Dubois 
Title: An empirical analysis of income convergence in the European Union 
Abstract:
  In this article, we investigate the convergence process within the
 European Union. More particularly, we study the convergence process of the
 new entrants from Central and Eastern Europe and of the 15 Western
 countries between 1990 and 2007. Applying a panel approach to the
 convergence equation derived from the Solow model, we show that new
 entrants and former members of the European Union can be seen as belonging
 to different groups of convergence. The existence of heterogeneity in the
 European Union or the Eurozone might affect their stability as the recent
 Greece's sovereign debt crisis illustrates it. 
Journal: Applied Economics Letters 
Pages: 1705-1708 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: income convergence, European Union, heterogeneity, panel approach, 
X-DOI: 10.1080/13504851.2011.560104 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.560104&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luca Stanca 
Author-X-Name-First: Luca 
Author-X-Name-Last: Stanca 
Author-Name: Luigino Bruni 
Author-X-Name-First: Luigino 
Author-X-Name-Last: Bruni 
Author-Name: Marco Mantovani 
Author-X-Name-First: Marco 
Author-X-Name-Last: Mantovani 
Title: The effect of motivations on social indirect reciprocity: an experimental analysis 
Abstract:
  This article investigates the effect of motivations on the perceived
 kindness of an action within the context of social indirect reciprocity
 (if A helps B, then C helps A). We test experimentally the hypothesis
 that, for a given distributional outcome, an action is perceived by a
 third party to be less kind if it can be strategically motivated. As a
 consequence, intention-based reciprocity should be stronger in the absence
 of strategic motivations. The results do not support this hypothesis:
 social indirect reciprocity is found to be less strong when strategic
 motivations can be ruled out. 
Journal: Applied Economics Letters 
Pages: 1709-1711 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: indirect reciprocity, motivations, laboratory experiments, 
X-DOI: 10.1080/13504851.2011.560105 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.560105&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Silvestrini 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Silvestrini 
Title: The revision policy of seasonally adjusted balance sheet data in Italy 
Abstract:
  This article illustrates the seasonal adjustment procedure for bank
 deposits and loans in Italy focusing on the revision policy of seasonally
 adjusted data. Seasonal adjustment is conducted in a semi-automatic way,
 employing TRAMO-SEATS, one of the software packages most often used for
 the production of seasonally adjusted series. Regarding the frequency of
 data revisions, three alternative methods (current adjustment, concurrent
 adjustment and partial concurrent adjustment) are tested according to a
 quantitative criterion. An empirical application allows us to measure the
 speed of convergence of the estimates obtained with the aforementioned
 updating methods towards a 'final' value that can be considered a
 benchmark. The results suggest using the method of partial concurrent
 adjustment, which is based on the identification of the ARIMA model and of
 the deterministic components once a year, whereas the updating of the
 corresponding coefficients is undertaken every month. 
Journal: Applied Economics Letters 
Pages: 1713-1717 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: seasonal adjustment, revisions, partial concurrent adjustment, balance sheet data, 
X-DOI: 10.1080/13504851.2011.560106 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.560106&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Simonian 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Simonian 
Author-Name: Josh Davis 
Author-X-Name-First: Josh 
Author-X-Name-Last: Davis 
Title: Incorporating uncertainty into the Black-Litterman portfolio selection model 
Abstract:
  We present a robust Black-Litterman (BL) model that takes into account
 the possibility of model misspecification. In place of a single prior
 distribution, we utilize multiple priors around the estimated expected
 excess returns and covariance matrix. The model has two primary advantages
 over the original BL model: (1) it systematically incorporates model
 misspecification in the form of Kullback-Leibler (KL) divergence and (2)
 by explicitly targeting robust allocations, it improves upon traditional
 bootstrap approaches. 
Journal: Applied Economics Letters 
Pages: 1719-1722 
Issue: 17 
Volume: 18 
Year: 2011 
Keywords: Black-Litterman, robust optimization, Kullback-Leibler divergence, 
X-DOI: 10.1080/13504851.2011.562151 
File-URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/13504851.2011.562151&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Panas 
Author-X-Name-First: E. 
Author-X-Name-Last: Panas 
Author-Name: V. Ninni 
Author-X-Name-First: V. 
Author-X-Name-Last: Ninni 
Title: Is there a software Kuznets curve? 
Abstract:
  This study investigates the effect of the per capita income, national
 culture, quality of governance, education, informal market and corruption
 on the level of software piracy across 61 countries over a 4-year period
 (1996, 1998, 2000, 2002). Cross-country regressions as well as panel data
 analysis show that there is an inverted U-shaped relation between the per
 capita income and software piracy, very similar to the one described by
 the Environmental Kuznets Curve (EKC). We address this relation as the
 Software Kuznets Curve (SKC) and we find that our results are robust to
 the inclusion of the aforementioned variables. Moreover, the choice of a
 random or fixed effects model does not seem to affect these findings. We
 have also tried to relax the homogeneity assumption, by grouping the
 countries of our sample to classes, according to an indicator of
 well-being, namely the Human Development Index (HDI). 
Journal: Applied Economics Letters 
Pages: 1723-1728 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.562147 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.562147 
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Template-Type: ReDIF-Article 1.0
Author-Name: Henning M&#xFC;hlen 
Author-X-Name-First: Henning 
Author-X-Name-Last: M&#xFC;hlen 
Author-Name: Peter Nunnenkamp 
Author-X-Name-First: Peter 
Author-X-Name-Last: Nunnenkamp 
Title: FDI by early movers, followers and latecomers: timing of entry by German firms during transition in the Czech Republic 
Abstract:
  We analyse Foreign Direct Investment (FDI) decisions by German firms with
 and without affiliates in the Czech Republic at different stages of
 transition. We find that FDI entry strongly depends on firm productivity
 immediately after the political and economic regime change, but less so
 with diminishing uncertainty. Likewise, distance-related transaction costs
 discourage FDI by latecomers considerably less than FDI by early movers. 
Journal: Applied Economics Letters 
Pages: 1729-1734 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.562149 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.562149 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mark Schaub 
Author-X-Name-First: Mark 
Author-X-Name-Last: Schaub 
Title: The performance of NASDAQ-listed UK ADRs: a note 
Abstract:
  The author examines NASDAQ-listed American Depository Receipts (ADRs)
 from the United Kingdom to determine overall investment performance for
 the first 21 days of trading and the first 3 years of trading. Long-term
 results also show the effects of market timing. In early trading, the 22
 UK ADRs outperformed the NASDAQ by 8.81% for the first 21 days. Long-term
 results show the entire sample of UK ADRs outperformed the NASDAQ index by
 nearly 20% for the first 3 years of trading. Those ADRs trading during the
 bull market (listed before 1998) performed roughly equal to the NASDAQ
 index whereas those trading through the bear market (listed after 1
 January 1998) outperformed the NASDAQ by nearly 39% during the first 36
 months of trading. These results suggest that market timing affects
 long-term portfolio returns from UK ADRs. 
Journal: Applied Economics Letters 
Pages: 1735-1738 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.562152 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.562152 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kenneth W. Clements 
Author-X-Name-First: Kenneth W. 
Author-X-Name-Last: Clements 
Author-Name: Maxwell Maesepp 
Author-X-Name-First: Maxwell 
Author-X-Name-Last: Maesepp 
Title: A self-reflective inverse demand system 
Abstract:
  This article introduces an inverse differential demand system that has
 exactly the same form as the corresponding direct version. Its application
 is illustrated with the case of Australian fruit, whose prices were
 substantially affected by Severe Tropical Cyclone Larry in 2006. 
Journal: Applied Economics Letters 
Pages: 1739-1743 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.562153 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.562153 
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Template-Type: ReDIF-Article 1.0
Author-Name: C�sar R. Sobrino 
Author-X-Name-First: C�sar R. 
Author-X-Name-Last: Sobrino 
Title: Current account, productivity and terms of trade shocks in Norway 
Abstract:
  Economic theory suggests that a permanent rise in terms of trade should
 result in a permanent rise in the standard of living. The increase comes
 from a permanent rise in productivity following an efficient reallocation
 of resources in a frictionless economy. This article presents Norway as a
 counterexample using three-variable Structural Vector Moving Average
 (SVMA) with long-run restrictions. The results show that permanent shocks
 to terms of trade improve the current account and have almost no effect on
 the output per capita growth. An over-identification test that restricts
 the permanent shocks to terms of trade to have only temporary effects on
 output per capita growth cannot be rejected as well. Overall, those shocks
 that have permanent effects on terms of trade or output per capita growth
 do not have permanent effects on each other. The empirical evidence
 suggests that strong intersectoral rigidities to reallocation of resources
 are present in Norway. 
Journal: Applied Economics Letters 
Pages: 1745-1750 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.562154 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.562154 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tatsuyoshi Miyakoshi 
Author-X-Name-First: Tatsuyoshi 
Author-X-Name-Last: Miyakoshi 
Author-Name: Kenichi Suzuki 
Author-X-Name-First: Kenichi 
Author-X-Name-Last: Suzuki 
Title: The existence and uniqueness of equilibrium in the international public good model 
Abstract:
  The international public good model is an extension of the public good
 model, allowing for different productivities of producing the public good
 across countries. By extending the proofs of Bergstrom <italic>et
 al.</italic> (1986, 1992), which are the seminal studies in the public
 good literature, this article develops an international public good model
 with proofs of the existence and uniqueness of equilibrium. 
Journal: Applied Economics Letters 
Pages: 1751-1754 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.562155 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.562155 
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Template-Type: ReDIF-Article 1.0
Author-Name: Fabio Augusto Reis Gomes 
Author-X-Name-First: Fabio Augusto Reis 
Author-X-Name-Last: Gomes 
Title: Testing the permanent income hypothesis using unit root quantile autoregression tests 
Abstract:
  In this article the covariate quantile autoregression approach was used
 to test whether consumption is a constant unit root process, as predicted
 by the Permanent Income Hypothesis (PIH). The evidence suggests that at
 low quantiles of the conditional quantile function of consumption the
 persistence of shocks are lower than that predicted by the PIH. This
 asymmetry is consistent with credit constraints and/or buffer-stock
 savings. 
Journal: Applied Economics Letters 
Pages: 1755-1758 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.562156 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.562156 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mar�a-Isabel Ayuda 
Author-X-Name-First: Mar�a-Isabel 
Author-X-Name-Last: Ayuda 
Author-Name: Antonio Aznar 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Aznar 
Title: A Monte Carlo study to compare two recent modifications of the KPSS test for near integration 
Abstract:
  The objective of this article is to compare the size and power properties
 of two modifications of the KPSS test of Kwiatkowski <italic>et
 al</italic>. (1992) proposed by Sul <italic>et al</italic>. (2005) and by
 Harris <italic>et al</italic>. (2007), using Monte Carlo simulations, in
 order to decide which version to use in applied research. The two
 modifications have been proposed to deal with those cases in which the
 null hypothesis specifies that the time series is near integrated, in the
 sense that it is very close to the alternative hypothesis of a unit root.
 It has been shown in the literature that in these cases the KPSS test
 tends to over-reject the null hypothesis. The modification by Sul
 <italic>et al</italic>. (2005) is based on an alternative long-run
 variance estimator. Harris <italic>et al</italic>. (2007) propose applying
 the KPSS test to the filtered series instead of to the original series. We
 conclude that the test based on the transformation proposed by Sul
 <italic>et al</italic>. outperforms the test based on the transformation
 proposed by Harris <italic>et al</italic>. 
Journal: Applied Economics Letters 
Pages: 1759-1764 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.562157 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.562157 
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Template-Type: ReDIF-Article 1.0
Author-Name: Seamus Hogan 
Author-X-Name-First: Seamus 
Author-X-Name-Last: Hogan 
Author-Name: Laura Meriluoto 
Author-X-Name-First: Laura 
Author-X-Name-Last: Meriluoto 
Title: On the probability of winning a lottery with a random number of competitors 
Abstract:
  This article is concerned with models in which an agent faces a lottery
 with <italic>j</italic> other agents for a prize, so that the probability
 of winning the prize is 1/(<italic>j</italic>&#xA0;+&#xA0;1), and where
 <italic>j</italic> is stochastic. After describing four different
 situations where such a lottery is present, we construct the expected
 value of the probability of winning such a lottery and prove a theorem
 that presents the expected value in a simpler form. We then give an
 example of the theorem being applied to gain new insights into auction
 theory. 
Journal: Applied Economics Letters 
Pages: 1765-1768 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.562158 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.562158 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tiago Oliveira 
Author-X-Name-First: Tiago 
Author-X-Name-Last: Oliveira 
Author-Name: Maria Fraga O. Martins 
Author-X-Name-First: Maria Fraga O. 
Author-X-Name-Last: Martins 
Title: Understanding the determinant factors of Internet business solutions adoption: the case of Portuguese firms 
Abstract:
  The purpose of our article is to identify the determinants of Internet
 Business Solutions (IBS), using a representative sample of Portuguese
 business sector in 2006. This article is based on a theoretical framework
 in which the adoption of IBS is done in two stages. At the first stage,
 the firm decides to adopt or not a website; at the second stage, those who
 adopted a website decide on the level of IBS adoption. We considered that
 the determinants of the adoption decisions can be internal or external and
 that their effect may be different at the two adoption stages. Based on
 these assumptions, we develop and test an integrated model of IBS adoption
 allowing for sample selection. Our results show that the two adoption
 decisions are taken sequentially and that selectivity bias is not present
 in our sample. Our findings also suggest that the relevant drivers of
 website and the level of IBS adoption are not necessarily the same. 
Journal: Applied Economics Letters 
Pages: 1769-1775 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.564116 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564116 
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Template-Type: ReDIF-Article 1.0
Author-Name: Catalin Angelo Ioan 
Author-X-Name-First: Catalin Angelo 
Author-X-Name-Last: Ioan 
Author-Name: Gina Ioan 
Author-X-Name-First: Gina 
Author-X-Name-Last: Ioan 
Title: A generalization of a class of production functions 
Abstract:
  In this article we shall give a generalization of Cobb--Douglas, Constant
 Elasticity of Substitution (CES), Lu--Fletcher, Liu--Hildebrand, Variable
 Elasticity of Substitution (VES) and Kadiyala production functions. We
 compute the principal indicators such as the marginal products, the
 marginal rate of substitution, the elasticities of factors and the
 elasticity of substitution. Finally, we formulate three theorems of
 characterization for the functions with a proportional marginal rate of
 substitution, with constant elasticity of labour and for those with
 constant elasticity of substitution (for
 <italic>n</italic>&#x2009;=&#x2009;1). 
Journal: Applied Economics Letters 
Pages: 1777-1784 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.564117 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564117 
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Template-Type: ReDIF-Article 1.0
Author-Name: Junichi Nagami 
Author-X-Name-First: Junichi 
Author-X-Name-Last: Nagami 
Author-Name: Hikaru Ogawa 
Author-X-Name-First: Hikaru 
Author-X-Name-Last: Ogawa 
Title: Partial coordination in local debt policies 
Abstract:
  This article compares several rules of coordinated debt policies to show
 that the central government intervention is not required to carry out an
 efficient local debt policy. The main argument is that a form of
 <italic>partial</italic> coordination results in the efficient outcome
 rather than a <italic>full</italic> coordination in local debt policies. 
Journal: Applied Economics Letters 
Pages: 1785-1787 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.564118 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564118 
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Template-Type: ReDIF-Article 1.0
Author-Name: Theara Horn 
Author-X-Name-First: Theara 
Author-X-Name-Last: Horn 
Title: Incorporating water purification in efficiency evaluation: evidence from Japanese water utilities 
Abstract:
  This study attempts to show that the inclusion of water purification
 efforts should be another crucial dimension in the efficiency measurement.
 I use a Stochastic Cost Frontier (SCF) to estimate the technical
 efficiency of 392 Japanese water utilities in 2005. The results show that
 a water purification effort may increase cost, and that its inclusion in
 efficiency evaluation leads to some specific changes in efficiency score
 and the ranking of water utilities. Furthermore, this incorporation
 enables the impact of different qualities of source water on efficiency to
 be controlled. The result suggests that to encourage water purification
 efforts, it is crucial to incorporate purification in benchmarking. 
Journal: Applied Economics Letters 
Pages: 1789-1794 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.564119 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564119 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Kuei-Chiu Lee 
Author-X-Name-First: Kuei-Chiu 
Author-X-Name-Last: Lee 
Author-Name: Yang-Cheng Ralph Lu 
Author-X-Name-First: Yang-Cheng Ralph 
Author-X-Name-Last: Lu 
Author-Name: Guochen Pan 
Author-X-Name-First: Guochen 
Author-X-Name-Last: Pan 
Title: Revisiting purchasing power parity for G-7 countries using nonparametric rank test for cointegration 
Abstract:
  This study applies the nonparametric rank test for cointegration,
 proposed by Breitung (2001), to test the validity of long-run Purchasing
 Power Parity (PPP) for G-7 countries over the period of January 1980 to
 January 2009. The empirical results indicate that PPP holds true for all
 G-7 countries studied and that the nominal exchange rate and the domestic
 and US Consumer Price Index (CPI) are nonlinearly interrelated with the
 exception of France and Germany cases. Our results have important policy
 implications for the G-7 countries under study. 
Journal: Applied Economics Letters 
Pages: 1795-1800 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.564120 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564120 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yu-Shao Liu 
Author-X-Name-First: Yu-Shao 
Author-X-Name-Last: Liu 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Author-Name: Meng-Nan Zhu 
Author-X-Name-First: Meng-Nan 
Author-X-Name-Last: Zhu 
Title: Purchasing power parity with threshold effects for Central and Eastern European countries 
Abstract:
  This study applies nonlinear threshold unit-root test to assess the
 nonstationarity properties of the Real Exchange Rate (RER) for seven
 Central and Eastern European Countries (CEEC). We find that nonlinear
 threshold unit-root test has higher power than linear method suggested by
 Caner and Hansen (2001) if the true data-generating process of exchange
 rate is in fact a stationary nonlinear process. We examine the validity of
 Purchasing Power Parity (PPP) from the nonlinear point of view and provide
 robust evidence that clearly indicates that PPP holds true for three
 countries, namely Slovakia, Romania and Bulgaria. Our findings point out
 their exchange rate adjustment mean-reverts towards PPP equilibrium values
 in a nonlinear way. 
Journal: Applied Economics Letters 
Pages: 1801-1806 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.564121 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564121 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsung-Hsien Chen 
Author-X-Name-First: Tsung-Hsien 
Author-X-Name-Last: Chen 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Yi-Chun Zhang 
Author-X-Name-First: Yi-Chun 
Author-X-Name-Last: Zhang 
Author-Name: Chia-Hao Lee 
Author-X-Name-First: Chia-Hao 
Author-X-Name-Last: Lee 
Title: Purchasing power parity in Mainland China and Taiwan: an empirical note based on threshold unit root test 
Abstract:
  This empirical note applies the threshold unit root test proposed by
 Caner and Hansen (2001) to test the validity of long-run Purchasing Power
 Parity (PPP) in Mainland China and Taiwan over the period of January 1986
 to October 2009. The empirical results indicate that PPP holds true for
 the two areas under study, and the adjustment towards PPP is found to be
 nonlinear. 
Journal: Applied Economics Letters 
Pages: 1807-1812 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.564122 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564122 
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Template-Type: ReDIF-Article 1.0
Author-Name: Miao Wang 
Author-X-Name-First: Miao 
Author-X-Name-Last: Wang 
Author-Name: Man Chiu Sunny Wong 
Author-X-Name-First: Man Chiu 
Author-X-Name-Last: Sunny Wong 
Title: Leisure and happiness in the United States: evidence from survey data 
Abstract:
  We study the relationship between leisure and happiness, controlling for
 income and other determinants. Using survey data for the United States in
 2007, our results show that certain aspects of leisure, such as leisure
 activity satisfaction, have a significant impact on individual well-being
 whereas the amount of leisure time may not play an important role in
 affecting happiness. 
Journal: Applied Economics Letters 
Pages: 1813-1816 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.564123 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564123 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bulent Guloglu 
Author-X-Name-First: Bulent 
Author-X-Name-Last: Guloglu 
Author-Name: Serdar Ispira 
Author-X-Name-First: Serdar 
Author-X-Name-Last: Ispira 
Author-Name: Deniz Okat 
Author-X-Name-First: Deniz 
Author-X-Name-Last: Okat 
Title: Testing the validity of quasi PPP hypothesis: evidence from a recent panel unit root test with structural breaks 
Abstract:
  In this article we test the validity of quasi Purchasing Power Parity
 (PPP) hypothesis for 18 Turkish real exchange rate series using a panel
 unit root test that allows for structural breaks in the level and the
 trend. Test results based on a long span of data find evidence of the
 validity of quasi PPP hypothesis for almost all the exchange rate series
 under study and for the whole of panel as well. 
Journal: Applied Economics Letters 
Pages: 1817-1822 
Issue: 18 
Volume: 18 
Year: 2011 
Month: 12 
X-DOI: 10.1080/13504851.2011.564124 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564124 
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Template-Type: ReDIF-Article 1.0
Author-Name: Zerihun Gudeta Alemu 
Author-X-Name-First: Zerihun Gudeta 
Author-X-Name-Last: Alemu 
Title: Causality links between consumer and producer price inflation in South Africa 
Abstract:
  This study investigates causal relationships between consumer and
 producer inflation. In so doing, it makes the following contributions to
 the literature. First, the methodology allows causality testing within a
 bivariate system, with other important variables included in the system.
 Second, the analysis is based on a model chosen out of three other
 competing models. The models consider the possibility of both symmetric
 and asymmetric responses to demand and supply shock inflationary
 situations. This approach differs from the traditional Engle--Granger (EG)
 approach, which implicitly assumes symmetric adjustment towards
 equilibrium (Enders and Siklos, 2001). Third, causality testing is
 conducted within an error correction framework to handle possible
 inferential biases resulting from invalid asymptotic critical values. The
 chosen model was used to conduct short- and long-run causality tests
 within a framework that takes into account differentiated responses to
 changes in inflation regimes. The following are major findings of this
 study: There exists dynamic relationship between producer and consumer
 prices, characterized by unidirectional causality running from producer to
 consumer inflation. On the issue of asymmetric responses, it is found that
 consumer inflation reacts differently to positive and negative trends in
 producer inflation. In other words, consumer price rises faster than it
 falls. 
Journal: Applied Economics Letters 
Pages: 13-18 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.564127 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564127 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ragnar Bengtsson 
Author-X-Name-First: Ragnar 
Author-X-Name-Last: Bengtsson 
Author-Name: Ellis Iverman 
Author-X-Name-First: Ellis 
Author-X-Name-Last: Iverman 
Author-Name: Bj&#xF6;rn Tyrefors Hinnerich 
Author-X-Name-First: Bj&#xF6;rn Tyrefors 
Author-X-Name-Last: Hinnerich 
Title: Gender and ethnic discrimination in the rental housing market 
Abstract:
  We use a field experiment to measure discrimination in the housing market
 in Stockholm. Four fictitious persons, of different gender, with
 distinct-sounding Arabic or Swedish names, are randomly assigned to vacant
 apartments. We extend the study by Ahmed and Hammarstedt (2008). There are
 two new results. First, we provide evidence that there is no or little
 gender premium for the female with the Arabic name, which suggests that
 ethnic discrimination dominates the effects of gender. Second,
 discriminatory behaviour is only found in the suburbs or satellite
 cities/towns of Stockholm County not in the densely populated, affluent,
 city centre. Moreover, we can replicate that there is a gender premium for
 females with Swedish names. However, we are not able to confirm that males
 with Arabic names face discrimination. 
Journal: Applied Economics Letters 
Pages: 1-5 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.564125 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564125 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Author-Name: Yu-Shao Liu 
Author-X-Name-First: Yu-Shao 
Author-X-Name-Last: Liu 
Author-Name: Meng-Nan Zhu 
Author-X-Name-First: Meng-Nan 
Author-X-Name-Last: Zhu 
Author-Name: Kuei-Chiu Lee 
Author-X-Name-First: Kuei-Chiu 
Author-X-Name-Last: Lee 
Title: Purchasing power parity in major OPEC countries: flexible Fourier stationary test 
Abstract:
  This study applies stationary test with a Fourier function proposed by
 Enders and Lee (2004, 2009) to test the validity of long-run Purchasing
 Power Parity (PPP) to assess the nonstationary properties of the Real
 Exchange Rates (RERs) for seven major countries of the Organization of the
 Petroleum Exporting Countries (OPEC). We find that our approximation has
 higher power to detect U-shaped breaks and smooth breaks than linear
 method if the true Data-Generating Process (DGP) of exchange rate is in
 fact a stationary nonlinear process. We examine the validity of PPP from
 the nonlinear point of view and provide robust evidence that clearly
 indicates that PPP holds true for six countries, namely Algeria, Angola,
 Indonesia, Kuwait, Nigeria and Saudi Arabia. Our findings point out their
 exchange rate adjustment mean-reverts towards PPP equilibrium values in a
 nonlinear way. 
Journal: Applied Economics Letters 
Pages: 19-24 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.564128 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564128 
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Template-Type: ReDIF-Article 1.0
Author-Name: Takeshi Hoshikawa 
Author-X-Name-First: Takeshi 
Author-X-Name-Last: Hoshikawa 
Title: Regime shift of Japanese foreign exchange policy: some findings 
Abstract:
  This article examines the regime shift of Japanese foreign exchange
 policy using monthly data from 1973:1 to 2005:9. We employ the
 residual-based tests for cointegration with regime shifts proposed by
 Gregory and Hansen (1996) to detect the change of Japanese exchange rate
 policy. The result of cointegration test with break shows that exchange
 rate and Japanese international reserves have long-run relationship. 
Journal: Applied Economics Letters 
Pages: 25-28 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.566003 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.566003 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Nawshaba Islam 
Author-X-Name-First: Nawshaba 
Author-X-Name-Last: Islam 
Author-Name: Motiur Rahman 
Author-X-Name-First: Motiur 
Author-X-Name-Last: Rahman 
Title: An assessment of crop diversification in Bangladesh: a spatial analysis 
Abstract:
  The main aim of this article is to assess the crop diversification in
 different districts of Bangladesh. As there are some variations in
 topology and rainfall across regions, crop diversification index is
 computed for 23 old districts. The trend in diversification between
 1980/81 and 2002/03 is analysed to see changing pattern over the years.
 Spatial analysis is also made to examine variations in diversification
 across regions, using time series data on acreage under different crops. 
Journal: Applied Economics Letters 
Pages: 29-33 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/00036846.2011.566168 
File-URL: http://hdl.handle.net/10.1080/00036846.2011.566168 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Ying Chu Ng 
Author-X-Name-First: Ying Chu 
Author-X-Name-Last: Ng 
Author-Name: Li-Qun Wei 
Author-X-Name-First: Li-Qun 
Author-X-Name-Last: Wei 
Title: Efficiency of Chinese enterprises: Does human resource management matter? 
Abstract:
  Data Envelopment Analysis (DEA) was applied to Chinese enterprises with
 different forms of ownership to estimate their efficiency. The efficiency
 scores obtained were further regressed against scores rating the
 implementation of Strategic Human Resource Management (SHRM) and other
 explanatory data. State-Owned Enterprises (SOEs) were the least efficient,
 whereas foreign-owned firms were the most efficient. Tentative evidence
 was found of a relationship between SHRM practices and enterprise
 efficiency, but only in foreign- and collectively owned enterprises,
 indicating that Chinese enterprises lack management skills or/and are
 still subject to tight institutional constraints than their
 foreign-invested counterparts. 
Journal: Applied Economics Letters 
Pages: 35-39 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.566170 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.566170 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:1:p:35-39




Template-Type: ReDIF-Article 1.0
Author-Name: Enzo Weber 
Author-X-Name-First: Enzo 
Author-X-Name-Last: Weber 
Author-Name: J&#xFC;rgen Wolters 
Author-X-Name-First: J&#xFC;rgen 
Author-X-Name-Last: Wolters 
Title: The US term structure and central bank policy 
Abstract:
  The Expectations Hypothesis of the Term Structure (EHT) implies
 cointegration between interest rates of different maturities and predicts
 certain values for adjustment speed. We estimate reduced-form Vector Error
 Correction Models (VECMs) of the US term structure. These are derived from
 a structural model combining the EHT, autocorrelated risk premia, interest
 rate smoothing and monetary policy feedback, which is able to capture a
 wide range of empirical outcomes. We explicitly test the necessary
 preconditions for the validity of the theoretical model. Premia
 persistence rises with longer-rate maturity, whereas the influence of the
 according spreads in the central bank reaction function diminishes. 
Journal: Applied Economics Letters 
Pages: 41-45 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.566171 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.566171 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Ho-Chuan (River) Huang 
Author-X-Name-First: Ho-Chuan (River) 
Author-X-Name-Last: Huang 
Author-Name: Yi-Chen Lin 
Author-X-Name-First: Yi-Chen 
Author-X-Name-Last: Lin 
Author-Name: Chih-Chuan Yeh 
Author-X-Name-First: Chih-Chuan 
Author-X-Name-Last: Yeh 
Title: An appropriate test of the Kuznets hypothesis 
Abstract:
  The Kuznets hypothesis, that is, inequality first rises and then falls as
 the economy advances, is often tested by regressing inequality on income
 and its squared term (along with other determinants). Findings of a
 significantly negative coefficient on income and a significantly positive
 estimate on the quadratic term are commonly taken as evidence supporting
 the inverted-U Kuznets curve. Although intuitive, Lind and Mehlum (2010)
 argued that the conventional approach is flawed and proposed an
 appropriate test for a U-shaped association. We revisit the validity of
 the Kuznets hypothesis by applying the novel testing strategy of Lind and
 Mehlum (2010) to annual US data over the period 1917 to 2007. Inconsistent
 with the Kuznets hypothesis, the test results overwhelmingly reject the
 combined null hypothesis of an inverted-U or monotone relationship in
 favour of a U-shaped linkage between income inequality and economic
 development. Moreover, the results are robust to changes in inequality
 measures and functional specifications. 
Journal: Applied Economics Letters 
Pages: 47-51 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.566172 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.566172 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Camilo Sarmiento 
Author-X-Name-First: Camilo 
Author-X-Name-Last: Sarmiento 
Title: Credit securitization decisions 
Abstract:
  To balance capital requirements and manage credit risk, lenders slice and
 dice mortgages for securitization versus holding unsecured loans for
 investment in their portfolios. This article estimates factors that
 explain credit securitization decisions with Government Sponsor
 Enterprises (GSEs). 
Journal: Applied Economics Letters 
Pages: 53-56 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.566173 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.566173 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:1:p:53-56




Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Simonian 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Simonian 
Title: An EBIT-based variant of the Duffie--Lando credit risk model 
Abstract:
  The Duffie--Lando (DL) credit risk model is based on the structural model
 developed by Leland and Toft, but modifies it by adding a noise term to
 the observation of firm value. This is done to reflect the fact that the
 asset process cannot be observed directly and thus that default times are
 basically unpredictable. Here we present a variant of the DL model that
 substitutes an earnings process for the asset value process used in the
 original version of the model. Using an earnings process as the state
 variable ties default to a piece of publicly available information widely
 considered to be a sign of a firm's financial well-being. It also allows
 for the precise specification of accounting noise, which is only sketched
 in the original DL model. In the last section, we specify a Bayesian
 methodology for applying the model in practice. 
Journal: Applied Economics Letters 
Pages: 57-60 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.566174 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.566174 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:1:p:57-60




Template-Type: ReDIF-Article 1.0
Author-Name: Simon C. Parker 
Author-X-Name-First: Simon C. 
Author-X-Name-Last: Parker 
Author-Name: Emilio Congregado 
Author-X-Name-First: Emilio 
Author-X-Name-Last: Congregado 
Author-Name: Antonio A. Golpe 
Author-X-Name-First: Antonio A. 
Author-X-Name-Last: Golpe 
Title: Testing for hysteresis in entrepreneurship in 23 OECD countries 
Abstract:
  We explore the macrostructure of entrepreneurship rates in a panel of 23
 OECD countries over 1972--2006. We find that rates of entrepreneurship in
 OECD countries exhibit persistence rather than hysteresis. Implications
 for the design of entrepreneurship policies are discussed. 
Journal: Applied Economics Letters 
Pages: 61-66 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.566175 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.566175 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:1:p:61-66




Template-Type: ReDIF-Article 1.0
Author-Name: Brian J. Jacobsen 
Author-X-Name-First: Brian J. 
Author-X-Name-Last: Jacobsen 
Title: Successive monopolies and product variety 
Abstract:
  If there is a shift of market power from manufacturers to retailers or
 from retailers to manufacturers, how are consumers affected? When the
 value chain has successive firms, each with market power, the shifting
 balance of power up or down the chain (away from the consumer or towards
 the consumer, respectively) can lead to a further fractionation of the
 consumer market, meaning greater product variety. If retailers have a
 minimum efficient scale greater than manufacturers, a shift in bargaining
 power from manufacturers to retailers will increase consumer welfare while
 market fractionation can enhance firms' abilities to price discriminate,
 capturing some of this consumer surplus. 
Journal: Applied Economics Letters 
Pages: 67-71 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.568379 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568379 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:1:p:67-71




Template-Type: ReDIF-Article 1.0
Author-Name: Nikolaos Antonakakis 
Author-X-Name-First: Nikolaos 
Author-X-Name-Last: Antonakakis 
Author-Name: Johann Scharler 
Author-X-Name-First: Johann 
Author-X-Name-Last: Scharler 
Title: The synchronization of GDP growth in the G7 during US recessions 
Abstract:
  Using the Dynamic Conditional Correlation (DCC) model due to Engle
 (2002), we estimate time-varying correlations of quarterly real GDP growth
 among the G7 countries. In general, we find that rather heterogeneous
 patterns of international synchronization exist during US recessions.
 During the 2007--2009 recession, however, international co-movement
 increased substantially. 
Journal: Applied Economics Letters 
Pages: 7-11 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.564126 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.564126 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:1:p:7-11




Template-Type: ReDIF-Article 1.0
Author-Name: Yukiko Hirao 
Author-X-Name-First: Yukiko 
Author-X-Name-Last: Hirao 
Title: Efficiency of the top 50 business schools in the United States 
Abstract:
  This article measures efficiency of the top 50 business schools in the
 United States in 2006, using the Data Envelopment Analysis (DEA) method.
 We use peer assessment (to represent school quality) and average Graduate
 Management Admission Test (GMAT) scores (to represent student ability) as
 inputs and average starting salary and the percent of graduates employed
 upon graduation as outputs. The 50 business schools consist of 27 private
 schools and 23 public schools, and their efficiency scores are compared.
 We find that although technical efficiencies of private and public schools
 are both high, scale and overall efficiencies of the public schools are
 lower than those of the private schools. And most public schools exhibit
 Increasing Returns To Scale (IRTS). The returns to scale in this article
 refers to increases in the output measures -- starting salary and the
 employment rates -- in response to increases in the quality of inputs --
 peer assessment and the average GMAT scores. Hence, schools that exhibit
 IRTS will experience more than proportionate increases in starting salary
 and the employment rates by raising the quality of inputs. The policy
 implication is that for many public schools, efficiency will be improved
 if they could improve school and student quality levels. 
Journal: Applied Economics Letters 
Pages: 73-78 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.568380 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568380 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Oliver Masakure 
Author-X-Name-First: Oliver 
Author-X-Name-Last: Masakure 
Title: An empirical test of Lazear's leadership theory using evidence from Ghana 
Abstract:
  This article tests Lazear's theory of leadership which suggests that
 leaders emerge by acquiring a wide range of publicly demonstrable skills.
 I use cross-sectional data from a labour force survey in Ghana covering
 small, medium and large firms and find that individuals with more roles in
 their previous jobs are more likely to hold a leadership role in their
 current occupation. This confirms Lazear's theory which he tested using
 data from Stanford MBA graduates. 
Journal: Applied Economics Letters 
Pages: 79-82 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.568381 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568381 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:1:p:79-82




Template-Type: ReDIF-Article 1.0
Author-Name: P. S. Sephton 
Author-X-Name-First: P. S. 
Author-X-Name-Last: Sephton 
Title: Breaking deterministics, test size and the efficient Wald test for fractional unit roots 
Abstract:
  Lobato and Velasco (2007) introduced a test for a unit root against
 fractional alternatives with good power and performance properties. The
 purpose of this article is to examine the size of the test in the presence
 of level and trend breaks under the null hypothesis. The results suggest
 that test size remains relatively unaffected by level breaks but that the
 test can be undersized when there are breaking trends. 
Journal: Applied Economics Letters 
Pages: 83-85 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.568382 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568382 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:1:p:83-85




Template-Type: ReDIF-Article 1.0
Author-Name: Darja Bor&#x161;i&#x10D; 
Author-X-Name-First: Darja 
Author-X-Name-Last: Bor&#x161;i&#x10D; 
Author-Name: Ahmad Zubaidi Baharumshah 
Author-X-Name-First: Ahmad Zubaidi 
Author-X-Name-Last: Baharumshah 
Author-Name: Jani Bek&#x151; 
Author-X-Name-First: Jani 
Author-X-Name-Last: Bek&#x151; 
Title: Are we getting closer to purchasing power parity in Central and Eastern European economies? 
Abstract:
  In this article we examine the theory of Purchasing Power Parity (PPP) on
 a sample of Central and Eastern European economies. This article makes two
 main advances with respect to previous PPP studies. First, it employs a
 monthly database on real exchange rates for a panel of 12 Central and
 Eastern European economies by testing the theory separately with respect
 to the US dollar and to the euro for the period January 1994 to December
 2008. Second, we utilize, among other panel unit root tests, the panel
 Seemingly Unrelated Regressions Augmented Dickey--Fuller (SURADF) test
 proposed by Breuer <italic>et al.</italic> (2002), which allows us to
 identify how many and which members of the panel contain a unit root. As
 our study found support for the validity of PPP in some reforming European
 economies, special attention should be devoted to individual
 country-specific factors that cause PPP deviations. 
Journal: Applied Economics Letters 
Pages: 87-91 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.568383 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568383 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:1:p:87-91




Template-Type: ReDIF-Article 1.0
Author-Name: Sean Wever 
Author-X-Name-First: Sean 
Author-X-Name-Last: Wever 
Author-Name: David Aadland 
Author-X-Name-First: David 
Author-X-Name-Last: Aadland 
Title: Herd behaviour and underdogs in the NFL 
Abstract:
  Previous research has failed to draw any clear conclusions about the
 efficiency of the billion-dollar gambling industry for National Football
 League (NFL) games. We build on previous research and expose a new market
 inefficiency, which is consistent with the well-documented notion of
 <italic>herd behaviour</italic> in behavioural finance. A differential
 strategy of betting on home and visitor underdogs with large closing lines
 can produce statistically significant positive returns. 
Journal: Applied Economics Letters 
Pages: 93-97 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.568384 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568384 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:1:p:93-97




Template-Type: ReDIF-Article 1.0
Author-Name: Rui Dai 
Author-X-Name-First: Rui 
Author-X-Name-Last: Dai 
Author-Name: John Robst 
Author-X-Name-First: John 
Author-X-Name-Last: Robst 
Title: The relationship between plan characteristics and Medicare Prescription Drug Plan bids 
Abstract:
  This article assesses the relationship between plan characteristics and
 Medicare Prescription Drug Plan (PDP) bids. Medicare PDP information data
 are used to link plan and geographic data for stand-alone prescription
 drug plans participating in the Part D programme from 2006 to 2008
 (<italic>N</italic>&#x2009;=&#x2009;5101). Firm fixed effects models are
 estimated to measure the relationship between plan characteristics
 including formularies, beneficiary cost sharing and utilization controls
 and PDP bids. Firm fixed effects models show a negative inelastic
 relationship between member cost sharing and plan bids. Among the
 utilization controls, only prior authorization is associated with lower
 bids. The use of quantity limits and step therapy is associated with
 higher bids, although this reflects their likely use for nonpreferred
 brand name medications. Bids are positively related to the number of
 preferred brand name medications and specialty medications covered, gap
 coverage of generics and brand name medications and the regional risk
 score. Lower bids are associated with higher deductibles and market size. 
Journal: Applied Economics Letters 
Pages: 99-104 
Issue: 1 
Volume: 19 
Year: 2012 
Month: 1 
X-DOI: 10.1080/13504851.2011.568385 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568385 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:1:p:99-104




Template-Type: ReDIF-Article 1.0
Author-Name: Ming-Sun Horng 
Author-X-Name-First: Ming-Sun 
Author-X-Name-Last: Horng 
Author-Name: Yung-Wang Chang 
Author-X-Name-First: Yung-Wang 
Author-X-Name-Last: Chang 
Author-Name: Ting-Yi Wu 
Author-X-Name-First: Ting-Yi 
Author-X-Name-Last: Wu 
Title: Does insurance demand or financial development promote economic growth? Evidence from Taiwan 
Abstract:
  This study examines the dynamic relationship among insurance demand,
 financial development and economic growth in Taiwan between 1961 and 2006.
 Using a three-variable Vector Autoregressive (VAR) model, the competing
 hypotheses of demand-following versus supply-leading are empirically
 tested. Extending the conceptual link among these variables proposed by
 Hussels <italic>et al.</italic> (2005), we find that there is an
 equilibrium relationship between demand, financial development and
 economic growth. In the short run, economic growth Granger causes
 insurance demand, and financial development Granger causes economic
 growth. In other words, financial development does promote real GDP
 growth, and a change in real GDP leads to deviation in real insurance
 demand in Taiwan. Managerial implications are proposed based on the
 empirical findings. 
Journal: Applied Economics Letters 
Pages: 105-111 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.568386 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568386 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:105-111




Template-Type: ReDIF-Article 1.0
Author-Name: Samih Antoine Azar 
Author-X-Name-First: Samih Antoine 
Author-X-Name-Last: Azar 
Title: On the specification of the asset evolution equation in consumption models 
Abstract:
  Dynamic programming is often used by researchers to find the first-order
 Euler relation when the discounted utility of an infinite stream of
 consumption is maximized, subject to one or more constraints. Although the
 consumption model is the same in most studies, the specification of the
 constraint, that is, the asset evolution equation, differs from author to
 author. In fact there are two general formulations of this equation. The
 purpose of this article is to check whether these two different
 formulations alter the first-order conditions. The surprising but
 reassuring result is that they do not. This result holds for both discrete
 and continuous-time variables. This article also solves the Euler
 relations for two customary functional forms of the utility. 
Journal: Applied Economics Letters 
Pages: 113-116 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.568387 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568387 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:113-116




Template-Type: ReDIF-Article 1.0
Author-Name: John F. McDonald 
Author-X-Name-First: John F. 
Author-X-Name-Last: McDonald 
Title: Optimal leverage with a variable borrowing rate 
Abstract:
  This article is a theoretical examination of optimal leverage to maximize
 the value of an investment asset, assuming that the interest rate on loans
 increases with leverage. The expected rate of return to equity for the
 investing firm (that is subject to taxation at the entity level) and
 market equilibrium for the model are derived. The amount of risk that is
 assumed by investing firms that borrow is set by the competitive market.
 The article also includes a model of the capitalization rate for
 commercial real estate, defined as net operating income divided by
 property value (which depends upon leverage). 
Journal: Applied Economics Letters 
Pages: 117-121 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.568388 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568388 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:117-121




Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chia-Hao Lee 
Author-X-Name-First: Chia-Hao 
Author-X-Name-Last: Lee 
Author-Name: Pei-I Chou 
Author-X-Name-First: Pei-I 
Author-X-Name-Last: Chou 
Title: Nonlinear adjustment to purchasing power parity in G-7 countries 
Abstract:
  This study applies a simple and powerful nonlinear unit root proposed by
 Sollis (2009) to test the validity of long-run Purchasing Power Parity
 (PPP) in G-7 countries over the period January 1980 to September 2008. The
 empirical results indicate that PPP holds true for all G-7 countries, with
 the exception of Canada, and the adjustment towards PPP is nonlinear but
 in a symmetric way. These results have important policy implications for
 the G-7 countries under study. 
Journal: Applied Economics Letters 
Pages: 123-128 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.568389 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568389 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:123-128




Template-Type: ReDIF-Article 1.0
Author-Name: Yang Liu 
Author-X-Name-First: Yang 
Author-X-Name-Last: Liu 
Author-Name: Bruce Morley 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Morley 
Title: Sovereign credit default swaps and the macroeconomy 
Abstract:
  The aim of this study is to determine whether the domestic economy as
 represented by the interest rate, the international economic status as
 represented by the exchange rate or both determine sovereign Credit
 Default Swap (CDS) spreads. Using a Vector Autoregressive (VAR) and
 Granger noncausality tests, the results suggest that it is the exchange
 rate that has the most important effect on sovereign CDS spreads, with
 domestic interest rates having only a limited effect. There is also some
 evidence of causality running from the CDS spread to the exchange rate. 
Journal: Applied Economics Letters 
Pages: 129-132 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.568390 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.568390 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:129-132




Template-Type: ReDIF-Article 1.0
Author-Name: George Dotsis 
Author-X-Name-First: George 
Author-X-Name-Last: Dotsis 
Author-Name: Vasiliki Makropoulou 
Author-X-Name-First: Vasiliki 
Author-X-Name-Last: Makropoulou 
Author-Name: Raphael Nicholas Markellos 
Author-X-Name-First: Raphael Nicholas 
Author-X-Name-Last: Markellos 
Title: Investment under uncertainty and volatility estimation risk 
Abstract:
  This article considers the implications of volatility estimation risk in
 real options theory. We construct confidence intervals for critical
 project values and options prices. An empirical example in lease
 investment evaluation for an offshore petroleum tract shows that
 confidence intervals can be substantial when a limited amount of data are
 used to estimate volatility. 
Journal: Applied Economics Letters 
Pages: 133-137 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570697 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570697 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:133-137




Template-Type: ReDIF-Article 1.0
Author-Name: Pelin &#xD6;ge G&#xFC;ney 
Author-X-Name-First: Pelin 
Author-X-Name-Last: &#xD6;ge G&#xFC;ney 
Author-Name: Erdin&#xE7; Telatar 
Author-X-Name-First: Erdin&#xE7; 
Author-X-Name-Last: Telatar 
Author-Name: M&#xFC;bariz Hasanov 
Author-X-Name-First: M&#xFC;bariz 
Author-X-Name-Last: Hasanov 
Title: Re-examining purchasing power parity for selected emerging markets and African countries 
Abstract:
  The validity of Purchasing Power Parity (PPP) is re-examined using data
 for some emerging market economies and African countries, extending recent
 works of Do&#x11F;anlar <italic>et al.</italic> (2009) and Chang
 <italic>et al.</italic> (2010), respectively. For this purpose, we apply
 new unit root tests that allow for nonlinearities and structural change in
 the data-generating process. The results of this study suggest that
 although linear unit root test provides evidence in favour of PPP only in
 a few cases, the new nonlinear unit root tests suggest that the PPP
 proposition holds in majority of the sample countries. 
Journal: Applied Economics Letters 
Pages: 139-144 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570698 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570698 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:139-144




Template-Type: ReDIF-Article 1.0
Author-Name: Biswo Poudel 
Author-X-Name-First: Biswo 
Author-X-Name-Last: Poudel 
Author-Name: Krishna P. Paudel 
Author-X-Name-First: Krishna P. 
Author-X-Name-Last: Paudel 
Title: Trust, institutions and development 
Abstract:
  This article suggests an explanation as to why relatively prosperous
 societies in the 1500s were unable to protect themselves from the
 colonialist powers. It reasons that while the prevalence of institutions
 fostering mutual trust among citizens allowed the earlier prosperous
 societies to achieve a degree of prosperity that same trust led to lower
 investments in defence and the eventual fall of the society. 
Journal: Applied Economics Letters 
Pages: 145-147 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570699 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570699 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:145-147




Template-Type: ReDIF-Article 1.0
Author-Name: Won-Cheol Yun 
Author-X-Name-First: Won-Cheol 
Author-X-Name-Last: Yun 
Title: Yuan revaluation and its implications 
Abstract:
  This study analyses the impacts of economic activity and exchange-rate
 movement and its volatility on exports and imports between Korea and
 China. Using monthly data from April 1994 to December 2007,
 Error-Correction Models (ECMs) are specified to estimate the cumulative
 effects of determinants for export and import demand. According to the
 empirical results, the depreciation of exchange rate would stimulate the
 export growth. In addition, it would be desirable to stabilize exchange
 rate in order to boost trade flows. 
Journal: Applied Economics Letters 
Pages: 149-154 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570700 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570700 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:149-154




Template-Type: ReDIF-Article 1.0
Author-Name: Leo de Haan 
Author-X-Name-First: Leo 
Author-X-Name-Last: de Haan 
Author-Name: Jan Kakes 
Author-X-Name-First: Jan 
Author-X-Name-Last: Kakes 
Title: Investment strategies of institutional investors: evidence from Dutch flow-of-funds data 
Abstract:
  This article investigates investment strategies of Dutch pension funds,
 life insurers and nonlife insurers, using quarterly flow-of-funds data.
 The results suggest that all three investor types buy past losers and sell
 past winners, although they only partially rebalance their portfolios that
 way. 
Journal: Applied Economics Letters 
Pages: 155-159 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570701 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570701 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:155-159




Template-Type: ReDIF-Article 1.0
Author-Name: Yoshihiro Hashiguchi 
Author-X-Name-First: Yoshihiro 
Author-X-Name-Last: Hashiguchi 
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Title: The sustainability of trade balances in sub-Saharan Africa: panel cointegration tests with cross-section dependence 
Abstract:
  This article investigates the sustainability of trade balances in the
 sub-Saharan African regions, using both the panel unit root
 (Im--Pesaran--Shin (IPS)) test proposed by Im <italic>et al.</italic>
 (2003) and the cross-sectionally augmented version of the IPS (Pesaran
 Cross-sectional IPS (CIPS)) test suggested by Pesaran (2007), where the
 former test is based on the assumption of cross-section independence and
 the latter actually considers cross-section independence. Although the
 empirical results based on the IPS test indicate that the balance of trade
 in the sub-Saharan African regions is sustainable, the empirical results
 of the CIPS test reveal that it is not sustainable. Since Cross-section
 Dependence (CD) was recognized using the CD test developed by Pesaran
 (2004), there is a possibility that the empirical results based on the IPS
 test are spurious. 
Journal: Applied Economics Letters 
Pages: 161-165 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570702 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570702 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:161-165




Template-Type: ReDIF-Article 1.0
Author-Name: Hassan Mohammadi 
Author-X-Name-First: Hassan 
Author-X-Name-Last: Mohammadi 
Author-Name: Golaleh Moshrefi 
Author-X-Name-First: Golaleh 
Author-X-Name-Last: Moshrefi 
Title: Fiscal policy and the current account new evidence from four East Asian countries 
Abstract:
  The long-run relation and short-run dynamics of fiscal policy and current
 account is examined using time-series data on four East Asian economies --
 South Korea, Malaysia, Singapore and Thailand. The purpose of the study is
 to test the validity of two alternative views on budget deficits -- the
 Ricardian and Keynesian theories. According to Ricardians, given the path
 government spending, a rise in budget deficits has no effect of national
 savings, investment and the current account. In contrast, Keynesian theory
 suggests that such tax cuts reduce national savings and result in current
 account deficits. Empirical results based on cointegration model and Error
 Correction Model (ECM) over 1975--2008 are broadly consistent with the
 Ricardian view. 
Journal: Applied Economics Letters 
Pages: 167-173 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570703 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570703 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:167-173




Template-Type: ReDIF-Article 1.0
Author-Name: Massimiliano Caporin 
Author-X-Name-First: Massimiliano 
Author-X-Name-Last: Caporin 
Author-Name: Paolo Santucci de Magistris 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Santucci de Magistris 
Title: On the evaluation of marginal expected shortfall 
Abstract:
  In the analysis of systemic risk, Marginal Expected Shortfall (MES) may
 be considered to evaluate the marginal impact of a single stock on the
 market Expected Shortfall (ES). These quantities are generally computed
 using log-returns, in particular when there is also a focus on returns
 conditional distribution. In this case, the market log-return is only
 approximately equal to the weighed sum of equities log-returns. We show
 that the approximation error is large during turbulent market phases, with
 a subsequent impact on MES. We then suggest how to improve the evaluation
 of MES by means of a second-order approximation. 
Journal: Applied Economics Letters 
Pages: 175-179 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570704 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570704 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:175-179




Template-Type: ReDIF-Article 1.0
Author-Name: Akio Matsumoto 
Author-X-Name-First: Akio 
Author-X-Name-Last: Matsumoto 
Author-Name: Ugo Merlone 
Author-X-Name-First: Ugo 
Author-X-Name-Last: Merlone 
Author-Name: Ferenc Szidarovszky 
Author-X-Name-First: Ferenc 
Author-X-Name-Last: Szidarovszky 
Title: Some notes on applying the Herfindahl--Hirschman Index 
Abstract:
  The Herfindahl--Hirschman Index is one of the most commonly used
 indicators to detect anticompetitive behaviour in industries. In fact, an
 increase in the value of the index is usually interpreted as an indicator
 of actions which may lessen competition or even create a monopoly. In this
 article we show that this is not always the case, since in certain
 instances it is impossible to detect cooperation. We also show an example
 when competition even has a decreasing effect on the value of the index. 
Journal: Applied Economics Letters 
Pages: 181-184 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570705 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570705 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:181-184




Template-Type: ReDIF-Article 1.0
Author-Name: Eric Blankmeyer 
Author-X-Name-First: Eric 
Author-X-Name-Last: Blankmeyer 
Title: Estimating an inflation index by quantile regression 
Abstract:
  This article gives a methodology for estimating an inflation index using
 the quantile regression of Bassett and Koenker. The regression --
 orthogonal in the logarithmic price changes -- is computed by linear
 programming for each percentile of inflation; and the results are
 bootstrapped to estimate standard errors. The procedure is applied to
 monthly data on seven metals. 
Journal: Applied Economics Letters 
Pages: 185-187 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570706 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570706 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:185-187




Template-Type: ReDIF-Article 1.0
Author-Name: Bo Sun 
Author-X-Name-First: Bo 
Author-X-Name-Last: Sun 
Title: Corporate governance, stock options and earnings management 
Abstract:
  Firms often compensate executives with stock options when empirical
 studies find that these contracts lead to severe earnings management
 problem. In order to understand the use of stock options as a prevailing
 compensation strategy in practice, we derive the optimal contract between
 a firm's shareholders and its manager, the latter of whom exerts
 unobservable effort and is privately informed about economic earnings as
 well as his own expertise in managing earnings. The optimal contract is
 characterized analytically in different corporate governance systems. The
 model indicates that the inactive region below a threshold in the
 compensation should be more economically significant when the corporate
 governance is weaker. The model suggests that, while the use of options
 leads to earnings management incentives, it is an optimal contract in the
 presence of reporting latitude and uncertainty over an executives' ability
 to manage earnings. The model result is in accordance with the observed
 positive association between the level of earnings management and the use
 of stock options in both time series and cross section. Empirical evidence
 on the changes in the intensity of option grants in executive compensation
 in response to corporate governance legislations also lends support to the
 model. 
Journal: Applied Economics Letters 
Pages: 189-196 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570707 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570707 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:189-196




Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Hsu-Ling Chang 
Author-X-Name-First: Hsu-Ling 
Author-X-Name-Last: Chang 
Author-Name: Ken Hung 
Author-X-Name-First: Ken 
Author-X-Name-Last: Hung 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Title: Nonlinear adjustment to purchasing power parity for Germany's real exchange rate relative to its major trading partners 
Abstract:
  This study applies a simple and powerful nonlinear unit-root test
 proposed by Sollis (2009) to test the validity of long-run Purchasing
 Power Parity (PPP) for Germany's real exchange rate
 <italic>vis-&#xE0;-vis</italic> its trading partner countries. The
 empirical results indicate that PPP holds for Germany relative to its
 major trading partners, with the exception of Canada, and the adjustment
 towards PPP is nonlinear and asymmetric. This result provides support for
 PPP for Germany relative to its major trading partner countries. 
Journal: Applied Economics Letters 
Pages: 197-202 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570708 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570708 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:197-202




Template-Type: ReDIF-Article 1.0
Author-Name: Matthew J. Salois 
Author-X-Name-First: Matthew J. 
Author-X-Name-Last: Salois 
Title: Biases in the distribution of bilateral aid: a regional decomposition analysis 
Abstract:
  This article investigates income and population biases in the
 distribution of aid and decomposes recipients by geographic region.
 Previous analyses aggregate recipients and assume biases have an equal
 impact. Results demonstrate that although while a bias towards
 middle-income and medium-sized countries persists in the full sample, the
 extent of such biases differs significantly by region. 
Journal: Applied Economics Letters 
Pages: 203-206 
Issue: 2 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.570709 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.570709 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:2:p:203-206




Template-Type: ReDIF-Article 1.0
Author-Name: Angel Estrada 
Author-X-Name-First: Angel 
Author-X-Name-Last: Estrada 
Author-Name: Pablo Hern&#xE1;ndez de Cos 
Author-X-Name-First: Pablo 
Author-X-Name-Last: Hern&#xE1;ndez de Cos 
Title: Oil prices and their effect on potential output 
Abstract:
  This article describes some of the mechanisms by which oil price
 fluctuations produce changes in the long-run growth of the economy. The
 analysis suggests that a (permanent) increase in oil prices can
 significantly reduce potential output. From an economic policy point of
 view, this effect may be more marked when competition in the product
 markets is low or when wage indexation is high; thus, reforms aiming to
 increase competition and improve wage-setting mechanisms help to reduce
 the negative effects of higher oil prices on long-run economic growth. 
Journal: Applied Economics Letters 
Pages: 207-214 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572833 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572833 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:207-214




Template-Type: ReDIF-Article 1.0
Author-Name: Joon-Mo Yang 
Author-X-Name-First: Joon-Mo 
Author-X-Name-Last: Yang 
Title: Note on estimating effectiveness of demand management 
Abstract:
  This article suggests a method for estimating the effectiveness of
 electricity demand management and improving the accuracy of future peak
 load forecasting. The measurement accuracy is essential for deciding the
 optimal size of power plants. The measurement issue has been very
 controversial because the real effectiveness of demand management policy
 is not observable. This article uses the state space modelling technique
 to capture the effectiveness of the demand management. From the
 application of this technique to the Korea's case, this article finds that
 the effectiveness of the policy relatively becomes smaller than before and
 that the peak load forecast should be adjusted. This enhanced measurement
 technique will help the Korean government to have the theoretical base for
 the national energy plan in the future. 
Journal: Applied Economics Letters 
Pages: 215-220 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572834 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572834 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:215-220




Template-Type: ReDIF-Article 1.0
Author-Name: Kazuhiko Mikami 
Author-X-Name-First: Kazuhiko 
Author-X-Name-Last: Mikami 
Title: Sunk costs of physical capital and the form of enterprise: investor-owned firms, consumer cooperatives and public enterprises 
Abstract:
  This article considers how the efficiency of organizational forms of
 enterprise can depend on the level of sunk costs of physical capital in
 relation to market size, informational asymmetry and the heterogeneity of
 firm owners. 
Journal: Applied Economics Letters 
Pages: 221-225 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572835 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572835 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:221-225




Template-Type: ReDIF-Article 1.0
Author-Name: Fl&#xE1;vio Lenz-Cesar 
Author-X-Name-First: Fl&#xE1;vio 
Author-X-Name-Last: Lenz-Cesar 
Author-Name: Almas Heshmati 
Author-X-Name-First: Almas 
Author-X-Name-Last: Heshmati 
Title: An econometric approach to identify determinants of cooperation for innovation among firms 
Abstract:
  R&D cooperation has received great attention among industrialists,
 decision-makers and researchers. This article introduces an econometric
 approach for identifying the factors that lead firms to cooperate in order
 to achieve innovation. The determining factors were defined according to
 empirical findings from the Korean Innovation Survey (KIS) 2005, captured
 in a multivariate probit regression model. The aim is to subsidize further
 research by applying agent-based modelling to simulate innovation networks
 in the Korean manufacturing sector. 
Journal: Applied Economics Letters 
Pages: 227-235 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572836 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572836 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:227-235




Template-Type: ReDIF-Article 1.0
Author-Name: Marco Percoco 
Author-X-Name-First: Marco 
Author-X-Name-Last: Percoco 
Title: Are project appraisers chiromancers? 
Abstract:
  The accuracy of <italic>ex ante</italic> project appraisal has been
 subject to scrutiny by scholars in recent years. It has often been claimed
 that the inaccuracy of project evaluation leads to a waste of public
 spending. In this article I acknowledge that the appraisal of a project
 consists in long-run predictions of several variables, so that the
 accuracy of <italic>ex ante</italic> evaluations should be assessed on the
 basis of forecasting rationality. I test for the rationality of a sample
 of World Bank project appraisals and find no significant discrepancy
 between <italic>ex ante</italic> and realized rates of return. 
Journal: Applied Economics Letters 
Pages: 237-241 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572837 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572837 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:237-241




Template-Type: ReDIF-Article 1.0
Author-Name: Hing Lin Chan 
Author-X-Name-First: Hing Lin 
Author-X-Name-Last: Chan 
Author-Name: Kai-Yin Woo 
Author-X-Name-First: Kai-Yin 
Author-X-Name-Last: Woo 
Title: Day-of-the-week effect on the return and conditional variance of the H-shares index in Hong Kong 
Abstract:
  The purpose of this article is to investigate the day-of-the-week effect
 on both the return and conditional variance (volatility) of the H-shares
 index in Hong Kong from 3 January 2000 to 1 August 2008. Using an
 Exponential General Autoregressive Conditional Heteroskedasticity (EGARCH)
 specification to model the conditional variance, we find that the
 day-of-the-week effect is present in both return and variance equations.
 In particular, higher risk-adjusted returns are found on Monday and
 Friday. However, after adjusting for market risks that vary across the
 days of the week, only the Monday effect remains. The conditional variance
 model also finds that the highest volatility of return also occurs on
 Monday. Thus, the Monday effects on risk-adjusted returns may be a reward
 for higher volatility on that day. However, after adjusting for
 transaction costs, the abnormal returns for Monday become negligible. 
Journal: Applied Economics Letters 
Pages: 243-249 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572838 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572838 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:243-249




Template-Type: ReDIF-Article 1.0
Author-Name: Rahmi Erdem Aktug 
Author-X-Name-First: Rahmi Erdem 
Author-X-Name-Last: Aktug 
Author-Name: Geraldo Vasconcellos 
Author-X-Name-First: Geraldo 
Author-X-Name-Last: Vasconcellos 
Author-Name: Youngsoo Bae 
Author-X-Name-First: Youngsoo 
Author-X-Name-Last: Bae 
Title: The dynamics of sovereign credit default swap and bond markets: empirical evidence from the 2001 to 2007 period 
Abstract:
  This article evaluates the dynamic relationship between sovereign Credit
 Default Swap (CDS) and bond markets over the period 2001 to 2007 across 30
 emerging markets. Our results suggest that the bond markets play a
 significant role in the price discovery process, which is in contrast with
 the corporate studies. We also show that the CDS markets play a more
 dominant role in lead--lag relationships compared to earlier studies on
 the sovereign credit markets. 
Journal: Applied Economics Letters 
Pages: 251-259 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572839 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572839 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:251-259




Template-Type: ReDIF-Article 1.0
Author-Name: Hyun-Jae Rhee 
Author-X-Name-First: Hyun-Jae 
Author-X-Name-Last: Rhee 
Title: Testing for the possibility of a monetary union in the ASEAN+3 countries: rationality and asymmetric loss functions 
Abstract:
  This study uses market variables, such as the rates of foreign exchange,
 interest and inflation, to determine if a market-led monetary integration
 in the ASEAN+3 countries is possible. Following Batchelor and Peel (1998),
 rationality is revealed in the presence of an asymmetric Linex loss
 function. In order to generate an expected value for a target variable,
 arithmetically weighted, pseudo-numeraire and Auto-Regressive Integrated
 Moving Average (ARIMA(1,1,1)) process information matrices are generated.
 It is found that certain preconditions have to be fulfilled in the ASEAN+3
 countries for monetary unification to take place and that this process
 must be gradual. In particular, an economic infrastructure has to be built
 to strengthen foreign exchange markets in this region. 
Journal: Applied Economics Letters 
Pages: 261-268 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572840 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572840 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:261-268




Template-Type: ReDIF-Article 1.0
Author-Name: Jane Jing Xu 
Author-X-Name-First: Jane Jing 
Author-X-Name-Last: Xu 
Author-Name: Tsz Leung Yip 
Author-X-Name-First: Tsz Leung 
Author-X-Name-Last: Yip 
Title: Ship investment at a standstill? An analysis of shipbuilding activities and policies 
Abstract:
  In the wake of the global financial crisis which started around mid-2008,
 the global shipbuilding industry is no longer in a state of euphoria as
 before. The volume of new ship orders dropped dramatically after August
 2008. We are motivated to examine three issues in this article: First, in
 the context of shipping industry, which variable(s) play the most
 important role in a ship investment decision? Second, do government
 support and favourable investment conditions really help to save
 shipbuilding industry from the distressing situation? Third, if we
 separate Japan, South Korea and China as leading shipbuilding clusters,
 what will the cluster effect be? Our results indicate that the investment
 of ships can be decided by the freight level, the supply of the market
 (fleet size), the demand of the ships (trade volume) and the transport
 service share (location advantage). However, the state of the freight
 market is of major importance to the investment decision of ships.
 Shipbuilding price, second-hand ship price and foreign direct investment
 in transport are proved to have no linkage to ship investment. Besides,
 the rising role of Japan, South Korea and China in shipbuilding is also
 identified. 
Journal: Applied Economics Letters 
Pages: 269-275 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572842 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572842 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:269-275




Template-Type: ReDIF-Article 1.0
Author-Name: Hongliang Yang 
Author-X-Name-First: Hongliang 
Author-X-Name-Last: Yang 
Author-Name: Michael Pollitt 
Author-X-Name-First: Michael 
Author-X-Name-Last: Pollitt 
Title: Incorporating undesirable outputs into Malmquist TFP indices with an unbalanced data panel of Chinese power plants 
Abstract:
  In this article, we examine the effects of undesirable outputs on
 Malmquist Total Factor Productivity (TFP) indices. Our empirical work uses
 an unbalanced panel of 1626 real observations on coal-fired power plants
 in China during 1996--2002. In order to meet the requirement of a balanced
 panel for calculating the Malmquist indices, an innovative fake unit
 approach has been introduced. To the authors' knowledge, no other
 published papers on TFP change have used this method before. Our final
 results show that (1) the original growth path of the Chinese electricity
 till 2002 heavily depended upon an increase of resource input and (2) the
 environmental TFP change of Chinese coal-fired power plants was about
 2--3% (at least with respect to SO<sub>2</sub>), which mainly comes from
 technical change rather than efficiency change during the report period. 
Journal: Applied Economics Letters 
Pages: 277-283 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572843 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572843 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:277-283




Template-Type: ReDIF-Article 1.0
Author-Name: David Michael McEvoy 
Author-X-Name-First: David Michael 
Author-X-Name-Last: McEvoy 
Title: Paying to punish on a free ride: member and nonmember punishments in voluntary coalitions 
Abstract:
  We explore public good experiments in which players have the opportunity
 to form cooperative coalitions. The decision to join a coalition is
 voluntary as is a member's decision to comply with the terms of the
 coalition. An informal enforcement mechanism is examined in which
 coalition members and nonmembers can impose costly punishments on one
 another. We find that when punishments are purely voluntary, coalition
 members and free-riding nonmembers are equally likely to punish
 noncompliant coalition members. Moreover, the extent to which nonmembers
 punish noncompliance does not change regardless of whether the members can
 credibly enforce compliance within their coalition. 
Journal: Applied Economics Letters 
Pages: 285-288 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572844 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572844 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:285-288




Template-Type: ReDIF-Article 1.0
Author-Name: Ho-Chuan (River) Huang 
Author-X-Name-First: Ho-Chuan (River) 
Author-X-Name-Last: Huang 
Author-Name: Chih-Chuan Yeh 
Author-X-Name-First: Chih-Chuan 
Author-X-Name-Last: Yeh 
Title: A reassessment of inequality and growth in the United States 
Abstract:
  In a recent interesting paper, Frank (2009) investigated the long-run
 inequality--growth nexus with a large panel of annual data for the 48
 states in the United States over the 1945 to 2004 post-war period. By
 implementing the Pooled Mean Group (PMG) estimators, Frank (2009)
 concluded that there is a significant and positive relationship between
 inequality and growth. However, we find that Frank (2009) was actually
 measuring the effect of inequality on <italic>economic
 development</italic> (proxied by the logarithm of the real state income
 per capita) rather than on <italic>economic growth</italic> (defined by
 the first difference of the logarithm of the real state income per
 capita). To this purpose, we suggest a more adequate specification to
 reassess the relationship using the same data set and estimation
 technique. The fresh empirical results indicate that the
 inequality--growth connection continues to hold in a positive and
 significant manner, and the findings are robust to alternative lag order
 structures and income inequality measures. 
Journal: Applied Economics Letters 
Pages: 289-295 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.572845 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572845 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:289-295




Template-Type: ReDIF-Article 1.0
Author-Name: G&#xFC;listan Erdal 
Author-X-Name-First: G&#xFC;listan 
Author-X-Name-Last: Erdal 
Author-Name: Hilmi Erdal 
Author-X-Name-First: Hilmi 
Author-X-Name-Last: Erdal 
Author-Name: Kemal Eseng&#xFC;n 
Author-X-Name-First: Kemal 
Author-X-Name-Last: Eseng&#xFC;n 
Title: The effects of exchange rate volatility on trade: evidence from Turkish agricultural trade 
Abstract:
  In this article, an empirical study of the effect of Real Effective
 Exchange Rate Volatility (REERV) on Agricultural Export (AGX) and
 Agricultural Import (AGM) in Turkey was conducted. Studied period covers
 1995 to 2007. In order to reach REERV, Generalized Autoregressive
 Conditional Heteroscedasticity (GARCH) (1,1) model was used. Long-term
 relationship between series was determined using Johansen cointegration
 test. The direction of this relationship, on the other hand, was
 determined using pairwise Granger causality. Our empirical results
 indicated that there was a positive long-term relationship between REERV
 and AGX series, while there was a negative long-term relationship between
 REERV and AGM. The relationship is unidirectional for both AGX and AGM
 series. 
Journal: Applied Economics Letters 
Pages: 297-303 
Issue: 3 
Volume: 19 
Year: 2012 
Month: 2 
X-DOI: 10.1080/13504851.2011.576996 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.576996 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:3:p:297-303




Template-Type: ReDIF-Article 1.0
Author-Name: Chiao-Yi Chang 
Author-X-Name-First: Chiao-Yi 
Author-X-Name-Last: Chang 
Author-Name: Fu-Shuen Shie 
Author-X-Name-First: Fu-Shuen 
Author-X-Name-Last: Shie 
Title: The nonlinear relationship between autocorrelation and volatility: the case of the Asian financial crisis 
Abstract:
  In this article we explore how autocorrelation impacts volatility in
 stock markets. We use the Threshold Autoregressive-Generalized
 Autoregressive Conditional Heteroscedasticity (TAR-GARCH) model to obtain
 a better approximation of the volatility pattern with the threshold of a
 positive or negative prior return autocorrelation. In contrast to the
 general regime-switching model that focuses on the mean equation or on the
 variance equation with prior shocks as the threshold variable, we consider
 the asymmetric response of volatility to the autocorrelation of stock
 returns and apply a nonlinear relationship between autocorrelation and
 volatility to refine the volatility equation. The empirical results
 indicate that different levels of autocorrelation are related to stock
 return volatility. Regardless of whether there is positive or negative
 correlation, the volatility increases under larger absolute values of
 autocorrelation both during and after the Asian financial crisis. Stock
 returns are observed in 10 countries before, during and after the 1997
 Asian financial crisis. 
Journal: Applied Economics Letters 
Pages: 305-311 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.576997 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.576997 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ching-Chih Chang 
Author-X-Name-First: Ching-Chih 
Author-X-Name-Last: Chang 
Author-Name: Chin-Yuan Hsieh 
Author-X-Name-First: Chin-Yuan 
Author-X-Name-Last: Hsieh 
Author-Name: Yung-Chih Lin 
Author-X-Name-First: Yung-Chih 
Author-X-Name-Last: Lin 
Title: A predictive model of the freight rate of the international market in Capesize dry bulk carriers 
Abstract:
  This study examines the considerable fluctuations of the world's dry bulk
 shipping market from November 1995 to September 2008. The major objective
 is to provide a forecasting model for the freight rate in relation to the
 second-hand ship price. The results indicate an acceptable level of
 prediction according to Mean Absolute Percentage Error (MAPE), with a
 value no more than 20%. It is anticipated that this research will prove
 germane to major stakeholders, including owners, charters, investors and
 bankers, by forecasting the freight rate and thereby expediting the
 decision-making process. 
Journal: Applied Economics Letters 
Pages: 313-317 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.576998 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.576998 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:313-317




Template-Type: ReDIF-Article 1.0
Author-Name: Lourdes Badillo Amador 
Author-X-Name-First: Lourdes 
Author-X-Name-Last: Badillo Amador 
Author-Name: &#xC1;ngel L&#xF3;pez Nicol&#xE1;s 
Author-X-Name-First: &#xC1;ngel 
Author-X-Name-Last: L&#xF3;pez Nicol&#xE1;s 
Author-Name: Luis E. Vila 
Author-X-Name-First: Luis E. 
Author-X-Name-Last: Vila 
Title: The consequences on job satisfaction of job--worker educational and skill mismatches in the Spanish labour market: a panel analysis 
Abstract:
  The effects of job--worker mismatches on job satisfaction are examined
 using the eight waves (1994--2001) of Spanish data in the European
 Community Household Panel (ECHP). The impacts of both educational and
 skill mismatches are estimated considering unobserved heterogeneity, state
 dependence and attrition bias. Dynamic analysis shows that skill
 mismatches emerge as a much better predictor of job satisfaction than
 educational mismatches as the effects of the latter are related to
 unobserved heterogeneity among workers. Moreover, the current level of job
 satisfaction appears to be influenced by workers' previous job
 perceptions, suggesting a dynamic structure for job satisfaction. 
Journal: Applied Economics Letters 
Pages: 319-324 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.576999 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.576999 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:319-324




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Dolan 
Author-X-Name-First: Paul 
Author-X-Name-Last: Dolan 
Author-Name: Nattavudh Powdthavee 
Author-X-Name-First: Nattavudh 
Author-X-Name-Last: Powdthavee 
Title: Thinking about it: a note on attention and well-being losses from unemployment 
Abstract:
  This article investigates Schkade and Kahneman's (1998) maxim that
 &#x2018;Nothing in life is quite as important as you think it is while you
 are thinking about it.&#x2019; This article shows that whilst becoming
 unemployed hurts psychologically, unemployment has a greater impact on
 happiness if the person also regards it as an important event that took
 place in the last year. This finding, particularly if it is replicated for
 other domains, such as health and income, will have important implications
 for how we think about the impact of objective circumstances on well-being
 and about well-being more generally. 
Journal: Applied Economics Letters 
Pages: 325-328 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.577000 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.577000 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:325-328




Template-Type: ReDIF-Article 1.0
Author-Name: Chien-Chung Nieh 
Author-X-Name-First: Chien-Chung 
Author-X-Name-Last: Nieh 
Author-Name: Chao-Hsiang Yang 
Author-X-Name-First: Chao-Hsiang 
Author-X-Name-Last: Yang 
Author-Name: Yu-Sheng Kao 
Author-X-Name-First: Yu-Sheng 
Author-X-Name-Last: Kao 
Title: Who has more influence on Asian stock markets around the subprime mortgage crisis -- the US or China? 
Abstract:
  This article employed the Momentum Threshold Autoregressive (M-TAR) model
 to investigate the changes in the asymmetric co-integration relationship
 between the US and China's stock markets and Asian stock markets of
 Taiwan, Hong Kong, Singapore, Japan, Korea and India around the subprime
 mortgage crisis. The main empirical findings demonstrated that with the
 application of traditional symmetric co-integration tests, the subprime
 mortgage crisis did not reinforce the co-movement trends between the US
 and China's markets and Asian markets. However, with the application of
 the M-TAR model for the threshold co-integration test, there was
 significant increase in these asymmetric co-integration relationships
 between them during the period of the subprime mortgage crisis, and our
 empirical results show evidence that the linkage between the US and
 China's stock markets is low, and investors can somewhat diversify risks
 by investing in the United States and China simultaneously. 
Journal: Applied Economics Letters 
Pages: 329-335 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.577001 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.577001 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:329-335




Template-Type: ReDIF-Article 1.0
Author-Name: Rong-Her Chiu 
Author-X-Name-First: Rong-Her 
Author-X-Name-Last: Chiu 
Author-Name: Yu-Chang Lin 
Author-X-Name-First: Yu-Chang 
Author-X-Name-Last: Lin 
Title: The inter-industrial linkage of maritime sector in Taiwan: an input--output analysis 
Abstract:
  The main purpose of this article is to investigate the role and influence
 of the maritime sector on the national economy of Taiwan by using
 Input--Output (I--O) analysis. Results show that the maritime industry has
 relatively high backward linkage and production-inducing effects, but has
 relatively low forward linkage, supply-shortage cost and price effects.
 This study reveals the difficulty in considering the maritime sector as a
 leading sector for the national economy based on the low values of both
 power and sensitivity of dispersion, no matter how many shipping companies
 who request government incentives for promoting the shipping industries
 and underscore the importance of maritime transport in conveying the
 national imports and exports. 
Journal: Applied Economics Letters 
Pages: 337-343 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.577002 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.577002 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:337-343




Template-Type: ReDIF-Article 1.0
Author-Name: Lixu Chi 
Author-X-Name-First: Lixu 
Author-X-Name-Last: Chi 
Author-Name: Xintian Zhuang 
Author-X-Name-First: Xintian 
Author-X-Name-Last: Zhuang 
Author-Name: Dalei Song 
Author-X-Name-First: Dalei 
Author-X-Name-Last: Song 
Title: Investor sentiment in the Chinese stock market: an empirical analysis 
Abstract:
  This article focuses on investor sentiment and its relationships to stock
 returns and volatility in the Chinese stock market. By using mutual fund
 flows as a substitute for investor sentiment for different stocks, this
 study finds that investor sentiment has a tremendous impact on stock
 returns in the Chinese stock market. However, some of our results are
 inconsistent with previous research. Since the Chinese stock market is
 still an emerging capital market, one explanation for the inconsistency is
 that investor sentiment has comparatively stronger impact on stock returns
 in China. 
Journal: Applied Economics Letters 
Pages: 345-348 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.577003 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.577003 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:345-348




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Huber 
Author-X-Name-First: Peter 
Author-X-Name-Last: Huber 
Title: Do commuters suffer from job--education mismatch? 
Abstract:
  Cross-border commuters from EU15 countries have lower over- but higher
 undereducation rates than noncommuters. For cross-border commuters from
 the NMS12 countries the opposite applies. Within-country commuters have
 lower over- but higher undereducation rates than noncommuters in both
 regions. 
Journal: Applied Economics Letters 
Pages: 349-352 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.577004 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.577004 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:349-352




Template-Type: ReDIF-Article 1.0
Author-Name: Chao-Hsiang Yang 
Author-X-Name-First: Chao-Hsiang 
Author-X-Name-Last: Yang 
Author-Name: Chi-Tai Lin 
Author-X-Name-First: Chi-Tai 
Author-X-Name-Last: Lin 
Author-Name: Yu-Sheng Kao 
Author-X-Name-First: Yu-Sheng 
Author-X-Name-Last: Kao 
Title: Exploring stationarity and structural breaks in commodity prices by the panel data model 
Abstract:
  This article applies the panel unit root test of Carrion-i-Silvestre
 <italic>et al.</italic> (2005) to examine the relative prices of 24
 nonfuel commodities over the period from 1900 to 2003. This test method
 allows for endogenous multiple structural breaks and the presence of
 cross-sectional dependence among commodities. The empirical results
 provided evidence of stationarity in relative prices of most commodities
 and supported the price theory in economics. In addition, the findings
 show that the locations of structural breaks coincided with the
 occurrences of some exogenous events over the past 100 years. 
Journal: Applied Economics Letters 
Pages: 353-361 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.579052 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.579052 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:353-361




Template-Type: ReDIF-Article 1.0
Author-Name: Mahmod Qadan 
Author-X-Name-First: Mahmod 
Author-X-Name-Last: Qadan 
Author-Name: Joseph Yagil 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Yagil 
Title: Fear sentiments and gold price: testing causality in-mean and in-variance 
Abstract:
  This study investigates the causal relationship between the Volatility
 Index (VIX), as an indicator of fear sentiment, and the price of gold
 futures. We apply tests of causality in-mean and in-variance to recent
 data about US gold futures and find bidirectional causality in-mean and
 in-variance patterns between both variables. We also observe a significant
 lagged causality in-mean, implying that changes in the VIX drive the
 returns of gold contracts but not vice versa. While prior studies explain
 gold price movements through macroeconomic variables and events, this
 study expands our understanding of how psychological sentiments (risk
 aversion) move the gold price. 
Journal: Applied Economics Letters 
Pages: 363-366 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.579053 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.579053 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:363-366




Template-Type: ReDIF-Article 1.0
Author-Name: Yongjing Zhang 
Author-X-Name-First: Yongjing 
Author-X-Name-Last: Zhang 
Title: A Lotka--Volterra evolutionary model of China's incremental institutional reform 
Abstract:
  Integrating evolutionary game theory with modern political economics,
 this article develops a Lotka--Volterra evolutionary model to explain
 China's incremental institutional reform. In this model, growth-oriented
 central leaders are intelligent designers of institutional changes;
 provincial and local leaders are potential predators; and private firms
 are potential prey. This model finds that improvements in the rule of law
 and in the protection of private property rights are not essential for
 short-run growth in China. Instead, the primary institutional source of
 China's economic success is the incremental reductions of discrimination
 policy against the private sector. 
Journal: Applied Economics Letters 
Pages: 367-371 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.579054 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.579054 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:367-371




Template-Type: ReDIF-Article 1.0
Author-Name: Jen-Je Su 
Author-X-Name-First: Jen-Je 
Author-X-Name-Last: Su 
Author-Name: Eduardo Roca 
Author-X-Name-First: Eduardo 
Author-X-Name-Last: Roca 
Title: Examining the power of stochastic unit root tests without assuming independence in the error processes of the underlying time series 
Abstract:
  Many studies have examined the power of Stochastic Unit Root (STUR)
 tests. However, these studies assume that the two error processes of the
 underlying time series are independent. In this study, we undertake a
 Monte Carlo study on the power of STUR tests without the condition of
 independence among the error processes. The results show that the
 correlation between the two error processes may profoundly impact the
 power of STUR tests. Given the extensive use of STUR tests as both a
 diagnostic tool and a tool of analysis in economics and finance, this
 result therefore has very important implications for both theory and
 practice. 
Journal: Applied Economics Letters 
Pages: 373-377 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.579055 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.579055 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:373-377




Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale 
Author-X-Name-First: Guglielmo 
Author-X-Name-Last: Maria Caporale 
Author-Name: Alessandro Girardi 
Author-X-Name-First: Alessandro 
Author-X-Name-Last: Girardi 
Author-Name: Marco Ventura 
Author-X-Name-First: Marco 
Author-X-Name-Last: Ventura 
Title: The euro changeover and price adjustments in Italy 
Abstract:
  By estimating a staggered price model over the period 1980Q1 to 2010Q2,
 this article documents that, after the euro changeover, Italian retailers
 have increased the number of price adjustments, which has translated into
 a higher inflation rate, with a detrimental effect on the competitiveness
 of the Italian economy. 
Journal: Applied Economics Letters 
Pages: 379-382 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.579056 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.579056 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:379-382




Template-Type: ReDIF-Article 1.0
Author-Name: Jian-Fa Li 
Author-X-Name-First: Jian-Fa 
Author-X-Name-Last: Li 
Author-Name: Yih-Bey Lin 
Author-X-Name-First: Yih-Bey 
Author-X-Name-Last: Lin 
Author-Name: Cheng-Yih Hong 
Author-X-Name-First: Cheng-Yih 
Author-X-Name-Last: Hong 
Title: Effects of unusual R&D expenditures on stock returns -- evidences from the listed companies in Taiwan 
Abstract:
  This study examines the Research and Development (R&D) effect on stock
 returns. By modifying Kyle's (1985) model, we construct an asset pricing
 model and propose a related hypothesis to investigate the
 information-related content of unusual increases in R&D expenditures. The
 empirical evidence shows that R&D increases might not be beneficial
 investments and the information-related value of R&D increases is
 gradually incorporated in the stock price system. Therefore, we document
 that the stock market is informationally efficient in the semi-strong
 form. 
Journal: Applied Economics Letters 
Pages: 383-386 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.579057 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.579057 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:383-386




Template-Type: ReDIF-Article 1.0
Author-Name: Sandeep Mazumder 
Author-X-Name-First: Sandeep 
Author-X-Name-Last: Mazumder 
Title: The Volcker--Greenspan--Bernanke Phillips Curve 
Abstract:
  This article addresses the issue of Phillips Curve stability between
 different Federal Reserve (Fed) chairmen, from the time Paul Volcker took
 office in the late 1970s all the way up until 2010 under the leadership of
 Ben Bernanke. Phillips Curves are estimated both across and within the
 regimes of Volcker, Greenspan and Bernanke, and thereafter we also check
 for the existence of potential structural breaks. The results suggest that
 the Phillips Curve is very much a robust macroeconomic relationship: not
 only across time, but across Fed chairmen as well. 
Journal: Applied Economics Letters 
Pages: 387-391 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.581196 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.581196 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:387-391




Template-Type: ReDIF-Article 1.0
Author-Name: Szu-Hsien Lin 
Author-X-Name-First: Szu-Hsien 
Author-X-Name-Last: Lin 
Author-Name: You-Jie Chen 
Author-X-Name-First: You-Jie 
Author-X-Name-Last: Chen 
Author-Name: Tz-Li Wang 
Author-X-Name-First: Tz-Li 
Author-X-Name-Last: Wang 
Author-Name: Ya-Chiu Angela Liu 
Author-X-Name-First: Ya-Chiu 
Author-X-Name-Last: Angela Liu 
Title: FDIs in life cycle stages: firm-level evidence from Taiwan 
Abstract:
  This study aims to examine how attainment discrepancy and financial slack
 affect risk-taking behaviour across a Firm's Life Cycle (FLC) stages. The
 empirical results show that the investment behaviour of the firms is
 deeply affected by the industry's investment behaviour in all FLC stages.
 Especially in the mature stage, slack search can appropriately explain
 Foreign Direct Investment (FDI) behaviour, and long-run resource is an
 essential factor. In the growth stage, financial soundness is a
 prerequisite for firms to launch FDIs. In the recession stage, firms seem
 to be insensitive to performance or slack resources. 
Journal: Applied Economics Letters 
Pages: 393-397 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.581197 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.581197 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:393-397




Template-Type: ReDIF-Article 1.0
Author-Name: Anna Lo Prete 
Author-X-Name-First: Anna 
Author-X-Name-Last: Lo Prete 
Title: Current account imbalances, trade and finance 
Abstract:
  This article analyses how trade-related policy choices and financial
 development affect current account imbalances in OECD countries. Once the
 policy-related component of trade openness is estimated using
 exogenous-to-policy indicators of globalization pressures, legal origins
 and natural openness, financial development plays a significant role and
 is negatively associated with the current account. 
Journal: Applied Economics Letters 
Pages: 399-402 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.581198 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.581198 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:399-402




Template-Type: ReDIF-Article 1.0
Author-Name: Ali M. Ahmed 
Author-X-Name-First: Ali M. 
Author-X-Name-Last: Ahmed 
Author-Name: Lina Andersson 
Author-X-Name-First: Lina 
Author-X-Name-Last: Andersson 
Author-Name: Mats Hammarstedt 
Author-X-Name-First: Mats 
Author-X-Name-Last: Hammarstedt 
Title: Does age matter for employability? A field experiment on ageism in the Swedish labour market 
Abstract:
  This article presents the findings of the first field experiment on age
 discrimination in the Swedish labour market. Pairs of matched
 applications, one from a fictitious 31-year-old male applicant and one
 from a fictitious 46-year-old male applicant, were sent to employers with
 job openings for restaurant workers and sales assistants. Employers'
 responses to the applicants were then recorded. The experimental data
 provide clear and strong evidence of significant ageism in the Swedish
 labour market. On average, the younger applicant received over 3 times
 more responses from employers looking to hire a restaurant worker and over
 4 times more responses from employers looking to hire a sales assistant
 than the older applicant. Therefore, the older applicant received
 significantly fewer invitations for interviews and job offers than the
 younger applicant in both occupations examined. 
Journal: Applied Economics Letters 
Pages: 403-406 
Issue: 4 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.581199 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.581199 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:4:p:403-406




Template-Type: ReDIF-Article 1.0
Author-Name: Burkhard Heer 
Author-X-Name-First: Burkhard 
Author-X-Name-Last: Heer 
Author-Name: Alfred Mau&#xDF;ner 
Author-X-Name-First: Alfred 
Author-X-Name-Last: Mau&#xDF;ner 
Title: Log-normal approximation of the equity premium in the production model 
Abstract:
  The conditional equity premium in the model with production is often
 approximated by assuming a jointly log-normal distribution of the marginal
 rate of substitution in consumption and the marginal productivity of
 capital. We show that, for standard parameterization, this premium is
 about one-third less than that implied by a nonlinear approximation of the
 Euler equations. 
Journal: Applied Economics Letters 
Pages: 407-412 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.581201 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.581201 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:407-412




Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo M. Sousa 
Author-X-Name-First: Ricardo M. 
Author-X-Name-Last: Sousa 
Title: Time-varying expected returns: evidence from the United States and the United Kingdom 
Abstract:
  I assess the relative performance of several exmpirical proxies developed
 in the literature of asset pricing to capture time variation in expected
 future returns using data for the United States and the United Kingdom. I
 show that the wealth composition risk by Sousa (2010a) exhibits strong
 forecasting power and tracks risk premium better than many economically
 motivated variables. 
Journal: Applied Economics Letters 
Pages: 413-416 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.581202 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.581202 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:413-416




Template-Type: ReDIF-Article 1.0
Author-Name: Mu Shun Wang 
Author-X-Name-First: Mu Shun 
Author-X-Name-Last: Wang 
Title: Income convergence within ASEAN, ASEAN+3: a panel unit root approach 
Abstract:
  This article aims to test the income convergence hypothesis in the
 Association of Southeast Asian Nations (ASEAN) region using new panel unit
 root tests. As the newer member states of ASEAN are gradually developing
 in order to enter the economic zone, it was found that the great majority
 of original members showed income convergence over a long time period of
 50 years. However, when a 22-year period was explored to encompass these
 newer member states, only three countries were found to support the
 existence of a &#x2018;catch-up&#x2019; effect. This testing method as
 applied to the ASEAN economic zone results in outcomes that vary from
 other examples, which can be explained by the diverse political histories
 of the member countries and their relatively recent reform processes. 
Journal: Applied Economics Letters 
Pages: 417-423 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.581203 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.581203 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:417-423




Template-Type: ReDIF-Article 1.0
Author-Name: Mauro Costantini 
Author-X-Name-First: Mauro 
Author-X-Name-Last: Costantini 
Author-Name: Amit Sen 
Author-X-Name-First: Amit 
Author-X-Name-Last: Sen 
Title: New evidence on the convergence of international income from a group of 29 countries 
Abstract:
  We evaluate the empirical evidence regarding stochastic convergence in
 income across a group of 29 countries. Our results are based on a new unit
 root test developed by Popp (2008) that estimates the break-date more
 accurately and does not suffer from size distortions in the presence of a
 break. Our results reveal considerably less evidence of stochastic
 convergence compared with previous studies. 
Journal: Applied Economics Letters 
Pages: 425-429 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.581204 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.581204 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:425-429




Template-Type: ReDIF-Article 1.0
Author-Name: Guglielmo Maria Caporale 
Author-X-Name-First: Guglielmo Maria 
Author-X-Name-Last: Caporale 
Author-Name: Luis Alberiko Gil-Alana 
Author-X-Name-First: Luis Alberiko 
Author-X-Name-Last: Gil-Alana 
Title: Fractional cointegration in US term spreads 
Abstract:
  This article examines the stochastic properties of US term spreads with
 parametric and semi-parametric fractional integration techniques. Since
 the observed data (rather than the estimated residuals from a
 cointegrating regression) are used for the analysis, standard methods can
 be applied. The results indicate that US Treasury maturity rates are
 <italic>I</italic>(1) in most cases, although the order of integration
 decreases with maturity. Furthermore, mean reversion occurs for the 5-, 7-
 and 10-year rates as well as for several term spreads, suggesting that the
 expectation hypothesis of the term structure is supported empirically in
 these cases. 
Journal: Applied Economics Letters 
Pages: 431-434 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.581205 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.581205 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:431-434




Template-Type: ReDIF-Article 1.0
Author-Name: Menno Broos 
Author-X-Name-First: Menno 
Author-X-Name-Last: Broos 
Author-Name: Jakob de Haan 
Author-X-Name-First: Jakob 
Author-X-Name-Last: de Haan 
Title: Government bond yields and foreign ownership of debt 
Abstract:
  We analyse the government bond yield spread vis-&#xE0;-vis Germany for 10
 countries in the euro area for the period 1991 to 2009. Our results
 suggest a positive relationship between the marginal impact of government
 debt on the spread and foreign ownership of the government debt of the
 country concerned for countries currently facing difficulties to finance
 their deficits. This conditioning effect is absent in other countries in
 our sample. 
Journal: Applied Economics Letters 
Pages: 435-438 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.581206 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.581206 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:435-438




Template-Type: ReDIF-Article 1.0
Author-Name: Hideo Aizaki 
Author-X-Name-First: Hideo 
Author-X-Name-Last: Aizaki 
Author-Name: Manabu Sawada 
Author-X-Name-First: Manabu 
Author-X-Name-Last: Sawada 
Author-Name: Kazuo Sato 
Author-X-Name-First: Kazuo 
Author-X-Name-Last: Sato 
Author-Name: Toshiko Kikkawa 
Author-X-Name-First: Toshiko 
Author-X-Name-Last: Kikkawa 
Title: A noncompensatory choice experiment analysis of Japanese consumers' purchase preferences for beef 
Abstract:
  In this article, we consider the noncompensatory valuation of food safety
 among Japanese consumers with regard to the purchase of beef. Using a
 choice experiment with a wide range of choice rules, we examine the
 valuation of beef by Japanese consumers in terms of the country of origin
 and Bovine Spongiform Encephalopathy (BSE)-test status of beef. The
 results reveal that a Random Parameters Logit (RPL) model along with the
 noncompensatory choice rules is more suitable than a compensatory model
 for measuring the valuation of food safety with regard to beef by
 consumers who are conscious of food safety. Further, the Willingness to
 Pay (WTP) for each BSE-tested type of beef reveals that Japanese consumers
 regard the BSE test as rather important for ensuring the food safety of
 beef. 
Journal: Applied Economics Letters 
Pages: 439-444 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.583207 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.583207 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:439-444




Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Henr�quez 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Henr�quez 
Author-Name: Bernardo Lara 
Author-X-Name-First: Bernardo 
Author-X-Name-Last: Lara 
Author-Name: Alejandra Mizala 
Author-X-Name-First: Alejandra 
Author-X-Name-Last: Mizala 
Author-Name: Andrea Repetto 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Repetto 
Title: Effective schools do exist: low-income children's academic performance in Chile 
Abstract:
  The aim of this article is twofold. First, we show that despite students'
 disadvantaged backgrounds and despite not having more financial resources
 than similar schools, there are schools in Chile that serve low-income
 students and that obtain superior academic outcomes. Second, we present
 qualitative evidence to identify school and classroom processes that might
 explain these good results. Specifically, we analyse a network of Chilean
 private voucher schools called <italic>Sociedad de Instrucci&#xF3;n
 Primaria</italic> (SIP). In the econometric analysis we use a number of
 propensity score-based estimation methods to find that SIP students'
 achievement is not due to observables or selection on measured variables.
 We also perform a number of interviews in SIP schools and other
 neighbouring schools. Our qualitative analysis suggests that having
 children's learning as a central and permanent goal, an aim that is shared
 and that drives the community's efforts, seems to best summarize what
 makes SIP schools special. 
Journal: Applied Economics Letters 
Pages: 445-451 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.583208 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.583208 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:445-451




Template-Type: ReDIF-Article 1.0
Author-Name: Pratompong Srinuan 
Author-X-Name-First: Pratompong 
Author-X-Name-Last: Srinuan 
Author-Name: Erik Bohlin 
Author-X-Name-First: Erik 
Author-X-Name-Last: Bohlin 
Author-Name: Gary Madden 
Author-X-Name-First: Gary 
Author-X-Name-Last: Madden 
Title: The determinants of mobile subscriber retention in Sweden 
Abstract:
  A binomial logit model is estimated on individual telecommunications
 service use data. The model examines whether operator-specific switching
 costs and termination-based prices impact on retention. The results show
 that service attributes (brand image and on-net prices) are significant in
 retaining subscribers. As customers of larger networks face higher
 switching costs, only the largest operator can use termination-based
 pricing to retain mobile subscribers. 
Journal: Applied Economics Letters 
Pages: 453-457 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.583209 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.583209 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:453-457




Template-Type: ReDIF-Article 1.0
Author-Name: Monica Auteri 
Author-X-Name-First: Monica 
Author-X-Name-Last: Auteri 
Author-Name: Antonello Maruotti 
Author-X-Name-First: Antonello 
Author-X-Name-Last: Maruotti 
Title: Modelling waiting times in the Italian National Health Service 
Abstract:
  Understanding health-care utilization is important to design efficient
 and effective health-care systems. Towards this end, we propose a
 relatively simple and intuitively appealing microeconometric framework
 based on a two-part model to investigate the determinants that increase
 the probability and the length of waiting for a health-care service
 provision. This article attempts to accommodate all data features in one
 model focusing on overdispersion in the data due to unobserved
 heterogeneity and zero-inflation, with an application to the Italian
 National Health System. 
Journal: Applied Economics Letters 
Pages: 459-465 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.583210 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.583210 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:459-465




Template-Type: ReDIF-Article 1.0
Author-Name: Fernando G&#xF3;mez-Bezares 
Author-X-Name-First: Fernando 
Author-X-Name-Last: G&#xF3;mez-Bezares 
Author-Name: Fernando R. G&#xF3;mez-Bezares 
Author-X-Name-First: Fernando R. 
Author-X-Name-Last: G&#xF3;mez-Bezares 
Title: Classic performance indexes revisited: axiomatic and applications 
Abstract:
  In this short article we revisit three classic performance indexes:
 Sharpe, Treynor and Jensen, adding a fourth index, the Penalized Internal
 Rate of Return (PIRR), which is perfectly coherent with those three. We
 propose some axioms that support the logic of these indexes, identifying
 one exception for the Treynor index and warning about the problems of
 quotients use. All these are empirically supported. 
Journal: Applied Economics Letters 
Pages: 467-470 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.583211 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.583211 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:467-470




Template-Type: ReDIF-Article 1.0
Author-Name: Astrid Ayala 
Author-X-Name-First: Astrid 
Author-X-Name-Last: Ayala 
Author-Name: Szabolcs Blazsek 
Author-X-Name-First: Szabolcs 
Author-X-Name-Last: Blazsek 
Title: How has the financial crisis affected the fiscal convergence of Central and Eastern Europe to the Eurozone? 
Abstract:
  This article reports empirical findings on the convergence of the
 government debt to Gross Domestic Product (GDP) ratio of seven Central and
 Eastern European (CEE) member states of the European Union (EU) to the
 European Monetary Union (EMU) over the period 2000 to 2010. This study
 tests stochastic and &#x3B2; convergence in a time series framework
 allowing for two structural breaks identified endogenously. The results
 help to evaluate the distortions in the fiscal convergence process of the
 CEE countries after the 2008 global financial crisis and the future
 accession possibilities of each CEE state conditional on the current
 levels and trends of the debt/GDP ratios. 
Journal: Applied Economics Letters 
Pages: 471-476 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.583212 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.583212 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:471-476




Template-Type: ReDIF-Article 1.0
Author-Name: Gary R. Skoog 
Author-X-Name-First: Gary R. 
Author-X-Name-Last: Skoog 
Author-Name: James E. Ciecka 
Author-X-Name-First: James E. 
Author-X-Name-Last: Ciecka 
Title: Interchangeability of the median operator with the present value operator 
Abstract:
  It is well known that the expected present value of a life annuity is
 smaller than the present value of an annuity certain with term equal to
 life expectancy. This result can be viewed as a consequence of the lack of
 interchangeability between the present value operator and the mathematical
 expectation operation. However, we prove that the median and present value
 operators can be interchanged; that is, the median of the present value of
 a life annuity equals the present value of an annuity certain whose term
 is the median additional years of life. At young ages and through late
 middle age, median additional years of life exceed life expectancy.
 Therefore, the median value of a life annuity exceeds an annuity certain
 paid to life expectancy which exceeds the expected present value of a life
 annuity - the fair price of a life annuity. 
Journal: Applied Economics Letters 
Pages: 477-481 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.583213 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.583213 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:477-481




Template-Type: ReDIF-Article 1.0
Author-Name: Jangkoo Kang 
Author-X-Name-First: Jangkoo 
Author-X-Name-Last: Kang 
Author-Name: Hwa-Sung Kim 
Author-X-Name-First: Hwa-Sung 
Author-X-Name-Last: Kim 
Title: An interrelation of time preference and risk attitude: an application to the equity premium puzzle 
Abstract:
  In the fields of behavioural economics and finance, several researchers
 show that the time preference of an investor is related to his/her
 attitude towards risky assets. This article investigates whether the
 equity premium puzzle laid out in Mehra and Prescott (1985) can be
 accounted for when this relation is imposed on the representative agent
 model of asset pricing. Three primary features of our analysis allow us to
 investigate the relationship. First, we derive an equation satisfied by
 the rate of time preference. Second, our model can yield an equity premium
 that is consistent with the observed data even in the standard power
 utility setting. Third, to fit the observed equity premium, we show that
 it is required to assume a negative rate of time preference, which is
 consistent with Kocherlakota (1996) and Brennan and Xia (2001). 
Journal: Applied Economics Letters 
Pages: 483-486 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.587755 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587755 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:483-486




Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Yu-Shao Liu 
Author-X-Name-First: Yu-Shao 
Author-X-Name-Last: Liu 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Title: Purchasing power parity with nonlinear and asymmetric smooth adjustment for the Middle Eastern countries 
Abstract:
  This empirical note uses a simple and powerful nonlinear unit root test
 proposed by Sollis (2009) to test the validity of Purchasing Power Parity
 (PPP) for Middle Eastern countries. Empirical test results indicate that
 PPP is valid for most of these Middle Eastern countries, with the
 exception of Bahrain. These results have important policy implications for
 the Middle Eastern countries under study. 
Journal: Applied Economics Letters 
Pages: 487-491 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.587756 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587756 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:487-491




Template-Type: ReDIF-Article 1.0
Author-Name: Adri&#xE1;n Fern&#xE1;ndez-P�rez 
Author-X-Name-First: Adri&#xE1;n 
Author-X-Name-Last: Fern&#xE1;ndez-P�rez 
Author-Name: Fernando Fern&#xE1;ndez-Rodr�guez 
Author-X-Name-First: Fernando 
Author-X-Name-Last: Fern&#xE1;ndez-Rodr�guez 
Author-Name: Sim&#xF3;n Sosvilla-Rivero 
Author-X-Name-First: Sim&#xF3;n 
Author-X-Name-Last: Sosvilla-Rivero 
Title: Detecting trends in the foreign exchange markets 
Abstract:
  We test for the existence of trends in exchange-rate series for 95
 currencies against the US dollar. To that end, we make use of Taylor's
 (1980) price trend model that, instead of focusing on the mean reverting
 behaviour of exchange rates measured over a long horizon, concentrates on
 the short-term pattern of the price trend. Employing a maximum likelihood
 method and a genetic algorithm to estimate the model parameters, in 39 of
 the 95 cases considered we find evidence in favour of the presence of
 trends, the trends being more frequent in intermediate exchange-rate
 regimes. 
Journal: Applied Economics Letters 
Pages: 493-503 
Issue: 5 
Volume: 19 
Year: 2012 
Month: 3 
X-DOI: 10.1080/13504851.2011.587757 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587757 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:5:p:493-503




Template-Type: ReDIF-Article 1.0
Author-Name: Christian Pfeifer 
Author-X-Name-First: Christian 
Author-X-Name-Last: Pfeifer 
Title: Physical attractiveness, employment and earnings 
Abstract:
  Survey data are used to estimate the impact of physical attractiveness
 rated by the interviewer as well as by the respondent on employment
 probability and labour income of men and women. In addition to mean linear
 and nonlinear effects on earnings, simultaneous quantile regressions are
 applied to analyse heterogeneity across the wage distribution. 
Journal: Applied Economics Letters 
Pages: 505-510 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587758 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587758 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:505-510




Template-Type: ReDIF-Article 1.0
Author-Name: M. Ryan Haley 
Author-X-Name-First: M. Ryan 
Author-X-Name-Last: Haley 
Title: Generalized safety first and the planting of crops 
Abstract:
  This article adapts a modern shortfall-based portfolio selection rule
 developed by Stutzer (2000) and Haley and Whiteman (2008) to the farm
 manager's land allocation problem. The approach provides a useful
 normative model of land allocation that obviates distributional
 assumptions and expected utility specifications, and one that selects an
 optimal allocation that weighs skewness and other higher order moments in
 addition to mean and variance. This is of particular interest because crop
 returns often exhibit skewness, which is not accounted for by traditional
 Mean-Variance (MV)-based approaches. The rule is demonstrated using the
 data from Lence and Hart (1997). 
Journal: Applied Economics Letters 
Pages: 511-515 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587759 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587759 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:511-515




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Blumenfeld 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Blumenfeld 
Author-Name: Andres G. Victorio 
Author-X-Name-First: Andres G. 
Author-X-Name-Last: Victorio 
Title: Union wages, strikes and profits 
Abstract:
  A model is used to propose the countervailing effects of a strike upon
 wages. Wages may rise if unions succeed in obtaining concessions. They may
 fall if firms succeed in neutralizing the potential damage to their
 profits. Some US evidence suggests that wages fall whenever strikes
 increase in intensity, somewhat corroborating the view that unions have
 continued to become weaker over time. 
Journal: Applied Economics Letters 
Pages: 517-520 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587760 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587760 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:517-520




Template-Type: ReDIF-Article 1.0
Author-Name: Raphael Auer 
Author-X-Name-First: Raphael 
Author-X-Name-Last: Auer 
Author-Name: Philip Saur� 
Author-X-Name-First: Philip 
Author-X-Name-Last: Saur� 
Title: CHF strength and Swiss export performance -- evidence and outlook from a disaggregate analysis 
Abstract:
  Why has Swiss export performance been so strong during the past quarters
 despite the marked appreciation of the Swiss Franc (CHF)? What is the
 outlook for Swiss exports given the still elevated CHF? In this article,
 we shed light on these questions by analysing a panel of Swiss exports
 disaggregated along both the regional and the industry dimension. To
 explain the export performance of the recent past, we estimate how the
 exchange rate and demand growth in each export market affect trade flows
 and also, how this varies across different industries. The appreciation of
 the CHF has considerably dampened Swiss export performance. As a
 counterfactual, we ask how Swiss exports would have developed had the CHF
 stayed flat against other currencies during the 5 years leading up to
 October 2010. Compared to this scenario, the Swiss export industry has
 already lost a cumulative of CHF 35 billion in revenues due to the CHF
 appreciation. At the current juncture, monthly exports are reduced by CHF
 2.7 billion (around 17%). We show that the key reason for the strong
 export performance despite the CHF strength was the rebound in global
 demand in the aftermath of the financial crisis. Moreover, we also
 document that the timing of global demand growth has completely masked the
 effect of the CHF strength: during the last quarters, periods of
 pronounced CHF appreciation always coincided with strong recovery of
 global demand. Failure to account for this coincidence could lead to the
 wrong assumption that the exchange rate matters very little for Swiss
 export performance. Last, to gauge the likely evolution of Swiss exports
 and their regional composition in the years to come, we combine our
 estimation results with the regional Gross Domestic Product (GDP) and
 exchange rate forecasts provided by the Swiss National Bank (SNB).
 Following this approach, we predict that over the next 3 years, Swiss
 exports will rise a combined 16%, with little less than half of this
 increase going to Emerging Asia and 30% to the euro zone. We also document
 the key industries that will drive Swiss export growth in the near future. 
Journal: Applied Economics Letters 
Pages: 521-531 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587761 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587761 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:521-531




Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo Mart�nez 
Author-X-Name-First: Ricardo 
Author-X-Name-Last: Mart�nez 
Title: Inequality and the new human development index 
Abstract:
  Taking as a reference the new human development index introduced by the
 UN in 2010, we study inequality in the world with respect to achievements
 in human development. We consider four of the most widely known measures
 of inequality: the Gini, Theil, Atkinson and Kolm indices. We analyse the
 evolution of each index over the whole history of UN human development
 reports (every 5 years, from 1980 to 2010). We find that according to the
 Gini, Theil and Atkinson measures, the world was significantly more equal
 in 2010 than in 1980. However, the Kolm index shows that the distribution
 of human development has worsened. 
Journal: Applied Economics Letters 
Pages: 533-535 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587762 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587762 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:533-535




Template-Type: ReDIF-Article 1.0
Author-Name: Rakesh Bali 
Author-X-Name-First: Rakesh 
Author-X-Name-Last: Bali 
Author-Name: Jack C. Francis 
Author-X-Name-First: Jack C. 
Author-X-Name-Last: Francis 
Title: Further evidence from ex-dividend days 
Abstract:
  We tested how dividend pricing is impacted by the reduction in capital
 gains tax rate to 20% (May 1997) and the move to trading in 6.25&#xA2;
 (June 1997). Price behaviour does not support tax clienteles but is
 consistent with transaction costs-based explanation. Raw returns, for all
 groups, are within or close to weak no-arbitrage bounds and are unchanged
 around these events. We find that taxes may impact investor behaviour but
 they do not impact marginal dividend pricing. 
Journal: Applied Economics Letters 
Pages: 537-540 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587763 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587763 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:537-540




Template-Type: ReDIF-Article 1.0
Author-Name: Doojin Ryu 
Author-X-Name-First: Doojin 
Author-X-Name-Last: Ryu 
Title: The effectiveness of the order-splitting strategy: an analysis of unique data 
Abstract:
  This letter first examines the effectiveness of the order-splitting
 strategy by analysing the unique intraday dataset of the KOSPI200 futures
 market, which contains high-quality information on the classes and
 identification of investors. The empirical finding indicates that a
 significant number of traders fragment their trades, and these split
 trades are generally more informative than nonsplit trades. When trades
 are fragmented, the price impact of buy trades is significantly larger
 than the price impact of sell trades. By conducting an analysis of
 investor type, we also find that the order-splitting strategy of domestic
 individuals, banks and foreign institutions is quite successful in the
 futures market; on the other hand, the split orders submitted by domestic
 money managers typically incur a substantial loss. 
Journal: Applied Economics Letters 
Pages: 541-549 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587764 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587764 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:541-549




Template-Type: ReDIF-Article 1.0
Author-Name: Tidiane Kinda 
Author-X-Name-First: Tidiane 
Author-X-Name-Last: Kinda 
Title: Foreign ownership, sales to multinationals and firm efficiency: the case of Brazil, Morocco, Pakistan, South Africa and Vietnam 
Abstract:
  Using a one-step stochastic frontier model for five developing countries,
 this article shows that foreign firms benefit from a better investment
 climate, which significantly explains why they are more efficient than
 local firms. This article uses the share of each firm's sales to
 multinationals located in the country to assess the importance of vertical
 spillovers, while controlling for the direct impact of the investment
 climate on efficiency. The results show that firms, particularly small
 local firms, selling more of their production to multinationals are more
 efficient, highlighting the presence of vertical spillovers through
 backward linkages. 
Journal: Applied Economics Letters 
Pages: 551-555 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587765 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587765 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:551-555




Template-Type: ReDIF-Article 1.0
Author-Name: MeiChi Huang 
Author-X-Name-First: MeiChi 
Author-X-Name-Last: Huang 
Title: Forecasts and implications of the current housing crisis: switching regimes in a threshold framework 
Abstract:
  This article aims to explore the implications of the recent housing
 crisis from a forward-looking perspective in the form of the two-regime
 switching phenomena under a Threshold Autoregressive (TAR) model. Three
 categories of thresholds, which are housing prices, housing volumes and
 price-to-income ratios, are adopted in an attempt to examine the US
 state-level housing market cycles in multiple dimensions. In general,
 while lagged differenced thresholds fail to capture the recent housing
 boom-and-bust regime switching, moving-average thresholds succeed in
 signalling a housing crisis in many states. The regime-switching
 autoregressive structures show that housing price cycle has remarkable
 series dependence, and the housing volume cycle tends to show a
 mean-reversion pattern. Most importantly, only four states, Arizona,
 California, Florida and Nevada, display the bust regime of housing price
 growth during 2006 to 2010. The price-over-income also indicates that less
 than five states have significant two switching regimes. Otherwise, most
 states exhibit low-growth regime of housing permits, implying a nationwide
 housing volume cycle during the current housing crisis. The forecasting
 system provides a helpful guideline for policy-making of the government as
 well as household decisions of consumption and investment. 
Journal: Applied Economics Letters 
Pages: 557-568 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587766 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587766 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:557-568




Template-Type: ReDIF-Article 1.0
Author-Name: Siyue Liu 
Author-X-Name-First: Siyue 
Author-X-Name-Last: Liu 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chia-Hao Lee 
Author-X-Name-First: Chia-Hao 
Author-X-Name-Last: Lee 
Author-Name: Pei-I Chou 
Author-X-Name-First: Pei-I 
Author-X-Name-Last: Chou 
Title: Nonlinear adjustment to purchasing power parity: the ADL test for threshold cointegration 
Abstract:
  This study applies a newly developed Autoregressive Distributed Lag (ADL)
 test for threshold cointegration, proposed by Li and Lee (2010) to test
 the validity of long-run Purchasing Power Parity (PPP) for a sample of
 East Asian countries from January 1986 to October 2009. Empirical results
 indicate that PPP holds true for all the countries studied, with the
 exception of Japan and Philippines, and the long-run PPP adjustment
 process towards its equilibrium is asymmetric. Our results have important
 policy implications for these East Asian countries under study. 
Journal: Applied Economics Letters 
Pages: 569-573 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587767 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587767 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:569-573




Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Author-Name: Yu-Shao Liu 
Author-X-Name-First: Yu-Shao 
Author-X-Name-Last: Liu 
Title: Purchasing power parity with nonlinear and asymmetric smooth adjustment 
Abstract:
  This empirical note applies a simple and powerful nonlinear unit root
 proposed by Sollis (2009) to test the validity of long-run Purchasing
 Power Parity (PPP) for Japan's Real Exchange Rate (RER) vis-&#xE0;-vis its
 eight trading partner countries. The empirical results indicate that PPP
 holds for Japan relative to her major trading partners, with the exception
 of Hong Kong and Thailand, and the adjustment towards PPP is nonlinear and
 in an asymmetric way. This result provides support for PPP for Japan
 relative to its major trading partner countries. 
Journal: Applied Economics Letters 
Pages: 575-578 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587768 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587768 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:575-578




Template-Type: ReDIF-Article 1.0
Author-Name: Dany Jaimovich 
Author-X-Name-First: Dany 
Author-X-Name-Last: Jaimovich 
Title: A Bayesian spatial probit estimation of Free Trade Agreement contagion 
Abstract:
  This article analyses the spatial interdependence of Free Trade
 Agreements (FTAs) in a cross-section framework using the <italic>Contagion
 Index</italic> proposed by Baldwin and Jaimovich (2010). A Bayesian
 heteroskedastic probit model is estimated, where a spatial lag is built
 based on the <italic>Contagion Index</italic>, finding evidence of
 interdependence related with a domino-like effect. I compare the results
 with other spatial specifications previously used in the literature. 
Journal: Applied Economics Letters 
Pages: 579-583 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.587958 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.587958 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:579-583




Template-Type: ReDIF-Article 1.0
Author-Name: Nabamita Dutta 
Author-X-Name-First: Nabamita 
Author-X-Name-Last: Dutta 
Author-Name: Deepraj Mukherjee 
Author-X-Name-First: Deepraj 
Author-X-Name-Last: Mukherjee 
Title: Is culture a determinant of financial development? 
Abstract:
  This article investigates the missing link in the literature -- whether
 informal institutions, or what is known as culture, can affect the level
 of financial development for a country? Our hypothesis stresses that the
 cultural dimensions of a country can have an impact on its financial
 set-up. We consider multiple dimensions of culture, identified in the
 literature by Tabellini (2008), to test our hypothesis. As culture evolves
 in the form of greater trust, control and other traits, individuals'
 attitudes towards financial market change, and they engage in greater
 financial transactions. This, in turn, leads to better financial
 development. Using quantile estimation technique for a cross section of 90
 countries, we find that culture significantly influences the level of
 financial development. To ensure the robustness of our findings we use
 Hofstede's cultural dimension -- &#x2018;Uncertainty Avoidance
 Index&#x2019; (UAI) -- as an alternative measure for culture. Our results
 hold for multiple measures of financial development. 
Journal: Applied Economics Letters 
Pages: 585-590 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.589800 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.589800 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:585-590




Template-Type: ReDIF-Article 1.0
Author-Name: Adri&#xE1;n Fern&#xE1;ndez-P�rez 
Author-X-Name-First: Adri&#xE1;n 
Author-X-Name-Last: Fern&#xE1;ndez-P�rez 
Author-Name: Fernando Fern&#xE1;ndez-Rodr�guez 
Author-X-Name-First: Fernando 
Author-X-Name-Last: Fern&#xE1;ndez-Rodr�guez 
Author-Name: Sim&#xF3;n Sosvilla-Rivero 
Author-X-Name-First: Sim&#xF3;n 
Author-X-Name-Last: Sosvilla-Rivero 
Title: Exploiting trends in the foreign exchange markets 
Abstract:
  We offer further evidence on the relevance of technical trading in
 exchange-rate markets using daily data for 95 currencies against the US
 dollar. To that end, we investigate the profitability of a simple
 technical trading rule based on Taylor's (1980) price trend model,
 generating optimal one-step-ahead forecasts of returns using genetic
 algorithms. These trading rules, that bear similarity to the popular
 trading rules based on moving averages, overcome the buy-and-hold strategy
 in 25 of 39 cases where trends are detected, even in the presence of
 transaction costs. 
Journal: Applied Economics Letters 
Pages: 591-597 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.589801 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.589801 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:591-597




Template-Type: ReDIF-Article 1.0
Author-Name: Ant&#xF3;nio S. Ribeiro 
Author-X-Name-First: Ant&#xF3;nio S. 
Author-X-Name-Last: Ribeiro 
Author-Name: Francisco Lima 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Lima 
Title: Portuguese football league efficiency and players' wages 
Abstract:
  In this article, we use Data Envelopment Analysis (DEA) to measure the
 efficiency of Portuguese football clubs in the First League for seasons
 2002/03 to 2008/09. Clubs spend different amounts of money on their
 players and use different incentive devices to achieve their aims for each
 season. Our first aim is to find out whether clubs are spending more money
 than they need to. Evidence shows that this is the case for several clubs,
 suggesting that buying players solely with a view to selling them on for
 future financial gain can seriously damage clubs' accounts and efficiency.
 This is all the more remarkable as the competitive level is increasing and
 Union of European Football Associations (UEFA) is issuing more stringent
 financial stability conditions. Our second aim is to ascertain the
 relationship between the players' wage distribution and the clubs'
 efficiency. We demonstrate that a higher wage spread tends to be
 associated with an increase in efficiency. The implication is that clubs
 should structure wages so as to have the optimal pay ranking for inducing
 players' effort. 
Journal: Applied Economics Letters 
Pages: 599-602 
Issue: 6 
Volume: 19 
Year: 2012 
Month: 4 
X-DOI: 10.1080/13504851.2011.591719 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.591719 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:6:p:599-602




Template-Type: ReDIF-Article 1.0
Author-Name: Mathias Drehmann 
Author-X-Name-First: Mathias 
Author-X-Name-Last: Drehmann 
Author-Name: Leonardo Gambacorta 
Author-X-Name-First: Leonardo 
Author-X-Name-Last: Gambacorta 
Title: The effects of countercyclical capital buffers on bank lending 
Abstract:
  This article provides a simulation on how the countercyclical capital
 buffer designed in the Basel III package could impact on bank lending. It
 finds that the buffer could help to reduce credit growth during booms and
 attenuate the credit contraction once it is released. This would help to
 dampen procyclicality in addition to the beneficial effects of higher
 capital levels in terms of higher banking sector resilience to shocks. 
Journal: Applied Economics Letters 
Pages: 603-608 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.591720 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.591720 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:603-608




Template-Type: ReDIF-Article 1.0
Author-Name: Vicki L. Bogan 
Author-X-Name-First: Vicki L. 
Author-X-Name-Last: Bogan 
Author-Name: Chad M. Sandler 
Author-X-Name-First: Chad M. 
Author-X-Name-Last: Sandler 
Title: Are firms on the right page with Chapter 11? An analysis of firm choices that contribute to post-bankruptcy survival 
Abstract:
  Historically, corporate bankruptcy reorganization has generated varying
 results with respect to subsequent firm performance. Some firms reorganize
 effectively and emerge as more efficient and productive enterprises.
 However, other inefficient companies strive to survive by utilizing the
 rehabilitative process of Chapter 11; though liquidation might be a more
 suitable course of action. This study investigates which characteristics
 of firm performance and Chapter 11 bankruptcy are linked to successful
 emergence upon reorganization. We find that the strongest contributor to
 post-bankruptcy survival is having new management in place. This suggests
 that Chapter 11 can be utilized as an effective rehabilitative tool in the
 &#x2018;right hands&#x2019;. 
Journal: Applied Economics Letters 
Pages: 609-613 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.591721 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.591721 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:609-613




Template-Type: ReDIF-Article 1.0
Author-Name: Richard Fabling 
Author-X-Name-First: Richard 
Author-X-Name-Last: Fabling 
Author-Name: Arthur Grimes 
Author-X-Name-First: Arthur 
Author-X-Name-Last: Grimes 
Author-Name: Philip Stevens 
Author-X-Name-First: Philip 
Author-X-Name-Last: Stevens 
Title: The relatives are fine: use of qualitative firm data in economic analysis 
Abstract:
  We use qualitative and quantitative data for the same firms to examine
 the robustness of firms' qualitative responses regarding their
 performance. In contrast to some prior studies, firms accurately respond
 to qualitative questions regarding productivity and profitability relative
 to other firms. One reason for this accuracy is that the qualitative
 response options specifically include a <italic>don't know</italic>
 category that reduces misreporting and bias. 
Journal: Applied Economics Letters 
Pages: 615-618 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.591722 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.591722 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:615-618




Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo M. Sousa 
Author-X-Name-First: Ricardo M. 
Author-X-Name-Last: Sousa 
Title: Wealth-to-income ratio and stock returns: evidence from the Euro Area 
Abstract:
  I find that when the ratio of asset wealth to human wealth falls,
 investors become more exposed to labour income shocks and demand a higher
 risk premium for stocks. I show that the residuals of the trend
 relationship among wealth and labour income, <italic>wy</italic>, predict
 future stock returns in the Euro Area. The results are robust to
 additional control variables and show the superiority of
 <italic>wy</italic> vis-a-vis other benchmark models. 
Journal: Applied Economics Letters 
Pages: 619-622 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.591723 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.591723 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:619-622




Template-Type: ReDIF-Article 1.0
Author-Name: Jyh-Horng Lin 
Author-X-Name-First: Jyh-Horng 
Author-X-Name-Last: Lin 
Author-Name: Jyh-Jiuan Lin 
Author-X-Name-First: Jyh-Jiuan 
Author-X-Name-Last: Lin 
Author-Name: Ching-Hui Chang 
Author-X-Name-First: Ching-Hui 
Author-X-Name-Last: Chang 
Title: A note on selling distressed loans with bank bailouts: modelling of bank interest margins with default probabilities 
Abstract:
  This article extends the framework of Merton (1974) with Vassalou and
 Xing (2004) to value a troubled but solvent bank's equity by explicitly
 incorporating distressed assets purchased by the government in an
 imperfectly competitive loan market. We show that the bank may be willing
 to take this bailout when the purchased amount is relatively small and the
 margin is relatively low. However, the bank may be harder to entice even
 when the unit price of the bailed-out assets subsidized by the government
 is relatively high. As a consequence, most of the first half of the
 Troubled Asset Relief Program's money is not used to buy troubled assets
 (Wilson, 2010). 
Journal: Applied Economics Letters 
Pages: 623-627 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.591724 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.591724 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:623-627




Template-Type: ReDIF-Article 1.0
Author-Name: Yang-Cheng Ralph Lu 
Author-X-Name-First: Yang-Cheng Ralph 
Author-X-Name-Last: Lu 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chia-Hao Lee 
Author-X-Name-First: Chia-Hao 
Author-X-Name-Last: Lee 
Title: Nonlinear adjustment to purchasing power parity in transition countries: the ADL test for threshold cointegration 
Abstract:
  This study applies a newly developed Autoregressive Distributed Lag (ADL)
 test for threshold cointegration, proposed by Li and Lee (2010) to test
 the validity of long-run Purchasing Power Parity (PPP) for a sample of
 transition countries (i.e. Bulgaria, the Czech Republic, Estonia, Hungary,
 Latvia, Lithuania, Poland, Romania and Russia) over January 1995 to
 December 2008. The empirical results indicate that PPP only holds true for
 five of these transition countries under study. Our results have important
 policy implications for the transition countries under study. 
Journal: Applied Economics Letters 
Pages: 629-633 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.591725 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.591725 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:629-633




Template-Type: ReDIF-Article 1.0
Author-Name: Paolo Casadio 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Casadio 
Author-Name: Antonio Paradiso 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Paradiso 
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Title: The dynamics of Italian public debt: alternative paths for fiscal consolidation 
Abstract:
  This article analyses possible targets for the Italian debt-to-GDP ratio
 with a small macroeconomic model. The role of international macroeconomic
 variables such as the US GDP growth, prices of raw materials, EUR/USD
 exchange rate and European Central Bank (ECB) monetary policy stance and
 domestic policy instruments is analysed in the debt dynamics. We find that
 external conditions play a fundamental role for the Italian fiscal
 consolidation. To reach a target of 100% of debt-to-GDP ratio by 2020, a
 further growth-sustaining policy has to be implemented. 
Journal: Applied Economics Letters 
Pages: 635-639 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.591726 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.591726 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:635-639




Template-Type: ReDIF-Article 1.0
Author-Name: Weiping Kostenko 
Author-X-Name-First: Weiping 
Author-X-Name-Last: Kostenko 
Title: Australian migration policy change: selecting winners and making losers 
Abstract:
  I investigate the effects of 1997 Australian migration policy changes on
 the skilled immigrants' labour market and social assimilation. I find
 that, after the changes, notwithstanding the overall success and stronger
 favourable self-selection of skilled immigrants, females, Asians and the
 &#x2018;poorer&#x2019; are at risk of underemployment and mental disorder.
 The findings facilitate the debate on economic gains and social costs of
 policy reforms. 
Journal: Applied Economics Letters 
Pages: 641-644 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.591727 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.591727 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:641-644




Template-Type: ReDIF-Article 1.0
Author-Name: Eiji Yamamura 
Author-X-Name-First: Eiji 
Author-X-Name-Last: Yamamura 
Title: The effect of social trust on achievement test performance of students in Japan 
Abstract:
  Empirical results using Japanese data suggest that social trust improves
 student language and mathematics achievement test scores in primary and
 junior high school. After controlling for endogeneity bias, social trust
 had a greater effect on scores for primary school students than on scores
 for junior high school students. 
Journal: Applied Economics Letters 
Pages: 645-648 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.593490 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.593490 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:645-648




Template-Type: ReDIF-Article 1.0
Author-Name: Elwin Tobing 
Author-X-Name-First: Elwin 
Author-X-Name-Last: Tobing 
Title: How do housing wealth effects vary with age? 
Abstract:
  This article investigates whether the housing wealth effect is constant
 across age. The data are drawn from the Panel Study of Income Dynamics
 (PSID) for the waves of 2001, 2003 and 2005. Using threshold estimation to
 endogenously split the sample by age group, we find three threshold age
 groups of 49, 55 and 65. Housing wealth has a significant and positive
 effect on the consumption for individuals aged 49 and 55 years, but a
 negative effect for individuals aged 65 years and older. If age is below
 49 or between 55 and 65 years, the housing wealth effect is insignificant. 
Journal: Applied Economics Letters 
Pages: 649-652 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.593491 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.593491 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:649-652




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Rhein 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Rhein 
Author-Name: Parvati Tr&#xFC;bswetter 
Author-X-Name-First: Parvati 
Author-X-Name-Last: Tr&#xFC;bswetter 
Title: Occupational mobility and the change in the occupational structure in Britain and Germany, 1993--2008 
Abstract:
  We investigate the relationship between occupational mobility and the
 change in the occupational structure at the International Standard
 Classification of Occupations (ISCO) two-digit level in Britain and
 Germany between 1993 and 2008. We find that although gross mobility rates
 in Britain were almost 3 times as high as those in Germany, this did not
 translate into more structural change, as measured by the Lilien index.
 Furthermore, we find that net mobility flows are more closely correlated
 with structural change in Germany than Britain, leading to the conclusion
 that the more highly regulated occupational system in Germany does not
 hinder occupational change. 
Journal: Applied Economics Letters 
Pages: 653-656 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.593492 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.593492 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:653-656




Template-Type: ReDIF-Article 1.0
Author-Name: Ian M. Dobbs 
Author-X-Name-First: Ian M. 
Author-X-Name-Last: Dobbs 
Author-Name: Anthony D. Miller 
Author-X-Name-First: Anthony D. 
Author-X-Name-Last: Miller 
Title: Inducing risk preferences in economics experiments 
Abstract:
  A common procedure in experiments is to use binary lotteries to induce in
 all subjects pre-specified risk preferences. The validity of this
 procedure has been established only for a subject performing a single
 task, yet the procedure is normally applied in multi-task settings. This
 article formally analyses the multi-task case and establishes necessary
 and sufficient conditions relating to experimental design. New guidance is
 provided for the design of experiments involving interdependent tasks. 
Journal: Applied Economics Letters 
Pages: 657-660 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.593493 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.593493 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:657-660




Template-Type: ReDIF-Article 1.0
Author-Name: Chris Veld 
Author-X-Name-First: Chris 
Author-X-Name-Last: Veld 
Author-Name: Yuriy Zabolotnyuk 
Author-X-Name-First: Yuriy 
Author-X-Name-Last: Zabolotnyuk 
Title: The optimal call policy for convertible bonds: Is there a market memory effect? 
Abstract:
  This article examines the market memory effect in convertible bond
 markets. We look at the pricing of convertible bonds issued after the
 original issuer redeemed previous issues without giving an opportunity for
 investors to benefit from bond value appreciation. We find evidence that
 the market underprices new convertible bond issues of firms that called
 their previous convertible bonds early compared with new convertibles
 bonds of firms that called their previous convertibles late. 
Journal: Applied Economics Letters 
Pages: 661-664 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.593494 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.593494 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:661-664




Template-Type: ReDIF-Article 1.0
Author-Name: Giuseppe Di Vita 
Author-X-Name-First: Giuseppe 
Author-X-Name-Last: Di Vita 
Title: Endogenous discount rate and elasticity of the marginal utility of consumption 
Abstract:
  Using an endogenous growth model where the discount rate is a function of
 consumption, we show that the condition in which the elasticity of the
 marginal utility of consumption is greater than 1 ensures, at the same
 time, the existence of an unique saddle point equilibrium and the
 maximization of capital and consumption. 
Journal: Applied Economics Letters 
Pages: 665-669 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.593495 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.593495 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:665-669




Template-Type: ReDIF-Article 1.0
Author-Name: David Edmund Allen 
Author-X-Name-First: David Edmund 
Author-X-Name-Last: Allen 
Author-Name: Robert John Powell 
Author-X-Name-First: Robert John 
Author-X-Name-Last: Powell 
Author-Name: Abhay Kumar Singh 
Author-X-Name-First: Abhay Kumar 
Author-X-Name-Last: Singh 
Title: Beyond reasonable doubt: multiple tail risk measures applied to European industries 
Abstract:
  Using a comprehensive range of metrics, this article determines how
 relative market and credit risk change among European sectors during
 extreme market fluctuations. Differences are found between conditional and
 nonconditional outcomes, and sectors which were most risky prior to the
 Global Financial Crisis (GFC) are found to be different to the riskiest
 sectors during the GFC. These findings are consistent across the metrics
 used. The insights into extreme sectoral risk are important to investors
 in portfolio selection and to banks in setting sectoral concentration
 limits. 
Journal: Applied Economics Letters 
Pages: 671-676 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.593496 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.593496 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:671-676




Template-Type: ReDIF-Article 1.0
Author-Name: Erick Michael Elder 
Author-X-Name-First: Erick Michael 
Author-X-Name-Last: Elder 
Author-Name: Gary A. Wagner 
Author-X-Name-First: Gary A. 
Author-X-Name-Last: Wagner 
Title: A simple approach to balancing government budgets over the business cycle 
Abstract:
  Despite the renewed interest in fiscal rules to constrain government
 deficits and debt, most rules provide no guidelines for reaching fiscal
 objectives in practice. This note demonstrates how to construct simple and
 transparent savings-rate rules that could aid policymakers if balancing
 the budget over the business cycle is a goal. 
Journal: Applied Economics Letters 
Pages: 677-681 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.595672 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.595672 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:677-681




Template-Type: ReDIF-Article 1.0
Author-Name: Simeon Vosen 
Author-X-Name-First: Simeon 
Author-X-Name-Last: Vosen 
Author-Name: Torsten Schmidt 
Author-X-Name-First: Torsten 
Author-X-Name-Last: Schmidt 
Title: A monthly consumption indicator for Germany based on Internet search query data 
Abstract:
  This study introduces a monthly coincident indicator for consumption in
 Germany based on Google Trends data on web search activity. In real-time
 nowcasting experiments the indicator outperforms common survey-based
 indicators in predicting consumption. Unlike those indicators, it provides
 predictive information beyond that already captured in other macroeconomic
 variables. 
Journal: Applied Economics Letters 
Pages: 683-687 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.595673 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.595673 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:683-687




Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Fuentes-Castro 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Fuentes-Castro 
Title: Labour productivity and compensation of employees in Europe 
Abstract:
  The current international crisis has highlighted the need to improve
 productivity. This article examines labour productivity and compensation
 of employees in the main European economics over the past 15 years. The
 decomposition of labour productivity suggests that, during the most recent
 phase of expansion, capital stock per hour worked hides a widespread
 decline in Multifactor Productivity (MFP). There was also a significant
 deterioration in the equity of primary income distribution. The crisis
 seems to be correcting this trend, with some exceptions, but at the
 expense of rising unemployment rates. 
Journal: Applied Economics Letters 
Pages: 689-693 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.595674 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.595674 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:689-693




Template-Type: ReDIF-Article 1.0
Author-Name: Shu-Shiuan Lu 
Author-X-Name-First: Shu-Shiuan 
Author-X-Name-Last: Lu 
Title: How significant is the role of reallocation to long-term growth? 
Abstract:
  This article investigates the contribution of labour and capital
 reallocation from the farm to the nonfarm sector to Total Factor
 Productivity (TFP) Growth (TFPG). We find that if labour reallocation is
 hypothetically suppressed in economies experiencing rapid structural
 transformation, that is, South Korea and Taiwan, the annualized long-term
 TFPG rate can be reduced by more than 0.8 percentage points. Such an
 effect is significant. 
Journal: Applied Economics Letters 
Pages: 695-698 
Issue: 7 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.595675 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.595675 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:7:p:695-698




Template-Type: ReDIF-Article 1.0
Author-Name: Abdulnasser Hatemi-J 
Author-X-Name-First: Abdulnasser 
Author-X-Name-Last: Hatemi-J 
Author-Name: Youssef El-Khatib 
Author-X-Name-First: Youssef 
Author-X-Name-Last: El-Khatib 
Title: Stochastic optimal hedge ratio: theory and evidence 
Abstract:
  The minimum variance hedge ratio is widely used by investors to immunize
 against the price risk. This hedge ratio is usually assumed to be constant
 across time by practitioners, which might be a too restrictive assumption
 because the Optimal Hedge Ratio (OHR) might vary across time. In this
 article we put forward a proposition that a stochastic OHR performs
 differently than an OHR with constant structure even in the situations in
 which the mean value of the stochastic OHR is equal to the constant OHR. A
 mathematical proof is provided for this proposition combined with some
 simulation results and an application to the US stock market during
 1999--2009 using weekly data. 
Journal: Applied Economics Letters 
Pages: 699-703 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.572841 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.572841 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:699-703




Template-Type: ReDIF-Article 1.0
Author-Name: Melina Dritsaki 
Author-X-Name-First: Melina 
Author-X-Name-Last: Dritsaki 
Author-Name: Chaido Dritsaki 
Author-X-Name-First: Chaido 
Author-X-Name-Last: Dritsaki 
Title: A panel data approach to the demand for money in Bulgaria and Romania 
Abstract:
  This article aims to investigate the relationship between real money,
 real Gross Domestic Product (GDP) and the nominal short-term rate of
 interest in the two new European Union (EU) member states. In pursuit of
 this objective, the tests of panel cointegration and Fully Modified
 Ordinary Least Squares (FMOLS) are conducted by using panel data. The data
 used in this study consist of annual data during period 1990 to 2008. The
 panel cointegration results confirm a long-run relationship between real
 money, real GDP and the nominal short-term rate of interest. Our empirical
 results also show that real GDP elasticity is 0.739 and nominal short-term
 rate of interest elasticity is&#x2009;&#x2212;0.013 for the panel of the
 two countries. 
Journal: Applied Economics Letters 
Pages: 705-710 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.597712 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.597712 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:705-710




Template-Type: ReDIF-Article 1.0
Author-Name: St�phanie Peltier 
Author-X-Name-First: St�phanie 
Author-X-Name-Last: Peltier 
Author-Name: Fran&#xE7;ois Moreau 
Author-X-Name-First: Fran&#xE7;ois 
Author-X-Name-Last: Moreau 
Title: Internet and the &#x2018;Long Tail versus superstar effect&#x2019; debate: evidence from the French book market 
Abstract:
  From a comprehensive database of monthly sales of comic books and
 literature books in France over the period 2003 to 2007, we show that (i)
 bestsellers got smaller market shares online than offline, contrary to
 medium- and low-sellers; (ii) both online and offline sales shift from the
 head of the distribution to the tail with increasing magnitude over the
 period; and (iii) the Long Tail appears to be more than just a short-lived
 phenomenon caused by the specific preferences of early adopters of
 e-commerce. These three results suggest that online information and
 distribution tools, whose use increased over the period 2003 to 2007, do
 have an impact on book distribution and on consumers' purchase decisions. 
Journal: Applied Economics Letters 
Pages: 711-715 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.597714 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.597714 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:711-715




Template-Type: ReDIF-Article 1.0
Author-Name: M. Kevin McGee 
Author-X-Name-First: M. Kevin 
Author-X-Name-Last: McGee 
Author-Name: Lee Van Scyoc 
Author-X-Name-First: Lee 
Author-X-Name-Last: Van Scyoc 
Author-Name: Nancy J. Burnett 
Author-X-Name-First: Nancy J. 
Author-X-Name-Last: Burnett 
Title: &#x2018;The best defence&#x2026;&#x2019; or optimal offence/defence spending ratios in the NFL 
Abstract:
  An original data set built from all 32 National Football League (NFL)
 teams, covering 2000--2009, is used to produce a production function for
 professional football. We use spending on salaries, divided between
 offensive and defensive players, as inputs to produce season wins. Our
 data suggest that the optimal strategy is simply to <italic>have</italic>
 a strategy, meaning teams with balanced spending tend to do worse than
 those with a more strategic allocation towards <italic>either</italic>
 offence or defence. 
Journal: Applied Economics Letters 
Pages: 717-720 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.597715 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.597715 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:717-720




Template-Type: ReDIF-Article 1.0
Author-Name: Ranjula Bali Swain 
Author-X-Name-First: Ranjula Bali 
Author-X-Name-Last: Swain 
Title: Differential impact of microfinance delivery mechanism on vulnerability 
Abstract:
  Microfinance reduces vulnerability. We investigate if this impact varies
 by the delivery mechanism used. Correcting for the membership selection
 bias using Propensity Score Matching (PSM), the household's vulnerability
 is estimated using the Self-Help Group (SHG) microfinance programme data
 in India. The results show that the reduction in vulnerability is greater
 for villages with better infrastructure and for SHGs that are formed by
 NGOs and linked by banks (linkage model 2). 
Journal: Applied Economics Letters 
Pages: 721-724 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.597716 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.597716 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:721-724




Template-Type: ReDIF-Article 1.0
Author-Name: Xinhua Gu 
Author-X-Name-First: Xinhua 
Author-X-Name-Last: Gu 
Author-Name: Baomin Dong 
Author-X-Name-First: Baomin 
Author-X-Name-Last: Dong 
Title: A simple model of two-country bargaining for financial integration 
Abstract:
  This article treats financial openness as a practical dimension on which
 two countries can negotiate for capital mobility benefit sharing. A
 capital-exporting country has some first-mover advantage in bargaining
 with its importing counterparts for their opening. Yet the former
 country's impatience can act against its own interests when faced with the
 latter's reluctance to fully liberalize financial systems. Hence it may be
 unwise to push them into prematurely opening up their capital markets. 
Journal: Applied Economics Letters 
Pages: 725-728 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.597717 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.597717 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:725-728




Template-Type: ReDIF-Article 1.0
Author-Name: M&#xF3;nica Meireles 
Author-X-Name-First: M&#xF3;nica 
Author-X-Name-Last: Meireles 
Author-Name: Isabel Soares 
Author-X-Name-First: Isabel 
Author-X-Name-Last: Soares 
Author-Name: Oscar Afonso 
Author-X-Name-First: Oscar 
Author-X-Name-Last: Afonso 
Title: Dirty versus ecological technology in an endogenous growth model 
Abstract:
  An endogenous growth model with renewable and nonrenewable Intermediate
 Goods (IGs) is developed to study the exogenous environmental quality
 effects on technological-knowledge bias and on Final-Good (FG) sector
 bias. Solving the transitional dynamics numerically and removing the scale
 effects, FG sector bias is showed to be caused by both
 technological-knowledge bias, through the price channel, and
 technological-knowledge-absorption effect. 
Journal: Applied Economics Letters 
Pages: 729-733 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.597718 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.597718 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:729-733




Template-Type: ReDIF-Article 1.0
Author-Name: Georgiana Nicoleta Rosoi 
Author-X-Name-First: Georgiana Nicoleta 
Author-X-Name-Last: Rosoi 
Title: Financial integration and international transmission of business cycles: evidence from dynamic correlations 
Journal: Applied Economics Letters 
Pages: 735-738 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.597719 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.597719 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:735-738




Template-Type: ReDIF-Article 1.0
Author-Name: Fredj Jawadi 
Author-X-Name-First: Fredj 
Author-X-Name-Last: Jawadi 
Author-Name: Sabrina Khanniche 
Author-X-Name-First: Sabrina 
Author-X-Name-Last: Khanniche 
Title: Are hedge fund clones attractive financial products for investors? 
Abstract:
  The subprime crisis, which proved devastating for the hedge fund
 industry, induced significant losses for investors who ploughed into
 absolute return funds. In such a context, investigating the opacity
 surrounding the hedge fund industry and its prohibitive fee structure is
 of real interest as, within the context of the Madoff scandal, there is
 strong evidence of a reduction in investor confidence. On the other hand,
 investors are still looking for attractive returns. Hedge fund clones
 therefore appear to offer a promising solution as they seek to replicate
 hedge fund returns at lower fees and with more transparency and liquidity. 
Journal: Applied Economics Letters 
Pages: 739-743 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.599783 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.599783 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:739-743




Template-Type: ReDIF-Article 1.0
Author-Name: Sara E. Helms 
Author-X-Name-First: Sara E. 
Author-X-Name-Last: Helms 
Author-Name: Brian L. Scott 
Author-X-Name-First: Brian L. 
Author-X-Name-Last: Scott 
Author-Name: Jeremy P. Thornton 
Author-X-Name-First: Jeremy P. 
Author-X-Name-Last: Thornton 
Title: Choosing to give more: experimental evidence on restricted gifts and charitable behaviour 
Abstract:
  It is common for charitable organizations to allow donors to place
 material restrictions on their gifts. Nonprofit firms and fundraisers
 generally believe that allowing gift restrictions will increase donation
 revenue. Restricted gifts are costly to the nonprofit firms because of
 increased management expenses and an inability to reallocate gifts to
 higher valued uses. We report the results of an experiment which tests the
 influence of charitable gift restrictions on donor behaviour. We find that
 allowing restricted gifts significantly increases the amount given in a
 laboratory setting. However, we find no evidence that grant restrictions
 increase the probability of giving. 
Journal: Applied Economics Letters 
Pages: 745-748 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.599784 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.599784 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:745-748




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Nunnenkamp 
Author-X-Name-First: Peter 
Author-X-Name-Last: Nunnenkamp 
Author-Name: Megha Mukim 
Author-X-Name-First: Megha 
Author-X-Name-Last: Mukim 
Title: The clustering of FDI in India: the importance of peer effects 
Abstract:
  We assess the location choices of 6020 foreign investors at the level of
 Indian districts. Employing conditional logit models, we find that
 clustering of Foreign Direct Investment (FDI) is driven strongly by
 herding among investors from both, the same and other countries of origin.
 However, the behaviour of Nonresident Indians (NRIs) and German investors
 is strikingly different. 
Journal: Applied Economics Letters 
Pages: 749-753 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.602007 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.602007 
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Template-Type: ReDIF-Article 1.0
Author-Name: Juan Carlos Matallin-Saez 
Author-X-Name-First: Juan Carlos 
Author-X-Name-Last: Matallin-Saez 
Author-Name: Amparo Soler-Dominguez 
Author-X-Name-First: Amparo 
Author-X-Name-Last: Soler-Dominguez 
Author-Name: Emili Tortosa-Ausina 
Author-X-Name-First: Emili 
Author-X-Name-Last: Tortosa-Ausina 
Title: Mutual fund performance: banking versus independent managers 
Abstract:
  We examine the performance of mutual fund managers for a sample of
 Spanish mutual funds considering data on active management, loads, size
 and the number of funds managed per manager. We find evidence of
 differences in fund performance according to management: independent
 managers outperform their banking counterparts even when the lower
 associated fees are considered. Overall, our results suggest that superior
 active managers do exist and the slight discrepancies which arise between
 managers can be interpreted as agency problems. 
Journal: Applied Economics Letters 
Pages: 755-758 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.602008 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.602008 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:755-758




Template-Type: ReDIF-Article 1.0
Author-Name: Elina Lampi 
Author-X-Name-First: Elina 
Author-X-Name-Last: Lampi 
Author-Name: Katarina Nordblom 
Author-X-Name-First: Katarina 
Author-X-Name-Last: Nordblom 
Title: Nature and nurture: the relation between number of siblings and earnings 
Abstract:
  In this study, we examine the relation between different kinds of
 siblings and earnings and find that both nature and nurture matter:
 full-siblings are equally negatively related to earnings regardless of
 whether one grew up with them or not. The number of step-siblings, on the
 other hand, also turns out significant if one grew up together. 
Journal: Applied Economics Letters 
Pages: 759-762 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.603683 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.603683 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:759-762




Template-Type: ReDIF-Article 1.0
Author-Name: Todd A. McFall 
Author-X-Name-First: Todd A. 
Author-X-Name-Last: McFall 
Author-Name: Julianne Treme 
Author-X-Name-First: Julianne 
Author-X-Name-Last: Treme 
Title: Pandora's groove: analysing the effect of the U-groove ban on PGA Tour golfers' performances and strategies 
Abstract:
  This study examines how PGA Tour golfers' playing strategies offset a ban
 on technologically superior golf club grooves and how the strategy changes
 translated into performance changes. The ban, which was implemented at the
 beginning of the 2010 season, effectively decreased golfers' abilities to
 spin the golf ball from all on-course environments and offers a unique
 opportunity to examine offsetting behaviour in the light of a ban on the
 type of technology. We compare 2009 and 2010 PGA Tour results in a manner
 consistent with previous studies of offsetting behaviour and golf club
 groove construction. Our results suggest that offsetting behaviour
 mitigated the effects of the technological regulations on golf clubs in an
 economically and statistically significant way, as golfers' performances
 improved following the technological ban. 
Journal: Applied Economics Letters 
Pages: 763-768 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.603684 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.603684 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:763-768




Template-Type: ReDIF-Article 1.0
Author-Name: Farrukh Suvankulov 
Author-X-Name-First: Farrukh 
Author-X-Name-Last: Suvankulov 
Author-Name: Fatma Ogucu 
Author-X-Name-First: Fatma 
Author-X-Name-Last: Ogucu 
Title: Have firms with better corporate governance fared better during the recent financial crisis in Russia? 
Abstract:
  We assess whether during the recent (2008--2009) financial crisis in
 Russia firms with better corporate governance have experienced a milder
 decline in stock prices and market value as well as lower stock price
 volatility. Using a structural break analysis, Ordinary Least Squares
 (OLS) and Instrumental Variable (IV) techniques, we find that firms that
 had better corporate governance prior to the crisis suffered a smaller
 decline in both stock prices and market value. We report no evidence of
 statistically significant relationship between corporate governance and
 volatility of stock prices. 
Journal: Applied Economics Letters 
Pages: 769-773 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.603685 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.603685 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:769-773




Template-Type: ReDIF-Article 1.0
Author-Name: Fatih Cemil Ozbugday 
Author-X-Name-First: Fatih Cemil 
Author-X-Name-Last: Ozbugday 
Author-Name: Erik Brouwer 
Author-X-Name-First: Erik 
Author-X-Name-Last: Brouwer 
Title: Competition law, networks and innovation 
Abstract:
  This article investigates the determinants of innovative activities at
 the industry level for the Dutch manufacturing industries during the
 period 1993 to 2007. The results indicate that the transition from the old
 Economic Competition Act to the new Competition Act is statistically
 insignificantly associated with decreased innovation intensity, while it
 is positively and statistically significantly linked to an increased share
 of firms with patent applications. Furthermore, we find that cooperation
 with their suppliers for innovative activities boosts both innovation
 intensity of the industry and the ratio of firms with patent applications. 
Journal: Applied Economics Letters 
Pages: 775-778 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.603686 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.603686 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:775-778




Template-Type: ReDIF-Article 1.0
Author-Name: Arup Mitra 
Author-X-Name-First: Arup 
Author-X-Name-Last: Mitra 
Author-Name: Chandan Sharma 
Author-X-Name-First: Chandan 
Author-X-Name-Last: Sharma 
Author-Name: Marie-Ange V�ganzon&#xE8;s-Varoudakis 
Author-X-Name-First: Marie-Ange 
Author-X-Name-Last: V�ganzon&#xE8;s-Varoudakis 
Title: Estimating impact of infrastructure on productivity and efficiency of Indian manufacturing 
Abstract:
  Drawing on a recent data set of the Indian manufacturing industry for the
 period 1994--2008, this article shows for eight sectors that core
 infrastructure matters in determining Total Factor Productivity (TFP) and
 Technical Efficiency (TE). Results suggest that the impact is rather
 strong on both measures (elasticity of 0.32 and 0.17, respectively). This
 finding is of particular importance in the Indian context characterized by
 infrastructure bottlenecks and strongly supports the view that a lack of
 infrastructure can hamper growth in developing countries. 
Journal: Applied Economics Letters 
Pages: 779-783 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.603687 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.603687 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:779-783




Template-Type: ReDIF-Article 1.0
Author-Name: Lajos Zolt&#xE1;n Bakucs 
Author-X-Name-First: Lajos Zolt&#xE1;n 
Author-X-Name-Last: Bakucs 
Author-Name: Bernhard Br&#xFC;mmer 
Author-X-Name-First: Bernhard 
Author-X-Name-Last: Br&#xFC;mmer 
Author-Name: Stephan von Cramon-Taubadel 
Author-X-Name-First: Stephan 
Author-X-Name-Last: von Cramon-Taubadel 
Author-Name: Imre Fert&#x151; 
Author-X-Name-First: Imre 
Author-X-Name-Last: Fert&#x151; 
Title: Wheat market integration between Hungary and Germany 
Abstract:
  The aim of this article is to analyse the price transmission between
 German and Hungarian wheat producer prices using weekly prices.
 Markov-Switching Vector Error Correction Model (MS-VECM) with three
 regimes seems to appropriately capture the dynamics in the price
 relationship. 
Journal: Applied Economics Letters 
Pages: 785-788 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.603688 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.603688 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nick Drydakis 
Author-X-Name-First: Nick 
Author-X-Name-Last: Drydakis 
Title: Health-impaired employees' job satisfaction: new evidence from Athens, Greece 
Abstract:
  This study by utilizing the 2008 Athens Area Study (AAS) data set
 investigates four aspects of job satisfaction -- total pay, promotion
 prospects, respect received from one's supervisor and total job
 satisfaction -- between healthy and heath-impaired employees.
 Health-impaired employees are found to be less satisfied according to all
 job satisfaction measures even when a large number of productivity
 features and job characteristics are controlled for. The outcomes also
 suggest that women are more satisfied with their jobs than men are,
 regardless of health status. Moreover, the estimations show that
 health-impaired employees' job satisfaction is affected more than healthy
 employees' job satisfaction by adverse mental health symptoms (life
 dissatisfaction). Finally, health-impaired employees are found to become
 more satisfied with their jobs with time after disability onset. This
 study concludes that health-impaired employees may have higher
 expectations about what they will obtain from their work, as well as they
 may have job satisfaction adjustments. 
Journal: Applied Economics Letters 
Pages: 789-793 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.605346 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.605346 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:8:p:789-793




Template-Type: ReDIF-Article 1.0
Author-Name: William R. Hauk 
Author-X-Name-First: William R. 
Author-X-Name-Last: Hauk 
Title: Trade restriction indices and US trade policy 
Abstract:
  The proper way to measure differences in trade protection across
 countries and economic sectors has been a vexing problem for economists
 studying international trade. Based on research by Anderson and Neary
 (2005) and Kee <italic>et al</italic>. (KNO) (2009), this article proposes
 the use of Trade Restriction Indices (TRIs) when studying US trade policy.
 TRIs can potentially solve several problems related to measuring the
 restrictiveness of trade policy. To this end, this article creates a data
 set of TRIs for US imports by sector at several different levels of
 aggregation using the Harmonized Tariff Schedule (HS), the North American
 Industry Classification System (NAICS) and the Standard International
 Trade Classification industry coding systems. 
Journal: Applied Economics Letters 
Pages: 795-799 
Issue: 8 
Volume: 19 
Year: 2012 
Month: 5 
X-DOI: 10.1080/13504851.2011.605347 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.605347 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Chun-Yu Ho 
Author-X-Name-First: Chun-Yu 
Author-X-Name-Last: Ho 
Author-Name: Wai-Yip Alex Ho 
Author-X-Name-First: Wai-Yip Alex 
Author-X-Name-Last: Ho 
Author-Name: Dan Li 
Author-X-Name-First: Dan 
Author-X-Name-Last: Li 
Title: Examining the role of risk aversion in calculating the welfare cost of consumption fluctuations 
Abstract:
  This note examines the role of risk aversion in computing the welfare
 cost of consumption fluctuations under different utility and consumption
 process specifications. We find that the welfare cost of consumption
 fluctuations under a Constant-Relative-Risk-Aversion (CRRA) utility
 specification does not necessarily increase with the degree of relative
 risk aversion unless it fulfils certain conditions. The case of China is
 used as an illustration. 
Journal: Applied Economics Letters 
Pages: 801-806 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2010.548773 
File-URL: http://hdl.handle.net/10.1080/13504851.2010.548773 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:9:p:801-806




Template-Type: ReDIF-Article 1.0
Author-Name: Chun-Hsien Wang 
Author-X-Name-First: Chun-Hsien 
Author-X-Name-Last: Wang 
Author-Name: Jun-Yen Lee 
Author-X-Name-First: Jun-Yen 
Author-X-Name-Last: Lee 
Author-Name: Yi-Hua Chang 
Author-X-Name-First: Yi-Hua 
Author-X-Name-Last: Chang 
Title: Measuring productivity in the biotechnology industry using the global Malmquist index 
Abstract:
  This study applies the Data Envelopment Analysis (DEA)-based Malmquist
 Productivity Index (MPI) to measure productivity growth in Taiwanese
 biotechnology industry over time. The contemporaneous MPI and the global
 MPI are used to estimate and compare changes in productivity. In this
 study, we provide a single measurement of productivity change and its
 decompositions, that is, the global MPI. This index satisfies the
 circularity property and is free from the problem of base period
 dependency. Our results show that changes in productivity in the
 biotechnology industry are progressing. Under the assumption of Variable
 Returns to Scale (VRS), the sources of productivity change could be
 decomposed into Efficiency Change (EC), Best Practice Change (BPC) and
 Scale Change (SC). As result, the BPC and SC are progressing except for
 EC. 
Journal: Applied Economics Letters 
Pages: 807-812 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.605552 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.605552 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:9:p:807-812




Template-Type: ReDIF-Article 1.0
Author-Name: Hyungna Oh 
Author-X-Name-First: Hyungna 
Author-X-Name-Last: Oh 
Title: Aggregation bias in stochastic frontier models employing region-level data: an empirical analysis with Korean manufacturing data 
Abstract:
  A stochastic frontier study often employs aggregate data to analyse the
 productivity and technical efficiency of regions. In this article, a
 stochastic frontier model is run on plant-level data and region-level
 aggregate data. Comparisons of estimated coefficients and characteristics
 of regional production based on estimation outcomes suggest that an
 empirical model employing regional-level data can provide misleading
 results concerning the production function faced by a representative plant
 in a region. 
Journal: Applied Economics Letters 
Pages: 813-821 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.605750 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.605750 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:9:p:813-821




Template-Type: ReDIF-Article 1.0
Author-Name: Yongseung Han 
Author-X-Name-First: Yongseung 
Author-X-Name-Last: Han 
Title: Modelling a stochastic profit system using gauge function 
Abstract:
  This article provides an analytical solution to the &#x2018;Greene
 problem&#x2019;; use of McFadden's gauge function successfully separates
 technical inefficiency from the profit function and its share equations,
 even though allocative inefficiency is incorporated into the profit
 system, and establishes an exact relationship between allocative
 inefficiency in the profit function and its share equations to make the
 system readily estimable. 
Journal: Applied Economics Letters 
Pages: 823-827 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.605754 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.605754 
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Template-Type: ReDIF-Article 1.0
Author-Name: James T. Bang 
Author-X-Name-First: James T. 
Author-X-Name-Last: Bang 
Author-Name: Bharati Basu 
Author-X-Name-First: Bharati 
Author-X-Name-Last: Basu 
Title: Marriage, fertility and the selection of women into high-skill industries 
Abstract:
  This article focuses on the selection of women into industries of
 different skill intensities as another dimension in the discussion of the
 differences in wages among similarly skilled women. Using the Current
 Population Survey (CPS) data and controlling for education and other
 factors, we find evidence that married women tend to work in industries
 that are less skill intensive and that pay lower wages. We also find that
 education and experience affect this selection process less favourably for
 married women compared with single women. Since less skill-intensive
 industries often pay lower wages for similar occupations, our results
 contribute to the broader debate over the gaps in wages between single and
 married women as well as men and women. 
Journal: Applied Economics Letters 
Pages: 829-834 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607108 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607108 
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Template-Type: ReDIF-Article 1.0
Author-Name: Manisha Chakrabarty 
Author-X-Name-First: Manisha 
Author-X-Name-Last: Chakrabarty 
Author-Name: Sumon Kumar Bhaumik 
Author-X-Name-First: Sumon Kumar 
Author-X-Name-Last: Bhaumik 
Title: Whither human capital? The woeful tale of transition to tertiary education in India 
Abstract:
  In this article, we examine the issue of high dropout rates in India
 which has adverse implications for human capital formation and hence for
 the country's long-term growth potential. Using the 2004--2005 National
 Sample Survey (NSS) employment--unemployment data, we estimate transition
 probabilities of moving from a number of different educational levels to
 higher educational levels using a sequential logit model. Our results
 suggest that the overall probability of reaching tertiary education is
 very low. Further, even by the woeful overall standards, women are
 significantly worse off, particularly in rural areas. 
Journal: Applied Economics Letters 
Pages: 835-838 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607109 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607109 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:9:p:835-838




Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Author-Name: Yu-Shao Liu 
Author-X-Name-First: Yu-Shao 
Author-X-Name-Last: Liu 
Title: Purchasing power parity with nonlinear threshold unit root test 
Abstract:
  This study applies a simple and powerful nonlinear threshold unit root
 test proposed by Caner and Hansen (2001) to test the validity of long-run
 Purchasing Power Parity (PPP) in a sample of nine East Asian countries.
 The empirical results indicate that PPP holds true for more than half of
 these nine East Asian countries under study, and the adjustment towards
 PPP is found to be nonlinear. 
Journal: Applied Economics Letters 
Pages: 839-842 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607110 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607110 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:9:p:839-842




Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Title: Nonlinear adjustment to purchasing power parity in China 
Abstract:
  This study applies a simple and powerful nonlinear unit root test
 proposed by Sollis (2009) to investigate the Purchasing Power Parity (PPP)
 for China's real exchange rate vis-&#xE0;-vis her nine trading partner
 countries over the period January 1986 to October 2009. The empirical
 results indicate that China's real exchange is a nonlinear process and a
 unit root in real exchange rate was not found for most of the cases under
 study. These results provide strong support for PPP for China relative to
 her major trading partner countries. 
Journal: Applied Economics Letters 
Pages: 843-848 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607111 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607111 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:9:p:843-848




Template-Type: ReDIF-Article 1.0
Author-Name: Paulo Ma&#xE7;as Nunes 
Author-X-Name-First: Paulo Ma&#xE7;as 
Author-X-Name-Last: Nunes 
Author-Name: Z�lia Serrasqueiro 
Author-X-Name-First: Z�lia 
Author-X-Name-Last: Serrasqueiro 
Title: Are young SMEs' survival determinants different? Empirical evidence using panel data 
Abstract:
  Based on two subsamples of Small and Medium-sized Enterprises (SMEs), 495
 young SMEs and 1350 old SMEs, using probit regressions, we investigate
 whether the survival determinants of young SMEs are different from those
 of old SMEs. The multiple empirical evidence obtained allows us to
 conclude that the survival determinants of young SMEs are considerably
 different from those of the old SMEs: (1) determinants related to scale
 effects, financial situation and macroeconomic situation are of greater
 relative importance in explaining young SMEs' survival; and (2) a
 determinant related to technological intensity is of greater relative
 importance in explaining old SMEs' survival. The results let us provide
 different guidelines for economic policy in general, and industrial policy
 in particular, in support of young and old SMEs. 
Journal: Applied Economics Letters 
Pages: 849-855 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607112 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607112 
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Template-Type: ReDIF-Article 1.0
Author-Name: Guochen Pan 
Author-X-Name-First: Guochen 
Author-X-Name-Last: Pan 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: D.P. Tang 
Author-X-Name-First: D.P. 
Author-X-Name-Last: Tang 
Author-Name: Chia-Hao Lee 
Author-X-Name-First: Chia-Hao 
Author-X-Name-Last: Lee 
Title: Nonlinear adjustment to purchasing power parity in Latin American countries: the ADL test for threshold cointegration 
Abstract:
  This study applies a newly developed Autoregressive Distributed Lag (ADL)
 test for threshold cointegration proposed by Li and Lee (2010) to test the
 validity of long-run Purchasing Power Parity (PPP) for a sample of 15
 Latin American countries from December 1994 to February 2010. Empirical
 results indicate that PPP holds true for most of the countries studied,
 with the exception of Brazil, Chile, Dominica, Haiti and Uruguay, and the
 long-run PPP adjustment process towards its equilibrium is asymmetric. Our
 results have important policy implications for these Latin American
 countries under study. 
Journal: Applied Economics Letters 
Pages: 857-862 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607113 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607113 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jos� Mar�a Mart�n-Moreno 
Author-X-Name-First: Jos� Mar�a 
Author-X-Name-Last: Mart�n-Moreno 
Author-Name: Rafaela P�rez 
Author-X-Name-First: Rafaela 
Author-X-Name-Last: P�rez 
Author-Name: Jes&#xFA;s Ru�z 
Author-X-Name-First: Jes&#xFA;s 
Author-X-Name-Last: Ru�z 
Title: Private consumption and sector price behaviour in the Spanish economy: a business cycle approach 
Abstract:
  In this article we examine the consequences of introducing tradable,
 nontradable and investment goods in a small open economy business cycle
 model in the case of Spain. The stochastic simulation of the model and its
 comparison to the Spanish economic data show that the model is able to
 mimic two prominent features of the Spanish cycle: (1) the dual inflation
 phenomenon, that is, the cyclical properties of the divergent behaviour
 between nontradable and tradable prices; and (2) the high volatility of
 private consumption relative to the volatility of output, a feature known
 as the Dolado <italic>et al.</italic> puzzle. 
Journal: Applied Economics Letters 
Pages: 863-868 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607114 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607114 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Phillip Reicher 
Author-X-Name-First: Christopher Phillip 
Author-X-Name-Last: Reicher 
Title: A simple decomposition of the variance of output growth across countries 
Abstract:
  This article outlines a simple regression-based method to decompose the
 variance of an aggregate time series into the variance of its components,
 which is then applied to measure the relative contributions of
 productivity, hours per worker and employment to cyclical output growth
 across a panel of countries. Measured productivity contributes more to the
 cycle in Europe and Japan than in the United States. Employment
 contributes the largest proportion of the cycle in Europe and the United
 States (but not Japan), which is inconsistent with the idea that higher
 levels of employment protection in Europe dampen cyclical employment
 fluctuations. 
Journal: Applied Economics Letters 
Pages: 869-872 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607115 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607115 
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Template-Type: ReDIF-Article 1.0
Author-Name: Declan Trott 
Author-X-Name-First: Declan 
Author-X-Name-Last: Trott 
Title: A capital mistake? The neglected effect of immigration on average wages 
Abstract:
  Much recent literature on the wage effects of immigration assumes that
 the return to capital, and therefore the average wage, is unaffected in
 the long run. If immigration is modelled as a continuous flow rather than
 a one-off shock, this result does not necessarily hold. A simple
 calibration with pre-crisis US immigration rates gives a reduction in
 average wages of 5%, larger than most estimates of the effect on relative
 wages. 
Journal: Applied Economics Letters 
Pages: 873-876 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607116 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607116 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:9:p:873-876




Template-Type: ReDIF-Article 1.0
Author-Name: Guochen Pan 
Author-X-Name-First: Guochen 
Author-X-Name-Last: Pan 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chia-Hao Lee 
Author-X-Name-First: Chia-Hao 
Author-X-Name-Last: Lee 
Author-Name: Wen-Chi Liu 
Author-X-Name-First: Wen-Chi 
Author-X-Name-Last: Liu 
Title: Revisiting purchasing power parity for 18 African countries: sequential panel selection method 
Abstract:
  This study applies the Sequential Panel Selection Method (SPSM) proposed
 by Chortareas and Kapetanios (2009) to test the validity of the long-run
 Purchasing Power Parity (PPP) for a sample of 18 African countries over
 the period January 1985 to September 2008. SPSM classifies the whole panel
 into a group of stationary series and a group of nonstationary series. In
 doing so, we can clearly identify how many and which series in the panel
 are stationary processes. Empirical results indicate that the PPP holds
 true for only four of these African countries studied. Our results have
 important policy implications for these African countries under study. 
Journal: Applied Economics Letters 
Pages: 877-881 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607117 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607117 
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Michael Dawson 
Author-X-Name-First: Peter Michael 
Author-X-Name-Last: Dawson 
Title: Experience, social pressure and performance: the case of soccer officials 
Abstract:
  This study examines the relationship between experience, social pressure
 and performance of match officials (referees) in professional soccer.
 Using data from European Cup competitions, it is found that officials with
 more experience are marginally less biased towards the home side in the
 issuing of disciplinary sanctions. However, it is also the case that
 officials with greater levels of experience are just as likely to be
 influenced by social pressure as their less experienced counterparts. 
Journal: Applied Economics Letters 
Pages: 883-886 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607118 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607118 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:9:p:883-886




Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Jude Salois 
Author-X-Name-First: Matthew Jude 
Author-X-Name-Last: Salois 
Title: The effect of quasi-hyperbolic discounting on rural land conversion timing 
Abstract:
  This article explores how the presence of a quasi-hyperbolic discount
 parameter in a land investment model can affect conversion times for
 undeveloped rural land. A simple model of land development is compared
 using both exponential discounting and quasi-hyperbolic discounting. The
 presence of quasi-hyperbolic discounting tends to increase the rate of
 land conversion and may lead to possible overdevelopment of rural lands. 
Journal: Applied Economics Letters 
Pages: 887-890 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607119 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607119 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:9:p:887-890




Template-Type: ReDIF-Article 1.0
Author-Name: Jen-Je Su 
Author-X-Name-First: Jen-Je 
Author-X-Name-Last: Su 
Author-Name: Duc-Tho Nguyen 
Author-X-Name-First: Duc-Tho 
Author-X-Name-Last: Nguyen 
Title: On maintaining the power of the Kapetanios--Snell--Shin (KSS) test under uncertain initial conditions 
Abstract:
  This article investigates the impact of initial condition (specifically,
 the deviation of the initial observation from the underlying deterministic
 component) on the power properties of the nonlinear Kapetanios--
 Snell--Shin (KSS) unit root test. While the Generalized Least Squares
 (GLS)-detrended KSS test has significant power advantage over the Ordinary
 Least Squares (OLS)-detrended KSS test if the initial deviation is small,
 the opposite occurs if the initial deviation is large. These results are
 similar to those found previously for the Dickey--Fuller (DF) test. To
 maintain good power properties across different initial conditions, a
 Union of Rejections (UR) strategy is adopted; the strategy is demonstrated
 to be useful. 
Journal: Applied Economics Letters 
Pages: 891-896 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607120 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607120 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jason Stevens 
Author-X-Name-First: Jason 
Author-X-Name-Last: Stevens 
Title: A simple in-sample test of futures market efficiency based on rolling regressions 
Abstract:
  Given the tremendous volatility of commodity prices, models used to test
 the efficiency of futures markets often contain unstable parameter
 estimates. This instability may cause the results of hypothesis tests to
 become sensitive to the sample period. As a result, tests based on
 constant parameter specifications may be inconclusive. This article
 proposes an in-sample test of efficiency based on rolling regressions.
 Using data for crude oil futures contracts traded on the New York
 Mercantile Exchange between 1985 and 2010, no significant evidence of
 inefficiency is found. 
Journal: Applied Economics Letters 
Pages: 897-900 
Issue: 9 
Volume: 19 
Year: 2012 
Month: 6 
X-DOI: 10.1080/13504851.2011.607121 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607121 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Chun-Chu Liu 
Author-X-Name-First: Chun-Chu 
Author-X-Name-Last: Liu 
Author-Name: Li-Min Chuang 
Author-X-Name-First: Li-Min 
Author-X-Name-Last: Chuang 
Author-Name: Chien-Min Huang 
Author-X-Name-First: Chien-Min 
Author-X-Name-Last: Huang 
Title: A study on the urban competitiveness of two-straits 
Abstract:
  This study attempts to help cities enhance their competitiveness, doing
 so primarily by demonstrating the competitiveness of individual cities
 through economic indicators. This study focuses primarily on 20 major
 cities in Taiwan and China. Using annual data for each city over the
 period 2001--2007, this study observes the relative efficiency of major
 cities on both sides of the Taiwan Strait with the authentication of Data
 Envelopment Analysis (DEA) model and Bootstrap confidence interval model.
 This study measures the long-term competitiveness achieved through urban
 changes through the Malmquist Productivity Index (MPI) and also measures
 the structural productivity changes to understand the strengths and
 weaknesses of individual cities as well as differences in their
 competitiveness, and to establish future development directions for each
 city. Finally, this study applies the Bootstrap to obtain an accurate
 confidence interval for evaluating the accuracy of various efficiency
 indicators through the MPI. Based on multi-input and multi-output data,
 this study examines whether the main cities in Taiwan and China use their
 resources effectively to enhance urban efficiency of competitiveness and
 provide inefficient cities with suggestions on improvement. 
Journal: Applied Economics Letters 
Pages: 1001-1005 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.610736 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.610736 
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Template-Type: ReDIF-Article 1.0
Author-Name: Pinar Derin-G&#xFC;re 
Author-X-Name-First: Pinar 
Author-X-Name-Last: Derin-G&#xFC;re 
Title: Happiness and parental altruism in the United States 
Abstract:
  This article focuses on the relationship between happiness and standard
 of living compared with kids and parents in the United States. Using
 General Social Survey (GSS) data from 1993 to 2010, I find that people who
 are poorer than their parents or those whose kids are worse off than them
 are unhappier than the people who have the same standard of living
 compared with their parents or kids. On the other hand, people who are
 richer than their parents and people who have richer kids are not
 significantly happier. These results might suggest that people in the
 United States are altruistic towards their children only if they are
 poorer than them but not if their children are richer. 
Journal: Applied Economics Letters 
Pages: 901-904 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.607122 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607122 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Kian-Ping Lim 
Author-X-Name-First: Kian-Ping 
Author-X-Name-Last: Lim 
Author-Name: Weiwei Luo 
Author-X-Name-First: Weiwei 
Author-X-Name-Last: Luo 
Title: The weak-form efficiency of Asian stock markets: new evidence from generalized spectral martingale test 
Abstract:
  The most appropriate approach to test for weak-form market efficiency is
 to examine whether the stock returns are Martingale Difference Sequence
 (MDS). However, the MDS tests have been largely ignored by previous
 studies, as the empirical analysis is dominated by Variance Ratio (VR)
 tests and Independent and Identically Distributed (IID)-based nonlinearity
 tests. This article re-examines the weak-form efficiency of 14 Asian stock
 markets using the generalized spectral martingale test. The result shows
 that all the return series are not MDSs, indicating the presence of return
 predictability and hence market inefficiency. 
Journal: Applied Economics Letters 
Pages: 905-908 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.607123 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607123 
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Template-Type: ReDIF-Article 1.0
Author-Name: Alisher Akhmedjonov 
Author-X-Name-First: Alisher 
Author-X-Name-Last: Akhmedjonov 
Author-Name: Berna Izgi 
Author-X-Name-First: Berna 
Author-X-Name-Last: Izgi 
Title: Does it pay to work in the public sector in Turkey? 
Abstract:
  This article examines wage gap between the public and private sectors in
 Turkey. Relying on microdata from Turkey's Household Budget Survey (HBS)
 for the year 2009, we estimate separate earnings functions for public and
 private sectors by gender with appropriate correction for selectivity
 bias. The results suggest that while the observed pay advantage of public
 male employees can be explained entirely by differences in their observed
 characteristics, for female employees these differences only partly
 explain the observed public--private pay differential. Decomposition of
 male--female wage differentials by sector of work suggests that women are
 facing discrimination in both sectors. 
Journal: Applied Economics Letters 
Pages: 909-913 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.607124 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607124 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nuno Alves 
Author-X-Name-First: Nuno 
Author-X-Name-Last: Alves 
Title: The impact of education on household income and expenditure inequality 
Abstract:
  This article uncovers the distribution of returns to education at the
 household level using quantile regression techniques applied to a
 representative household survey in Portugal. We conclude that education
 has a positive impact on within-level income inequality, but no
 significant impact on expenditure inequality. 
Journal: Applied Economics Letters 
Pages: 915-919 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.607125 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.607125 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jacek Wallusch 
Author-X-Name-First: Jacek 
Author-X-Name-Last: Wallusch 
Title: How frequently do consumer prices change in transition countries? 
Abstract:
  A common feature of recent literature regarding inflation dynamics is the
 Calvo pricing mechanism. Using this model and aggregate series, I estimate
 the price change probability and the mean time between price changes in 13
 transition countries. The average price change probability is much larger
 than suggested by the New Keynesian Phillips Curve (NKPC) literature. The
 corresponding mean time between price changes is slightly longer than 6
 months. Moreover, a forward-looking pricing has been found only for four
 countries. 
Journal: Applied Economics Letters 
Pages: 921-928 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.608631 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.608631 
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Template-Type: ReDIF-Article 1.0
Author-Name: Junko Koeda 
Author-X-Name-First: Junko 
Author-X-Name-Last: Koeda 
Title: How does yield curve predict GDP growth? A macro-finance approach revisited 
Abstract:
  This article analyses the yield-curve predictability for Gross Domestic
 Product (GDP) growth by modifying the time-series property of the interest
 rate process in Ang <italic>et al.</italic> (2006). When interest rates
 have a unit root and term spreads are stationary, the short rate's
 forecasting role changes, and the relationship between the shift of yield
 curves and GDP growth is intuitively revealed. 
Journal: Applied Economics Letters 
Pages: 929-933 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.608632 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.608632 
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Template-Type: ReDIF-Article 1.0
Author-Name: Liam John Anthony Lenten 
Author-X-Name-First: Liam John Anthony 
Author-X-Name-Last: Lenten 
Title: The underdog should always fire the first salvo against Brazil 
Abstract:
  A popular myth in football (soccer) that it is unwise tactically to score
 early against Brazil is busted using data from 1993 to 2010. This result
 provides further evidence about the choice of timing of effort exertion by
 an underdog in a finite-length industry contest against a more favoured
 opponent. 
Journal: Applied Economics Letters 
Pages: 935-938 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.608633 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.608633 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:10:p:935-938




Template-Type: ReDIF-Article 1.0
Author-Name: Jun Nagayasu 
Author-X-Name-First: Jun 
Author-X-Name-Last: Nagayasu 
Title: Regional deposits and demographic changes 
Abstract:
  This article empirically analyses the relationship between regional
 deposits and demographic changes. Using different types of deposit data
 from Japan which has experienced a sharp increase in the number of
 retirees, we provide clear evidence that an increase in the dependency
 ratio has led to a decline in overall deposits but an increase in most
 liquid deposits. 
Journal: Applied Economics Letters 
Pages: 939-942 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.608634 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.608634 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:10:p:939-942




Template-Type: ReDIF-Article 1.0
Author-Name: Michael A. Kortt 
Author-X-Name-First: Michael A. 
Author-X-Name-Last: Kortt 
Author-Name: Brian Dollery 
Author-X-Name-First: Brian 
Author-X-Name-Last: Dollery 
Title: Religion and the rate of return to human capital: evidence from Australia 
Abstract:
  We estimated the relationship between religion and the rate of return to
 human capital for Australia. Data from the Household Income Labour
 Dynamics Survey were analysed for men aged between 25 and 54 years.
 Conventional human capital functions were estimated using Ordinary Least
 Squares (OLS). Our results suggest that Catholic men benefit from a wage
 premium of 6.7%, controlling for an extensive range of controls. 
Journal: Applied Economics Letters 
Pages: 943-946 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.608635 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.608635 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jyh-Horng Lin 
Author-X-Name-First: Jyh-Horng 
Author-X-Name-Last: Lin 
Author-Name: Chuen-Ping Chang 
Author-X-Name-First: Chuen-Ping 
Author-X-Name-Last: Chang 
Author-Name: Wei-Ming Hung 
Author-X-Name-First: Wei-Ming 
Author-X-Name-Last: Hung 
Title: A note on bank bailout: equity quality and direct equity injections 
Abstract:
  Previous research on market-based evaluation of bank equity with
 government bailout has modelled the bank as a corporate firm with risky
 assets and liabilities. No attempt was made to analyse explicitly equity
 quality expressed as a situation when the carrying value of the bank's
 equity book is above the market price, in particular, during the financial
 crisis. The purpose of this article is to model bank equity quality
 explicitly and examine the relationships between direct equity capital
 injections by the government and bank interest margin (and thus bank
 equity quality). Comparative static results with simulation exercises show
 that the bailout programme of direct equity injections may be efficient in
 terms of bank equity quality when the bailout amount is relatively
 small-size and the bank's interest margin is relatively low. 
Journal: Applied Economics Letters 
Pages: 947-951 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.608636 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.608636 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Silvo Dajcman 
Author-X-Name-First: Silvo 
Author-X-Name-Last: Dajcman 
Title: Time-varying long-range dependence in stock market returns and financial market disruptions -- a case of eight European countries 
Abstract:
  The long-range dependence (or long memory) in stock market returns has
 many implications for modern financial economics. The existent empirical
 studies on long-range dependence in stock market returns, however, do not
 examine it on a dynamical basis. In this article we applied a rolling
 window approach to prove that long-range dependence parameter for eight
 European stock market returns is time-varying. Our findings show that
 sharp, but temporary, increases of long-range dependence parameter for
 investigated stock market returns in the period October 1999 to April 2011
 coincided with the major financial market disruptions in the world and
 Europe. 
Journal: Applied Economics Letters 
Pages: 953-957 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.608637 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.608637 
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Template-Type: ReDIF-Article 1.0
Author-Name: Filippo Belloc 
Author-X-Name-First: Filippo 
Author-X-Name-Last: Belloc 
Author-Name: Antonio Nicita 
Author-X-Name-First: Antonio 
Author-X-Name-Last: Nicita 
Title: Partisan privatizations: assessing the ideological bias 
Abstract:
  Previous empirical literature suggests that privatization choices are
 driven by ideology. However, available measures of this political bias are
 weakly grounded as they neglect crucial factors affecting privatizations,
 such as the liberalization levels and the public finance structure. To
 fill this gap, we perform an econometric analysis explicitly considering
 such neglected factors. Our findings conclude that privatization choices
 in OECD network industries are determined by right-wing ideology. 
Journal: Applied Economics Letters 
Pages: 959-963 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.608638 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.608638 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Don P. Clark 
Author-X-Name-First: Don P. 
Author-X-Name-Last: Clark 
Title: Scale economies and trade 
Abstract:
  While previous research has shown that industries with high-scale
 economies more frequently have low rather than high intra-industry trade
 shares, this study provides strong support for other predictions of modern
 trade models. Industries with high-scale economies more frequently have
 high rather than low export and import shares. A finding that high-scale
 economies is associated with low net export shares may be due to the role
 scale economies play in generating both high industry export and import
 shares. Theoretical and empirical studies should focus attention on
 relationships among scale economies, trade flows and net exports. 
Journal: Applied Economics Letters 
Pages: 965-968 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.608639 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.608639 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Dirk Bleich 
Author-X-Name-First: Dirk 
Author-X-Name-Last: Bleich 
Author-Name: Ralf Fendel 
Author-X-Name-First: Ralf 
Author-X-Name-Last: Fendel 
Author-Name: Jan-Christoph R&#xFC;lke 
Author-X-Name-First: Jan-Christoph 
Author-X-Name-Last: R&#xFC;lke 
Title: Monetary policy and oil price expectations 
Abstract:
  This article provides robust estimates that the Bank of Canada, Bank of
 England, Federal Reserve Bank and the European Central Bank (ECB) respond
 to a 1% increase in oil price expectations with an increase in the
 interest rate of on average about 11 basis points. To correctly assess the
 information set of a central bank we use private sector forecasts and
 disentangle oil price expectations from inflation expectations. We also
 find asymmetries in the central bank's behaviour and report that those
 central banks do not respond to the realized oil price. 
Journal: Applied Economics Letters 
Pages: 969-973 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.608640 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.608640 
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Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Author-Name: Chia-Hao Lee 
Author-X-Name-First: Chia-Hao 
Author-X-Name-Last: Lee 
Title: Purchasing power parity nonlinear threshold unit root test for East-Asian countries 
Abstract:
  This study applies the Threshold Autoregressive (TAR) model proposed by
 Caner and Hansen (2001) to test the validity of long-run Purchasing Power
 Parity (PPP) of nine East-Asian countries over the period January 1986 to
 October 2009. The empirical results indicated that PPP holds true for more
 than half of these nine East-Asian countries under study, and the
 adjustment towards PPP is found to be nonlinear. 
Journal: Applied Economics Letters 
Pages: 975-979 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.608641 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.608641 
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Template-Type: ReDIF-Article 1.0
Author-Name: Farrokh Nourzad 
Author-X-Name-First: Farrokh 
Author-X-Name-Last: Nourzad 
Title: Assessing the predictive power of labour-market indicators of inflation 
Abstract:
  This article examines two different measures of wages as predicators of
 prices in a Vector Error-Correction (VEC) framework using quarterly data
 for the United States for the period from 1947Q1 to 2008Q1. Based on
 cointegration and a series of exogeneity tests, it is found that (i) there
 is a stable, long-run relationship between the Consumer Price Index (CPI)
 and the Personal Consumption Expenditures Deflator (PCED) on the one hand
 and Unit Labour Cost (ULC) and Average Hourly Earnings per Unit of Output
 (AHE) on the other; (ii) ULC is weakly exogenous for both price indices
 while the two price indices are weakly exogenous for AHE; (iii) ULC is
 strongly exogenous for CPI but not for AHE; and (iv) ULC is super
 exogenous for CPI. Taken together, these findings lead to the conclusion
 that ULC is a reliable indicator of price inflation but
 productivity-adjusted hourly earnings is not. Thus, monetary policymakers
 are justified in using information about the behaviour of ULC in
 formulating policy actions for achieving the goal of price stability. 
Journal: Applied Economics Letters 
Pages: 981-985 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.610732 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.610732 
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Template-Type: ReDIF-Article 1.0
Author-Name: Manuel Frondel 
Author-X-Name-First: Manuel 
Author-X-Name-Last: Frondel 
Author-Name: Colin James Vance 
Author-X-Name-First: Colin James 
Author-X-Name-Last: Vance 
Title: Interpreting the outcomes of two-part models 
Abstract:
  Interaction effects capture the impact of one explanatory variable
 <italic>x</italic> <sub>1</sub> on the marginal effect of another
 explanatory variable <italic>x</italic> <sub>2</sub>. To explore
 interaction effects, the so-called interaction terms <italic>x</italic>
 <sub>1</sub> <italic>x</italic> <sub>2</sub> are typically included in
 estimation specifications. While in linear models the effect of a marginal
 change in the interaction term is equal to the interaction effect, this
 equality generally does not hold in nonlinear specifications (Ai and
 Norton, 2003). This article provides for a general derivation of marginal
 and interaction effects in both linear and nonlinear models and calculates
 the formulae of the marginal and interaction effects resulting from the
 Two-Part Model (2PM), a commonly employed censored regression model.
 Drawing on a survey of automobile use from Germany, we illustrate several
 subtleties inherent to the substantive interpretation of interaction
 effects gleaned from nonlinear models, such as the 2PM. 
Journal: Applied Economics Letters 
Pages: 987-992 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.610733 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.610733 
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Template-Type: ReDIF-Article 1.0
Author-Name: Mariusz Krzak 
Author-X-Name-First: Mariusz 
Author-X-Name-Last: Krzak 
Author-Name: Pawe&#x142; Panajew 
Author-X-Name-First: Pawe&#x142; 
Author-X-Name-Last: Panajew 
Title: The possibility of mineral deposit exploitation control with Bellman's optimality principle use -- a Polkowice--Sieroszowice copper mine case study 
Abstract:
  Decision-making problems in mineral deposit management can be solved with
 mathematical techniques. Accomplishment of geological mining projects is
 usually long lasting and expensive as well as it proceeds in uncertainty
 conditions and is burdened with a considerable risk. The article presents
 possible applications of Bellman's optimality principle in exploitation
 control in the Polkowice--Sieroszowice copper mine. Exploitation blocks of
 a certain area in the mine differ mutually in ore quality and geological
 mining conditions. The blocks can be exploited in a certain sequence,
 which at optimal financial means allocation guarantees maximization of the
 incomes. In the first step of solving the decision-making problem the
 price of ore has been calculated. In the second the optimality equations
 have been constructed. These equations describe possible to achieve
 incomes related to allocated and consumed financial means. Mathematically
 solving the equations has allowed selecting the sequence of optimal
 decisions constituting the optimal strategy. 
Journal: Applied Economics Letters 
Pages: 993-999 
Issue: 10 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.610734 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.610734 
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Template-Type: ReDIF-Article 1.0
Author-Name: Colin Santos Regan 
Author-X-Name-First: Colin Santos 
Author-X-Name-Last: Regan 
Title: The price of efficiency: examining the effects of payroll efficiency on Major League Baseball attendance 
Abstract:
  From 1998 to 2008, the Oakland Athletics were the most payroll efficient
 team in Major League Baseball (MLB), recording the 5th highest win
 percentage despite having the 7th lowest payroll to work with. Their
 remarkable success has been widely attributed to the innovative strategies
 employed by general manager Billy Beane designed to identify undervalued
 statistics and players. However, these strategies also had the unintended
 effect of diminishing fan interest. An estimated 1600 fans per game were
 lost as a result of these payroll efficiency strategies, which produce
 teams composed of young, relatively unknown players and game tactics
 perceived as less exciting than more traditional approaches. 
Journal: Applied Economics Letters 
Pages: 1007-1015 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.610735 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.610735 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Bowon Kim 
Author-X-Name-First: Bowon 
Author-X-Name-Last: Kim 
Author-Name: Fouad El Ouardighi 
Author-X-Name-First: Fouad 
Author-X-Name-Last: El Ouardighi 
Author-Name: Sangsun Park 
Author-X-Name-First: Sangsun 
Author-X-Name-Last: Park 
Title: Optimal dynamics of technology and price in a duopoly market 
Abstract:
  This article examines a case where the demand of a new product follows an
 applied diffusion model influenced by innovation and price differential
 effects, and the potential market size expands as the technology level
 embodied in the product advances. For a duopoly, we set up a differential
 game model and derived open-loop Nash equilibrium solutions, showing that
 the optimal dynamics between the competitors' technology and price levels
 depend on the relative magnitude of innovation and price differential
 coefficients. If the price differential coefficients of the two
 competitors are symmetrical, the optimal prices become constant and in
 general the technology levels increase. 
Journal: Applied Economics Letters 
Pages: 1017-1022 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.610737 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.610737 
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Template-Type: ReDIF-Article 1.0
Author-Name: Manami Ogura 
Author-X-Name-First: Manami 
Author-X-Name-Last: Ogura 
Title: Estimation of a fractionally cointegrated demand system: evidence from the Japanese expenditure data 
Abstract:
  In this article, we investigate the exact integration of series and
 analyse the cointegration relationship in the Japanese demand system. We
 find that the series considered in this analysis follow a fractionally
 <italic>I</italic>(<italic>d</italic>) process, not an exact
 <italic>I</italic>(1) one. Further, the Japanese demand system comprises
 the fractional cointegration relationships. Therefore, the use of a
 standard cointegration analysis might have a possibility of misleading the
 demand system with a fractionally cointegrated
 <italic>I</italic>(<italic>d</italic>) process. 
Journal: Applied Economics Letters 
Pages: 1023-1028 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613738 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613738 
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Template-Type: ReDIF-Article 1.0
Author-Name: Matthias W. Uhl 
Author-X-Name-First: Matthias W. 
Author-X-Name-Last: Uhl 
Title: And action: TV sentiment and the US consumer 
Abstract:
  With a novel data set, we test whether sentiment in TV news can be used
 as a proxy for consumer sentiment in order to explain changes in private
 consumption growth in the United States. The University of Michigan Index
 of Consumer Sentiment (ICS) is taken to compare its explanatory power with
 TV sentiment in classical consumer behaviour models. We find that TV
 sentiment can be used at least as good a proxy for consumer sentiment as
 the ICS, while TV sentiment can best explain private consumption behaviour
 with personal income and savings. 
Journal: Applied Economics Letters 
Pages: 1029-1034 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613739 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613739 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Sachiko Kuroda 
Author-X-Name-First: Sachiko 
Author-X-Name-Last: Kuroda 
Author-Name: Isamu Yamamoto 
Author-X-Name-First: Isamu 
Author-X-Name-Last: Yamamoto 
Title: The era of the 24-hour society?: assessing changes in work timing using a Japanese time use survey 
Abstract:
  Using data from a Japanese time use survey, we show a noteworthy increase
 in the share of employees working at unusual hours (late night and early
 morning) over a period of a decade since the mid-1990s. When controlling
 for changes in hours worked, however, we find that the notable increase in
 the fraction of people at work at unusual hours was for low-income
 nonregular employees (part-time, temporary and contract workers) while
 relatively higher income regular employees' work timing remains stable.
 These observations imply that there is a trend of diversification of work
 timing in Japan between regular and nonregular employees. A possible
 explanation is that the increase in the average hours worked per weekday
 by regular employees, possibly because of the spread of the 5-day workweek
 since the 1990s, increased services and goods demand at unusual hours as
 they returned home. An Oaxaca--Blinder type decomposition suggests that
 such an increase in the average hours worked by regular employees explains
 partially the rise in the employment rate of nonregular employees at
 unusual times. 
Journal: Applied Economics Letters 
Pages: 1035-1038 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613740 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613740 
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Template-Type: ReDIF-Article 1.0
Author-Name: Makoto Kakinaka 
Author-X-Name-First: Makoto 
Author-X-Name-Last: Kakinaka 
Author-Name: Hiroaki Miyamoto 
Author-X-Name-First: Hiroaki 
Author-X-Name-Last: Miyamoto 
Title: Unemployment and labour force participation in Japan 
Abstract:
  This article studies a long-run relationship between the labour-force
 participation rate and the unemployment rate in Japan. By using
 cointegration analysis, we demonstrate that there exists a long-run
 relationship between the two variables for male workers but not for female
 workers. Furthermore, using labour-force data by age group, we find the
 added-worker effect for young males and the discouraged-worker effect for
 middle-aged and old male groups. 
Journal: Applied Economics Letters 
Pages: 1039-1043 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613742 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613742 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kozo Otsuka 
Author-X-Name-First: Kozo 
Author-X-Name-Last: Otsuka 
Title: University patenting and knowledge spillover in Japan: panel-data analysis with citation data 
Abstract:
  University-based patents, by their nature, tend to embody scientific
 knowledge, which can contribute to technological innovation. University
 patents, therefore, can be an important catalyst between science and
 technology. This article examines the contribution of university patents
 to technological innovation. Using patent citation data, we investigate
 how the knowledge embodied in university patents influences technological
 innovation. We conclude that university-based patents convert scientific
 knowledge into generic knowledge and contribute to technological
 innovation. 
Journal: Applied Economics Letters 
Pages: 1045-1049 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613743 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613743 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chris Hand 
Author-X-Name-First: Chris 
Author-X-Name-Last: Hand 
Author-Name: Guy Judge 
Author-X-Name-First: Guy 
Author-X-Name-Last: Judge 
Title: Searching for the picture: forecasting UK cinema admissions using Google Trends data 
Abstract:
  This article investigates whether Google Trends search information can
 improve forecasts of cinema admissions. Using monthly data for the United
 Kingdom for the period 1 January 2004 to 31 December 2008, we examine
 various forecasting models that incorporate Google Trends search
 information. We find clear evidence that Google Trends data on searches
 relevant to cinema visits (as opposed to searches for specific films) do
 have the potential to increase the accuracy of cinema admissions
 forecasting models. 
Journal: Applied Economics Letters 
Pages: 1051-1055 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613744 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613744 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Niklas Jakobsson 
Author-X-Name-First: Niklas 
Author-X-Name-Last: Jakobsson 
Title: Gender and confidence: are women underconfident? 
Abstract:
  Previous research finds that schoolgirls tend to be underconfident with
 respect to their mathematics performance, while schoolboys tend to be
 overconfident. We asked Swedish university students (aged 18--35) what
 grade they thought they would get in a macroeconomics exam 1 week later.
 These results were compared with their actual grade and we find no
 evidence of men being overconfident, but women are underconfident about
 their test performance. These results suggest that the findings that
 schoolgirls are underconfident about their math performance also carry
 over to grown-up women studying macroeconomics. 
Journal: Applied Economics Letters 
Pages: 1057-1059 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613745 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613745 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:11:p:1057-1059




Template-Type: ReDIF-Article 1.0
Author-Name: Pui Sun Tam 
Author-X-Name-First: Pui Sun 
Author-X-Name-Last: Tam 
Title: Size properties of Lagrange Multiplier cointegration tests in the presence of structural breaks 
Abstract:
  The size properties of the recently advanced Lagrange Multiplier (LM)
 cointegration tests in the presence of structural breaks in time series
 are investigated. It is shown that misspecification of the types of breaks
 is liable to spurious rejection. In contrast, severe undersizing may
 result when ignoring the presence of any break. 
Journal: Applied Economics Letters 
Pages: 1061-1064 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613746 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613746 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:11:p:1061-1064




Template-Type: ReDIF-Article 1.0
Author-Name: Wo-Chiang Lee 
Author-X-Name-First: Wo-Chiang 
Author-X-Name-Last: Lee 
Author-Name: Hui-Na Lin 
Author-X-Name-First: Hui-Na 
Author-X-Name-Last: Lin 
Title: Threshold effects in the relationships between USD and gold futures by panel smooth transition approach 
Abstract:
  Using a Panel Smooth Transition Regression (PSTR) model, this study sets
 crude oil as threshold variable, and Volatility Index (VIX) and Morgan
 Stanley Capital International (MSCI) for Emerging Market Index (MSCI-E) as
 control variables to investigate the nonlinear dynamic relationship
 between USD/yen and gold futures in the Commodity Exchange, Inc. (COMEX).
 Empirical results show that the transition function is a logistic type. In
 region 1, the price of crude oil is low. The sign of VIX is positive.
 USD/yen exerts negative impact on gold market due to the way that gold
 market functions as a factor of hedge against portfolio and geopolitical
 risk. In region 2, the price of crude oil is higher (the demand for crude
 oil may be stronger). The economy is prosperous; VIX turns low; USD/yen
 increases. Investors have more money from other financial markets to buy
 gold, thus, causing gold futures price to rise. Besides, gold is both a
 hedge and a safe haven for developing countries but not for emerging
 countries; therefore, the relationships between gold and MSCI-E are
 positive in both regions. 
Journal: Applied Economics Letters 
Pages: 1065-1070 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613747 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613747 
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Template-Type: ReDIF-Article 1.0
Author-Name: Naotaka Sugawara 
Author-X-Name-First: Naotaka 
Author-X-Name-Last: Sugawara 
Title: Fiscal adjustment in Greece under the financial rescue programme: the distributional effects on Greek households 
Abstract:
  This article examines the distributional effects of the fiscal adjustment
 programme in Greece agreed with the European Commission (EC) and the
 International Monetary Fund (IMF) in 2010. It deals with adjustment
 measures that are front loaded and directly related to the household
 welfare: an increase in Value-Added Tax (VAT) and excise rates and a
 reduction in wages and pensions. Analysing these two effects reveals that
 the programme decreases the welfare of all households in Greece but that
 the adverse effects of the adjustment are mitigated in favour of the poor. 
Journal: Applied Economics Letters 
Pages: 1071-1074 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613748 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613748 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:11:p:1071-1074




Template-Type: ReDIF-Article 1.0
Author-Name: Pasquale Cirillo 
Author-X-Name-First: Pasquale 
Author-X-Name-Last: Cirillo 
Author-Name: Gabriele Tedeschi 
Author-X-Name-First: Gabriele 
Author-X-Name-Last: Tedeschi 
Author-Name: Mauro Gallegati 
Author-X-Name-First: Mauro 
Author-X-Name-Last: Gallegati 
Title: The Boulogne fish market: the social structure and the role of loyalty 
Abstract:
  We examine the Boulogne wholesale fish market, analysing the structure of
 the trading network between sellers and buyers. Differently from other
 works in the literature, our analysis indicates a significant amount of
 &#x2018;bilateral loyalty&#x2019; seller--buyer. Loyalty is from buyers to
 a few sellers as well as from sellers to a few buyers. We also show that
 loyalty has an impact on prices, discriminating among agents. 
Journal: Applied Economics Letters 
Pages: 1075-1079 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613749 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613749 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hamid Baghestani 
Author-X-Name-First: Hamid 
Author-X-Name-Last: Baghestani 
Author-Name: Cassia Marchon 
Author-X-Name-First: Cassia 
Author-X-Name-Last: Marchon 
Title: Testing rationality of foreign exchange forecasts under flexible loss: survey evidence from Brazil 
Abstract:
  This study asks whether the Brazilian exchange rate (R$/US$) survey
 forecasts are rational under flexible loss. For 2001--2011, the forecasts
 overpredict. The bias in shorter-horizon forecasts is due to an
 inefficient use of information, while the bias in longer-horizon forecasts
 seems to reflect asymmetric loss. Further evidence indicates that the
 shorter-horizon (longer-horizon) forecasts are significantly less accurate
 than (as accurate as) those of the random walk. These forecasts, however,
 are not directionally accurate and are thus of no value to a user. The
 backward-looking nature of the forecasts may be due to reliance on simple
 forecasting rules (heuristics) since experts have great difficulty
 understanding the complex market dynamics. 
Journal: Applied Economics Letters 
Pages: 1081-1084 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613750 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613750 
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Template-Type: ReDIF-Article 1.0
Author-Name: Ricardo M. Sousa 
Author-X-Name-First: Ricardo M. 
Author-X-Name-Last: Sousa 
Title: Wealth-to-income ratio, government bond yields and financial stress in the Euro Area 
Abstract:
  I show that when the ratio of asset wealth to human wealth,
 <italic>wy</italic>, falls, investors become more exposed to idiosyncratic
 shocks and demand a higher government bond risk premium. Using data for
 the Euro Area as a whole and conditioning the forecasting ability of
 <italic>wy</italic> on the financial stress conditions, one is able to
 track better future time-variation in risk premium. 
Journal: Applied Economics Letters 
Pages: 1085-1088 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613751 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613751 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:11:p:1085-1088




Template-Type: ReDIF-Article 1.0
Author-Name: Renatas Kizys 
Author-X-Name-First: Renatas 
Author-X-Name-Last: Kizys 
Author-Name: Christian Pierdzioch 
Author-X-Name-First: Christian 
Author-X-Name-Last: Pierdzioch 
Title: Why do speculative bubbles gather steam? Some international evidence 
Abstract:
  We combined tests for speculative bubbles in stock markets with a
 cross-country regression framework to analyse whether economic and
 institutional variables can be identified that make speculative bubbles in
 stock markets more likely to occur. The list of variables that we found to
 have a significant effect on the probability that a speculative bubble
 arises includes an index of shareholder rights (with a negative sign), the
 share of assets of foreign-owned banks in total banking assets (with a
 positive sign) and the ratio of gross private saving to gross private
 disposable income (with a positive sign). 
Journal: Applied Economics Letters 
Pages: 1089-1093 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613752 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613752 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:11:p:1089-1093




Template-Type: ReDIF-Article 1.0
Author-Name: Don J. Webber 
Author-X-Name-First: Don J. 
Author-X-Name-Last: Webber 
Title: Grade surprise and the decision to stay on into post-compulsory education 
Abstract:
  This article argues that an important influence on boys' decisions to
 stay on into post-compulsory education is the attainment of maths grades
 that differ from expectations. 
Journal: Applied Economics Letters 
Pages: 1095-1099 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.613765 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613765 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:11:p:1095-1099




Template-Type: ReDIF-Article 1.0
Author-Name: Seo Bin Hong 
Author-X-Name-First: Seo Bin 
Author-X-Name-Last: Hong 
Title: A comment on survival of the hippest: life at the top of the hot 100 
Abstract:
  Giles (2007) analysed the survival characteristics of musical recordings
 that reached &#x2018;number one hit&#x2019; spot in the US popular music
 charts over the period 1955 to 2003. From the empirical analyses of data
 from the Billboard Hot 100 chart, he concluded that a number one hit's
 &#x2018;life at the top&#x2019; is enhanced significantly if it is
 recorded by a female solo artist, if it is an instrumental piece or if it
 is able to &#x2018;bounce back&#x2019; for a second spell. We found that,
 however, the data set he used contains a number of errors in it. In this
 article, we have corrected such errors and obtained the more reliable
 results about the survival characteristics of number one hit songs. In
 addition to these corrections, we have asked five new different questions
 to the corrected data set to investigate if there are any other survival
 characteristics that Giles (2007) did not indicate in his article. 
Journal: Applied Economics Letters 
Pages: 1101-1105 
Issue: 11 
Volume: 19 
Year: 2012 
Month: 7 
X-DOI: 10.1080/13504851.2011.615722 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.615722 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:11:p:1101-1105




Template-Type: ReDIF-Article 1.0
Author-Name: Ann L. Owen 
Author-X-Name-First: Ann L. 
Author-X-Name-Last: Owen 
Author-Name: Brent Palmer 
Author-X-Name-First: Brent 
Author-X-Name-Last: Palmer 
Title: Macroeconomic conditions and technical trading profitability in foreign exchange markets 
Abstract:
  We simulated portfolios for a momentum trading strategy in the foreign
 exchange market and investigated the determinants of its profitability. We
 found that the profits exhibited a downward trend in all nine countries
 that we examined, but that this trend may be somewhat explained by
 declining exchange rate volatility and to a greater extent by declining
 rates of inflation. We did not find similar evidence about the effects of
 fiscal policy or openness. 
Journal: Applied Economics Letters 
Pages: 1107-1110 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.615723 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.615723 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1107-1110




Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Author-Name: Chia-Hao Lee 
Author-X-Name-First: Chia-Hao 
Author-X-Name-Last: Lee 
Title: Nonlinear adjustment to purchasing power parity with flexible Fourier function in G-7 countries 
Abstract:
  This study applied the nonlinear Kapetanios <italic>et al.</italic>
 (2003) test with a Fourier function (capturing the smooth breaks) to test
 the validity of long-run Purchasing Power Parity (PPP) for G-7 countries
 over the period January 1994 to April 2010. The empirical results indicate
 that PPP holds for all the G-7 countries studied. Our results have
 important policy implications for the G-7 countries under study. 
Journal: Applied Economics Letters 
Pages: 1111-1116 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.615725 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.615725 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1111-1116




Template-Type: ReDIF-Article 1.0
Author-Name: D. A. Peel 
Author-X-Name-First: D. A. 
Author-X-Name-Last: Peel 
Title: Further examples of the impact of skewness on the expected utility of a risk-averse agent 
Abstract:
  Recent literature contains numerous examples where researchers continue
 to assert that a positive third derivative of the utility function of a
 risk-averse agent implies a preference for skewness, <italic>ceteris
 paribus</italic>. The purpose in this letter is to provide some examples
 pertinent to occupational choice, the gambling literature and experimental
 work where the assertion is incorrect and an example relevant to
 experimental work where it is correct. 
Journal: Applied Economics Letters 
Pages: 1117-1121 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.615726 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.615726 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1117-1121




Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Chia-Hao Lee 
Author-X-Name-First: Chia-Hao 
Author-X-Name-Last: Lee 
Author-Name: Ken Hung 
Author-X-Name-First: Ken 
Author-X-Name-Last: Hung 
Title: Can the PPP stand on the BRICS? The ADL test for threshold cointegration 
Abstract:
  We apply a newly developed Autoregressive Distributed Lag (ADL) test for
 threshold cointegration, proposed by Li and Lee (2010) to test the
 validity of long-run Purchasing Power Parity (PPP) for a sample of BRICS
 countries (i.e. Brazil, Russia, India, China and South Africa) over
 January 1996 to July 2010. The empirical results indicate that PPP only
 holds true for most of these countries under study, with the exception of
 Brazil. Our results have important policy implications for the BRICS
 countries under study. 
Journal: Applied Economics Letters 
Pages: 1123-1127 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.615727 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.615727 
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Template-Type: ReDIF-Article 1.0
Author-Name: Valentino Dardanoni 
Author-X-Name-First: Valentino 
Author-X-Name-Last: Dardanoni 
Author-Name: Paolo Li Donni 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Li Donni 
Title: Reporting heterogeneity in health: an extended latent class approach 
Abstract:
  This article explores how individual socio-economic characteristics
 affect unobserved heterogeneity in self-reporting behaviour and health
 production using a multivariate finite mixture model. Results show a
 positive relationship between objective and subjective observable health
 indicators and true health and support the existence of self-reporting
 bias related to socio-economic characteristics and individual life styles. 
Journal: Applied Economics Letters 
Pages: 1129-1133 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.615728 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.615728 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1129-1133




Template-Type: ReDIF-Article 1.0
Author-Name: Kjell Hausken 
Author-X-Name-First: Kjell 
Author-X-Name-Last: Hausken 
Title: The economics of terrorism against two targets 
Abstract:
  A terrorist without capacity constraints attacks two independent targets.
 As the target defence efficiency decreases, the target first increases its
 defence, and thereafter decreases and eventually does not defend because
 of the high cost. With terrorist capacity constraints, targets become
 interdependent. The attack gets gradually shifted towards the most
 vulnerable target. When only the most vulnerable target is attacked, only
 the nonattacked target benefits relatively. 
Journal: Applied Economics Letters 
Pages: 1135-1138 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.615729 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.615729 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1135-1138




Template-Type: ReDIF-Article 1.0
Author-Name: Roland Cheo 
Author-X-Name-First: Roland 
Author-X-Name-Last: Cheo 
Title: Gamblers hate inequality: evidence from China 
Abstract:
  Two gambles are presented in this article along with two treatments which
 allow us to test for inequality aversion without having to consider risk
 aversion. This work complements existing studies by extending it to the
 gambling environment. In gambling decisions made from a &#x2018;losses
 from an initial endowment&#x2019; approach, we find that regardless of
 whether out-of-pocket losses are an issue, both Chinese male and female
 students bet less when they know that losses will be distributed to the
 winners of gambles with excessive winnings. 
Journal: Applied Economics Letters 
Pages: 1139-1142 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.581200 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.581200 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1139-1142




Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Reinstaller 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Reinstaller 
Author-Name: Fabian Unterlass 
Author-X-Name-First: Fabian 
Author-X-Name-Last: Unterlass 
Title: Comparing business R&D across countries over time: a decomposition exercise using data for the EU 27 
Abstract:
  This article develops a simple decomposition of Business R&D Expenditures
 (BERD) panel data and applies it to analyse the development of R&D
 intensities in the business sector in the EU 27 countries and important
 non-EU countries over time. The results show that changes in aggregate
 BERD figures are driven by &#x2018;within&#x2019; and
 &#x2018;between&#x2019; effects that differ considerably across countries. 
Journal: Applied Economics Letters 
Pages: 1143-1148 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.615724 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.615724 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1143-1148




Template-Type: ReDIF-Article 1.0
Author-Name: Peter J. DaDalt 
Author-X-Name-First: Peter J. 
Author-X-Name-Last: DaDalt 
Author-Name: Bing-Xuan Lin 
Author-X-Name-First: Bing-Xuan 
Author-X-Name-Last: Lin 
Author-Name: Chen-Miao Lin 
Author-X-Name-First: Chen-Miao 
Author-X-Name-Last: Lin 
Title: Do derivatives affect the use of external financing? 
Abstract:
  We examine whether derivatives use reduces the utilization of external
 financing for a large sample of nonfinancial firms over the period 2002 to
 2004. Using the measures of net external finance as discussed in Bradshaw
 <italic>et al</italic>. (2006), we find a negative association between
 corporate derivative use and the use of external financing. Further, we
 find the relationship is driven by differences in the use of debt, as
 opposed to equity financing. 
Journal: Applied Economics Letters 
Pages: 1149-1152 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617677 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617677 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1149-1152




Template-Type: ReDIF-Article 1.0
Author-Name: Craig A. Gallet 
Author-X-Name-First: Craig A. 
Author-X-Name-Last: Gallet 
Title: A note on the determinants of substance abuse spending 
Abstract:
  Although many studies have addressed policies directed towards the use of
 licit drugs, namely, alcohol and tobacco, less attention has been paid on
 policies affecting the use of illicit drugs. Accordingly, similar to
 studies of tobacco control spending, this article addresses the
 determinants of US state-level spending on substance abuse. Substance
 abuse spending is found to be higher in states with higher illicit drug
 use, as well as more rural states with higher per capita income, whose
 legislatures are controlled by Democrats. 
Journal: Applied Economics Letters 
Pages: 1153-1156 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617678 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617678 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1153-1156




Template-Type: ReDIF-Article 1.0
Author-Name: Wenfeng Wu 
Author-X-Name-First: Wenfeng 
Author-X-Name-Last: Wu 
Author-Name: Chongfeng Wu 
Author-X-Name-First: Chongfeng 
Author-X-Name-Last: Wu 
Author-Name: Oliver M. Rui 
Author-X-Name-First: Oliver M. 
Author-X-Name-Last: Rui 
Title: What drives regional differences in the stock market wealth effect in China? 
Abstract:
  This article investigates the determinants of stock market wealth effect
 across regions. Using panel data from China, we find that the stock market
 wealth effect is more prevalent in regions with more stockholders, regions
 in which households have higher levels of stock ownership and regions in
 which households have lower incomes. 
Journal: Applied Economics Letters 
Pages: 1157-1160 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617679 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617679 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1157-1160




Template-Type: ReDIF-Article 1.0
Author-Name: Ryan Garvey 
Author-X-Name-First: Ryan 
Author-X-Name-Last: Garvey 
Author-Name: Fei Wu 
Author-X-Name-First: Fei 
Author-X-Name-Last: Wu 
Title: Who cancels in electronic markets? 
Abstract:
  We study differences in trading between US equity market participants
 with high and low cancellation activity. Traders with high (low)
 cancellation rates are significant net suppliers (takers) of liquidity
 and, overall, less (more) informed about future prices. The findings
 suggest that recent US government considerations to impose a fee on
 traders who cancel often could, if enacted, adversely impact market
 liquidity. 
Journal: Applied Economics Letters 
Pages: 1161-1164 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617681 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617681 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1161-1164




Template-Type: ReDIF-Article 1.0
Author-Name: Wenkai Sun 
Author-X-Name-First: Wenkai 
Author-X-Name-Last: Sun 
Author-Name: Xianghong Wang 
Author-X-Name-First: Xianghong 
Author-X-Name-Last: Wang 
Author-Name: Yean Zhou 
Author-X-Name-First: Yean 
Author-X-Name-Last: Zhou 
Title: How free do people feel to express their opinions? A study in urban China 
Abstract:
  This article reports the freedom of expression in China using a unique
 survey to urban residents in the provincial capital cities. The degree of
 freedom is measured by the respondents' openness about expressing their
 opinions about the society, the government and public policies. More than
 half of the people do not feel they can express their views freely. We
 examine how such freedom is related to the observed government actions and
 trust of others. We find that perceived corruption significantly inhibits
 individuals' freedom of expression, while the government's information
 transparency has a significant positive impact. Trust of other people and
 the government is positively related to the tendency to express one's
 opinions freely. We also report the impact of individual characteristics
 and the freedom of expression across cities. 
Journal: Applied Economics Letters 
Pages: 1165-1169 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617682 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617682 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1165-1169




Template-Type: ReDIF-Article 1.0
Author-Name: Alfredo G. Esposto 
Author-X-Name-First: Alfredo G. 
Author-X-Name-Last: Esposto 
Title: Tort reform and caesarean deliveries 
Abstract:
  This study examines the effects of state-level, tort law reforms on the
 rate of caesarean deliveries in the United States. The central thesis
 focuses on the rate of caesarean deliveries as an indicator of defensive
 medicine and the role, if any, of legal reform. Specifically, if
 physicians reduce their level of defensive medicine in the wake of
 liability reforms, this will show up as a reduction in the share of births
 in which a caesarean section was used. I discover after analysing panel
 data reflecting the rate of caesarean deliveries by states and for the
 years 1987, 1990 and 1993 that differences in rate of caesarean deliveries
 are partially the result of state-level liability reforms. The results
 provide further evidence of the existence of defensive medicine and of the
 impact of the legal environment on physician's choice of medical
 procedures. 
Journal: Applied Economics Letters 
Pages: 1171-1174 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617683 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617683 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael A. Kortt 
Author-X-Name-First: Michael A. 
Author-X-Name-Last: Kortt 
Author-Name: Brian Dollery 
Author-X-Name-First: Brian 
Author-X-Name-Last: Dollery 
Author-Name: Simon Pervan 
Author-X-Name-First: Simon 
Author-X-Name-Last: Pervan 
Title: Religion and education: recent evidence from the United States 
Abstract:
  While there is evidence to suggest that education is positively related
 to religious activity, it is possible that education may be endogenous. We
 re-examine this relationship using the cumulative US General Social Survey
 (GSS) data file. While we observe a positive correlation between education
 and attendance at religious services, we find no evidence to support a
 causal inference. Moreover, while we observe a positive association
 between education and religious contributions, the possibility of causal
 connection cannot be dismissed. 
Journal: Applied Economics Letters 
Pages: 1175-1178 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617684 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617684 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Fuleky 
Author-X-Name-First: Peter 
Author-X-Name-Last: Fuleky 
Title: On the choice of the unit period in time series models 
Abstract:
  When estimating the parameters of a process, researchers can choose the
 reference unit of time (unit period) for their study. Frequently, they set
 the unit period equal to the observation interval. However, I show that
 decoupling the unit period from the observation interval facilitates the
 comparison of parameter estimates across studies with different data
 sampling frequencies. If the unit period is standardized across these
 studies, then the parameters will represent the same attributes of the
 underlying process, and their interpretation will be independent of the
 sampling frequency. 
Journal: Applied Economics Letters 
Pages: 1179-1182 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617685 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617685 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Andreas Buehn 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Buehn 
Author-Name: Stefan Eichler 
Author-X-Name-First: Stefan 
Author-X-Name-Last: Eichler 
Title: Smuggling illegal goods across the US--Mexico border: a political-economy perspective 
Abstract:
  We analyse the impact that political business cycles and party
 preferences have on smuggling illegal goods across the US--Mexico border
 during the years 1980--2004. We find that smuggling is significantly
 reduced prior to Congressional elections -- but only if the incumbent
 President is Republican. 
Journal: Applied Economics Letters 
Pages: 1183-1187 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617686 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617686 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1183-1187




Template-Type: ReDIF-Article 1.0
Author-Name: Cinthia Barbosa 
Author-X-Name-First: Cinthia 
Author-X-Name-Last: Barbosa 
Author-Name: Cristiano M. Costa 
Author-X-Name-First: Cristiano M. 
Author-X-Name-Last: Costa 
Author-Name: Bruno Funchal 
Author-X-Name-First: Bruno 
Author-X-Name-Last: Funchal 
Title: The effects of privatization on the capital structure of Brazilian firms 
Abstract:
  This article investigates the effects of privatization under Brazil's
 National Privatization Program (PND) during the 1990s on companies'
 capital structure. Our model suggests that privatized firms increased
 their market leverage by 10--14% on average relative to the level before
 privatization. The effect of privatization on book leverage level was
 8--12% on average. These results indicate a positive effect of the
 privatization process on the levels of leverage of privatized firms, as
 predicted by signalling and agency theories. 
Journal: Applied Economics Letters 
Pages: 1189-1192 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617687 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617687 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:12:p:1189-1192




Template-Type: ReDIF-Article 1.0
Author-Name: Jahyun Koo 
Author-X-Name-First: Jahyun 
Author-X-Name-Last: Koo 
Author-Name: Ivan Paya 
Author-X-Name-First: Ivan 
Author-X-Name-Last: Paya 
Author-Name: David A. Peel 
Author-X-Name-First: David A. 
Author-X-Name-Last: Peel 
Title: The Bank of Korea's nonlinear monetary policy rule 
Abstract:
  A new test for nonlinear causality and also nonparametric procedures
 suggest significant nonlinearity in the implementation of the Taylor rule
 by the Bank of Korea (BOK). In particular, the response to the output gap
 appears nonlinear. 
Journal: Applied Economics Letters 
Pages: 1193-1202 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617688 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617688 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Fatih Cemil Ozbugday 
Author-X-Name-First: Fatih Cemil 
Author-X-Name-Last: Ozbugday 
Author-Name: Erik Brouwer 
Author-X-Name-First: Erik 
Author-X-Name-Last: Brouwer 
Title: Competition law and profits: a dynamic panel data analysis for Dutch manufacturing firms 
Abstract:
  This article tests whether the transition from the old Economic
 Competition Act, which was based on the so-called &#x2018;abuse
 system&#x2019;, to the new Competition Act, which was based on
 &#x2018;prohibition system&#x2019;, in the Netherlands had an impact on
 the Price-Cost Margins (PCM) of manufacturing firms during the period 1993
 to 2006. The results indicate that the transition from the old system to
 the new system, which was aimed at fostering competition, did not result
 in lower profits. 
Journal: Applied Economics Letters 
Pages: 1203-1206 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617689 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617689 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Bob J. Barnes 
Author-X-Name-First: Bob J. 
Author-X-Name-Last: Barnes 
Title: The change in the CD rate--target federal funds rate linkage during the financial crisis 
Abstract:
  This study examines the target federal funds rate-Certificate of Deposit
 (CD) rate link over two time periods. The first period is 16 May 2000 to
 31 July 2007 and the second is 1 August 2007 to 31 July 2009. August 2007
 begins the initial stages of the financial crisis. A time-series analysis
 compares the two time periods. The results reveal a breakdown in the
 typical target--CD rate linkage in August 2007. For the 2-year period
 after August 2007 banks remained resilient to lower CD rates. This
 resiliency confirms the noted tightening of credit and bank uncertainty.
 During the 2-year period banks maintained firm CD rates as a way to
 attract funds in a period of growing uncertainty even with the target and
 other short-term rates falling. 
Journal: Applied Economics Letters 
Pages: 1207-1211 
Issue: 12 
Volume: 19 
Year: 2012 
Month: 8 
X-DOI: 10.1080/13504851.2011.617690 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617690 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Evren Erdo&#x11F;an Co&#x15F;ar 
Author-X-Name-First: Evren 
Author-X-Name-Last: Erdo&#x11F;an Co&#x15F;ar 
Title: Analysis of cyclical behaviour of investment expenditures for the Turkish economy 
Abstract:
  This article aims to analyse the cyclical behaviour of fixed investments
 in Turkey and then construct a Composite Leading Indicators Index (CLI) to
 forecast the turning points of investment. The cycles of investment and
 selected leading indicators are identified following the growth cycle
 approach. The series are detrended using the Hodrick--Prescott (HP)
 detrending filter. After identification of the cycles and turning points
 of the selected leading indicators, they are combined into a single
 composite index. Then a probit model is estimated to evaluate the forecast
 performance of the composite index. The results show that the constructed
 CLI is considered to be helpful in monitoring and predicting investment
 expenditures. 
Journal: Applied Economics Letters 
Pages: 1213-1221 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.576995 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.576995 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiuqing Ji 
Author-X-Name-First: Xiuqing 
Author-X-Name-Last: Ji 
Title: Momentum profitability: the pre-CRSP evidence 
Abstract:
  There is tremendous interest and research on the existence and sources of
 momentum profitability. This article is the first to examine momentum
 strategy in the pre-Center for Research in Security Prices (CRSP) era. The
 results show that momentum is profitable during the period of 1815 to
 1925. Moreover, the profits are negative in January and positive in
 non-January months. 
Journal: Applied Economics Letters 
Pages: 1223-1226 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.613741 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.613741 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrew J. Cassey 
Author-X-Name-First: Andrew J. 
Author-X-Name-Last: Cassey 
Title: An application of the Ricardian trade model with trade costs 
Abstract:
  Deardorff's (2004) broad definition of technology in Ricardian trade
 models is useful for extending the explanatory power of comparative
 advantage to account for a fact on firm level exporter clustering
 unexplained under the standard definition. 
Journal: Applied Economics Letters 
Pages: 1227-1230 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.617871 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.617871 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Renuka Mahadevan 
Author-X-Name-First: Renuka 
Author-X-Name-Last: Mahadevan 
Author-Name: Sandy Suardi 
Author-X-Name-First: Sandy 
Author-X-Name-Last: Suardi 
Title: Impact of socio-economic factors and social affiliation on living standards: a quantile regression approach 
Abstract:
  The influence of socio-economic factors and social affiliation on living
 standards is shown to be contingent on the living standard status of the
 household. This new result casts doubt on studies that use conditional
 mean regression analysis and the Oaxaca--Blinder decomposition analysis to
 study the impact of &#x2018;characteristics&#x2019; and
 &#x2018;structural&#x2019; components in areas such as poverty, health and
 labour market outcomes. 
Journal: Applied Economics Letters 
Pages: 1231-1236 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619478 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619478 
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdurrahman Nazif &#xC7;atik 
Author-X-Name-First: Abdurrahman Nazif 
Author-X-Name-Last: &#xC7;atik 
Author-Name: Mehmet Kara&#xE7;uka 
Author-X-Name-First: Mehmet 
Author-X-Name-Last: Kara&#xE7;uka 
Title: The bank lending channel in Turkey: has it changed after the low-inflation regime? 
Abstract:
  In this article we aim to analyse the role of credit channel in the
 monetary transmission mechanism under different inflationary environments
 in Turkey covering the period from January 1986 to October 2009. Our
 results suggest that traditional interest rate channel is only valid for
 the post-inflation targeting period. This variable is also a more
 effective monetary policy tool in terms of its impacts on economic
 activity in both the regimes. Credit shocks itself have significant power
 on economic activity and prices. However, the effect of monetary shocks on
 credit volume is very limited, especially in the low-inflation regime. 
Journal: Applied Economics Letters 
Pages: 1237-1242 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619479 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619479 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sean M. Murphy 
Author-X-Name-First: Sean M. 
Author-X-Name-Last: Murphy 
Author-Name: Dan L. Friesner 
Author-X-Name-First: Dan L. 
Author-X-Name-Last: Friesner 
Author-Name: Robert Rosenman 
Author-X-Name-First: Robert 
Author-X-Name-Last: Rosenman 
Title: Patients' perceptions and treatment effectiveness: a reassessment using generalized maximum entropy 
Abstract:
  Recent research using Prospect Theory (PT) suggests that treatment
 history contributes to a frame of reference that introduces heterogeneity
 in patients' perceptions of how further treatment will improve their
 health status and carries over into an assessment of how effective the
 recent treatment was. Analysis using the Monotone Rank Estimator (MRE), a
 semi-parametric classical statistical technique that allows for
 heterogeneity across individual responses, supported this idea. This
 article checks whether the MRE results are accurate using an alternative
 technique, Generalized Maximum Entropy (GME), which more effectively
 incorporates heterogeneity through the assignment of support points (based
 on prior information) for the error term. The results are compared to
 those obtained previously with the MRE. In the new results, prior
 treatment outcomes do not appear to significantly affect patients'
 perceived outcomes for subsequent treatments, which contradicts the
 earlier findings. 
Journal: Applied Economics Letters 
Pages: 1243-1248 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619480 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619480 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Silvo Dajcman 
Author-X-Name-First: Silvo 
Author-X-Name-Last: Dajcman 
Author-Name: Mejra Festic 
Author-X-Name-First: Mejra 
Author-X-Name-Last: Festic 
Author-Name: Alenka Kavkler 
Author-X-Name-First: Alenka 
Author-X-Name-Last: Kavkler 
Title: European stock market comovement dynamics during some major financial market turmoils in the period 1997 to 2010 -- a comparative DCC-GARCH and wavelet correlation analysis 
Abstract:
  This article examines the comovement dynamics between the developed
 European stock markets of the United Kingdom, Germany, France and Austria.
 After applying a Dynamic Conditional Correlation-Generalized
 Autoregressive Conditional Heteroskedastic (DCC-GARCH) and wavelet
 multiscale analysis on a daily return series for the period 1997 to 2010,
 we found that (1) comovements between stock market returns are time
 varying and scale dependent; (2) financial crisis in the observed period
 did not uniformly increase comovement between stock market returns across
 all scales; (3) the global financial crisis of 2007--2008 only slightly
 and temporarily increased the already high level of comovement between the
 observed stock markets. 
Journal: Applied Economics Letters 
Pages: 1249-1256 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619481 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619481 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan-Christoph R&#xFC;lke 
Author-X-Name-First: Jan-Christoph 
Author-X-Name-Last: R&#xFC;lke 
Title: Are central bank projections rational? 
Abstract:
  Central bank projections have gained considerable attention for monetary
 policy modelling. However, less is known about the nature of central bank
 projections. This letter explores the unbiasedness and rationality of more
 than 2000 growth and inflation projections published by 15 major central
 banks. The results indicate that central bank projections are rational and
 unbiased in most cases. Interestingly, inflation projections are more
 biased than growth projections. 
Journal: Applied Economics Letters 
Pages: 1257-1263 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619482 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619482 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:13:p:1257-1263




Template-Type: ReDIF-Article 1.0
Author-Name: Jeremy Michael D'Antoni 
Author-X-Name-First: Jeremy Michael 
Author-X-Name-Last: D'Antoni 
Author-Name: Ashok Kumar Mishra 
Author-X-Name-First: Ashok Kumar 
Author-X-Name-Last: Mishra 
Title: Testing dependence using copulas: the case of dual employment 
Abstract:
  Copulas are functions that parameterize the dependence between univariate
 marginal distribution functions to form a joint distribution function.
 Copulas provide a consistent procedure for testing dependence and guiding
 the choice of empirical model. In this study we use copulas to measure the
 dependence in labour supply by married farm couples. Using individual data
 our research provides an easy method that researchers can use to address
 the issues of dependence. The method outlined here reduces computational
 time and provides a more efficient method of testing dependence early in
 the investigative process. Unlike previous studies findings from this
 study show with robustness that labour supply decision of married farm
 couples is best modelled jointly. 
Journal: Applied Economics Letters 
Pages: 1265-1269 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619483 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619483 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:13:p:1265-1269




Template-Type: ReDIF-Article 1.0
Author-Name: Adalbert Mayer 
Author-X-Name-First: Adalbert 
Author-X-Name-Last: Mayer 
Title: The structure of social networks and labour market success 
Abstract:
  I use data on the complete Facebook networks of university students to
 test Granovetter's weak-ties hypothesis. I am not able to detect a
 relationship between the structure of a student's Facebook network and the
 initial employment outcomes. At the same time, I cannot reject
 Granovetter's weak-ties hypothesis. This nonfinding is consistent with
 prior research based on surveys of job search methods. These studies
 present some evidence for a connection between the use of weak ties in the
 job search process and the employment outcomes, but the results are
 sometimes not robust. 
Journal: Applied Economics Letters 
Pages: 1271-1274 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619484 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619484 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:13:p:1271-1274




Template-Type: ReDIF-Article 1.0
Author-Name: Sandra J. Huston 
Author-X-Name-First: Sandra J. 
Author-X-Name-Last: Huston 
Author-Name: Michael S. Finke 
Author-X-Name-First: Michael S. 
Author-X-Name-Last: Finke 
Author-Name: Hyrum Smith 
Author-X-Name-First: Hyrum 
Author-X-Name-Last: Smith 
Title: A financial sophistication proxy for the Survey of Consumer Finances 
Abstract:
  The Survey of Consumer Finances (SCF) contains detailed US household
 balance sheet information and is frequently used to study outcomes in
 household finance. There is no variable that explicitly measures financial
 sophistication in the SCF. We propose a factor score composed of four
 questions that can serve as a proxy of financial sophistication to correct
 a possible important omitted variable bias. The results using the
 sophistication factor show how controlling for financial sophistication
 provides a more precise estimate of the marginal effects of control
 variables such as education and race. 
Journal: Applied Economics Letters 
Pages: 1275-1278 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619485 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619485 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:13:p:1275-1278




Template-Type: ReDIF-Article 1.0
Author-Name: Lawrence Dacuycuy 
Author-X-Name-First: Lawrence 
Author-X-Name-Last: Dacuycuy 
Author-Name: Connie Dacuycuy 
Author-X-Name-First: Connie 
Author-X-Name-Last: Dacuycuy 
Title: Decomposing temporal changes in covariate contributions to wage inequality 
Abstract:
  This article provides counterfactual extensions to the Fields inequality
 decomposition framework and at the same time uses the nonparametric
 methodology in estimating bootstrap SEs and constructing confidence
 intervals. For methodological illustration, we decompose changes in
 schooling's inequality contribution into changes in attributes and returns
 using a simple counterfactual measure that combines return to schooling in
 a given year with the distributional characteristics of schooling in
 another year. Using data from the Philippine Labour Force Surveys (LFSs)
 in 1988 and 1995 and replication methodologies from Racine (2010), the
 results show that schooling's contribution to inequality in the
 Philippines is robust but has declined in 1995 relative to 1988. The
 decline in the said measure is due to the reduced variability of schooling
 achievement in 1995 but is mitigated by the rise in schooling returns in
 1995. 
Journal: Applied Economics Letters 
Pages: 1279-1283 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619486 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619486 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:13:p:1279-1283




Template-Type: ReDIF-Article 1.0
Author-Name: Cassandro Maria Mendes 
Author-X-Name-First: Cassandro Maria 
Author-X-Name-Last: Mendes 
Author-Name: Sabino Porto Junior 
Author-X-Name-First: Sabino Porto 
Author-X-Name-Last: Junior 
Title: Deforestation, economic growth and corruption: a nonparametric analysis on the case of Amazon forest 
Abstract:
  This article aims to analyse the relationship between deforestation,
 corruption and economic growth. We focused our analysis on the Brazilian
 municipalities situated in the Amazon region. We used the cross-sectional
 data from 538 municipalities in the Legal Amazon area for the year 2004.
 We constructed the municipal corruption index based on the objective data
 delivered by the reports from <italic>Controladoria-Geral da
 Uni&#xE3;o</italic> (CGU). We performed a nonparametric analysis, that is,
 we applied the Generalized Additive Model (GAM). We found statistically
 significant effects of the economic growth rate on the level of
 deforestation. However, the corruption seems to have no significant
 impact. Given the first results, we divided our data and analysed just the
 data from 25 municipalities from the states Par&#xE1; and Matogrosso. In
 the second approach, corruption was statistically significant. 
Journal: Applied Economics Letters 
Pages: 1285-1291 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619487 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619487 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:13:p:1285-1291




Template-Type: ReDIF-Article 1.0
Author-Name: Sergio Scicchitano 
Author-X-Name-First: Sergio 
Author-X-Name-Last: Scicchitano 
Title: The male--female pay gap across the managerial workforce in the United Kingdom: a semi-parametric decomposition approach 
Abstract:
  Using the last wave of the Community Statistics on Income and Living
 Conditions (EU-SILC) survey, this article employs a semi-parametric
 decomposition method to examine the male--female pay gap over the entire
 conditional wage distribution of the managerial workforce in the United
 Kingdom. The results make clear a U-shaped pattern for the pay gap, thus
 showing both significant sticky floor and glass ceiling effects. The
 counterfactual decomposition also displays that the gap is mostly due to
 the difference in rewards, whose relative effect grows as we move to the
 upper quantiles of the whole wage distribution. 
Journal: Applied Economics Letters 
Pages: 1293-1297 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619488 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619488 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:13:p:1293-1297




Template-Type: ReDIF-Article 1.0
Author-Name: Chih-Kai Chang 
Author-X-Name-First: Chih-Kai 
Author-X-Name-Last: Chang 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Title: Statistical evidence on the mean reversion of real interest rates: SPSM using the Panel KSS test with a Fourier function 
Abstract:
  This study applies the Sequential Panel Selection Method (SPSM) to test
 the mean reversion properties in the real interest rates for the G-10
 countries (i.e. Belgium, Canada, France, Germany, Italy, Japan, the
 Netherlands, Sweden, the United Kingdom and the United States) over the
 period 1980M1 to 2010M12. SPSM classifies the whole panel into a group of
 stationary countries and a group of nonstationary countries. In doing so,
 we can clearly identify how many and which series in the panel are
 stationary processes. Empirical results from the SPSM using the Panel
 Kapetanios <italic>et al.</italic> (KSS; 2003) test with a Fourier
 function indicate that the mean reversion holds true for all the G-10
 countries. Our results have important policy implications for the G-10
 countries under study. 
Journal: Applied Economics Letters 
Pages: 1299-1304 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.619489 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.619489 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:13:p:1299-1304




Template-Type: ReDIF-Article 1.0
Author-Name: Jie Li 
Author-X-Name-First: Jie 
Author-X-Name-Last: Li 
Title: A monetary approach to the exchange market pressure index under capital control 
Abstract:
  The conventional Exchange Market Pressure Index (EMPI), originated from
 Girton and Roper (1977) and popularized by Eichengreen <italic>et
 al.</italic> (1994, 1995) and Weymark (1995), uses weighted average of
 loss of foreign reserves and depreciation of local currency to capture
 foreign exchange market pressure. However, it does not take into account
 the effect of capital control on foreign exchange market pressure. With
 effective capital control, the conventional EMPI tends to under- or
 overestimate the actual foreign exchange market pressure, depending on the
 magnitude of capital control. We adopt a monetary approach to derive a
 formula for new EMPI under capital control. Then we test the difference
 between the old and the new EMPI with China's data. The result shows that
 the conventional EMPI overestimates the actual foreign exchange market
 pressure by 91% in average. 
Journal: Applied Economics Letters 
Pages: 1305-1309 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.624079 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.624079 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:13:p:1305-1309




Template-Type: ReDIF-Article 1.0
Author-Name: C. Chameni Nembua 
Author-X-Name-First: C. Chameni 
Author-X-Name-Last: Nembua 
Title: On a class of bi-polarization variance-based measurement: evidence from Cameroonian data 
Abstract:
  This article revisits one of the bi-polarization indices of the large
 class of Duclos--Estebane--Ray polarization measures. The relationship
 between polarization, inequality and poverty is analysed via the index.
 The preceding results are applied to study the Cameroonian household's
 consumption distribution. 
Journal: Applied Economics Letters 
Pages: 1311-1317 
Issue: 13 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.626395 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.626395 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:13:p:1311-1317




Template-Type: ReDIF-Article 1.0
Author-Name: Elsa Cristina Vaz 
Author-X-Name-First: Elsa Cristina 
Author-X-Name-Last: Vaz 
Title: Sectoral leadership in international competitiveness: the Portuguese case 
Abstract:
  The purpose of this article is to identify the type of labour and the
 sectors where labour productivity should be improved to elevate the
 international competitiveness of Portugal. A static multisectoral general
 equilibrium model, with multinational and single-country versions, is
 used. This model permits the identification of sectors that are leaders in
 competitiveness improvement. In some countries, traditional export sectors
 are expected to assume this role, whereas the suppliers of intermediate
 goods possess the potential to fulfil this function in other countries.
 The results of this study show that the choice of sector and the type of
 labour are crucial for improving the international competitiveness of the
 Portuguese economy. The criterion used to measure competitiveness also has
 an important role. Whereas multifactor productivity is especially
 increased when the promotion of labour competencies occurs in import and
 export sectors, population welfare has a greater impact, with the
 generalized improvement of unskilled labour competencies. 
Journal: Applied Economics Letters 
Pages: 1319-1330 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.624270 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.624270 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1319-1330




Template-Type: ReDIF-Article 1.0
Author-Name: Alberto Humala 
Author-X-Name-First: Alberto 
Author-X-Name-Last: Humala 
Author-Name: Gabriel Rodr�guez 
Author-X-Name-First: Gabriel 
Author-X-Name-Last: Rodr�guez 
Title: A factorial decomposition of inflation in Peru: an alternative measure of core inflation 
Abstract:
  A dynamic factorial decomposition model of inflation is estimated using
 Peruvian monthly data for January 1995--July 2008. This model allows the
 identification of changes in three relevant inflation components:
 idiosyncratic relative prices, aggregate relative prices and absolute
 prices. Furthermore, following Reis and Watson (2007), the model allows
 measuring pure inflation as the common factor in the inflation rate that
 has a proportionate effect to all prices and that is not correlated with
 relative-price changes at any period of time. This pure inflation estimate
 relates closely to standard measures of core inflation. The results are
 robust to different lag structures and various stochastic assumptions on
 the estimated factors. 
Journal: Applied Economics Letters 
Pages: 1331-1334 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.627207 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.627207 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1331-1334




Template-Type: ReDIF-Article 1.0
Author-Name: Umut Oguzoglu 
Author-X-Name-First: Umut 
Author-X-Name-Last: Oguzoglu 
Title: Is there a better measure of self-assessed disability? 
Abstract:
  Activity limitations and work limitations are often used interchangeably
 to proxy work disability. The findings of this article show that both
 definitions produce very similar estimates of disability effect on labour
 force participation if a two-step model is used to address the endogeneity
 of these self-assessed measures. 
Journal: Applied Economics Letters 
Pages: 1335-1338 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.627208 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.627208 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1335-1338




Template-Type: ReDIF-Article 1.0
Author-Name: Guzin Erlat 
Author-X-Name-First: Guzin 
Author-X-Name-Last: Erlat 
Author-Name: Haluk Erlat 
Author-X-Name-First: Haluk 
Author-X-Name-Last: Erlat 
Title: Measuring the persistence in trade patterns: the case for Turkey 
Abstract:
  We investigate whether the pattern of Turkish trade has a persistent
 nature or is dynamic, by considering 5-digit Rev.3 trade data for the
 period 1969 to 2001 and investigating whether their distribution between
 sectors which are in surplus, in balance or in deficit, has shown
 persistence over time. The tools we use involve classifying the sectors as
 surplus, balance and deficit sectors and constructing a
 3&#x2009;&#xD7;&#x2009;3 contingency table, indicating whether sectors
 that, say, showed a surplus at the beginning of a period remained surplus
 sectors at the end of the period or moved into the balance and deficit
 categories, testing whether the beginning pattern is independent of the
 pattern at the end of a period and constructing histograms regarding the
 distribution of how long the sectors have been showing surpluses over the
 period. We used these tools on Turkish trade for the full 1969 to 2001
 period and for two (1969 to 1979, 1980 to 2001) and three (1969 to 1979,
 1980 to 1996, 1997 to 2001) subperiods. We conclude that when one
 considers long enough periods, the pattern of Turkish foreign trade has a
 very dynamic nature, and it appears safe to say that this dynamic nature
 shows itself in the post-1980 period. 
Journal: Applied Economics Letters 
Pages: 1339-1348 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.628288 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.628288 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1339-1348




Template-Type: ReDIF-Article 1.0
Author-Name: Elena D'Agostino 
Author-X-Name-First: Elena 
Author-X-Name-Last: D'Agostino 
Author-Name: Emiliano Sironi 
Author-X-Name-First: Emiliano 
Author-X-Name-Last: Sironi 
Author-Name: Giuseppe Sobbrio 
Author-X-Name-First: Giuseppe 
Author-X-Name-Last: Sobbrio 
Title: Lawyers and legal disputes. Evidence from Italy 
Abstract:
  We test the hypothesis that, being clients not fully informed on the
 expected benefit from fulfilling the disputes and being incentives of
 lawyers not aligned to those of their clients, the demand for legal
 disputes in Italy is induced. This hypothesis finds empirical support for
 a sample of Italian legal districts. 
Journal: Applied Economics Letters 
Pages: 1349-1352 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.628289 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.628289 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1349-1352




Template-Type: ReDIF-Article 1.0
Author-Name: Yan Yuan 
Author-X-Name-First: Yan 
Author-X-Name-Last: Yuan 
Author-Name: Steven T. Yen 
Author-X-Name-First: Steven T. 
Author-X-Name-Last: Yen 
Title: Alcohol consumption by individuals in the United States: a sample selection approach 
Abstract:
  We investigate the socio-economic determinants of alcohol consumption in
 the United States with a Sample Selection Model (SSM). The dependent
 variable is log-transformed that facilitates the estimation of the model.
 In addition, marginal effects of explanatory variables are calculated in
 both SSM and Two-Part Model (TPM). Our results suggest that the use of
 proper marginal effect formulae is important, and that the socio-economic
 variables play important roles in alcohol consumption. The probability of
 drinking decreases with age, income and education. Men are more likely to
 drink and drink more than women. Marriage decreases drinking, and drinking
 are more likely to occur on weekends. 
Journal: Applied Economics Letters 
Pages: 1353-1358 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.628290 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.628290 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1353-1358




Template-Type: ReDIF-Article 1.0
Author-Name: Anna Buchholz 
Author-X-Name-First: Anna 
Author-X-Name-Last: Buchholz 
Author-Name: Cesar Cupertino 
Author-X-Name-First: Cesar 
Author-X-Name-Last: Cupertino 
Author-Name: Roberto Meurer 
Author-X-Name-First: Roberto 
Author-X-Name-Last: Meurer 
Author-Name: Andre Portela Santos 
Author-X-Name-First: Andre Portela 
Author-X-Name-Last: Santos 
Author-Name: Newton Da Costa 
Author-X-Name-First: Newton 
Author-X-Name-Last: Da Costa 
Title: The market reaction to changes in the Brazilian official interest rate 
Abstract:
  This study is aimed at investigating the effects of monetary policymaking
 on the short-term and long-term interest rates for the Brazilian economy
 for the period August 1999 to March 2011. It is shown that the reversal of
 the current account deficit and the alleviation of political uncertainties
 in 2003 affect the impact of monetary policy on market interest rates. In
 particular, it is observed that surprises in policymaking are
 substantially reduced after the macroeconomic and political stability. 
Journal: Applied Economics Letters 
Pages: 1359-1364 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.629975 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.629975 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1359-1364




Template-Type: ReDIF-Article 1.0
Author-Name: C. Chameni Nembua 
Author-X-Name-First: C. Chameni 
Author-X-Name-Last: Nembua 
Title: Inequality factor decomposition under uniform additions property with applications to Cameroonian rural data 
Abstract:
  In this article, we generalize and extend the Morduch and Sicular's
 (2002) Coefficient of Variation (CV)-squared decomposition approach. This
 leads to a class of decomposition methods which satisfy the uniform
 additions principle, especially in the case of the Gini index. The
 regression-based method using the new formulations of component
 contributions is carried out. An application using Cameroonian data is
 provided to support the appropriateness of the procedure and to contrast
 our results to those of Morduch and Sicular. 
Journal: Applied Economics Letters 
Pages: 1365-1371 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.629976 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.629976 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1365-1371




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Andrew Fenrick 
Author-X-Name-First: Steven Andrew 
Author-X-Name-Last: Fenrick 
Author-Name: Lullit Getachew 
Author-X-Name-First: Lullit 
Author-X-Name-Last: Getachew 
Title: Estimation of the effects of price and billing frequency on household water demand using a panel of Wisconsin municipalities 
Abstract:
  A demand function of residential water consumption is developed from a
 1997 to 2006 panel of 200 Wisconsin water utilities. A double-log
 functional form is assumed and parameters are estimated using a random
 effects model. The results suggest that the price is inelastic yet
 negative and statistically significant and this elasticity response grows
 stronger as the marginal price level is increased. Additionally, the model
 reveals water savings due to monthly billing and also the annual water
 savings from technology adoption. 
Journal: Applied Economics Letters 
Pages: 1373-1380 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.629977 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.629977 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1373-1380




Template-Type: ReDIF-Article 1.0
Author-Name: Jinfeng Ma 
Author-X-Name-First: Jinfeng 
Author-X-Name-Last: Ma 
Author-Name: Shancun Liu 
Author-X-Name-First: Shancun 
Author-X-Name-Last: Liu 
Title: A method to overcome the numerical difficulties in PIN estimation 
Abstract:
  The Probability of Information (PIN)-based trading introduced by Easley
 <italic>et al</italic>. (1996, 2002) has been adopted to address a variety
 of issues in empirical finance. To obtain PIN using numerical Maximum
 Likelihood Estimation (MLE) from transaction data, one may suffer from the
 numerical overflow or underflow problems which are more pronounced for
 active stocks than for inactive stocks. As buy and sell orders increase,
 more and more stocks fall into the category for which the PIN estimation
 simply falls. Based on the round-off error in digital computing, this
 article proposes a recipe to eradicate such numerical difficulties, which
 sheds light on heavily traded stocks. 
Journal: Applied Economics Letters 
Pages: 1381-1384 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.629978 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.629978 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1381-1384




Template-Type: ReDIF-Article 1.0
Author-Name: Jean P. Sep&#xFA;lveda 
Author-X-Name-First: Jean P. 
Author-X-Name-Last: Sep&#xFA;lveda 
Title: On the relationship between concentration and competition: evidence from the Chilean private pension system 
Abstract:
  I use Panzar and Rosse (1987) methodology to estimate the degree of
 competition among Pension Fund Administrators (PFAs) in the Chilean
 private pension system for the period 1996 to 2008. The results indicate
 that the industry can be described as a cartel (or monopoly) during this
 period. There is evidence that in this industry there is a negative, and
 statistically significant, correlation between concentration and
 competition. 
Journal: Applied Economics Letters 
Pages: 1385-1389 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.631879 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.631879 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1385-1389




Template-Type: ReDIF-Article 1.0
Author-Name: Ali K. Malik 
Author-X-Name-First: Ali K. 
Author-X-Name-Last: Malik 
Title: A comparison of equilibrium under alternative monetary policy rules 
Abstract:
  We evaluate the Taylor rule and the nominal income-targeting rule at
 alternative horizons, along the dimension of determinacy and E-stability
 of the rational expectations equilibrium. We use the New Keynesian model
 frequently used as a benchmark model for the evaluation of alternative
 monetary policy rules in the recent literature, for this purpose.
 Evaluating the two policy rules along this dimension, our results clearly
 prefer the Taylor rule over the nominal income-targeting rule. 
Journal: Applied Economics Letters 
Pages: 1391-1399 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.631880 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.631880 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1391-1399




Template-Type: ReDIF-Article 1.0
Author-Name: Kathleen Farrell 
Author-X-Name-First: Kathleen 
Author-X-Name-Last: Farrell 
Author-Name: Philip L. Hersch 
Author-X-Name-First: Philip L. 
Author-X-Name-Last: Hersch 
Title: Inter-board pay differentials for directors with multiple appointments 
Abstract:
  We analyse uniformity in the market's valuation of director human capital
 by comparing director compensation across firms with and without director
 overlaps. We find that although there is less variation in director
 compensation for connected boards, which share a common director, than for
 unrelated boards, there remains a high variation in director compensation
 for directors with multiple directorships. We also find that active Chief
 Executive Officers (CEOs), on average, command higher total director
 compensation in subsequent board appointments. This result holds for
 appointments where the individual already holds two or more directorships
 and is counter to the prediction of a busy director effect. Overall, our
 evidence suggests that active CEOs are high-quality directors or have a
 high disutility of additional board work and are able to command higher
 compensation when added to subsequent boards. 
Journal: Applied Economics Letters 
Pages: 1401-1404 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.631881 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.631881 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1401-1404




Template-Type: ReDIF-Article 1.0
Author-Name: Norman V. Loayza 
Author-X-Name-First: Norman V. 
Author-X-Name-Last: Loayza 
Author-Name: Naotaka Sugawara 
Author-X-Name-First: Naotaka 
Author-X-Name-Last: Sugawara 
Title: Would liberalization lead to epidemic cocaine consumption? 
Abstract:
  This article uses cross-country data to estimate the potential effect of
 drastic reductions in the price of cocaine on the share of the population
 that consumes this drug. In order to identify movements along the cocaine
 consumption/demand function, this article instruments for cocaine prices
 with variables that affect the supply of cocaine. Liberalization of drug
 policies would produce an increase in the prevalence of cocaine
 consumption. However, the quantitative evidence presented here suggests
 that, even if substantial, this increase would not amount to epidemic
 cocaine use. 
Journal: Applied Economics Letters 
Pages: 1405-1409 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.631882 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.631882 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1405-1409




Template-Type: ReDIF-Article 1.0
Author-Name: Neil Malhotra 
Author-X-Name-First: Neil 
Author-X-Name-Last: Malhotra 
Author-Name: Edmund Helmer 
Author-X-Name-First: Edmund 
Author-X-Name-Last: Helmer 
Title: Inflation in weekend box office estimates 
Abstract:
  Do movie studios inflate box office estimates that they report every
 Sunday? Is the pattern of this inflation consistent with the
 studios&#x2019; strategic incentives? Analysing actual and estimated box
 office returns of major movie releases between 2003 and 2010, we find that
 movie studios substantially overestimate weekend box office performance
 and that this overestimation is highly unlikely to be due to chance. Our
 findings also suggest that box office inflation is strategic because (1)
 inflation is substantially higher in the first weekend of release when the
 incentives are greatest to generate positive word of mouth and (2)
 inflation for the top two films in a weekend increases with the degree of
 competition between the films. 
Journal: Applied Economics Letters 
Pages: 1411-1415 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.631883 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.631883 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1411-1415




Template-Type: ReDIF-Article 1.0
Author-Name: Moritz Hahn 
Author-X-Name-First: Moritz 
Author-X-Name-Last: Hahn 
Author-Name: Edward J. O'Brien 
Author-X-Name-First: Edward J. 
Author-X-Name-Last: O'Brien 
Title: Weak instruments in estimating business cycle effects on banks' interest income 
Abstract:
  This article explores the link between the real business cycle and core
 bank earnings. Using bank-level data and an estimation technique which
 corrects for weak instruments, evidence confirms that pre-provision Net
 Interest Income (NII) is determined by the term structure of interest
 rates rather than output fluctuations. Output growth is only found to be
 significant when Loan-Loss Provisions (LLP) are taken into account. 
Journal: Applied Economics Letters 
Pages: 1417-1420 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.631884 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.631884 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:14:p:1417-1420




Template-Type: ReDIF-Article 1.0
Author-Name: Gregory A. Gilpin 
Author-X-Name-First: Gregory A. 
Author-X-Name-Last: Gilpin 
Author-Name: Anton Bekkerman 
Author-X-Name-First: Anton 
Author-X-Name-Last: Bekkerman 
Title: Cost-effective hiring in US high schools: estimating optimal teacher quantity and quality decisions 
Abstract:
  Extensive literature has shown that student attainment outcomes are
 affected by student-to-teacher ratios and overall teacher aptitude levels,
 but offers little information about which method offers the greatest
 student attainment return relative to associated costs. This study
 provides empirical evidence that staffing policies should consider the
 cost-effectiveness of teacher-hiring decisions when multiple education
 policies are effective. 
Journal: Applied Economics Letters 
Pages: 1421-1424 
Issue: 14 
Volume: 19 
Year: 2012 
Month: 9 
X-DOI: 10.1080/13504851.2011.631886 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.631886 
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Template-Type: ReDIF-Article 1.0
Author-Name: Luca Agnello 
Author-X-Name-First: Luca 
Author-X-Name-Last: Agnello 
Author-Name: Ricardo M. Sousa 
Author-X-Name-First: Ricardo M. 
Author-X-Name-Last: Sousa 
Title: How do banking crises impact on income inequality? 
Abstract:
  We show that banking crises have an important effect on income
 distribution: inequality increases before banking crisis episodes and
 sharply declines afterwards. We also find that, while a large government
 size does not <italic>per se</italic> seem to reduce inequality, a rise in
 financial depth (i.e. better access to credit provided by the banking
 sector) contributes to a more equal distribution of income. 
Journal: Applied Economics Letters 
Pages: 1425-1429 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.631885 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.631885 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hiroki Uematsu 
Author-X-Name-First: Hiroki 
Author-X-Name-Last: Uematsu 
Author-Name: Ashok Kumar Mishra 
Author-X-Name-First: Ashok Kumar 
Author-X-Name-Last: Mishra 
Author-Name: Rebekah Rachel Powell 
Author-X-Name-First: Rebekah Rachel 
Author-X-Name-Last: Powell 
Title: An alternative method to estimate income variance in cross-sectional data 
Abstract:
  A popular approach to estimating income variance in cross-sectional data
 is to use an aggregate method by categorizing sample observations into
 arbitrarily formed groups, taking into account some socio-economic
 attributes. This study proposes an alternative technique that can be used
 to estimate income variance from cross-sectional data. Results indicate
 that this multiplicative heteroskedastic feasible least squares estimation
 procedure is consistent and efficient, consumes less time and requires
 less manipulation of data. 
Journal: Applied Economics Letters 
Pages: 1431-1436 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.631887 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.631887 
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Template-Type: ReDIF-Article 1.0
Author-Name: Heather Mitchell 
Author-X-Name-First: Heather 
Author-X-Name-Last: Mitchell 
Author-Name: Mark Fergusson Stewart 
Author-X-Name-First: Mark Fergusson 
Author-X-Name-Last: Stewart 
Title: Movies and holidays: the empirical relationship between movies and tourism 
Abstract:
  Governments around the world believe that tourism will increase if
 locations within their nations are featured in films. Money and other
 inducements are often offered to moviemakers to encourage them to shoot
 within a particular constituency. This article finds a positive and
 statistically significant relationship between successful films and
 tourism. 
Journal: Applied Economics Letters 
Pages: 1437-1440 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.631888 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.631888 
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Template-Type: ReDIF-Article 1.0
Author-Name: Xiao Qin 
Author-X-Name-First: Xiao 
Author-X-Name-Last: Qin 
Title: Can L-moments beat central moments in modelling risk? An empirical analysis 
Abstract:
  This article applies a new statistical moment, Trimmed L-comoment, in
 modelling Expected Shortfall (<italic>ES</italic>) and exploits an
 empirical study on China's stock markets. In comparison with existing
 models, out-of-sample forecasts and backtests indicate superior accuracy
 and precision for the models based on Trimmed L-comoments, especially to
 those based on central moments. 
Journal: Applied Economics Letters 
Pages: 1441-1447 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.631889 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.631889 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Morley 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Morley 
Author-Name: Qijia Wei 
Author-X-Name-First: Qijia 
Author-X-Name-Last: Wei 
Title: The Taylor rule and house price uncertainty 
Abstract:
  The aim of this article is to determine whether house price uncertainty
 has been an important determinant of the Taylor rule-based interest rate
 during the years leading up to the financial crisis. A Generalized
 Autoregressive Conditional Heteroskedasticity (GARCH)-based specification
 has been used to produce a time-varying measure of volatility, and the
 results indicate that it has had a significant negative effect on the
 interest rate, but that its addition only produces a slightly better fit
 to the actual interest rate. 
Journal: Applied Economics Letters 
Pages: 1449-1453 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.633882 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.633882 
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce A. Rayton 
Author-X-Name-First: Bruce A. 
Author-X-Name-Last: Rayton 
Author-Name: Konstantinos Georgiadis 
Author-X-Name-First: Konstantinos 
Author-X-Name-Last: Georgiadis 
Title: Workplace self-selection into Investors in People 
Abstract:
  This article estimates the effect of the Investors in People Standard on
 training while controlling for self-selection. Our results show that
 high-training workplaces self-select into Investors in People and question
 the value of the Standard for promoting training. 
Journal: Applied Economics Letters 
Pages: 1455-1458 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.633883 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.633883 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jyh-Horng Lin 
Author-X-Name-First: Jyh-Horng 
Author-X-Name-Last: Lin 
Author-Name: Jeng-Yan Tsai 
Author-X-Name-First: Jeng-Yan 
Author-X-Name-Last: Tsai 
Author-Name: Paichou Huang 
Author-X-Name-First: Paichou 
Author-X-Name-Last: Huang 
Title: The Gramm--Leach--Bliley Act: optimal interest margin effects of commercial bank expansion into insurance underwriting 
Abstract:
  We examine the optimal bank interest margin effects of the
 Gramm--Leach--Bliley Act (GLBA), particularly allowing commercial banks to
 engage in insurance underwriting. This article models bank equity
 explicitly integrating the Down-and-Out Call (DOC) option of insurance
 underwriting with the standard call option of commercial banking
 activities. We conclude that commercial banks may not appear to benefit
 from broader product mix when the expansion of insurance underwriting is
 relatively large scale or insurance asset quality is relatively low. 
Journal: Applied Economics Letters 
Pages: 1459-1463 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.633884 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.633884 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeong-Ryeol Kurz-Kim 
Author-X-Name-First: Jeong-Ryeol 
Author-X-Name-Last: Kurz-Kim 
Title: Early warning indicator for financial crashes using the log periodic power law 
Abstract:
  In this article, we apply the Log Periodic Power Law (LPPL), introduced
 by Johansen <italic>et al.</italic> (2000), for capturing the recent stock
 market crash in the German stock index (Deutscher Aktien Index, DAX). The
 contribution of this article consists not only in describing the
 historical crash by the LPPL, but also in demonstrating how the LPPL can
 be used as an early warning indicator for financial crashes. 
Journal: Applied Economics Letters 
Pages: 1465-1469 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.633885 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.633885 
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Template-Type: ReDIF-Article 1.0
Author-Name: Elena B&#xE1;rcena-Mart�n 
Author-X-Name-First: Elena 
Author-X-Name-Last: B&#xE1;rcena-Mart�n 
Author-Name: Santiago Budr�a 
Author-X-Name-First: Santiago 
Author-X-Name-Last: Budr�a 
Author-Name: Ana I. Moro-Egido 
Author-X-Name-First: Ana I. 
Author-X-Name-Last: Moro-Egido 
Title: Skill mismatches and wages among European university graduates 
Abstract:
  This article uses comparable international data to examine the extent and
 wage effects of skill mismatches among European university graduates. The
 results show that the mismatched earn on average 11.7% less than their
 well-matched counterparts. This effect, however, cannot be regarded as
 constant across the conditional earnings distribution: workers with lower
 unobserved earnings capacity tend to be exposed to greater wage losses
 when they end up in mismatched jobs. 
Journal: Applied Economics Letters 
Pages: 1471-1475 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.633886 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.633886 
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Template-Type: ReDIF-Article 1.0
Author-Name: Linda S. Ghent 
Author-X-Name-First: Linda S. 
Author-X-Name-Last: Ghent 
Author-Name: Alan P. Grant 
Author-X-Name-First: Alan P. 
Author-X-Name-Last: Grant 
Title: Estimating the extent of cross-border lottery shopping: evidence from South Carolina 
Abstract:
  The South Carolina Education Lottery (SCEL) began selling tickets in
 2001. Early studies indicate significant cross-border shopping, especially
 in counties bordering North Carolina (NC), which created its own lottery
 in 2006. We examine the impact of the North Carolina Education Lottery
 (NCEL) on sales of lottery tickets in South Carolina (SC). We find that
 the introduction of the NCEL coincides with a significant drop in lottery
 sales in SC counties bordering NC. By creating its own lottery, NC
 successfully redirected the flow of lottery dollars to its own coffers. 
Journal: Applied Economics Letters 
Pages: 1477-1481 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.636014 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.636014 
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Template-Type: ReDIF-Article 1.0
Author-Name: Yuki Toyoshima 
Author-X-Name-First: Yuki 
Author-X-Name-Last: Toyoshima 
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Title: Panel cointegration analysis of co-movement between interest rate swap and treasury markets 
Abstract:
  Extending Ito's (2009) analysis, this article investigates the
 co-movement between interest rate swaps and treasury markets by using the
 panel cointegration tests developed by Maddala and Wu (1999). Empirical
 results show that there exists a single cointegration relationship between
 the swap rates and treasury rates for all maturities. The cointegration
 vector for the 2-, 3- and 4-year maturities is 1, showing that a 1%
 increase in the treasury rates will lead to a 1% increase in the swap
 rates. On the other hand, in the 5-, 7- and 10-year maturities, the
 cointegration vector is found to be more than 1, implying that a 1%
 increase in the treasury rates will lead to a more than 1% increase in the
 swap rates. Thus, a rise (decline) in the treasury rates is associated
 with a rise (decline) in the swap spread. 
Journal: Applied Economics Letters 
Pages: 1483-1486 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.636015 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.636015 
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Template-Type: ReDIF-Article 1.0
Author-Name: Belayet Hossain 
Author-X-Name-First: Belayet 
Author-X-Name-Last: Hossain 
Author-Name: Laura Lamb 
Author-X-Name-First: Laura 
Author-X-Name-Last: Lamb 
Title: Does the effectiveness of tax incentives on the decision to give charitable donations vary across donation sectors in Canada? 
Abstract:
  This article explores the effectiveness of tax incentives on the decision
 to make a charitable donation in Canada and extends the analysis to
 compare the effectiveness of tax incentives across different types of
 giving. The data set employed is the 2007 Canada Survey of Giving,
 Volunteering and Participating (CSGVP), which is analysed using probit and
 probit selection models. The results imply that public policy can be used
 to influence the likelihood of making a donation in general and that the
 degree of influence varies across different donation sectors. 
Journal: Applied Economics Letters 
Pages: 1487-1491 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.636016 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.636016 
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Template-Type: ReDIF-Article 1.0
Author-Name: D. E. Allen 
Author-X-Name-First: D. E. 
Author-X-Name-Last: Allen 
Author-Name: A. K. Singh 
Author-X-Name-First: A. K. 
Author-X-Name-Last: Singh 
Author-Name: R. Powell 
Author-X-Name-First: R. 
Author-X-Name-Last: Powell 
Title: A Gourmet's delight: CAViaR and the Australian stock market 
Abstract:
  Value at Risk (VaR) is the metric adopted by the Basel Accords for
 banking industry internal control and regulatory reporting. This has
 focused attention on the measuring, estimating and forecasting of lower
 tail risk. Engle and Manganelli (2004) developed the conditional
 autoregressive value at risk (CAViaR) model using quantile regression to
 calculate VaR. In this article we apply their model to Australian stock
 market indices and a sample of stocks, and test the efficacy of four
 different specifications of the model in a set of in-sample and
 out-of-sample tests. We also contrast the results with those obtained from
 a Generalized Autoregressive Conditional Heteroskedastic (GARCH(1,1))
 model, the RiskMetrics&#x2122; model (Morgan, 1996) and an Asymmetric
 Power Autoregressive Conditional Heteroskedastic (APARCH) model. 
Journal: Applied Economics Letters 
Pages: 1493-1498 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.636017 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.636017 
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Template-Type: ReDIF-Article 1.0
Author-Name: Richard J. Cebula 
Author-X-Name-First: Richard J. 
Author-X-Name-Last: Cebula 
Title: US residential electricity consumption: the effect of states' pursuit of energy efficiency policies 
Abstract:
  This empirical note seeks to provide evidence identifying key factors
 that have influenced the per residential customer consumption of
 electricity in the United States during recent years, with particular
 emphasis on the degree to which each state has pursued energy efficiency
 policies. This preliminary empirical analysis takes the form of Panel
 Two-Stage Least Squares (P2SLS) estimations. State-level data are adopted
 for the 4-year period from 2002 through 2005. The P2SLS findings indicate
 that the consumption of electricity per residential customer is an
 increasing function of the annual number of cooling degree days, the real
 personal disposable income and the real price of natural gas, as well as
 the maximum electricity generation capacity, while being a decreasing
 function of the real unit price of electricity, the extent of usage of
 natural gas for residential heating and the degree to which each state has
 pursued energy efficiency policies. 
Journal: Applied Economics Letters 
Pages: 1499-1503 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.637884 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.637884 
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Template-Type: ReDIF-Article 1.0
Author-Name: Michael Berlemann 
Author-X-Name-First: Michael 
Author-X-Name-Last: Berlemann 
Author-Name: Kai Hielscher 
Author-X-Name-First: Kai 
Author-X-Name-Last: Hielscher 
Title: Output sensitivity of monetary policy and macroeconomic performance 
Abstract:
  Employing dynamic panel estimation techniques we derive an empirical
 measure of central banks' degree of output sensitivity. When relating this
 measure to macroeconomic outcome variables, we find that a decrease in
 output sensitivity results in larger business-cycle movements and higher
 medium-term inflation uncertainty. However, the level of inflation is
 decreased and the output gap is increased. 
Journal: Applied Economics Letters 
Pages: 1505-1509 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.637885 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.637885 
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Template-Type: ReDIF-Article 1.0
Author-Name: Nikolaus Bartzsch 
Author-X-Name-First: Nikolaus 
Author-X-Name-Last: Bartzsch 
Author-Name: Gerhard R&#xF6;sl 
Author-X-Name-First: Gerhard 
Author-X-Name-Last: R&#xF6;sl 
Author-Name: Franz Seitz 
Author-X-Name-First: Franz 
Author-X-Name-Last: Seitz 
Title: A simple way to capture currency abroad 
Abstract:
  In this article, we analyse the volume of euro banknotes issued by
 Germany that circulate abroad. Inferences are drawn from a coin model. Our
 approach suggests that foreign demand has increased since 2002. At the end
 of 2009 nearly 50%, the equivalent of &#x20AC;170 billion, is held outside
 the euro area. 
Journal: Applied Economics Letters 
Pages: 1511-1514 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.637886 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.637886 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hasan Faruq 
Author-X-Name-First: Hasan 
Author-X-Name-Last: Faruq 
Title: Multinational presence and the export participation of local firms in Ghana 
Abstract:
  This article examines whether the presence of multinationals affects the
 export participation of local firms in the same industry using data on
 manufacturing firms in Ghana. We find robust evidence consistent with the
 idea of spillovers from multinationals to Ghanaian exporters. We also
 observe that larger firms and firms that exported in the past are more
 likely to export. Our results remain unchanged after we control for
 potential spillovers from other exporters. These results have useful
 implications for both Ghana's trade and Foreign Direct Investment (FDI)
 policies. 
Journal: Applied Economics Letters 
Pages: 1515-1519 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.637887 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.637887 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jai S. Mah 
Author-X-Name-First: Jai S. 
Author-X-Name-Last: Mah 
Title: Foreign direct investment, labour unionization and income inequality of Korea 
Abstract:
  The Korean economy has witnessed significant expansion of Foreign Direct
 Investment (FDI) inflows and decrease in labour unionization ratio. This
 article analyses their effect on income inequality during 1982--2008. The
 small sample cointegration test and the error correction model confirm the
 existence of cointegration among the concerned variables. The error
 correction model shows that the increasing values of FDI inflows and the
 decreasing labour unionization ratio have led to deterioration in income
 inequality. 
Journal: Applied Economics Letters 
Pages: 1521-1524 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.637888 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.637888 
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Template-Type: ReDIF-Article 1.0
Author-Name: Sriram Shankar 
Author-X-Name-First: Sriram 
Author-X-Name-Last: Shankar 
Author-Name: B. Bhaskara Rao 
Author-X-Name-First: B. Bhaskara 
Author-X-Name-Last: Rao 
Title: Estimates of the long-run growth rate of Singapore with a CES production function 
Abstract:
  This article estimates using the Bayesian methods a Constant Elasticity
 of Substitution (CES) production function for Singapore for 1960--2009. It
 is found that the elasticity of substitution is 0.6, technical progress is
 labour augmenting and the Steady-State Growth Rate (SSGR) of Singapore is
 about 1.8%. 
Journal: Applied Economics Letters 
Pages: 1525-1530 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.637889 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.637889 
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Template-Type: ReDIF-Article 1.0
Author-Name: Chi-Wei Su 
Author-X-Name-First: Chi-Wei 
Author-X-Name-Last: Su 
Author-Name: Pei-Long Shen 
Author-X-Name-First: Pei-Long 
Author-X-Name-Last: Shen 
Author-Name: Hsu-Ling Chang 
Author-X-Name-First: Hsu-Ling 
Author-X-Name-Last: Chang 
Author-Name: Lin Liu 
Author-X-Name-First: Lin 
Author-X-Name-Last: Liu 
Title: Real interest rate parity in East Asian countries based on China with nonlinear threshold unit-root test 
Abstract:
  This study applies nonlinear threshold unit-root test to assess the
 nonstationary properties of the Real Interest Rate Parity (RIRP) for 10
 East Asian countries relative to China. We find that nonlinear threshold
 unit-root test has higher power than linear method suggested by Caner and
 Hansen (2001) if the true Data-Generating Process (DGP) of real interest
 rate convergence is in fact a stationary nonlinear process. We examine the
 validity of RIRP from the nonlinear point of view and provide robust
 evidence that clearly indicates that RIRP holds true for eight countries
 in this region. It implies that the choices and effectiveness of the
 monetary and fiscal policies in the East Asian economies will be highly
 influenced by external factors originating from China. Also, our findings
 point out their real interest rate convergence relative to China is mean
 reversion towards RIRP equilibrium values in a nonlinear way. 
Journal: Applied Economics Letters 
Pages: 1531-1536 
Issue: 15 
Volume: 19 
Year: 2012 
Month: 10 
X-DOI: 10.1080/13504851.2011.637890 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.637890 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Alenka Kavkler 
Author-X-Name-First: Alenka 
Author-X-Name-Last: Kavkler 
Author-Name: Darja Bor&#x161;i&#x10D; 
Author-X-Name-First: Darja 
Author-X-Name-Last: Bor&#x161;i&#x10D; 
Author-Name: Jani Bek&#x151; 
Author-X-Name-First: Jani 
Author-X-Name-Last: Bek&#x151; 
Title: PPP in Central and Eastern European economies: further evidence from panel unit root tests 
Abstract:
  The question of the validity of the Purchasing Power Parity (PPP)
 hypothesis in European transition countries remains relevant and
 empirically unsettled. This article aims to contribute to this debate by
 using an updated monthly database on real exchange rates for 12 Central
 and Eastern European economies. We implemented a range of panel unit root
 tests characterized by the rejection of the cross-sectional independence
 hypothesis and taking the US Dollar (USD) and the euro as numeraire
 currencies separately into account in the testing procedures. The results
 reported in this study provide additional evidence supporting the PPP
 proposition. 
Journal: Applied Economics Letters 
Pages: 1543-1548 
Issue: 16 
Volume: 19 
Year: 2012 
Month: 11 
X-DOI: 10.1080/13504851.2011.637891 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.637891 
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Template-Type: ReDIF-Article 1.0
Author-Name: Christian Pierdzioch 
Author-X-Name-First: Christian 
Author-X-Name-Last: Pierdzioch 
Author-Name: Jan-Christoph R&#xFC;lke 
Author-X-Name-First: Jan-Christoph 
Author-X-Name-Last: R&#xFC;lke 
Author-Name: Georg Stadtmann 
Author-X-Name-First: Georg 
Author-X-Name-Last: Stadtmann 
Title: Exchange-rate forecasts and asymmetric loss: empirical evidence for the yen/dollar exchange rate 
Abstract:
  We used the yen/dollar exchange-rate forecasts of the <italic>Wall Street
 Journal</italic> (WSJ) poll to analyse whether exchange-rate forecasters
 have an asymmetric loss function. To this end, we applied an approach
 recently developed by Elliott <italic>et al</italic>. (2005). We found
 that only few forecasters seem to form forecasts under an asymmetric loss
 function. For some forecasters, accounting for the asymmetry of their loss
 function makes their forecasts look rational. 
Journal: Applied Economics Letters 
Pages: 1759-1763 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.659338 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.659338 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Hajizadeh 
Author-X-Name-First: Mohammad 
Author-X-Name-Last: Hajizadeh 
Author-Name: Luke Brian Connelly 
Author-X-Name-First: Luke Brian 
Author-X-Name-Last: Connelly 
Author-Name: James Robert Gerard Butler 
Author-X-Name-First: James Robert Gerard 
Author-X-Name-Last: Butler 
Title: Health policy and horizontal inequities of health-care utilization in Australia: 1983--2005 
Abstract:
  We used five National Health Surveys (NHSs) in order to measure
 horizontal inequity (equal health care for equal need) in health-care
 utilization in Australia over five time points from 1983 to 2005. The
 direct standardization method was used to estimate the horizontal inequity
 indices for six measures of health-care utilization. The results suggest
 that the distributions of General Practitioner (GP) services and any
 physician visits in Australia were generally pro-poor, whereas the
 distributions of specialist visits, dentist visits and any ambulatory
 visits were pro-rich. The computed indices demonstrate that the
 introduction of Medicare in 1984 had a pro-poor effect on the utilization
 of GPs, any physician visits and any ambulatory visits. In contrast, the
 implementation of Private Health Insurance (PHI) policies over the period
 1997 to 2000 had a pro-rich effect on the distribution of health-care
 utilization in recent years, but this finding is based on the assumption
 that PHI policies affected health-care consumption in the long term. 
Journal: Applied Economics Letters 
Pages: 1765-1775 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.659337 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.659337 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Hui Ding 
Author-X-Name-First: Hui 
Author-X-Name-Last: Ding 
Author-Name: Jaebeom Kim 
Author-X-Name-First: Jaebeom 
Author-X-Name-Last: Kim 
Title: Does inflation targeting matter for PPP? An empirical investigation 
Abstract:
  This article examines whether Inflation Targeting (IT) matters for
 long-run Purchasing Power Parity (PPP). For this purpose, we formally
 assess the evidence on PPP for a panel of 19 countries using two price
 indices and two panel unit root tests with cross-sectional dependence. The
 empirical results show that IT plays an important role in providing
 favourable evidence for long-run PPP. 
Journal: Applied Economics Letters 
Pages: 1777-1780 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.659336 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.659336 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Siyue Liu 
Author-X-Name-First: Siyue 
Author-X-Name-Last: Liu 
Author-Name: Dongxiang Zhang 
Author-X-Name-First: Dongxiang 
Author-X-Name-Last: Zhang 
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Title: Purchasing power parity -- nonlinear threshold unit root test for transition countries 
Abstract:
  This study applies the Threshold Autoregressive (TAR) model proposed by
 Caner and Hansen (2001) to test the validity of long-run Purchasing Power
 Parity (PPP) of eight transition countries over the period January 1995 to
 October 2011. The empirical results indicate that PPP holds true for only
 one country (i.e. Romanian) under study and the adjustment towards PPP is
 found to be nonlinear. 
Journal: Applied Economics Letters 
Pages: 1781-1785 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.654905 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.654905 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1781-1785




Template-Type: ReDIF-Article 1.0
Author-Name: Francisco J. Callado-Mu&#xF1;oz 
Author-X-Name-First: Francisco J. 
Author-X-Name-Last: Callado-Mu&#xF1;oz 
Author-Name: Jana Hromcov&#xE1; 
Author-X-Name-First: Jana 
Author-X-Name-Last: Hromcov&#xE1; 
Author-Name: Natalia Utrero-Gonz&#xE1;lez 
Author-X-Name-First: Natalia 
Author-X-Name-Last: Utrero-Gonz&#xE1;lez 
Title: Transformation of payment systems: the case of European Union enlargement 
Abstract:
  In this article, we analyse how the accession to an economic and monetary
 union and the influence of new institutions may shape consumers' payment
 decisions in newly acceded countries. Our analysis focuses on the 2004
 European Union (EU) enlargement process. Results confirm the prediction of
 theoretical models about the relevance of economic development,
 institutional environment and payment infrastructure in retail payment
 system decisions. 
Journal: Applied Economics Letters 
Pages: 1787-1791 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.654908 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.654908 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1787-1791




Template-Type: ReDIF-Article 1.0
Author-Name: Adam J. Hoffer 
Author-X-Name-First: Adam J. 
Author-X-Name-Last: Hoffer 
Author-Name: Adam Pellillo 
Author-X-Name-First: Adam 
Author-X-Name-Last: Pellillo 
Title: The political economy of tobacco control spending 
Abstract:
  This article investigates why some US states spend so comparatively
 little on Tobacco Control Funding (TCF). We find that cross-state
 variation in spending on tobacco control is significantly driven by a
 tobacco special interest effect. 
Journal: Applied Economics Letters 
Pages: 1793-1797 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.657348 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.657348 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Laura H. Atuesta 
Author-X-Name-First: Laura H. 
Author-X-Name-Last: Atuesta 
Author-Name: Dusan Paredes Araya 
Author-X-Name-First: Dusan 
Author-X-Name-Last: Paredes Araya 
Title: A spatial cost of living index for Colombia using a microeconomic approach and censored data 
Abstract:
  This article describes a methodology to calculate a Spatial Cost of
 Living (SCOL) index using the Colombian data for 2006 that considers the
 microeconomic behaviour of households. Estimating an Almost Ideal Demand
 System (AIDS) to recover the expenditure function of the 23 main Colombian
 cities, the index is compared to the fixed basket approach and to an
 alternative methodology proposed by Romero (2005). This comparison
 suggests that the index is biased when the substitution effects are not
 considered, and this bias increases when the difference in expenditure
 levels between cities increases. According to our calculations, Bogota is
 still the most expensive city in the country. 
Journal: Applied Economics Letters 
Pages: 1799-1805 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.657347 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.657347 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Pradeepa Malkanthi Korale-Gedara 
Author-X-Name-First: Pradeepa Malkanthi 
Author-X-Name-Last: Korale-Gedara 
Author-Name: Shyama Ratnasiri 
Author-X-Name-First: Shyama 
Author-X-Name-Last: Ratnasiri 
Author-Name: Jayatilleke Bandara 
Author-X-Name-First: Jayatilleke 
Author-X-Name-Last: Bandara 
Title: Soaring food prices and food security: Does the income effect matter? 
Abstract:
  While the existing literature on rising food prices in recent years has
 mainly focused on the causes and calculating the number of people falling
 below the poverty line in developing countries, less attention has been
 paid to rising food prices and food security in terms of calorie intake.
 The main objective of this study is to fill this gap using a case study of
 a developing country, Sri Lanka. In this study, we estimate the change in
 individual calorie intake associated with food inflation using the
 Stone--Geary utility function. The impact at national level is assessed
 using a calorie intake distribution curve. The results demonstrate that
 the percentage of undernourished population in Sri Lanka is expected to
 rise rapidly with food inflation on the basis that there is no income
 increase during the period under consideration. However, the rise in
 undernourished population is remarkably low when the income effect is
 taken into consideration. 
Journal: Applied Economics Letters 
Pages: 1807-1811 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.667538 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.667538 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hans Marius Eikseth 
Author-X-Name-First: Hans Marius 
Author-X-Name-Last: Eikseth 
Author-Name: Snorre Lindset 
Author-X-Name-First: Snorre 
Author-X-Name-Last: Lindset 
Title: Are taxes sufficient for CAPM rejection? 
Abstract:
  From simulated data, we infer that heterogeneous asset taxes may
 contribute towards rejection of the Capital Asset Pricing Model (CAPM). 
Journal: Applied Economics Letters 
Pages: 1813-1816 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.657345 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.657345 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruce Morley 
Author-X-Name-First: Bruce 
Author-X-Name-Last: Morley 
Title: Empirical evidence on the effectiveness of environmental taxes 
Abstract:
  The aim of this study is to determine whether environmental taxes affect
 levels of pollution and energy consumption. Using a panel of European
 Union (EU) members and Norway, there is a significant negative
 relationship between environmental taxes and pollution, but no
 relationship between environmental taxes and energy consumption. 
Journal: Applied Economics Letters 
Pages: 1817-1820 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2011.650324 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.650324 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Ant&#xF3;nio Afonso 
Author-X-Name-First: Ant&#xF3;nio 
Author-X-Name-Last: Afonso 
Author-Name: Jo&#xE3;o Tovar Jalles 
Author-X-Name-First: Jo&#xE3;o Tovar 
Author-X-Name-Last: Jalles 
Title: Fiscal volatility, financial crises and growth 
Abstract:
  We use a panel of developed and emerging countries for the period 1970 to
 2008 to assess how fiscal policy volatility and financial crises affect
 growth. We find that economic growth is lower in the presence of more
 volatile fiscal policy. Moreover, with a financial crisis government
 spending is stickier than revenue. 
Journal: Applied Economics Letters 
Pages: 1821-1826 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.667531 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.667531 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Massimiliano Marzo 
Author-X-Name-First: Massimiliano 
Author-X-Name-Last: Marzo 
Author-Name: Paolo Zagaglia 
Author-X-Name-First: Paolo 
Author-X-Name-Last: Zagaglia 
Title: Trading directions and the pricing of Euro interbank deposits in the long run 
Abstract:
  We investigate the relation between aggregate trading imbalances and
 interest rates in the Euro money market. We use data for OTC contracts as
 well as information from the major electronic trading platform in Europe
 to study the presence of cointegration between trading pressures and money
 market rates. We report strong evidence of a long-term linear relation
 between trading imbalances and liquidity prices for Euro interbank
 deposits. 
Journal: Applied Economics Letters 
Pages: 1827-1839 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.663467 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.663467 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shakil Quayes 
Author-X-Name-First: Shakil 
Author-X-Name-Last: Quayes 
Author-Name: Abu Jamal 
Author-X-Name-First: Abu 
Author-X-Name-Last: Jamal 
Author-Name: Tanweer Hasan 
Author-X-Name-First: Tanweer 
Author-X-Name-Last: Hasan 
Title: The impact of foreign participation on stock prices in the United States 
Abstract:
  Using a standard demand--supply model, this study investigates the
 relationship between foreign participation in the equity market and stock
 prices, incorporating the effects of inflation and the demographic
 structure. The results show that while foreign participation in the equity
 market and the proportion of population in their prime earning age have a
 positive impact, inflation has a negative impact on stock prices. 
Journal: Applied Economics Letters 
Pages: 1841-1845 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.667534 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.667534 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Berck 
Author-X-Name-First: Peter 
Author-X-Name-Last: Berck 
Author-Name: Jonathan Lipow 
Author-X-Name-First: Jonathan 
Author-X-Name-Last: Lipow 
Title: Trade, tariffs and terrorism 
Abstract:
  Insurgencies and terrorist activities are often dependent on foreign
 sources of funding. When this is the case, trade barriers such as import
 tariffs can prove to be an effective means of combating violence and
 enhancing social welfare. In this article, we identify the optimal tariff
 for a country facing an externally financed insurgency. 
Journal: Applied Economics Letters 
Pages: 1847-1849 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.667543 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.667543 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Jani Bek&#x151; 
Author-X-Name-First: Jani 
Author-X-Name-Last: Bek&#x151; 
Author-Name: Alenka Kavkler 
Author-X-Name-First: Alenka 
Author-X-Name-Last: Kavkler 
Author-Name: Darja Bor&#x161;i&#x10D; 
Author-X-Name-First: Darja 
Author-X-Name-Last: Bor&#x161;i&#x10D; 
Title: PPP and nonlinearity of real exchange rates: new evidence from transition economies 
Abstract:
  In this article, we investigate the Purchasing Power Parity (PPP) concept
 by utilizing a database of monthly real exchange rates from 12 Central and
 Eastern European economies with respect to different numeraire currencies.
 Owing to the elaborated limitations of linear specifications by verifying
 this exchange rate theory, we apply a nonlinear unit root test based on
 the Exponential Smooth Transition Autoregressive (ESTAR) model proposed by
 Kapetanios <italic>et al</italic>. (KSS; 2003). Our analysis shows that
 after taking into account the nonlinear reversion of real exchange rates
 of European transition economies with respect to the euro, the validity of
 PPP is confirmed for the majority of countries in the sample. 
Journal: Applied Economics Letters 
Pages: 1851-1855 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.667544 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.667544 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1851-1855




Template-Type: ReDIF-Article 1.0
Author-Name: Rodrigo Lovaton Davila 
Author-X-Name-First: Rodrigo 
Author-X-Name-Last: Lovaton Davila 
Author-Name: Inhyuck &#x201C;Steve&#x201D; Ha 
Author-X-Name-First: Inhyuck &#x201C;Steve&#x201D; 
Author-X-Name-Last: Ha 
Author-Name: Samuel L. Myers 
Author-X-Name-First: Samuel L. 
Author-X-Name-Last: Myers 
Title: Affirmative action retrenchment in public procurement and contracting 
Abstract:
  This article provides estimates of the impacts of a race-neutral
 programme called an Emerging Small Business Enterprise (ESBE) Programme in
 New Jersey in 2003--2004 on women- and minority-owned contractors. We show
 that although women- and minority-owned firms conceptually benefit from
 ESBE set-asides, they do not benefit as much as non-Disadvantaged Business
 Enterprises (DBEs), resulting in a reduced share of total contract dollars
 awarded to DBEs. 
Journal: Applied Economics Letters 
Pages: 1857-1860 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.654906 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.654906 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1857-1860




Template-Type: ReDIF-Article 1.0
Author-Name: Magnus Carlsson 
Author-X-Name-First: Magnus 
Author-X-Name-Last: Carlsson 
Author-Name: Dan-Olof Rooth 
Author-X-Name-First: Dan-Olof 
Author-X-Name-Last: Rooth 
Title: Revealing taste-based discrimination in hiring: a correspondence testing experiment with geographic variation 
Abstract:
  The standard Correspondence Testing Experiment (CTE) does not identify
 whether employer prejudice, as opposed to statistical discrimination,
 drives discriminatory behaviour when hiring. This article proposes a new
 methodology using geographic variation to explore the link between
 employer attitudes towards ethnic minorities and the ethnic difference in
 callbacks for a job interview. Using already existing Swedish data we find
 that a randomly selected employer is more likely to discriminate against a
 minority job applicant in regions where the average employer has more
 negative attitudes. 
Journal: Applied Economics Letters 
Pages: 1861-1864 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.667537 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.667537 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1861-1864




Template-Type: ReDIF-Article 1.0
Author-Name: E. Tebaldi 
Author-X-Name-First: E. 
Author-X-Name-Last: Tebaldi 
Author-Name: L. Kelly 
Author-X-Name-First: L. 
Author-X-Name-Last: Kelly 
Title: Measuring economic conditions: an extension of the Stock/Watson methodology 
Abstract:
  This study develops an economic indicator tailored to measure economic
 conditions at the state level by recognizing that a state's economy is an
 integrated part of the region and responds to both regional and national
 economic outlooks. This article applies our methodology to the state of
 Rhode Island. In the case of Rhode Island, the addition of a regional
 economic indicator appears to make a significant improvement over the
 Federal Reserve Bank (FED) of Philadelphia coincident index. Therefore,
 this preliminary study indicates that it is worthwhile to expand this
 project to include all 50 states. 
Journal: Applied Economics Letters 
Pages: 1865-1869 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.669453 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.669453 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Abdoul G. Sam 
Author-X-Name-First: Abdoul G. 
Author-X-Name-Last: Sam 
Author-Name: Stanley R. Thompson 
Author-X-Name-First: Stanley R. 
Author-X-Name-Last: Thompson 
Title: Country of origin advertising and US demand of imported wine: an empirical analysis 
Abstract:
  We investigate the impact of media advertising on the US consumption of
 imported wine. Panel data from six countries over 15 years (1994--2008)
 are used to estimate an aggregate demand function for US wine imports. Our
 empirical analysis reveals evidence of important effects of advertising of
 domestic and imported wines on imported quantities; the advertising of
 imported wines significantly increases the quantity of imports for most
 countries while the advertising of domestic wines has a mixed effect on
 imported wine volumes. Other determinants such as price and real income
 are also found significant. 
Journal: Applied Economics Letters 
Pages: 1871-1877 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.669457 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.669457 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1871-1877




Template-Type: ReDIF-Article 1.0
Author-Name: Shishu Zhang 
Author-X-Name-First: Shishu 
Author-X-Name-Last: Zhang 
Author-Name: Gregory J. Soukup 
Author-X-Name-First: Gregory J. 
Author-X-Name-Last: Soukup 
Title: Analysis of the Medical Expenditure Panel Survey and the impact of family structure on children's well-being in the United States 
Abstract:
  Different family structures can significantly impact the well-being of
 children. From 1980 to 2008, reported births to unwed mothers in the
 United States rose from 18.4% to 40.6% and children in single-parent
 households in the United States increased from 19.5% to 29.5%. The Medical
 Expenditure Panel Survey (MEPS) (2001--2005) collected data on
 13&#x200A;582 American children 5--19 years old. A multiple-regression
 analysis tested for differences regarding family structure and income and
 the MEPS results on physical health, mental health, Body Mass Index (BMI)
 and class attendance. Level of significance for the study was
 <italic>p</italic> > 0.05. Children from single-mother households had
 significantly higher absentee rates than children from single-father
 households. Children from single-father families had significantly better
 rates of well-being when compared to single-mother families in general by
 income level. Children from higher income households had significantly
 better rates of mental and physical health and lower BMI and absentee
 rates. 
Journal: Applied Economics Letters 
Pages: 1879-1883 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.669458 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.669458 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1879-1883




Template-Type: ReDIF-Article 1.0
Author-Name: Sandro Garcia Duarte Peixoto 
Author-X-Name-First: Sandro Garcia Duarte 
Author-X-Name-Last: Peixoto 
Author-Name: Fabiana Fontes Rocha 
Author-X-Name-First: Fabiana Fontes 
Author-X-Name-Last: Rocha 
Author-Name: Marislei Nishijima 
Author-X-Name-First: Marislei 
Author-X-Name-Last: Nishijima 
Author-Name: Fernando Antonio Slaibe Postali 
Author-X-Name-First: Fernando Antonio Slaibe 
Author-X-Name-Last: Postali 
Title: Decentralization and corruption: evidence from primary health-care programmes 
Abstract:
  The aim of this article is to evaluate whether there is an association
 between decentralization and corruption. In order to do so we analyse
 Brazilian health-care programmes that are run locally. To construct
 objective measures of corruption, we use the information from the reports
 of the auditing programme of the local governments of Brazil. Results
 point that there is no relationship between decentralization and
 corruption, whatever the measure of decentralization used. 
Journal: Applied Economics Letters 
Pages: 1885-1888 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.671918 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.671918 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1885-1888




Template-Type: ReDIF-Article 1.0
Author-Name: Daehwan Kim 
Author-X-Name-First: Daehwan 
Author-X-Name-Last: Kim 
Author-Name: Taeyoon Sung 
Author-X-Name-First: Taeyoon 
Author-X-Name-Last: Sung 
Title: Efficiency of internal capital market under a controlling-minority-shareholder structure 
Abstract:
  We examine the efficiency of the internal capital market under three
 alternative ownership structures -- the dispersed ownership, the
 concentrated ownership and the Controlling-Minority-Shareholder (CMS)
 structure. Although the highest efficiency is achieved under the
 concentrated ownership, our analysis shows that the efficiency is higher
 under the CMS structure than under the dispersed ownership. The efficiency
 gain is greater if the agency problem between shareholders and the
 Headquarter (HQ) manager is greater. The conclusion of the analysis is in
 line with the observed patterns of firm organization in developing
 economies. 
Journal: Applied Economics Letters 
Pages: 1889-1892 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.671919 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.671919 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1889-1892




Template-Type: ReDIF-Article 1.0
Author-Name: Jan Saarela 
Author-X-Name-First: Jan 
Author-X-Name-Last: Saarela 
Author-Name: Dan-Olof Rooth 
Author-X-Name-First: Dan-Olof 
Author-X-Name-Last: Rooth 
Title: Uncertainty and international return migration: some evidence from linked register data 
Abstract:
  This article provides the first empirical evidence about the role of
 uncertainty in international return migration decisions using high-quality
 and detailed micro-data that cover migrants who were observed in both the
 source country before emigration and in the host country subsequent to
 immigration. We find that uncertainty in the initial migration decision
 might be an important driving mechanism behind the decision to return
 migrate, because migrants with a worse-than-expected outcome in the host
 country upon arrival and shortly thereafter have a notably higher
 probability of return migration than other migrants. 
Journal: Applied Economics Letters 
Pages: 1893-1897 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.674196 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.674196 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1893-1897




Template-Type: ReDIF-Article 1.0
Author-Name: Timothy Perri 
Author-X-Name-First: Timothy 
Author-X-Name-Last: Perri 
Title: Between the penthouse and the outhouse: the sorting of economics professors 
Abstract:
  Oyer (2007, 2008) considered the turnover of economics professors early
 in their careers. He found professors are more likely to move down from
 higher ranked schools than up from lower ranked schools. An asymmetric
 information model suggests this phenomenon is explained by imperfect
 screening at one's initial hiring. The smaller the fraction of more able
 individuals, and the more accurate the screening, the greater the chance
 downward movement exceeds upward movement. 
Journal: Applied Economics Letters 
Pages: 1899-1902 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.674199 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.674199 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1899-1902




Template-Type: ReDIF-Article 1.0
Author-Name: Ching-Cheng Chang 
Author-X-Name-First: Ching-Cheng 
Author-X-Name-Last: Chang 
Author-Name: Michael Mendy 
Author-X-Name-First: Michael 
Author-X-Name-Last: Mendy 
Title: Economic growth and openness in Africa: What is the empirical relationship? 
Abstract:
  This study examines the effects of trade policies on economic growth in
 Africa. The econometric methodology follows the cross-country studies by
 Barro (1991) and Kandiero and Chitiga (2003) with empirical application to
 a panel of 36 African countries observed over the period 1980 to 2009.
 Panel regressions are carried out using the fixed-effects models. The aim
 is to provide an empirical evidence for the driving force of Africa's
 economic growth. The results illustrate that openness in trade and
 investment is positively related to economic growth significantly.
 However, foreign aid, gross national savings and investment have negative
 relationships to both Gross Domestic Product (GDP) growth and GDP. Using
 South Africa as benchmark, the regional performance indicates that North
 Africa is the best one in generating positive GDP growth from Foreign
 Direct Investment (FDI), followed by Middle Africa whilst East Africa and
 West Africa compete for the third and fourth positions. 
Journal: Applied Economics Letters 
Pages: 1903-1907 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.676728 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.676728 
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Template-Type: ReDIF-Article 1.0
Author-Name: Liliane Bonnal 
Author-X-Name-First: Liliane 
Author-X-Name-Last: Bonnal 
Author-Name: Rachid Boumahdi 
Author-X-Name-First: Rachid 
Author-X-Name-Last: Boumahdi 
Author-Name: Pascal Favard 
Author-X-Name-First: Pascal 
Author-X-Name-Last: Favard 
Title: Nonexpected discrimination: the case of social housing in France 
Abstract:
  This research is a study of the differences in duration of waiting time
 between European and non-European households to obtain social housing,
 drawing on the housing survey carried out by the French National Institute
 of Statistics and Economic Studies (INSEE, Paris, 2006). The idea here is
 to bring to light eventual discrimination against non-European households.
 We show that these households, all else held constant, spend more time on
 the waiting lists. Appropriate decomposition techniques enable us to
 demonstrate that a nonnegligible portion of this gap could well be due to
 discrimination. 
Journal: Applied Economics Letters 
Pages: 1909-1916 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.676727 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.676727 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1909-1916




Template-Type: ReDIF-Article 1.0
Author-Name: Kam C. Chan 
Author-X-Name-First: Kam C. 
Author-X-Name-Last: Chan 
Author-Name: Chih-Hsiang Chang 
Author-X-Name-First: Chih-Hsiang 
Author-X-Name-Last: Chang 
Author-Name: Yining Chen 
Author-X-Name-First: Yining 
Author-X-Name-Last: Chen 
Title: A retrospective analysis of financial research by worldwide central banks and international monetary organizations 
Abstract:
  We examine the publications by Central Banks (CB) and International
 Monetary Organizations (IMO) in renowned finance journals over the past
 two decades. Unsurprisingly, the most productive CB in financial research
 are the Federal Reserve Board, the Federal Reserve Bank of New York, the
 World Bank and the International Monetary Fund (IMF). Although the
 worldwide CB have, more or less, increased productivity over the years,
 more than a few CB in Europe have made noticeable progress and revealed
 sizeable upsurge in financial research productivity. Also noteworthy is
 that the most productive central bank researchers are affiliated with a
 few highly productive institutions whereas the majority of them have prior
 or concurrent academic experience. 
Journal: Applied Economics Letters 
Pages: 1917-1922 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.676729 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.676729 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1917-1922




Template-Type: ReDIF-Article 1.0
Author-Name: Brahim Boudarbat 
Author-X-Name-First: Brahim 
Author-X-Name-Last: Boudarbat 
Author-Name: Victor Chernoff 
Author-X-Name-First: Victor 
Author-X-Name-Last: Chernoff 
Title: Education--job match among recent Canadian university graduates 
Abstract:
  This study uses data from the 2005 Follow-up of Canadian Graduates --
 Class of 2000 -- to look at the determinants of education--job match among
 university graduates. The question of education--job match is relevant
 given the substantial investment society puts into its postsecondary
 institutions and the role devoted to human capital in economic
 development. We find that 35.1% of graduates are in a job that is not
 closely related to their education 5 years after graduation. The
 education--job match strongly depends upon education characteristics, with
 fields that focus on providing specific skills for the job market (such as
 &#x2018;Health sciences&#x2019; and &#x2018;Education&#x2019;) being
 associated with the highest likelihood of obtaining an education--job
 match. In addition, the level of education, good grades and time devoted
 to studying strongly affect the match. Employment characteristics also
 affect the match, but to a mixed extent. One of our main findings is that
 predetermined characteristics (age, gender and family background) do not
 significantly affect the match. However, immigrants are significantly
 disadvantaged even if they hold Canadian degrees. 
Journal: Applied Economics Letters 
Pages: 1923-1926 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.676730 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.676730 
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1923-1926




Template-Type: ReDIF-Article 1.0
Author-Name: Randy McFerrin 
Author-X-Name-First: Randy 
Author-X-Name-Last: McFerrin 
Author-Name: Stephen Norman 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Norman 
Author-Name: Douglas Wills 
Author-X-Name-First: Douglas 
Author-X-Name-Last: Wills 
Title: Determinants of homestead claims and the expansion of Western settlement 
Abstract:
  This article examines the impact economic variables had on the rate of
 settlement, measured by original homestead claims, in the Western United
 States. Our results from the estimated panel regressions indicate that the
 underlying rationale for the Homestead Act, namely that economic factors
 were important for settlement, was justified. The two most important
 economic variables, output prices, measured by real wheat prices, and the
 cost of capital, measured by real interest rates, were statistically
 significant in explaining the change in the original homestead claims.
 Furthermore, contrary to previous studies, railroad mileage was not found
 to be significant. This study also reveals that the location of a
 homestead relative to the 100th meridian, the traditional boundary of
 humid and sub-humid areas, had little effect on the response of
 homesteaders to economic variables. 
Journal: Applied Economics Letters 
Pages: 1927-1932 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.671920 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.671920 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Mercedes Alda 
Author-X-Name-First: Mercedes 
Author-X-Name-Last: Alda 
Author-Name: Luis Ferruz 
Author-X-Name-First: Luis 
Author-X-Name-Last: Ferruz 
Title: Linear and nonlinear financial time series: evidence in a sample of pension funds in Spain and the United Kingdom 
Abstract:
  In this article, we examine whether traditional linear models are
 suitable to assess financial samples, because financial data usually
 present nonnormality or nonlinear patterns, therefore linear models do not
 always adequately capture them. For this reason, as returns series usually
 follow autoregressive patterns, nonlinear models such as Self-Exciting
 Threshold Autoregressive (SETAR), Logistic STAR (LSTAR), Additive
 Autoregressive (AAR) or Neural Network (NNET) could provide a good fit. We
 study whether two samples of pension funds' returns in Spain and the
 United Kingdom present these features, and we find that the most
 appropriate model for the Spanish sample is an autoregressive model, but
 in the United Kingdom sample, we fit a neural network. 
Journal: Applied Economics Letters 
Pages: 1933-1937 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.669454 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.669454 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1933-1937




Template-Type: ReDIF-Article 1.0
Author-Name: Marianne Johnson 
Author-X-Name-First: Marianne 
Author-X-Name-Last: Johnson 
Author-Name: Denise Robson 
Author-X-Name-First: Denise 
Author-X-Name-Last: Robson 
Author-Name: Sarinda Taengnoi 
Author-X-Name-First: Sarinda 
Author-X-Name-Last: Taengnoi 
Title: Study design's influence on empirical findings in economic education 
Abstract:
  We use Meta-Regression Analysis (MRA) to investigate how study design
 influences the finding of a gender gap in the economics education
 literature. We survey 65 studies published in the <italic>American
 Economics Review Papers and Proceedings</italic> and the <italic>Journal
 of Economic Education</italic> over the past 30 years, containing 279
 distinct regressions. We find that studies with more explanatory
 variables, include statistics courses taught by economists, or sample
 preadolescent children are associated with a reduced likelihood of
 observing a gender gap; in contrast, studies that employ a stock model
 methodology or use course grade as the dependent variable are
 significantly more likely to find evidence of a gender gap. Estimation
 strategy seems to have little impact. We conclude that much of the
 conventional view of a gender gap in economics performance can be
 attributed to study design. 
Journal: Applied Economics Letters 
Pages: 1939-1942 
Issue: 18 
Volume: 19 
Year: 2012 
Month: 12 
X-DOI: 10.1080/13504851.2012.674197 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.674197 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:19:y:2012:i:18:p:1939-1942




Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Cook 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Cook 
Author-Name: Susmita Chatterjee 
Author-X-Name-First: Susmita 
Author-X-Name-Last: Chatterjee 
Author-Name: Dipika Sur 
Author-X-Name-First: Dipika 
Author-X-Name-Last: Sur 
Author-Name: Dale Whittington 
Author-X-Name-First: Dale 
Author-X-Name-Last: Whittington 
Title: Measuring risk aversion among the urban poor in Kolkata, India 
Abstract:
  We examine risk preferences in an urban setting in a low-income
 developing country with nonstudent subjects by adapting the experimental
 approach of Holt and Laury (HL; 2002). We conducted 22 group experiments
 with 404 participants and used in-kind payoffs. The average respondent was
 &#x2018;risk-averse&#x2019; (the midpoint of Constant Relative Risk
 Aversion (CRRA) intervals among participants was 0.53, roughly in line
 with most similar studies in poor countries). Like most other studies, we
 find weak correlations between risk aversion and most socio-economic
 characteristics. Importantly, a sizeable minority had difficulty
 understanding the experiment, and participants were influenced by the
 context in which the experiments occurred (these problems are not unique
 to our study). Our article adds to a growing literature that suggests that
 risk aversion elicitation approaches are sensitive to context and
 cognitive abilities of participants. 
Journal: Applied Economics Letters 
Pages: 1-9 
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2011.644235 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.644235 
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Template-Type: ReDIF-Article 1.0
Author-Name: Koki Arai
Author-X-Name-First: Koki
Author-X-Name-Last: Arai
Title: Note on the need for rules on misleading representation based on experimental evidence
Abstract:
This article examines the rules for misleading representation with an experimental approach using Internet questionnaire data from a recent research article. The findings indicate that consumers who have been closely associated with the goods or who fully intend to purchase the goods are highly likely to understand any (alleged) deceptive advertising. Therefore, advertising regulations should protect marginal consumers from deceptive advertising rather than the actual or potential purchasers. The findings therefore corroborate the inducing requirement of the rules for misleading representation presently applied in Japan and other countries.
Journal: Applied Economics Letters 
Pages: 10-17
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.665591
File-URL: http://hdl.handle.net/10.1080/13504851.2012.665591 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: Corrado Andini
Author-X-Name-First: Corrado
Author-X-Name-Last: Andini 
Author-Name: Ricardo Cabral
Author-X-Name-First: Ricardo
Author-X-Name-Last: Cabral
Title: How do mobile-voice operators compete? IVQR estimates
Abstract:
This article proposes a novel procedure to test whether firms compete &#xE0; la Cournot or perfectly collude when firms' conduct is allowed to be heterogeneous along the conditional distribution of price&#x2013;cost margins. We apply the procedure to a panel of quarterly data for 177 mobile-voice operators in 45 countries from 1999:1 to 2004:2. Particularly, we find that the hypothesis of perfect collusion can be rejected even for very high-margin operators while the hypothesis that very low-margin operators compete &#xE0; la Cournot cannot be rejected.
Journal: Applied Economics Letters 
Pages: 18-22
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.669455
File-URL: http://hdl.handle.net/10.1080/13504851.2012.669455 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:1:p:18-22




Template-Type: ReDIF-Article 1.0
Author-Name: X. Li
Author-X-Name-First: X. 
Author-X-Name-Last: Li
Author-Name: A. H. Anis
Author-X-Name-First: A.
Author-X-Name-Last: Anis
Title: Cost sharing of prescription drugs and demand for health-care utilization among seniors with rheumatoid arthritis
Abstract:
We employed a pre-post study design with a control group - a Difference-In-Difference (DID) estimator - to evaluate the effect of prescription drug policy reform on the number of prescriptions filled, the number of physician visits, the likelihood of hospitalizations and the number of hospitalizations among seniors with Rheumatoid Arthritis (RA) in British Columbia (BC), Canada. Our study demonstrates that when patients have to pay part of all of their drug costs, they often have more doctor visits and hospitalization events. Our results show that in a predominantly publicly funded health-care system, piecewise introduction of market-driven cost containment concepts such as patient cost sharing might have the unintended impact of increasing overall health utilization.
Journal: Applied Economics Letters 
Pages: 23-27
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.669456 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.669456
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:1:p:23-27




Template-Type: ReDIF-Article 1.0
Author-Name: Laurent Carnis 
Author-X-Name-First: Laurent
Author-X-Name-Last: Carnis
Author-Name: Nicolas Vaillant
Author-X-Name-First: Nicolas
Author-X-Name-Last: Vaillant
Author-Name: Beno&#xEE;t Dervaux
Author-X-Name-First: Beno&#xEE;t
Author-X-Name-Last: Dervaux
Title: Is injury compensation inequitable? Evidence from road accidents victims in France
Abstract:
This article analyses the heterogeneous character of compensation amounts awarded by insurance companies and the courts. The information source &#x2013; the Association for Insurance Risk Information (AGIRA) database &#x2013; covers all surviving victims of injuries resulting from road accidents in France over the period 2002 to 2008. Three results emerge: first, compensation amounts awarded under different headings &#x2013; Partial Permanent Incapacity (PPI), solatium (emotional harm), disfigurement and loss of amenity &#x2013; are not determined independently of each other; second, victim characteristics, notably age and sex, play a major part; and third, inequalities of treatment across the country are strikingly low.
Journal: Applied Economics Letters 
Pages: 28-33
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.671917
File-URL: http://hdl.handle.net/10.1080/13504851.2012.671917
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:1:p:28-33




Template-Type: ReDIF-Article 1.0
Author-Name: Ant&#xF3;nio Afonso 
Author-X-Name-First: Ant&#xF3;nio
Author-X-Name-Last: Afonso 
Author-Name: Jo&#xE3;o Tovar Jalles 
Author-X-Name-First: Jo&#xE3;o Tovar
Author-X-Name-Last: Jalles
Title: Do fiscal rules matter for growth?
Abstract:
We study the relevance of fiscal rules for growth in an European Union (EU) panel. Our results show that they foster growth, while stricter fiscal rules mitigate the adverse impact on growth from big governments. Moreover, more recent EU member states have gained from the implementation of fiscal rules. 
Journal: Applied Economics Letters 
Pages: 34-40 
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.674198 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.674198
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:1:p:34-40




Template-Type: ReDIF-Article 1.0
Author-Name: Gabriela Mundaca
Author-X-Name-First: Gabriela
Author-X-Name-Last: Mundaca
Title: Oil prices and exchange rate volatility in Arab countries
Abstract:
I test the bipolar view hypothesis on the exchange rates of countries of the Arab Monetary Fund (AMF) which are countries with relative free capital mobility. I find that oil price shocks seem to be the source of less flexible exchange rates.
Journal: Applied Economics Letters 
Pages: 41-47
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.674200
File-URL: http://hdl.handle.net/10.1080/13504851.2012.674200
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Template-Type: ReDIF-Article 1.0
Author-Name: Philipp Mohl
Author-X-Name-First: Philipp
Author-X-Name-Last: Mohl
Author-Name: David Sondermann 
Author-X-Name-First: David
Author-X-Name-Last: Sondermann
Title: Has political communication during the crisis impacted sovereign bond spreads in the euro area?
Abstract:
Using thousands of news agencies reports from May 2010 to June 2011, we find that statements about restructuring, bailout and the involvement of the European Financial Stability Facility (EFSF) have impacted bond spreads of countries in the periphery vis-&#xE0;-vis Germany. Our findings also indicate that the more different euro area governments issued statements at the same time, the more bond spreads have increased. Finally, statements from politicians from AAA-rated countries seemed to have a particularly strong impact on spreads.
Journal: Applied Economics Letters 
Pages: 48-61
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.674201
File-URL: http://hdl.handle.net/10.1080/13504851.2012.674201
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Template-Type: ReDIF-Article 1.0
Author-Name: Dongxiang Zhang
Author-X-Name-First: Dongxiang 
Author-X-Name-Last: Zhang 
Author-Name: Tsangyao Chang
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang
Author-Name: Chia-Hao Lee
Author-X-Name-First: Chia-Hao
Author-X-Name-Last: Lee
Author-Name: Ken Hung
Author-X-Name-First: Ken
Author-X-Name-Last: Hung
Title: Revisiting purchasing power parity for East Asian countries: sequential panel selection method 
Abstract:
This study applies the Sequential Panel Selection Method (SPSM) procedure proposed by Chortareas and Kapetanios (2009) to test the validity of long-run Purchasing Power Parity (PPP) for a sample of East Asian countries over the period March 1985 to September 2011. SPSM classifies the whole panel into a group of stationary series and a group of nonstationary series. In doing so, we can clearly identify how many and which series in the panel are stationary processes. Empirical results from the SPSM using the Panel Kapetanios <italic>et al.</italic> (KSS) unit root test (Ucar and Omay, 2009) with a Fourier function indicate that PPP holds true for most of these East Asian countries studied, with the exception of Hong Kong. Our results have important policy implications for these East Asian countries under study.
Journal: Applied Economics Letters 
Pages: 62-66
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.681022 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.681022
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Template-Type: ReDIF-Article 1.0
Author-Name: Sara Ayll&#xF3;n
Author-X-Name-First: Sara
Author-X-Name-Last: Ayll&#xF3;n 
Title: Unemployment persistence: not only stigma but discouragement too 
Abstract:
This article shows how stigma effects and discouragement counterbalance as sources of state dependence in unemployment throughout the business cycle.
Journal: Applied Economics Letters 
Pages: 67-71 
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.681020
File-URL: http://hdl.handle.net/10.1080/13504851.2012.681020
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Template-Type: ReDIF-Article 1.0
Author-Name: Francisco Silva
Author-X-Name-First: Francisco
Author-X-Name-Last: Silva
Author-Name: Maria Batista
Author-X-Name-First: Maria
Author-X-Name-Last: Batista
Author-Name: Nelson Elias
Author-X-Name-First: Nelson
Author-X-Name-Last: Elias 
Title: Fuel price transmission mechanisms in Portugal 
Abstract:
This study aims to analyse the behaviour of fuel prices at the pump (unleaded gasoline and diesel) in Portugal, relative to positive and negative variations in Brent crude oil price. Applying an Autoregressive Distributed Lags (ARDL) model to weekly time series data for the period of January 2004 through May 2009, we detected some signs of asymmetry in the transmission price mechanism. However, these patterns are not statistically significant enough to reject hypotheses of symmetry in the price adjustment mechanisms of fuel in Portugal.
Journal: Applied Economics Letters 
Pages: 72-75
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.681019 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.681019 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jeffrey A. Livingston 
Author-X-Name-First: Jeffrey
Author-X-Name-Last: Livingston 
Author-Name: David L. Ortmeyer 
Author-X-Name-First: David
Author-X-Name-Last: Ortmeyer
Author-Name: Patrick A. Scholten
Author-X-Name-First: Patrick 
Author-X-Name-Last: Scholten 
Title: A hedonic approach to testing for indirect network effects in the LCD television market
Abstract:
Using data from CNet's Shopper's.com on prices and television characteristics, we use a quality-adjusted, hedonic price regression to test for the presence of indirect network effects in the television market. In 2009, broadcasters were mandated to cease programme transmission using analog signals, and convert to digital signal transmission, necessitating changes to the reception mechanisms themselves, televisions. Digital signal transmission permits broadcasters to offer greater programming variety, which makes televisions more valuable to consumers. Similarly, the presence of adapters on televisions enables compatibility with a multitude of complementary devices, also increasing consumers' values of televisions. Our results are consistent with the presence of indirect network effects arising from each of these sources. 
Journal: Applied Economics Letters 
Pages: 76-79
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.681018
File-URL: http://hdl.handle.net/10.1080/13504851.2012.681018 
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Template-Type: ReDIF-Article 1.0
Author-Name: Craig A. Gallet 
Author-X-Name-First: Craig
Author-X-Name-Last: Gallet 
Title: Tobacco control and obesity: evidence from a cross section of countries 
Abstract:
Although several studies of highly developed countries find tobacco control efforts impact obesity rates, whether such results extend to less developed countries is unclear. Accordingly, this study re-examines this issue by using data from countries that lie across the development spectrum. Similar to the existing literature, evidence suggests higher cigarette prices increase the per cent of the population that is overweight or obese. Yet, other tobacco control efforts have less influence. A number of other factors, including health-care expenditure, urban concentration and undernourishment, are also found to influence population weight.
Journal: Applied Economics Letters 
Pages: 80-83
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.683165
File-URL: http://hdl.handle.net/10.1080/13504851.2012.683165
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Template-Type: ReDIF-Article 1.0
Author-Name: Russell S. Sobel 
Author-X-Name-First: Russell S. 
Author-X-Name-Last: Sobel 
Author-Name: Nabamita Dutta 
Author-X-Name-First: Nabamita 
Author-X-Name-Last: Dutta 
Author-Name: Sanjukta Roy 
Author-X-Name-First: Sanjukta 
Author-X-Name-Last: Roy 
Title: Does fiscal decentralization result in a better business climate? 
Abstract:
  Previous literature generally finds that greater fiscal decentralization
 is associated with faster economic growth, improved government performance
 and stronger constraints on the Leviathan behaviour of governments.
 Because economic growth critically depends on the presence of good
 government policies and institutions, the likely but untested link between
 these strands of literature is that greater decentralization probably
 improves growth <italic>because</italic> it results in government policies
 more conducive to entrepreneurship and business success. We test (and
 confirm) this hypothesis using several business climate measures for the
 US states. 
Journal: Applied Economics Letters 
Pages: 84-91 
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.657344 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.657344 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:1:p:84-91




Template-Type: ReDIF-Article 1.0
Author-Name: John Whalley
Author-X-Name-First: John 
Author-X-Name-Last: Whalley
Author-Name: Kai Zhao
Author-X-Name-First: Kai
Author-X-Name-Last: Zhao 
Title: Home production and the welfare cost of labour supply tax distortions
Abstract:
The traditional model of household labour supply incorporates leisure into preferences rather than focusing on how relative costs of production at home and via market activity determine market labour supply. In part, this reflects the lack of simple closed form solutions for the home production model. This article uses numerical techniques to compare the welfare costs of tax distortions of labour supply in models with and without home production. When observationally equivalent models of each type are calibrated to the same aggregate labour supply elasticity, the home production model of labour supply produces a much smaller welfare cost of tax distortions of labour supply than the standard model. Our results thus suggest that home production is important for understanding the welfare effects of labour tax policies.
Journal: Applied Economics Letters 
Pages: 92-95 
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.667545
File-URL: http://hdl.handle.net/10.1080/13504851.2012.667545
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Template-Type: ReDIF-Article 1.0
Author-Name: Liliane Bonnal
Author-X-Name-First: Liliane 
Author-X-Name-Last: Bonnal
Author-Name: Rachid Boumahdi
Author-X-Name-First: Rachid
Author-X-Name-Last: Boumahdi
Author-Name: Pascal Favard 
Author-X-Name-First: Pascal
Author-X-Name-Last: Favard
Title: The easiest way to estimate the Oaxaca-Blinder decomposition
Abstract:
This article studies the relation between the Oaxaca-Blinder decomposition and the estimated coefficient of a dummy variable for a linear regression. We calculate the unexplained part of the decomposition from the estimated coefficient of the dummy variable. More precisely, if the exogenous variables are uncorrelated to the dummy variable, the estimated coefficient and its variance give directly the value and the variance of the unexplained part of the decomposition. If the independent variables are correlated a simple relation is obtained. Moreover, we show that the significance of the unexplained part can be deduced from the significance of the estimated coefficient of the dummy variable.
Journal: Applied Economics Letters 
Pages: 96-101
Issue: 1 
Volume: 20 
Year: 2013 
Month: 1 
X-DOI: 10.1080/13504851.2012.681021 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.681021 
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Template-Type: ReDIF-Article 1.0
Author-Name: Dragan Miljkovic 
Author-X-Name-First: Dragan 
Author-X-Name-Last: Miljkovic 
Author-Name: Silvia H. Miranda 
Author-X-Name-First: Silvia H. 
Author-X-Name-Last: Miranda 
Author-Name: Saleem Shaik 
Author-X-Name-First: Saleem 
Author-X-Name-Last: Shaik 
Title: Trade openness and technical efficiency in Brazilian agriculture 
Abstract:
  This study is conducted (1) to examine the possible link between
 increased trade openness and technical efficiency in Brazilian agriculture
 and (2) to contribute to the scholarly debate in the literature by
 measuring the impact of trade openness on technical efficiency. The
 analysis is conducted by using the Stochastic Frontier Analysis (SFA)
 method. Our results indicate large and significant impact of capital, and
 lesser but significant impact of labour on sectorial output, while
 expanding farmland would not increase the output. The estimates of trade
 openness are not statistically significant, indicating that it does not
 impact technical efficiency. Trade liberalization as an underlying motive
 for increasing technical efficiency does not exist based on our results.
 The primary markets for Brazilian agricultural commodities are still the
 domestic markets, which are still relatively well protected from foreign
 competition. This implies that domestic producers are not forced to use
 existing inputs more efficiently given the relative lack of competition
 domestically and enlarged foreign markets expanding primarily in the
 booming and large Asian economies. 
Journal: Applied Economics Letters 
Pages: 103-106 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684870 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684870 
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Template-Type: ReDIF-Article 1.0
Author-Name: Simon Sosvilla-Rivero 
Author-X-Name-First: Simon 
Author-X-Name-Last: Sosvilla-Rivero 
Author-Name: Mar�a del Carmen Ramos-Herrera 
Author-X-Name-First: Mar�a del Carmen 
Author-X-Name-Last: Ramos-Herrera 
Title: On the forecast accuracy and consistency of exchange rate expectations: the Spanish PwC Survey 
Abstract:
  We examine the predictive ability and consistency properties of exchange
 rate expectations for the dollar/euro using a survey conducted in Spain by
 PricewaterhouseCoopers (PwC) among a panel of experts and entrepreneurs.
 Our results suggest that the PwC panel have some forecasting ability for
 time horizons from 3 to 9 months, although only for the 3-month ahead
 expectations we obtain marginal evidence of unbiasedness and efficiency in
 the forecasts. As for the consistency properties of the exchange rate
 expectation formation process, we find that survey participants form
 stabilizing expectations in the short run and destabilizing expectations
 in the long run. 
Journal: Applied Economics Letters 
Pages: 107-110 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684775 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684775 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:107-110




Template-Type: ReDIF-Article 1.0
Author-Name: D. Ventosa-Santaul&#xE0;ria 
Author-X-Name-First: D. 
Author-X-Name-Last: Ventosa-Santaul&#xE0;ria 
Author-Name: M. G&#xF3;mez-Zald�var 
Author-X-Name-First: M. 
Author-X-Name-Last: G&#xF3;mez-Zald�var 
Title: A comment on &#x2018;Testing the validity of quasi-PPP hypothesis: evidence from a recent panel unit-root test with structural breaks&#x2019; 
Abstract:
  In a recent study, Guloglu <italic>et al</italic>. (2011) took 18 Turkish
 real exchange rate series and used a panel unit-root test, which allows
 for structural breaks in the level and the trend of the real exchange
 rate. When the practitioner allows for structural breaks, the rejection of
 the null hypothesis of unit root in the real exchange rate does not imply
 that Purchasing Power Parity (PPP) holds. The authors claim that they
 found evidence of Quasi-PPP (Q-PPP). Yet, the latter does not include
 either linear trend or trend breaks. Their results cannot be considered
 evidence of either Trend-PPP (T-PPP) or Trend-Qualified PPP (TQ-PPP),
 since both exclude trend shifts. 
Journal: Applied Economics Letters 
Pages: 111-113 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684778 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684778 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:111-113




Template-Type: ReDIF-Article 1.0
Author-Name: Richard J. Cebula 
Author-X-Name-First: Richard J. 
Author-X-Name-Last: Cebula 
Title: Determinants of per commercial and industrial customer electricity consumption in the United States for the period 2001 to 2005 
Abstract:
  This empirical study focuses on identifying the key economic factors and
 other conditions that have influenced the per customer commercial and
 industrial consumption of electricity in the United States during recent
 years. Unlike most previous studies, this study uses a 5-year state-level
 panel data set for the period 2001 to 2005. The Panel Least Squares (PLS)
 estimation provided in this study implies that per commercial and
 industrial customer electricity consumption is an increasing function of
 the annual number of Cooling Degree Days (CDDs), per capita real
 disposable income (a <italic>de facto</italic> &#x2018;control&#x2019;
 variable) and the peak summer electricity-generating capacity.
 Furthermore, per commercial and industrial customer electricity
 consumption is a decreasing function of the average real unit price of
 electricity to commercial and industrial enterprises and the degree of
 each state's commitment to energy efficiency programmes, as reflected in
 an &#x2018;LEEP&#x2019; score, where the term &#x2018;LEEP&#x2019; stands
 for Level of Energy Efficiency Programmes. The latter result provides
 evidence that public policies to promote energy efficiency have yielded at
 least some benefits in terms of reducing commercial and industrial
 electricity consumption. 
Journal: Applied Economics Letters 
Pages: 114-118 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684776 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684776 
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Template-Type: ReDIF-Article 1.0
Author-Name: Kun Ho Kim 
Author-X-Name-First: Kun Ho 
Author-X-Name-Last: Kim 
Title: Inference of the environmental Kuznets curve 
Abstract:
  This article provides inference of the pollution and income relationship,
 typically known as the Environmental Kuznets Curve (EKC). We construct the
 Uniform Confidence Band (UCB) of the nonparametric component in the
 semiparametric EKC and test the hypothesis of an inverted U-shaped
 pattern. 
Journal: Applied Economics Letters 
Pages: 119-122 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.683163 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.683163 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:119-122




Template-Type: ReDIF-Article 1.0
Author-Name: I. Koske 
Author-X-Name-First: I. 
Author-X-Name-Last: Koske 
Author-Name: I. Wanner 
Author-X-Name-First: I. 
Author-X-Name-Last: Wanner 
Title: The drivers of labour income inequality -- an analysis based on Bayesian Model Averaging 
Abstract:
  Many Organisation for Economic Co-operation and Development (OECD)
 countries have seen income inequality rising over the past decade, which
 has led to a renewed interest among researchers and policy makers in
 understanding the causes of income inequality. To shed light on this
 issue, this article investigates the determinants of labour income
 inequality for a sample of 22 OECD countries. As model uncertainty is
 likely to be a major issue in such an underpinning, the empirical analysis
 relies on a Bayesian Model Averaging (BMA) technique. The results suggest
 that in particular labour, education and tax policies have an important
 influence on the distribution of labour income. 
Journal: Applied Economics Letters 
Pages: 123-126 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.683164 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.683164 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:123-126




Template-Type: ReDIF-Article 1.0
Author-Name: Tal Shavit 
Author-X-Name-First: Tal 
Author-X-Name-Last: Shavit 
Author-Name: Mosi Rosenboim 
Author-X-Name-First: Mosi 
Author-X-Name-Last: Rosenboim 
Author-Name: Yaniv Shani 
Author-X-Name-First: Yaniv 
Author-X-Name-Last: Shani 
Title: What is more important, the outcome or the probability? 
Abstract:
  According to basic economic theory, people wish to maximize their
 expected utility. In order to do so they should integrate the likelihood
 (i.e. probability) and the possible outcomes (good or bad). Nevertheless,
 research has shown that people do not always account for their decisions
 on the basis of a rational or a cold evaluation of utility. We suggest
 that when choosing between two risky alternatives people determine the
 relative perceived importance of the outcomes and probabilities before
 making their choice. If the outcome is more important, they will tend to
 choose the option with the best outcome. If the probability is more
 important, they will tend to choose the option with the higher probability
 for the desirable outcome, or the option with the lower probability for
 the undesirable outcome. This means that people maximize their utility
 based on their perceived importance of probabilities and outcomes. To test
 our argument, we conducted an experiment in which we asked the
 participants to decide between two uncertain outcomes. The results support
 our claim that the importance of the probability and the importance of the
 outcome affect the choice between two risky alternatives. 
Journal: Applied Economics Letters 
Pages: 127-130 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684782 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684782 
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Template-Type: ReDIF-Article 1.0
Author-Name: J. E. Anderson 
Author-X-Name-First: J. E. 
Author-X-Name-Last: Anderson 
Title: US tax acts and their effects on average tax rates 
Abstract:
  Tax legislation since the early 1980s has significantly altered Average
 Tax Rates (ATRs) across the income distribution in the United States.
 Using a consistently defined ATR series for the years 1979--2003, this
 study finds that the 1980s reduced ATRs for all taxpayers except those in
 the bottom quintile whose ATRs rose. The reforms of the early 1990s
 generally had the effect of raising ATRs at the top of the income
 distribution and lowering those at the bottom, although the magnitude of
 the effects was smaller than the reforms of the 1980s. Reforms of the late
 1990s and early 2000s significantly reduced ATRs virtually across the
 board. The only exception occurred in the bottom quintile where the
 effects of the various tax acts have been mixed. The tax acts of 2001 and
 2003 reduced ATRs significantly in the top and middle quintiles, although
 the size of the ATR reduction in both cases was greater in the middle
 quintile than in the top quintile. Within the top percentile, the ATR
 reductions due to Jobs and Growth Tax Relief Reconciliation Act of 2003
 (JGTRRA03) are larger than those due to Economic Growth and Tax Relief
 Reconciliation Act of 2001 (EGTRRA01), but they are only modestly larger
 than the ATR reductions due to TRA86. 
Journal: Applied Economics Letters 
Pages: 131-134 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684781 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684781 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:131-134




Template-Type: ReDIF-Article 1.0
Author-Name: Yen-Sen Ni 
Author-X-Name-First: Yen-Sen 
Author-X-Name-Last: Ni 
Author-Name: Jen-Tsai Lee 
Author-X-Name-First: Jen-Tsai 
Author-X-Name-Last: Lee 
Author-Name: Yi-Ching Liao 
Author-X-Name-First: Yi-Ching 
Author-X-Name-Last: Liao 
Title: Do variable length moving average trading rules matter during a financial crisis period? 
Abstract:
  When analysing the data periods including the pre-financial and financial
 crisis periods, the results show that investors might make profits by
 using Variable Length Moving Average (VMA) trading rules as buying signals
 rather than as selling signals shown for the Brazil, Russia, India and
 China (BRIC) stock markets. However, investors may find it difficult to
 make profits in a financial crisis period, suggesting that more detailed
 information should be investigated, since the significant results shown
 during the full period might not reveal the differences between the
 pre-financial and financial crisis periods. 
Journal: Applied Economics Letters 
Pages: 135-141 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684784 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684784 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:135-141




Template-Type: ReDIF-Article 1.0
Author-Name: Micha&#x142; Brzoza-Brzezina 
Author-X-Name-First: Micha&#x142; 
Author-X-Name-Last: Brzoza-Brzezina 
Author-Name: Jacek Kot&#x142;owski 
Author-X-Name-First: Jacek 
Author-X-Name-Last: Kot&#x142;owski 
Author-Name: Agata Mi&#x15B;kowiec 
Author-X-Name-First: Agata 
Author-X-Name-Last: Mi&#x15B;kowiec 
Title: How forward-looking are central banks? Some evidence from their forecasts 
Abstract:
  We estimate forward-looking Taylor rules on data from macroeconomic
 forecasts of three central banks in order to determine the extent to which
 these banks are forward-looking. We find that all three banks are to some
 extent forward-looking, albeit to a varying degree. In general, the
 horizons for inflation seem to be longer than for output. We also find
 that central banks prefer to concentrate on one particular horizon rather
 than take into account the whole forecast. 
Journal: Applied Economics Letters 
Pages: 142-146 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684780 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684780 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:142-146




Template-Type: ReDIF-Article 1.0
Author-Name: Byeongchan Seong 
Author-X-Name-First: Byeongchan 
Author-X-Name-Last: Seong 
Title: Bootstrap test for seasonal cointegrating ranks 
Abstract:
  We consider a bootstrap algorithm for the Likelihood Ratio (LR) test of
 seasonal Cointegrating (CI) ranks as the extension of Swensen (2006).
 Through a small Monte Carlo simulation experiment, we find that the
 bootstrap algorithm can effectively improve size distortions of the LR
 test. 
Journal: Applied Economics Letters 
Pages: 147-151 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684785 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684785 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:147-151




Template-Type: ReDIF-Article 1.0
Author-Name: Alessandro Maravalle 
Author-X-Name-First: Alessandro 
Author-X-Name-Last: Maravalle 
Title: Oil shocks and the US terms of trade: gauging the role of the trade channel 
Abstract:
  Recent theoretical literature claims that demand-driven transmission
 mechanisms are the key to understand how oil shocks affect the economy.
 Following this literature, we measure the economic strength of one of
 these demand-driven channels, the trade channel, in the transmission of
 oil shocks to the US economy. We use Kilian's (2009) decomposition of oil
 price shocks to identify three possible sources of oil shocks: oil supply,
 oil-market specific demand and global demand shocks. We then estimate the
 impact of each shock on the US terms of trade controlling for nonlinear
 effects in the sign and the size of the shocks. All oil shocks have
 persistent and statistically significant effects on the US terms of trade.
 However, we find that only oil supply shocks have an impact on the terms
 of trade that is nonlinear in the size of the shock. This last result is
 in accordance with the theoretical findings in Maravalle (forthcoming). 
Journal: Applied Economics Letters 
Pages: 152-156 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684779 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684779 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:152-156




Template-Type: ReDIF-Article 1.0
Author-Name: U. Brixy 
Author-X-Name-First: U. 
Author-X-Name-Last: Brixy 
Author-Name: R. Sternberg 
Author-X-Name-First: R. 
Author-X-Name-Last: Sternberg 
Author-Name: H. St&#xFC;ber 
Author-X-Name-First: H. 
Author-X-Name-Last: St&#xFC;ber 
Title: Why some nascent entrepreneurs do not seek professional assistance 
Abstract:
  As the high share of failed new businesses shows, the marked success of
 new firms is still rather low. Hence, enhancing the quality of new firms
 is an important goal of entrepreneurship support policies. Schemes that
 give professional assistance to individuals who want to start up a
 business are a key feature of most developed countries' policies towards
 improving the performance of new firms. In our sample, only approximately
 half of nascent entrepreneurs seek professional assistance. Given that
 assistance is highly subsidized and available to everyone interested in
 starting up a firm, we ask why certain nascent entrepreneurs do not seek
 assistance. By using survey data consisting of an initial screening
 interview and a follow-up interview after 1 year, we are able to show that
 men and well-educated founders tend to refrain from professional
 assistance. Notably, those without any experience in the industry of the
 planned business are more apt not to seek assistance. This finding
 suggests that cognitive biases such as overconfidence might play a role in
 explaining the assistance-avoiding behaviour. Policy measures aiming at
 improving the knowledge of potential entrepreneurs are therefore well
 advised to target well-educated males in particular. 
Journal: Applied Economics Letters 
Pages: 157-161 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684783 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684783 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:157-161




Template-Type: ReDIF-Article 1.0
Author-Name: Yener Altunba&#x15F; 
Author-X-Name-First: Yener 
Author-X-Name-Last: Altunba&#x15F; 
Author-Name: Edward Jones 
Author-X-Name-First: Edward 
Author-X-Name-Last: Jones 
Author-Name: John Thornton 
Author-X-Name-First: John 
Author-X-Name-Last: Thornton 
Title: Knowledge spillovers and the growth of British cities 
Abstract:
  The relative importance of intra-industry or inter-industry knowledge
 spillovers for the growth of cities remains an open question. Using a
 unique data set on the growth of 109 British cities during 1951--1991, we
 find evidence suggesting that the most important knowledge spillovers
 occur between rather than within industries, which is consistent with
 Jacobs (1969, 1985). 
Journal: Applied Economics Letters 
Pages: 162-166 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684773 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684773 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:162-166




Template-Type: ReDIF-Article 1.0
Author-Name: Imad Moosa 
Author-X-Name-First: Imad 
Author-X-Name-Last: Moosa 
Author-Name: Larry Li 
Author-X-Name-First: Larry 
Author-X-Name-Last: Li 
Title: The frequency and severity of operational losses: a cross-country comparison 
Abstract:
  We examine the proposition that cross-country differences in the factors
 determining the frequency and severity of operational losses lead to
 cross-country differences in the distribution and incidence of operational
 loss events in terms of frequency and severity. For this purpose, we
 consider 4388 operational loss events covering 11 countries or country
 groups. The results reveal differences with respect to the type of loss
 events prevailing in each country or country group as well as differences
 with respect to the dominance of events of certain type in a particular
 business line and corporate entity type. 
Journal: Applied Economics Letters 
Pages: 167-172 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684777 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684777 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:167-172




Template-Type: ReDIF-Article 1.0
Author-Name: M. P. McCullough 
Author-X-Name-First: M. P. 
Author-X-Name-Last: McCullough 
Author-Name: T. L. Marsh 
Author-X-Name-First: T. L. 
Author-X-Name-Last: Marsh 
Author-Name: R. Huffaker 
Author-X-Name-First: R. 
Author-X-Name-Last: Huffaker 
Title: Reconstructing market reactions to consumption harms 
Abstract:
  We investigate dynamic market reactions from harmful events using phase
 space reconstruction to analyse nonlinear dynamical systems. Phase space
 reconstruction analysis is applied to US beef consumption data,
 demonstrating market deviations and transitions from plausible, stable
 consumption patterns in response to product attributes (latent or
 nonlatent) coinciding with longer or shorter term human health harms (e.g.
 cholesterol) or food safety harms (e.g. <italic>Escherichia coli</italic>
 and Bovine Spongiform Encephalopathy (BSE)). The results support complex,
 nonlinear dynamic behavioural responses to perceived consumption harms.
 Consistent with previous research, the perceived negative long-run health
 effect from cholesterol caused consumers to transition their consumption
 behaviour from a higher to a lower level while retaining a persistent
 seasonal pattern. In contrast, responses to food safety information (i.e.
 <italic>E. coli</italic> or BSE) about beef derived from phase space
 reconstruction demonstrated temporary deviations from stable consumption
 patterns. 
Journal: Applied Economics Letters 
Pages: 173-179 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.687091 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.687091 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:173-179




Template-Type: ReDIF-Article 1.0
Author-Name: Scott W. Fausti 
Author-X-Name-First: Scott W. 
Author-X-Name-Last: Fausti 
Author-Name: Matthew A. Diersen 
Author-X-Name-First: Matthew A. 
Author-X-Name-Last: Diersen 
Author-Name: Bashir A. Qasmi 
Author-X-Name-First: Bashir A. 
Author-X-Name-Last: Qasmi 
Author-Name: Jing Li 
Author-X-Name-First: Jing 
Author-X-Name-Last: Li 
Author-Name: Brent Lange 
Author-X-Name-First: Brent 
Author-X-Name-Last: Lange 
Title: The effect of animal gender on producer marketing behaviour 
Abstract:
  Weekly grid market share by volume for slaughter steers is compared with
 slaughter heifers. Summary statistics indicate average grid market share
 for steers (42%) is higher relative to heifers (33%). The literature
 indicates that pregnancy and increased dark cutter incidence associated
 with heifers relative to steers create additional financial risk when
 heifers are sold on a grid. Empirical evidence suggests that carcass
 quality risk is a plausible contributing factor to gender disparity with
 respect to grid market share. 
Journal: Applied Economics Letters 
Pages: 180-185 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.684774 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.684774 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:180-185




Template-Type: ReDIF-Article 1.0
Author-Name: Tajul Ariffin Masron 
Author-X-Name-First: Tajul Ariffin 
Author-X-Name-Last: Masron 
Author-Name: Eliza Nor 
Author-X-Name-First: Eliza 
Author-X-Name-Last: Nor 
Title: FDI in ASEAN-8: Does institutional quality matter? 
Abstract:
  The importance of Foreign Direct Investment (FDI) as a driver of economic
 development is no longer a secret. As a result, the competition to attract
 FDI is getting stiffer as any economy in the world is currently eyeing for
 FDI, including the Association of Southeast Asian Nations (ASEAN). With
 the emergence of China as a new attractive location for FDI, and as part
 of the alternatives to further enhance the attractiveness of ASEAN, this
 study analyses the role of institutional quality on FDI inflows into
 ASEAN. 
Journal: Applied Economics Letters 
Pages: 186-189 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.687090 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.687090 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:186-189




Template-Type: ReDIF-Article 1.0
Author-Name: Hongjai Rhee 
Author-X-Name-First: Hongjai 
Author-X-Name-Last: Rhee 
Title: An empirical relationship between price elasticity and price levels 
Abstract:
  This study examines price competition between Duty-Free Stores (DFSs).
 The primary research question is the relationship between the own- and
 cross-store price elasticities, on the one hand, and the average price
 levels of DFS products, on the other hand. Using a unique data set of DFS
 sales in Korea combined with a hierarchical Bayesian model, we show that
 the own- and cross-store price elasticities increase significantly with
 the average price level. 
Journal: Applied Economics Letters 
Pages: 190-193 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.689101 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689101 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:190-193




Template-Type: ReDIF-Article 1.0
Author-Name: Pierpaolo Pattitoni 
Author-X-Name-First: Pierpaolo 
Author-X-Name-Last: Pattitoni 
Author-Name: Barbara Petracci 
Author-X-Name-First: Barbara 
Author-X-Name-Last: Petracci 
Author-Name: Massimo Spisni 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Spisni 
Title: NAV discount in REITs: the role of expert assessors 
Abstract:
  Using a unique hand-collected data set that comprises the 2009 balance
 sheets of all Italian listed Real Estate Investment Trusts (REITs), we
 test whether Net Asset Value (NAV) discount can be explained by expert
 assessor overestimations. Our results suggest that expert assessors make
 conservative assessments of NAV values; thus, they are not responsible for
 NAV discounts. Furthermore, using the balance sheet disaggregated data of
 each REIT, we cluster properties by region and intended use and find that
 certain regions and types of properties are more discount-prone than
 others. 
Journal: Applied Economics Letters 
Pages: 194-198 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.689103 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689103 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:194-198




Template-Type: ReDIF-Article 1.0
Author-Name: Bidisha Lahiri 
Author-X-Name-First: Bidisha 
Author-X-Name-Last: Lahiri 
Author-Name: Xi Tian 
Author-X-Name-First: Xi 
Author-X-Name-Last: Tian 
Title: Structural break between small and large firms' behaviour in trade credit and bank credit: evidence from India's retail sector 
Abstract:
  This article recognizes the simultaneity of firms' decision in choosing
 between the various options of external financing. Additionally, the
 analysis allows the combination of bank finance and trade credit finance
 to vary with the firm's size even when all the firms are operating within
 the same financial infrastructure. We use cross-sectional data for the
 retail sector in India and apply structural break analysis common to
 time-series analysis to a system of simultaneous equations to split the
 sample into small and large firms. We find that the smaller firms depend
 more strongly on trade credit than the larger firms. Bank credit is found
 to be strongly related with the proxy for available collateral for the
 small firms but not for the large firms indicating that the large firms
 are unconstrained with respect to bank credit. 
Journal: Applied Economics Letters 
Pages: 199-202 
Issue: 2 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.689105 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689105 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:2:p:199-202




Template-Type: ReDIF-Article 1.0
Author-Name: Jie Yang 
Author-X-Name-First: Jie 
Author-X-Name-Last: Yang 
Author-Name: Liyan Han 
Author-X-Name-First: Liyan 
Author-X-Name-Last: Han 
Title: Optimal size of currency swap between central banks: evidence from China 
Abstract:
  Currency swaps are used by central banks to provide short-term liquidity
 to help enhance financial stability for both counterparts. We apply the
 newsboy inventory optimization to interpret the factors related to the
 optimal size of a currency swap, and we find that the mean value of
 foreign exchange demand, its volatility and the distribution form are
 important for the optimal swap size. Empirical studies regarding swap
 arrangements between China and its trading partners show that total trade
 volume and its long-term SD are robust explanatory variables. 
Journal: Applied Economics Letters 
Pages: 203-207 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.689102 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689102 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:203-207




Template-Type: ReDIF-Article 1.0
Author-Name: Seonyeong Cho 
Author-X-Name-First: Seonyeong 
Author-X-Name-Last: Cho 
Author-Name: Chung-Ki Lee 
Author-X-Name-First: Chung-Ki 
Author-X-Name-Last: Lee 
Author-Name: Beomsoo Kim 
Author-X-Name-First: Beomsoo 
Author-X-Name-Last: Kim 
Title: The impacts of air pollution on low birth weight 
Abstract:
  This study examines the impacts of air pollution on low birth weight by
 considering overtime variation in Korea in early 2000, when some parts of
 Korea experienced huge drop in air pollution due to regulation. The
 mother's exposure to ozone level above 0.12 ppm per hour during the first
 trimester increased the probability of low birth weight by 0.4 percentage
 point (0.08% of the sample mean). Exposure to carbon monoxide or sulphur
 dioxide (SO<sub>2</sub>) during the third trimester also led to a
 significant but modest increase in the probability of low birth weight. 
Journal: Applied Economics Letters 
Pages: 208-212 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.689100 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689100 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:208-212




Template-Type: ReDIF-Article 1.0
Author-Name: Yi-Mien Lin 
Author-X-Name-First: Yi-Mien 
Author-X-Name-Last: Lin 
Author-Name: Woody M. Liao 
Author-X-Name-First: Woody M. 
Author-X-Name-Last: Liao 
Author-Name: Yen-Yu Liu 
Author-X-Name-First: Yen-Yu 
Author-X-Name-Last: Liu 
Title: Financing policy, executive stock options and cash flow forecasts 
Abstract:
  This article investigates the relationship between management voluntary
 disclosures of cash flow forecasts and external financing policy, earnings
 management, earnings forecasts and executive stock option compensation. We
 find that management is more likely to issue cash flow forecasts when a
 firm has external financing needs or when a firm has more executive stock
 option compensation. However, management is less likely to disclose cash
 flow forecasts when a firm has more earnings management. Consistent with
 the prior research, we document that a firm with high dividend payout,
 large asset value and high profitability tends to disclose cash flow
 information to convey good news. Further, if analysts have released
 earning forecasts, management is likely to issue cash flow forecasts to
 complement those analyst earnings forecasts. If analysts release cash flow
 forecasts, management is less likely to disclose cash flow forecasts to
 avoid issuing repeat forecasts. Our results, therefore, suggest that
 different incentives drive management disclosure decisions regarding cash
 flow forecasts in actual practice. 
Journal: Applied Economics Letters 
Pages: 213-226 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.689108 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689108 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:213-226




Template-Type: ReDIF-Article 1.0
Author-Name: Anichul Hoque Khan 
Author-X-Name-First: Anichul Hoque 
Author-X-Name-Last: Khan 
Author-Name: Hasnat Dewan 
Author-X-Name-First: Hasnat 
Author-X-Name-Last: Dewan 
Title: Factors correlating with long-lasting banking crises: a special focus on crisis resolution policy measures 
Abstract:
  The costs of a long-lasting banking crisis are high because both the
 depositors and the investors lose confidence in the banking system. For a
 rapid recovery from such a crisis, the government often undertakes Crisis
 Resolution Policy (CRP) measure(s). Existing studies have paid little
 attention to these CRP measures and their correlations with long-lasting
 banking crises. This study fills that literature void. The major finding
 is that the CRP measure that allows the regulation forbearance to keep the
 insolvent banks operative is strongly significant in increasing the
 duration of a banking crisis. Another CRP measure, which relieves bank
 borrowers from paying debt, is also significant but weakly significant in
 increasing the duration of a crisis. 
Journal: Applied Economics Letters 
Pages: 227-232 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.688936 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.688936 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:227-232




Template-Type: ReDIF-Article 1.0
Author-Name: Laurent Ferrara 
Author-X-Name-First: Laurent 
Author-X-Name-Last: Ferrara 
Author-Name: Cl�ment Marsilli 
Author-X-Name-First: Cl�ment 
Author-X-Name-Last: Marsilli 
Title: Financial variables as leading indicators of GDP growth: Evidence from a MIDAS approach during the Great Recession 
Abstract:
  The global economic recession, referred to as the Great Recession,
 endured by the main industrialized countries during the period 2008--09,
 in the wake of the financial and banking crises, has pointed out the
 current importance of the financial sector in macroeconomics. In this
 article, we evaluate the predictive power of some major financial
 variables to anticipate GDP growth in euro area countries during this
 specific period of time. In this respect, we implement a Mixed Data
 Sampling (MIDAS)-based modelling approach, put forward by Ghysels
 <italic>et al.</italic> (2007), that enables to forecast quarterly Gross
 Domestic Product (GDP) growth rates using exogenous variables sampled at
 higher frequencies. Empirical results show that, overall, stock prices
 help to improve the accuracy of GDP forecasts by comparison with a
 standard opinion survey variable, whereas oil prices and term spread
 appear to be less informative. <fn id="FT0001"> The views expressed herein
 are those of the authors and do not necessarily reflect those of the
 Banque de France. </fn>  
Journal: Applied Economics Letters 
Pages: 233-237 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.689099 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689099 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:233-237




Template-Type: ReDIF-Article 1.0
Author-Name: Takeshi Hoshikawa 
Author-X-Name-First: Takeshi 
Author-X-Name-Last: Hoshikawa 
Author-Name: Keiko Yamaguchi 
Author-X-Name-First: Keiko 
Author-X-Name-Last: Yamaguchi 
Title: A note on the yen/dollar rate without foreign exchange intervention 
Abstract:
  This article shows what the yen/dollar rate would be without foreign
 exchange interventions by the Japanese government for 61 086 billion yen.
 If there had been no interventions, then the yen/dollar rate in June 2011
 may have been 54.30 instead of the actual rate of 80.52. 
Journal: Applied Economics Letters 
Pages: 238-243 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.689097 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689097 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:238-243




Template-Type: ReDIF-Article 1.0
Author-Name: Arusha Cooray 
Author-X-Name-First: Arusha 
Author-X-Name-Last: Cooray 
Title: Does health capital have differential effects on economic growth? 
Abstract:
  Investigating the impact of health capital disaggregated by gender on
 economic growth in a sample of 210 countries over the period 1990 to 2008,
 this study suggests that the influence of health capital across countries
 cannot be generalized. The results for the full sample indicate that
 health capital does not have a robust and significant effect on economic
 growth unless through their interactions with health expenditure and
 education. The results disaggregated by income group reveal that health
 capital has a positive robust influence on economic growth in high and
 upper middle income economies. In low and low middle income economies,
 health capital gains statistical significance only through their
 interaction with education and health expenditure. Increased fertility
 rates act to reduce the influence of health capital on economic growth. 
Journal: Applied Economics Letters 
Pages: 244-249 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.690844 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.690844 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:244-249




Template-Type: ReDIF-Article 1.0
Author-Name: Dewei Zhang 
Author-X-Name-First: Dewei 
Author-X-Name-Last: Zhang 
Author-Name: Chunyang Zhou 
Author-X-Name-First: Chunyang 
Author-X-Name-Last: Zhou 
Title: Foreign exchange reserves management in the presence of jump risk 
Abstract:
  This article investigates how the jump in the exchange rate and risky
 asset can affect the central bank's foreign management. We find that the
 jump in the exchange rate has a positive impact on the need for the risky
 asset, whereas the jump in the risky asset has a negative impact. However,
 the overall impact relies on how effective the central bank can intervene
 in the exchange market. Specifically, if the central bank can intervene in
 the market effectively, the safety of foreign reserves becomes a more
 important issue, which will decrease the need for risky asset. 
Journal: Applied Economics Letters 
Pages: 250-254 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.689106 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689106 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:250-254




Template-Type: ReDIF-Article 1.0
Author-Name: Abdur Chowdhury 
Author-X-Name-First: Abdur 
Author-X-Name-Last: Chowdhury 
Title: &#x2019;Til recession do us part: booms, busts and divorce in the United States 
Abstract:
  A general hypothesis regarding the impact of permanent income levels and
 business cycle fluctuations on divorce rate at the state level in the
 United States is analysed in this article. Based on the data for 45 states
 over the sample period of 1978--2009, it is shown that the higher the
 level of transitory income, the higher the incidence of divorce. In other
 words, divorce is pro-cyclical. 
Journal: Applied Economics Letters 
Pages: 255-261 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.689104 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689104 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:255-261




Template-Type: ReDIF-Article 1.0
Author-Name: Go Tamakoshi 
Author-X-Name-First: Go 
Author-X-Name-Last: Tamakoshi 
Author-Name: Shigeyuki Hamori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Hamori 
Title: Volatility and mean spillovers between sovereign and banking sector CDS markets: a note on the European sovereign debt crisis 
Abstract:
  This article empirically assesses causality-in-variance and
 causality-in-mean between the Eurozone banking sector Credit Default Swap
 (CDS) index and the Greek sovereign CDS spread. We employ the
 Cross-Correlation Function (CCF) approach developed by Hong (2001) to
 daily data from January 2008 to December 2011. Our key findings are
 twofold. First, before the European sovereign debt crisis, significant
 unidirectional causality-in-variance and causality-in-mean were found from
 the bank CDS to the Greek sovereign CDS spreads. Second, during the crisis
 period, we detected significant causality-in-variance from the Greek
 sovereign CDS spreads to the bank CDS, implying that the deteriorated
 Greek sovereign solvency might have triggered contagion effects on the
 banking sector in the area. Our results are relevant for policymakers who
 provide regulations for the CDS markets. 
Journal: Applied Economics Letters 
Pages: 262-266 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.689107 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689107 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:262-266




Template-Type: ReDIF-Article 1.0
Author-Name: Paulo Reis Mourao 
Author-X-Name-First: Paulo Reis 
Author-X-Name-Last: Mourao 
Title: The messenger of inflation -- how media change political competition 
Abstract:
  Voters do not like bad economic news, especially rising inflation rates.
 How voters learn about this news, not simply the news itself, can affect
 electoral behaviour. This article reports a study of media and electoral
 behaviour between 1960 and 2006 in 70 democratic states. It demonstrates
 that high inflation rates, combined with intense media coverage, resulted
 in more political competition and tight electoral races. Our detailed
 results show that European (EU-27) voters are more sensitive to television
 and radio coverage than they are to printed press coverage of negative
 economic news when compared with non-European electorates. 
Journal: Applied Economics Letters 
Pages: 267-271 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.690843 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.690843 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:267-271




Template-Type: ReDIF-Article 1.0
Author-Name: Taggert J. Brooks 
Author-X-Name-First: Taggert J. 
Author-X-Name-Last: Brooks 
Author-Name: Kristen Monaco 
Author-X-Name-First: Kristen 
Author-X-Name-Last: Monaco 
Title: Your cheatin&#x2019; heart: joint production, joint consumption and the likelihood of extramarital sex 
Abstract:
  Using data from the General Social Survey (GSS), we model the probability
 of engaging in Extramarital Sex (EMS) with a focus on variables that allow
 us to discern evidence of assortative mating. We find that couples with
 the same religion and both having high levels of education are less likely
 to engage in EMS. We also find that work status matters: those who are
 employed are more likely to cheat if their spouses are not working. 
Journal: Applied Economics Letters 
Pages: 272-275 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.690845 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.690845 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:272-275




Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Marchand 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Marchand 
Author-Name: Sara Olfert 
Author-X-Name-First: Sara 
Author-X-Name-Last: Olfert 
Title: The US gender gap through the Great Recession using an alternative approach to cyclicality 
Abstract:
  Annual changes in the US gender gap are analysed before, during and after
 the Great Recession using a quasi-experimental approach, with treatment
 and comparison groups based on the industry composition within states.
 During this recession, the hourly wage gap was differentially reduced by
 seven to ten percentage points in states with a higher concentration of
 employment in male-dominant and cyclical industries, whereas the
 employment gap was differentially reduced by five to seven percentage
 points. Neither outcome was significantly altered in the years immediately
 before or after the recession. The evidence supports the pro-cyclicality
 of the gender gap movements. 
Journal: Applied Economics Letters 
Pages: 276-281 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.692868 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.692868 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:276-281




Template-Type: ReDIF-Article 1.0
Author-Name: Tsangyao Chang 
Author-X-Name-First: Tsangyao 
Author-X-Name-Last: Chang 
Author-Name: Hsiao-Ping Chu 
Author-X-Name-First: Hsiao-Ping 
Author-X-Name-Last: Chu 
Author-Name: Wen-Yi Chen 
Author-X-Name-First: Wen-Yi 
Author-X-Name-Last: Chen 
Title: Energy consumption and economic growth in 12 Asian countries: panel data analysis 
Abstract:
  This study examines &#x2018;growth, conservation, neutrality or
 feedback&#x2019; hypotheses in 12 Asian countries for the period 1970 to
 2010, using panel causality analysis, which accounts for dependency and
 heterogeneity across countries, supports evidence on the direction of
 causality and is consistent with the neutrality hypothesis in two-thirds
 of these 12 Asian countries. Growth hypothesis and conservation hypothesis
 hold for India and Philippines, respectively. However, a feedback was
 found for both Thailand and Vietnam. Thereby, the findings provide
 important policy implication for 12 Asian countries under study. 
Journal: Applied Economics Letters 
Pages: 282-287 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.692869 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.692869 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:282-287




Template-Type: ReDIF-Article 1.0
Author-Name: J. H. Lin 
Author-X-Name-First: J. H. 
Author-X-Name-Last: Lin 
Author-Name: Yi Hu 
Author-X-Name-First: Yi 
Author-X-Name-Last: Hu 
Author-Name: M. J. Wang 
Author-X-Name-First: M. J. 
Author-X-Name-Last: Wang 
Author-Name: X. H. Xia 
Author-X-Name-First: X. H. 
Author-X-Name-Last: Xia 
Title: A Monte Carlo comparison of panel unit root tests under factor structure 
Abstract:
  This article investigates and compares, through Monte Carlo experiments,
 the finite sample sizes and powers of the proposed
 &#x2018;second-generation&#x2019; Panel Unit Root Tests (PUTs) under the
 strict and approximate factor structures, respectively. 
Journal: Applied Economics Letters 
Pages: 288-291 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.695067 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.695067 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:288-291




Template-Type: ReDIF-Article 1.0
Author-Name: Show-Lin Chen 
Author-X-Name-First: Show-Lin 
Author-X-Name-Last: Chen 
Author-Name: Ching-Chin Chou 
Author-X-Name-First: Ching-Chin 
Author-X-Name-Last: Chou 
Author-Name: Nen-Jing Chen 
Author-X-Name-First: Nen-Jing 
Author-X-Name-Last: Chen 
Title: A wavelet transform analysis of the relationship between unexpected macroeconomic news and foreign exchange rates 
Abstract:
  This study applies the wavelet transform technique to analyse the
 relationship between exchange rates of major currencies and the unexpected
 macroeconomic news. Hourly closing exchange rates of major currencies from
 2000 to 2009 are utilized for wavelet analysis and those of 2010 are used
 for <italic>ex ante</italic> test. It is found that JPY and CHF are the
 most affected exchange rates, which are followed by EUR and GBP. The least
 affected exchange rates are AUD and CAD. In general, the most influential
 news is NFP, which is followed by ISM_M. These two factors have an impact
 on at least four currency exchange rates in the short, intermediate and
 long terms. UR is a short-term factor and the effect of NFP lasts for all
 the three time horizons considered. <italic>Ex ante</italic> test is
 carried out and the accuracy rates for EUR, AUD, GBP, CAD, CHF and JPY are
 0.75, 0.5, 0.67, 0.83, 0.83 and 0.58, respectively. 
Journal: Applied Economics Letters 
Pages: 292-296 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.692867 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.692867 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:292-296




Template-Type: ReDIF-Article 1.0
Author-Name: Petre Caraiani 
Author-X-Name-First: Petre 
Author-X-Name-Last: Caraiani 
Title: The uncertain unit root in GDP and CPI: a wavelet-based perspective 
Abstract:
  One of the controversial issues in macroeconomics consists in whether the
 macroeconomic time series are better characterized as being driven by
 permanent shocks or by temporary shocks. We provide here new evidence
 using a recent unit-root test based on the wavelets methodology. 
Journal: Applied Economics Letters 
Pages: 297-299 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.697114 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.697114 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:297-299




Template-Type: ReDIF-Article 1.0
Author-Name: Gary Madden 
Author-X-Name-First: Gary 
Author-X-Name-Last: Madden 
Author-Name: Hasnat Ahmad 
Author-X-Name-First: Hasnat 
Author-X-Name-Last: Ahmad 
Title: 3G spectrum auction aftermarket network deployment 
Abstract:
  This study empirically examines national 3G spectrum assignments for the
 years 2000--2007 to identify the sources and inhibitors of aftermarket
 network deployment. The analysis reveals that variables controlled by
 regulators have conflicting impacts on the deployment probability. In
 particular, placing more than one licence bid and stringent minimum prices
 enhance deployment. Conversely, encouraging entry and mandating
 infrastructure sharing discourage deployment. These findings should inform
 regulators' calculus in designing future 4G spectrum auctions. 
Journal: Applied Economics Letters 
Pages: 300-303 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.697116 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.697116 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:300-303




Template-Type: ReDIF-Article 1.0
Author-Name: Dinuk S. Jayasuriya 
Author-X-Name-First: Dinuk S. 
Author-X-Name-Last: Jayasuriya 
Author-Name: Paul J. Burke 
Author-X-Name-First: Paul J. 
Author-X-Name-Last: Burke 
Title: Female parliamentarians and economic growth: evidence from a large panel 
Abstract:
  This article investigates whether female political representation affects
 economic growth. Panel estimates for 119 democracies using fixed-effects
 specifications and a system generalized method of moments approach suggest
 that, over recent decades, countries with higher shares of women in
 parliament have had faster growing economies. 
Journal: Applied Economics Letters 
Pages: 304-307 
Issue: 3 
Volume: 20 
Year: 2013 
Month: 2 
X-DOI: 10.1080/13504851.2012.697113 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.697113 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:3:p:304-307




Template-Type: ReDIF-Article 1.0
Author-Name: Michal Brzezinski 
Author-X-Name-First: Michal 
Author-X-Name-Last: Brzezinski 
Title: Top income shares and crime 
Abstract:
  This article estimates the relationship between income inequality
 approximated by the top 10% and 1% income shares derived from income tax
 return data and nine crime categories for the US states between 1979 and
 2003. We fail to find a positive relationship between inequality and
 crime, except for the case of the top 10% share and motor vehicle theft. 
Journal: Applied Economics Letters 
Pages: 309-315 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.697117 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.697117 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:309-315




Template-Type: ReDIF-Article 1.0
Author-Name: M. Dungey 
Author-X-Name-First: M. 
Author-X-Name-Last: Dungey 
Author-Name: J. P. A. M. Jacobs 
Author-X-Name-First: J. P. A. M. 
Author-X-Name-Last: Jacobs 
Author-Name: J. Tian 
Author-X-Name-First: J. 
Author-X-Name-Last: Tian 
Author-Name: S. van Norden 
Author-X-Name-First: S. 
Author-X-Name-Last: van Norden 
Title: On the correspondence between data revision and trend-cycle decomposition 
Abstract:
  This article places the data revision model of Jacobs and van Norden
 (2011) within a class of trend-cycle decompositions relating directly to
 the Beveridge--Nelson decomposition. In both these approaches, identifying
 restrictions on the covariance matrix under simple and realistic
 conditions may produce a smoothed estimate of the underlying series, which
 is more volatile than the observed series. 
Journal: Applied Economics Letters 
Pages: 316-319 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.697118 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.697118 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:316-319




Template-Type: ReDIF-Article 1.0
Author-Name: Matthias Busse 
Author-X-Name-First: Matthias 
Author-X-Name-Last: Busse 
Author-Name: Magdalene Silberberger 
Author-X-Name-First: Magdalene 
Author-X-Name-Last: Silberberger 
Title: Trade in pollutive industries and the stringency of environmental regulations 
Abstract:
  This article analyses the impact of trade in pollution-intensive
 industries on the stringency of environmental regulation. Using system
 Generalized Method of Moments (GMM) regressions for a panel of 92
 countries and the period 1998 to 2007, we find that an increase in net
 exports of pollution-intensive goods leads to a lowering of the stringency
 of environmental regulations. 
Journal: Applied Economics Letters 
Pages: 320-323 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.695068 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.695068 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:320-323




Template-Type: ReDIF-Article 1.0
Author-Name: Miki Malul 
Author-X-Name-First: Miki 
Author-X-Name-Last: Malul 
Author-Name: Daniel Shapira 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Shapira 
Author-Name: Amir Shoham 
Author-X-Name-First: Amir 
Author-X-Name-Last: Shoham 
Title: Practical modified Gini index 
Abstract:
  The Gini index is the most common method for estimating the level of
 income inequality in countries. In this article, we suggest a simple
 modification that takes into account the moderating effect of in-kind
 government benefits. Unlike other studies that use micro-level data that
 are rarely available for many countries or over a period of time, the
 proposed Modified Gini (MGINI) index could be calculated using just the
 regularly available data for each country. Such data include the original
 Gini coefficient, government consumption expenditures, Gross Domestic
 Product (GDP) and total tax revenue as a percentage of GDP. This modified
 version of the Gini index allows us to calculate the level of inequality
 more precisely and make better comparisons between countries and over
 time. 
Journal: Applied Economics Letters 
Pages: 324-327 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.699182 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.699182 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:324-327




Template-Type: ReDIF-Article 1.0
Author-Name: Rodolfo Hoffmann 
Author-X-Name-First: Rodolfo 
Author-X-Name-Last: Hoffmann 
Title: How to measure the progressivity of an income component 
Abstract:
  We argue that a general measure of progressivity should consider the
 ordering of the final incomes and not, as is usual, the ordering before
 the inclusion of the component being analysed. We also show that the
 general measure of progressivity is relevant in the decomposition of
 changes in the overall Gini index by components of income. 
Journal: Applied Economics Letters 
Pages: 328-331 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.699181 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.699181 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:328-331




Template-Type: ReDIF-Article 1.0
Author-Name: Hui Huang 
Author-X-Name-First: Hui 
Author-X-Name-Last: Huang 
Author-Name: John Whalley 
Author-X-Name-First: John 
Author-X-Name-Last: Whalley 
Author-Name: Shunming Zhang 
Author-X-Name-First: Shunming 
Author-X-Name-Last: Zhang 
Title: Multiple Nash equilibria in tariff games 
Abstract:
  Unlike the case of competitive equilibria for which there is the index
 theorem, almost nothing is known about multiple equilibria in Nash games.
 Multiple Nash equilibria are hard to find computationally accounting for
 spare prior literature discussion. Existing numerical literature on tariff
 games either assumes uniqueness or uses restrictive functional forms that
 guarantees this is the case. Here, we show for pure exchange Constant
 Elasticity of Substitution (CES) two country models with tariffs both how
 the introduction of a tariff can generate multiple competitive equilibria
 and related examples of widely separated multiple Nash equilibria. These
 typically occur when substitution elasticities are low, although implied
 import demand elasticities can still be high if the shares of trade in
 consumption are small. The implication seems to be that as one moves away
 from the constant elasticity excess demands (offer curve) formulations
 used in the optimal tariff literature to explicit structural models of
 international trade, multiplicity of Nash equilibria may well be present. 
Journal: Applied Economics Letters 
Pages: 332-342 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.701003 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.701003 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:332-342




Template-Type: ReDIF-Article 1.0
Author-Name: Khalid A. Alkhathlan 
Author-X-Name-First: Khalid A. 
Author-X-Name-Last: Alkhathlan 
Title: Contribution of oil in economic growth of Saudi Arabia 
Abstract:
  This article examines the relationship between oil production and
 economic growth based on time-series data of Saudi Arabia from 1971 to
 2010, and the Autoregressive Distributed Lag (ARDL) model approach for
 cointegration has been used. The innovative contribution of this study is
 to determine long-run relationship between oil production and economic
 growth by disaggregating oil production into domestic consumption of oil
 in industrial sector and revenues earned from export of oil. Results show
 that oil revenues have a strong positive impact on real Gross Domestic
 Product (GDP) in both the short and the long runs, and this positive
 relationship holds for different specification of the model. Domestic
 consumption of oil in industrial sector has negative impact on GDP in both
 the short and the long runs. 
Journal: Applied Economics Letters 
Pages: 343-348 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.703310 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.703310 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:343-348




Template-Type: ReDIF-Article 1.0
Author-Name: Cristiana Donati 
Author-X-Name-First: Cristiana 
Author-X-Name-Last: Donati 
Author-Name: Domenico Sarno 
Author-X-Name-First: Domenico 
Author-X-Name-Last: Sarno 
Title: The impact of ICT on productivity of Italian firms: evaluation of the micro-complementarity hypothesis 
Abstract:
  The seminal work of Milgrom and Roberts (1990) established that
 interactions between factors such as Information and Communication
 Technologies (ICTs), organization and human capital entail a complementary
 relationship between these inputs; from such interactions, firms are able
 to exploit productivity gains arising from ICT investment. The empirical
 analysis is conducted on a panel of Italian manufacturing firms covering
 the period 2001--2006. The application of a suited System Generalized
 Method of Moments (SYS-GMM) estimator shows that for firms engaging ICT
 there exists a more coherent relationship between pair inputs and also
 among all three inputs considered. 
Journal: Applied Economics Letters 
Pages: 349-352 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.703309 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.703309 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:349-352




Template-Type: ReDIF-Article 1.0
Author-Name: Dean R. Lillard 
Author-X-Name-First: Dean R. 
Author-X-Name-Last: Lillard 
Author-Name: Andrew Sfekas 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Sfekas 
Title: Just passing through: the effect of the Master Settlement Agreement on estimated cigarette tax price pass-through 
Abstract:
  In 1998, cigarette manufacturers and state attorneys general in the
 United States settled a group of lawsuits in an agreement known as the
 Master Settlement Agreement (MSA). Among the provisions of this agreement
 were a set of mandated escrow payments to the states that would be based
 on cigarette sales. The result of these provisions is that the apparent
 relationship between taxes and prices changed substantially following
 implementation of the MSA. This article estimates whether the MSA escrow
 amounts are reflected in prices and compares the pass-through rate of
 state and federal cigarette taxes only and the rate when one adds escrow
 payments. We find much different pass-through rates for the two measures.
 State and federal taxes are not fully passed to smokers. In years that
 escrow payments were made, cigarette prices increased by more than the sum
 of the state and federal taxes and the escrow payments. 
Journal: Applied Economics Letters 
Pages: 353-357 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.705422 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.705422 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:353-357




Template-Type: ReDIF-Article 1.0
Author-Name: Ignacio Moral-Arce 
Author-X-Name-First: Ignacio 
Author-X-Name-Last: Moral-Arce 
Author-Name: Stefan Sperlich 
Author-X-Name-First: Stefan 
Author-X-Name-Last: Sperlich 
Author-Name: Juan M. Rodriguez-P&#xF3;o 
Author-X-Name-First: Juan M. 
Author-X-Name-Last: Rodriguez-P&#xF3;o 
Title: Consumer behaviour analysis for luxury goods: a technical note for empirical studies 
Abstract:
  Today, many econometric tools are provided for studying consumer
 expenditures. Less attention has been paid to the fact that, when
 analysing expenditures for superior goods, these tools have to be adapted
 to some particularities that have a serious impact on the estimation
 outcome. First, the considered data, in our case household expenditures
 for jewellery in Spain, exhibit a strong censoring that must not be
 ignored. Second, our confidence bands show serious nonlinearities for
 basically all continuous covariates. Finally, it turns out that especially
 in the case of luxury goods, one has to control for endogeneity of the
 covariate &#x2018;total expenditure&#x2019;. 
Journal: Applied Economics Letters 
Pages: 358-363 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.703375 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.703375 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:358-363




Template-Type: ReDIF-Article 1.0
Author-Name: M. &#xC7;ule 
Author-X-Name-First: M. 
Author-X-Name-Last: &#xC7;ule 
Author-Name: M. E. Fulton 
Author-X-Name-First: M. E. 
Author-X-Name-Last: Fulton 
Title: Corporate governance and subjective well-being 
Abstract:
  The results from a cross-country empirical analysis show that corporate
 governance and ethics are linked to national scores of subjective
 well-being. This impact is over and above the effect that corporate
 governance has on national income, suggesting that people value corporate
 governance for additional reasons besides its economic impact. 
Journal: Applied Economics Letters 
Pages: 364-367 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.705424 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.705424 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:364-367




Template-Type: ReDIF-Article 1.0
Author-Name: Richard J. Cebula 
Author-X-Name-First: Richard J. 
Author-X-Name-Last: Cebula 
Title: Which economic freedoms influence per capita real income? 
Abstract:
  Several recent empirical studies find a strong, positive impact of
 economic freedom on economic growth. This finding is predicated upon the
 argument that increased economic freedom elevates the pace of economic
 activity through incentives and other means and hence generates higher
 economic growth. This study focuses on a similar, but not identical,
 potential impact of higher economic freedom levels. In particular, this
 study investigates the hypothesis that higher levels of economic freedom
 promote higher levels of economic activity and hence higher levels of per
 capita real income. The context of this empirical study is the 30 nations
 of the OECD over the study period 2003 to 2006. Panel Least Squares (PLS)
 estimations reveal that the level of per capita real income is an
 increasing function of business freedom, freedom from corruption,
 investment freedom, monetary freedom, government size freedom, trade
 freedom and property rights freedom, whereas fiscal freedom, labour
 freedom and financial freedom do not appear to influence per capita real
 income. 
Journal: Applied Economics Letters 
Pages: 368-372 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.707768 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.707768 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:368-372




Template-Type: ReDIF-Article 1.0
Author-Name: Sofia N. Andreou 
Author-X-Name-First: Sofia N. 
Author-X-Name-Last: Andreou 
Author-Name: Nicoletta Pashourtidou 
Author-X-Name-First: Nicoletta 
Author-X-Name-Last: Pashourtidou 
Title: A consumer demand approach to estimating the education quality component of housing cost 
Abstract:
  A consumer demand-based approach is proposed for estimating the shadow
 price of education relative to housing for households with children in
 state schools. This approach can be used together with or in place of a
 hedonic approach in countries in which the location of households is not
 disclosed in publicly available data. An empirical illustration is
 provided using UK data from the family expenditure surveys. 
Journal: Applied Economics Letters 
Pages: 373-376 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.705421 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.705421 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:373-376




Template-Type: ReDIF-Article 1.0
Author-Name: Bernard Malamud 
Author-X-Name-First: Bernard 
Author-X-Name-Last: Malamud 
Author-Name: Djeto Assane 
Author-X-Name-First: Djeto 
Author-X-Name-Last: Assane 
Title: Slow growth and slow convergence in sub-Saharan Africa 
Abstract:
  We expand on the sub-Saharan Africa (SSA)--Rest of World (ROW) growth
 difference literature and find a robust and consistently negative
 coefficient of an <italic>SSA</italic> dummy variable over the period 1965
 to 2000. Most importantly, we find that SSA countries converge more
 slowly, if at all, than ROW countries. 
Journal: Applied Economics Letters 
Pages: 377-381 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.707767 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.707767 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:377-381




Template-Type: ReDIF-Article 1.0
Author-Name: A. Cassey 
Author-X-Name-First: A. 
Author-X-Name-Last: Cassey 
Author-Name: K. Schmeiser 
Author-X-Name-First: K. 
Author-X-Name-Last: Schmeiser 
Title: Six comparisons of firm-level and product-level data 
Abstract:
  We compare readily available product-level export data with
 hard-to-obtain firm-level export data along six dimensions such as value
 and the number of destination countries. We find the product data
 qualitatively match the firm-level data, but not quantitatively,
 particularly on dynamics. This is due to the categorization of products.
 However, product data can be used to establish a lower estimate on
 statistics compared with firm-level data that may be useful in
 monopolistic competition models of international trade. 
Journal: Applied Economics Letters 
Pages: 382-385 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.707764 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.707764 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:382-385




Template-Type: ReDIF-Article 1.0
Author-Name: Mauro Mussini 
Author-X-Name-First: Mauro 
Author-X-Name-Last: Mussini 
Title: A subgroup decomposition of the inequality change over time 
Abstract:
  This article proposes a subgroup decomposition of the determinants of the
 change in the Gini index over time. The decomposition allows one to
 explain the link between inequality change, reranking and income growth
 for the various subgroup components of the inequality index. 
Journal: Applied Economics Letters 
Pages: 386-390 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.707766 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.707766 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:386-390




Template-Type: ReDIF-Article 1.0
Author-Name: Nikolaos S. Thomaidis 
Author-X-Name-First: Nikolaos S. 
Author-X-Name-Last: Thomaidis 
Title: On the application of cointegration analysis in enhanced indexing 
Abstract:
  We investigate the application of cointegration techniques in designing
 trading portfolios that outperform a market benchmark. Of particular
 interest is the situation of enhanced indexation with incomplete
 portfolios, that is, by imposing a limit on the maximum number of assets
 included in the portfolio. We present a technique for solving
 cardinality-constrained portfolio selection problems using cointegration
 analysis. We investigate the empirical performance of cointegration-based
 trading strategies in the context of benchmarking portfolios relative to a
 common stock market index. 
Journal: Applied Economics Letters 
Pages: 391-396 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.705420 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.705420 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:391-396




Template-Type: ReDIF-Article 1.0
Author-Name: Massimo Peri 
Author-X-Name-First: Massimo 
Author-X-Name-Last: Peri 
Author-Name: Lucia Baldi 
Author-X-Name-First: Lucia 
Author-X-Name-Last: Baldi 
Author-Name: Daniela Vandone 
Author-X-Name-First: Daniela 
Author-X-Name-Last: Vandone 
Title: Price discovery in commodity markets 
Abstract:
  This article investigates the long-run relationship between spot and
 futures prices for corn and soybean. We apply cointegration methodology,
 allowing for the presence of potentially unknown structural breaks and
 then study the causality relationships between spot and futures prices
 within each specific subperiod identified with the aim of analysing the
 price discovery. Empirical estimates highlight (i) multiple breaks exist
 in the cointegrating relationship between prices and (ii) subperiods
 consequently identified express different dynamics in the causal
 relationship between spot and futures prices and support the idea that
 fundamentals are important in explaining the 2007/08 food price increase. 
Journal: Applied Economics Letters 
Pages: 397-403 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.709590 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.709590 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:397-403




Template-Type: ReDIF-Article 1.0
Author-Name: G. Tamakoshi 
Author-X-Name-First: G. 
Author-X-Name-Last: Tamakoshi 
Author-Name: S. Hamori 
Author-X-Name-First: S. 
Author-X-Name-Last: Hamori 
Title: Dynamic linkages among cross-currency swap markets under stress 
Abstract:
  This article examines the impacts of the European sovereign debt crisis
 on the Dynamic Conditional Correlation (DCC) between three European
 currencies (EUR, CHF and GBP) and the US dollar for 1-year maturities. We
 found that the correlation between each pair of the swap prices
 significantly fluctuated over time and exhibited a higher co-movement
 during the crisis period, suggesting a higher degree of market
 integration. Importantly, applying a linear regression framework with a
 crisis dummy variable to the derived DCC, we find evidence of spillover
 effects of the sovereign debt turbulence to the cross-currency swap
 markets, as reflected in the increased co-movement between the EUR/USD and
 CHF/USD swap prices. 
Journal: Applied Economics Letters 
Pages: 404-409 
Issue: 4 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.709591 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.709591 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:4:p:404-409




Template-Type: ReDIF-Article 1.0
Author-Name: Hamid Baghestani 
Author-X-Name-First: Hamid 
Author-X-Name-Last: Baghestani 
Author-Name: Ilker Kaya 
Author-X-Name-First: Ilker 
Author-X-Name-Last: Kaya 
Author-Name: Samer Kherfi 
Author-X-Name-First: Samer 
Author-X-Name-Last: Kherfi 
Title: Do changes in consumers' home buying attitudes predict directional change in home sales? 
Abstract:
  The Survey of Consumers probes consumer sentiment on personal finances,
 business conditions and buying conditions. We focus on the latter category
 by examining the surveys question &#x2018;Generally speaking, do you think
 now is a good time or a bad time to buy a house?&#x2019; and the follow-up
 question &#x2018;Why do you say so?&#x2019; The responses to these
 questions provide us with several measures of consumers' home buying
 attitudes. We show that changes in survey data on home buying attitudes
 (measured by consumers' assessments of current and future mortgage
 interest rates and house prices) accurately predict the direction of
 change in home sales 3 months later. 
Journal: Applied Economics Letters 
Pages: 411-415 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.709597 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.709597 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:411-415




Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Mongeon 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Mongeon 
Author-Name: Neil Longley 
Author-X-Name-First: Neil 
Author-X-Name-Last: Longley 
Title: A methodology for identifying the impacted groups in referee discrimination studies 
Abstract:
  This article presents an empirical methodology that allows one to
 identify the group being discriminated against by sport referees.
 Reestimating Price and Wolfers (2010, PW) discrimination in foul-calling
 analysis with our methodology, we find evidence that only black players
 are discriminated against. 
Journal: Applied Economics Letters 
Pages: 416-419 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.709592 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.709592 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:416-419




Template-Type: ReDIF-Article 1.0
Author-Name: Eleftherios Goulas 
Author-X-Name-First: Eleftherios 
Author-X-Name-Last: Goulas 
Author-Name: Athina Zervoyianni 
Author-X-Name-First: Athina 
Author-X-Name-Last: Zervoyianni 
Title: Economic growth and crime: does uncertainty matter? 
Abstract:
  This article contributes to the crime literature by exploring how the
 crime--uncertainty interaction impacts on economic growth. Using a panel
 of 25 countries over the period 1991 to 2007, we find evidence suggesting
 that increased crime has an asymmetric effect on growth depending on the
 future prospects of the economy as reflected in the degree of
 macroeconomic uncertainty. In particular, our results indicate that
 higher-than-average macroeconomic uncertainty enhances the adverse impact
 of crime on growth implying that a 10% increase in the crime rate can
 reduce annual per-capita GDP growth by between 0.49% and 0.62%. 
Journal: Applied Economics Letters 
Pages: 420-427 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.709596 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.709596 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:420-427




Template-Type: ReDIF-Article 1.0
Author-Name: Basil Al-Najjar 
Author-X-Name-First: Basil 
Author-X-Name-Last: Al-Najjar 
Author-Name: Mohammed M. Elgammal 
Author-X-Name-First: Mohammed M. 
Author-X-Name-Last: Elgammal 
Title: Innovation and credit ratings, does it matter? UK evidence 
Abstract:
  This study investigates the under-researched topic of credit rating
 predictions in the United Kingdom, using a sample of credit rated firms
 from FTSE 350 nonfinancial firms for the period 1999 to 2008. We aim to
 provide further insights regarding the credit ratings--capital structure
 hypothesis and to test whether innovation impacts credit ratings. We
 employed logit model and ordered probit analysis. Our results show that
 credit ratings are improved by innovation, profitability, growth, size,
 and reduction of leverage and business risk. However, firms with more
 innovation activities than internal optimum level have lower ratings.
 These results provide evidence that credit ratings can be viewed within
 the context of capital structure theory. 
Journal: Applied Economics Letters 
Pages: 428-431 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.709589 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.709589 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:428-431




Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Beccarini 
Author-X-Name-First: Andrea 
Author-X-Name-Last: Beccarini 
Title: Economic reforms and the indirect role of monetary policy 
Abstract:
  Due to pressure from some lobbies, the government is unwilling to perform
 structural reforms. The probability of its re-election depends, however,
 on a positive business cycle. The central bank may create surprise
 deflation even though it maximizes the public's utility function and even
 if it faces a rational market. This may explain why the European Central
 Bank (ECB), but not the US Federal Reserve (FED), is found to be
 unaffected by the inflation bias. 
Journal: Applied Economics Letters 
Pages: 432-435 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.709598 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.709598 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:432-435




Template-Type: ReDIF-Article 1.0
Author-Name: D. Serenis 
Author-X-Name-First: D. 
Author-X-Name-Last: Serenis 
Title: Does exchange rate volatility hinder export flows for South American countries? 
Abstract:
  This article examines the influence of exchange rate volatility on
 exports for three South American countries (Bolivia, Colombia and Guyana)
 in the period January 1973 to February 2010. Using a new measure of
 volatility, a significant negative relationship is found between aggregate
 exports and volatility. 
Journal: Applied Economics Letters 
Pages: 436-439 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.709593 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.709593 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:436-439




Template-Type: ReDIF-Article 1.0
Author-Name: Julianne Treme 
Author-X-Name-First: Julianne 
Author-X-Name-Last: Treme 
Author-Name: Lee A. Craig 
Author-X-Name-First: Lee A. 
Author-X-Name-Last: Craig 
Title: Celebrity star power: Do age and gender effects influence box office performance? 
Abstract:
  Celebrity media exposure is an increasingly strong source of actor
 popularity and is a viable star power variable that focuses on the impact
 of celebrity, not acting talent. Using <italic>People</italic> to
 calculate an actor's popularity, we analyse how the gender and age of a
 movie's lead actors affect box office success using quantile regression.
 We find that male celebrity media exposure can positively impact the
 success of a movie, whereas female celebrity exposure tends to decrease
 box office revenues. The results also suggest that although it may be
 harder for older actresses to land a lead role, it is actually the older
 male actors who lack the ability to carry a movie. The results highlight
 that a linear regression may not be the optimal solution to assess the
 relationship between star power and box office revenues. 
Journal: Applied Economics Letters 
Pages: 440-445 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.709594 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.709594 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:440-445




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Muhammad 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Muhammad 
Title: Estimating import demand in the presence of seasonal trade and unobserved prices 
Abstract:
  Estimating import demand is particularly difficult when trade is seasonal
 because prices do not exist for observations with no recorded transaction.
 Fresh apple imports in the United Kingdom provide a perfect case of this
 particular problem due to periodic trade. In this study, the differenced
 version of the almost ideal demand system is employed for estimating
 import demand by source and an iterative procedure is developed for
 deriving choke prices (prices at which imports are zero) and import demand
 estimates. The appeal of this procedure is that the final estimates and
 choke prices are not sensitive to the starting values used for the initial
 estimation. When comparing the results of the choke price procedure to a
 more traditional approach of eliminating zeros by aggregating across
 countries, significant differences emerge. Results clearly show that the
 aggregate estimates do not adequately reflect the pattern of UK imports
 from seasonal suppliers. 
Journal: Applied Economics Letters 
Pages: 446-451 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.709595 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.709595 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:446-451




Template-Type: ReDIF-Article 1.0
Author-Name: Albert Wijeweera 
Author-X-Name-First: Albert 
Author-X-Name-Last: Wijeweera 
Author-Name: Brian Dollery 
Author-X-Name-First: Brian 
Author-X-Name-Last: Dollery 
Title: J-curve disparity between the goods sector and the services sector: evidence from Australia 
Abstract:
  The J-curve effect phenomenon suggests that the currency devaluation
 would worsen the trade balance in the short run, but improve it in the
 long run. This article uses quarterly Australian data over the period 1988
 to 2011 to examine whether J-curve effects are different between the two
 main components of the trade account: the goods sector and the services
 sector. Using the bound testing approach to cointegration and error
 correction modelling, we find some evidence to support the J-curve
 phenomenon, but the impact of real exchange rate on the trade account
 seems complex. While the services sector displays a J-curve effect, the
 goods sector response is quite the opposite: it has a positive response in
 the short run, but a weak negative response in the long run. 
Journal: Applied Economics Letters 
Pages: 452-456 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.707765 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.707765 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:452-456




Template-Type: ReDIF-Article 1.0
Author-Name: Olivier Lamotte 
Author-X-Name-First: Olivier 
Author-X-Name-Last: Lamotte 
Author-Name: Thomas Porcher 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Porcher 
Author-Name: Christophe Schalck 
Author-X-Name-First: Christophe 
Author-X-Name-Last: Schalck 
Author-Name: Stephan Silvestre 
Author-X-Name-First: Stephan 
Author-X-Name-Last: Silvestre 
Title: Asymmetric gasoline price responses in France 
Abstract:
  This article examines the response of gasoline prices in France to shocks
 to crude oil prices in the international market. Using the Autoregressive
 Distributed Lag (ARDL) bounds testing approach of cointegration, we
 investigate potential price asymmetries in the French diesel and premium
 gasoline markets using weekly data over the period from May 1990 to April
 2011. We find that gasoline prices gradually adjust towards a long-term
 equilibrium after a shock to the crude oil price, but this adjustment is
 lower when the crude oil price decreases than when it increases. We also
 find that the estimates differ slightly depending on the chosen gasoline
 price. 
Journal: Applied Economics Letters 
Pages: 457-461 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.714063 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.714063 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:457-461




Template-Type: ReDIF-Article 1.0
Author-Name: Eric Blankmeyer 
Author-X-Name-First: Eric 
Author-X-Name-Last: Blankmeyer 
Title: Exploring Theil's best linear indexes 
Abstract:
  Theil (1960) estimates price and quantity indexes jointly by orthogonal
 regression. This letter shows how to bootstrap Theil's indexes and how to
 detect outliers. Aggregation issues are discussed, and the methodology is
 applied to a cross section of nursing facilities. 
Journal: Applied Economics Letters 
Pages: 462-465 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.714065 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.714065 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:462-465




Template-Type: ReDIF-Article 1.0
Author-Name: Michael L. Marlow 
Author-X-Name-First: Michael L. 
Author-X-Name-Last: Marlow 
Title: Public sector unions and government size 
Abstract:
  Although various studies have concluded that public sector unions raise
 wages and employment for members, very little research has examined
 whether public sector unionism influences the overall size of state and
 local government. The relationship is examined within a pooled data set on
 all states over selected years during 2003--2010. Wide variation in union
 membership trends across states provides a rich data set to examine.
 Empirical results indicate that 10 percentage point increases in public
 union membership raise several measures of government size within a range
 of 2.25--4.25%. A similar increase in union membership is estimated to
 raise annual real wages by $1603 for the average government worker, which
 amounts to a rise of 3.48%. 
Journal: Applied Economics Letters 
Pages: 466-470 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.714058 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.714058 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:466-470




Template-Type: ReDIF-Article 1.0
Author-Name: Xiaoping Li 
Author-X-Name-First: Xiaoping 
Author-X-Name-Last: Li 
Author-Name: Chunyang Zhou 
Author-X-Name-First: Chunyang 
Author-X-Name-Last: Zhou 
Author-Name: Chongfeng Wu 
Author-X-Name-First: Chongfeng 
Author-X-Name-Last: Wu 
Title: The role of heterogeneous expectations in forward exchange market 
Abstract:
  We build a Markov regime switching model to examine the role of
 heterogeneous expectations in the forward exchange market, where the
 regime could be fundamentalists or chartists. Our empirical analysis of
 EUR/USD and USD/JPY forward markets suggest that the fundamen-talists who
 follow negative feedback rule provide a mean-reverting dynamics into the
 market, while the chartists who follow positive feedback rule would
 reinforce the forward exchange rate movement. Finally, we find the
 chartists tend to switch to fundamentalists when the forward rate deviates
 away from its equilibrium. 
Journal: Applied Economics Letters 
Pages: 471-475 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.714061 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.714061 
File-Format: text/html
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Template-Type: ReDIF-Article 1.0
Author-Name: George Magonis 
Author-X-Name-First: George 
Author-X-Name-Last: Magonis 
Author-Name: Andreas Tsopanakis 
Author-X-Name-First: Andreas 
Author-X-Name-Last: Tsopanakis 
Title: Real interest rate parity in OECD countries: new evidence from time series and panel cointegration techniques 
Abstract:
  We examine the existence of Real Interest Rate Parity (RIRP) for a number
 of Organisation for Economic Co-operation and Development (OECD)
 countries. Using time series techniques, we manage to identify
 cointegrating relationships. For a subset of countries our findings
 suggest the existence of a structural break. The panel results are also in
 favour of the RIRP. 
Journal: Applied Economics Letters 
Pages: 476-479 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.667540 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.667540 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:476-479




Template-Type: ReDIF-Article 1.0
Author-Name: David E. Giles 
Author-X-Name-First: David E. 
Author-X-Name-Last: Giles 
Title: Constructing confidence bands for the Hodrick--Prescott filter 
Abstract:
  By noting that the Hodrick--Prescott (H--P) filter can be used as the
 solution to a particular regression problem, we are able to show how to
 construct confidence bands for the filtered time-series. This procedure
 requires that the data are stationary. The construction of such confidence
 bands is illustrated using annual US data for real value-added output and
 monthly US data for the unemployment rate. 
Journal: Applied Economics Letters 
Pages: 480-484 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.714057 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.714057 
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Template-Type: ReDIF-Article 1.0
Author-Name: E. Benrud 
Author-X-Name-First: E. 
Author-X-Name-Last: Benrud 
Title: Was there an option-listing effect for the IRX options? 
Abstract:
  Properties of the 3-month Treasury bill rate changed on and around the
 listing date of the IRX options for which the Treasury bill rate is the
 underlying. The level of return declined, the volatility declined and
 dummy variables for the day of listing and the 2 days after are negative
 and significant in an econometric model. The changes are consistent with
 the option-listing effect observed with the listing of options on stocks
 and American Depositary Receipts (ADRs). 
Journal: Applied Economics Letters 
Pages: 485-488 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.714060 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.714060 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:485-488




Template-Type: ReDIF-Article 1.0
Author-Name: Jan-Christoph R&#xFC;lke 
Author-X-Name-First: Jan-Christoph 
Author-X-Name-Last: R&#xFC;lke 
Author-Name: Christian Pierdzioch 
Author-X-Name-First: Christian 
Author-X-Name-Last: Pierdzioch 
Title: Currency crises, uncertain fundamentals and private-sector forecasts 
Abstract:
  The cross-sectional dispersion of private-sector forecasts has been used
 in recent research on currency crises as a measure of uncertainty over
 expected fundamentals. We argue that the cross-sectional dispersion of
 private-sector forecasts need not only reflect uncertainty over expected
 fundamentals but may also arise due to a deliberate scattering of
 forecasts. Using data on foreign exchange (FX) reserve forecasts for 11
 South-American and Eastern-European countries, we report evidence of such
 a forecast scattering that seems more pronounced during the economic
 crisis of 2008/09. 
Journal: Applied Economics Letters 
Pages: 489-494 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.716149 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.716149 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:489-494




Template-Type: ReDIF-Article 1.0
Author-Name: Estefania Santacreu-Vasut 
Author-X-Name-First: Estefania 
Author-X-Name-Last: Santacreu-Vasut 
Author-Name: Amir Shoham 
Author-X-Name-First: Amir 
Author-X-Name-Last: Shoham 
Author-Name: Victor Gay 
Author-X-Name-First: Victor 
Author-X-Name-Last: Gay 
Title: Do female/male distinctions in language matter? Evidence from gender political quotas 
Abstract:
  This article studies the determinants of gender political quota and
 enforcement sanctions, two key policy instruments for increasing female
 participation in politics. We find a novel empirical fact: language (the
 pervasiveness of gender distinctions in grammar) is the most significant
 related variable to quota adoption, more than traditional explanations
 such as economic development, political system and religion. 
Journal: Applied Economics Letters 
Pages: 495-498 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.714062 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.714062 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:495-498




Template-Type: ReDIF-Article 1.0
Author-Name: Fredj Jawadi 
Author-X-Name-First: Fredj 
Author-X-Name-Last: Jawadi 
Author-Name: Wa&#xEB;l Louhichi 
Author-X-Name-First: Wa&#xEB;l 
Author-X-Name-Last: Louhichi 
Author-Name: Hachmi Ben Ameur 
Author-X-Name-First: Hachmi 
Author-X-Name-Last: Ben Ameur 
Title: Do the US trends drive the UK--French market linkages?: empirical evidence from a threshold intraday analysis 
Abstract:
  This article investigates the impact of US stock market openings on
 linkages between the UK and French markets. Using intraday data over the
 period December 2004 to March 2009, we find significant time-varying
 dependence between the UK and French stock returns, which alter according
 to the state of the US market. Indeed, not only does the opening of the US
 market itself significantly affect the UK stock dependency, but such
 linkages also seem to be closely dependent on bearish or bullish US market
 trends. Interestingly, the estimation of a two-regime Threshold
 Autoregressive (TAR) model indicates that the bearish US trends are a
 source of minor linkage (lower regime), whereas the bullish US trends
 involve higher interdependency (upper regime). This finding is
 particularly interesting as following the US trend expectations enables us
 to better forecast future European stock prices and to calculate the level
 of their potential contagion effects. 
Journal: Applied Economics Letters 
Pages: 499-503 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.714064 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.714064 
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Template-Type: ReDIF-Article 1.0
Author-Name: Harold Creusen 
Author-X-Name-First: Harold 
Author-X-Name-Last: Creusen 
Author-Name: Arjan Lejour 
Author-X-Name-First: Arjan 
Author-X-Name-Last: Lejour 
Title: Market entry and economic diplomacy 
Abstract:
  This article analyses the role of economic diplomacy on the export market
 entry decisions of Dutch firms. We show that the presence of government
 support offices in middle-income countries and government trade missions
 stimulate Dutch firms to enter export markets in these countries. These
 conclusions follow from using detailed international trade data combined
 with firm and export market characteristics. 
Journal: Applied Economics Letters 
Pages: 504-507 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.714066 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.714066 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:504-507




Template-Type: ReDIF-Article 1.0
Author-Name: Yuqing Zheng 
Author-X-Name-First: Yuqing 
Author-X-Name-Last: Zheng 
Author-Name: Edward W. McLaughlin 
Author-X-Name-First: Edward W. 
Author-X-Name-Last: McLaughlin 
Author-Name: Harry M. Kaiser 
Author-X-Name-First: Harry M. 
Author-X-Name-Last: Kaiser 
Title: Salience and taxation: salience effect versus information effect 
Abstract:
  Posting tax-inclusive price tags on grocery products can reduce demand
 through an information effect that corrects consumers who misperceive the
 actual tax status. We disentangle the information effect from the salience
 effect developed by Chetty, Looney and Kroft (2009, CLK for short). By
 utilizing CLK's survey finding that 20% of shoppers mistakenly think there
 is no sales tax on toothpaste, we show that the information effect
 actually explains 31% of the sales drop in CLK's field study. Therefore,
 ignoring the information effect may overestimate the salience effect by a
 large degree. 
Journal: Applied Economics Letters 
Pages: 508-510 
Issue: 5 
Volume: 20 
Year: 2013 
Month: 3 
X-DOI: 10.1080/13504851.2012.718050 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718050 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:5:p:508-510




Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Gonz&#xE1;lez-Aguado 
Author-X-Name-First: Carlos 
Author-X-Name-Last: Gonz&#xE1;lez-Aguado 
Author-Name: Enrique Moral-Benito 
Author-X-Name-First: Enrique 
Author-X-Name-Last: Moral-Benito 
Title: Determinants of corporate default: a BMA approach 
Abstract:
  In this article, we aim to identify the main determinants of corporate
 default by considering Bayesian Model Averaging (BMA) techniques. Our
 empirical findings suggest that the most robust determinants of firm
 default are firm-specific variables such as the ratio of working capital
 to total assets and the SD of the firm stock return. In contrast,
 aggregate variables do not seem to play a relevant role once firm-specific
 characteristics (observable and unobservable) and model uncertainty are
 taken into consideration. 
Journal: Applied Economics Letters 
Pages: 511-514 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.718051 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718051 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:511-514




Template-Type: ReDIF-Article 1.0
Author-Name: Jean-Fran&#xE7;ois Arvis 
Author-X-Name-First: Jean-Fran&#xE7;ois 
Author-X-Name-Last: Arvis 
Author-Name: Ben Shepherd 
Author-X-Name-First: Ben 
Author-X-Name-Last: Shepherd 
Title: The Poisson quasi-maximum likelihood estimator: a solution to the &#x2018;adding up&#x2019; problem in gravity models 
Abstract:
  This article shows that the Poisson Quasi-Maximum Likelihood (QML)
 estimator applied to the gravity model produces estimates in which,
 summing across all partners, actual and estimated total trade flows are
 identical. Other methods such as OLS do not have this desirable property.
 Indeed, Poisson is the only QML estimator that preserves total trade
 flows. This result is an additional reason for preferring Poisson as a
 workhorse gravity model estimator. 
Journal: Applied Economics Letters 
Pages: 515-519 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.718052 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718052 
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Template-Type: ReDIF-Article 1.0
Author-Name: Shao-Chi Chang 
Author-X-Name-First: Shao-Chi 
Author-X-Name-Last: Chang 
Author-Name: Ming-Tse Tsai 
Author-X-Name-First: Ming-Tse 
Author-X-Name-Last: Tsai 
Title: Long-run performance of mergers and acquisition of privately held targets: evidence in the USA 
Abstract:
  In this study, we examine the long-run performance of firms acquiring
 privately held targets. Past studies have documented a positive market
 reaction to the announcement of Mergers and Acquisitions (M&A) of
 privately held targets. The M&As of privately held targets involve
 uncertain information, which investors are more likely to misestimate. In
 this study, we tested the long-run performances of acquiring firms and
 found negative results. We further found that the stock performance of
 acquiring firms was superior prior to the M&A. Our results suggest that
 investors may over-extrapolate prior good performance and that the
 long-run reversed return corrects the overestimation in response to
 announcements of M&A. 
Journal: Applied Economics Letters 
Pages: 520-524 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.718060 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718060 
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Template-Type: ReDIF-Article 1.0
Author-Name: Hyung-Gun Kim 
Author-X-Name-First: Hyung-Gun 
Author-X-Name-Last: Kim 
Author-Name: Sang Young Jei 
Author-X-Name-First: Sang Young 
Author-X-Name-Last: Jei 
Title: Empirical test for purchasing power parity using a time-varying parameter model: Japan and Korea cases 
Abstract:
  This study examines the validity of the Purchasing Power Parity (PPP)
 hypothesis for Japan and Korea by using a smooth time-varying
 cointegrating regression model. When we use the usual approaches,
 including unit root and cointegration tests, we fail to find the existence
 of the PPP for Japan and Korea. However, we find there is a time-varying
 cointegrating relationship between the logarithm of nominal exchange rates
 and the logarithm of the Producer Price Indices (PPI) ratio for Japan and
 Korea. This relationship does support the PPP theory. Moreover, we also
 find that the exact PPP theory holds for some periods in Japan and Korea. 
Journal: Applied Economics Letters 
Pages: 525-529 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.689109 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.689109 
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Template-Type: ReDIF-Article 1.0
Author-Name: Jarko Fidrmuc 
Author-X-Name-First: Jarko 
Author-X-Name-Last: Fidrmuc 
Author-Name: Johann Scharler 
Author-X-Name-First: Johann 
Author-X-Name-Last: Scharler 
Title: Financial development and the magnitude of business cycle fluctuations in OECD countries 
Abstract:
  We study empirically how the development of financial systems influences
 the magnitude of output growth fluctuations in a sample of OECD countries
 between 1995 and 2005. While the development of banking sectors is not
 significantly related to the magnitude of macroeconomic fluctuations,
 countries characterized by developed stock markets experience less
 pronounced fluctuations. 
Journal: Applied Economics Letters 
Pages: 530-533 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.718055 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718055 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:530-533




Template-Type: ReDIF-Article 1.0
Author-Name: Ivo Ph. Jansen 
Author-X-Name-First: Ivo Ph. 
Author-X-Name-Last: Jansen 
Author-Name: Lee W. Sanning 
Author-X-Name-First: Lee W. 
Author-X-Name-Last: Sanning 
Author-Name: Nathan V. Stuart 
Author-X-Name-First: Nathan V. 
Author-X-Name-Last: Stuart 
Title: On the relation between the relative size of acquisitions and the wealth of acquiring firms 
Abstract:
  There are dozens of studies in the mergers and acquisitions literature
 that include the relative size of an acquisition as an additive control
 variable in models explaining acquisition wealth effects. A majority of
 these studies document a positive coefficient estimate on relative size,
 but many document a negative coefficient estimate instead. Our study
 demonstrates that these seemingly contradictory findings stem from a
 misspecification of the functional form of the relation between Cumulative
 Abnormal Returns (<italic>CAR</italic>) and relative size. 
Journal: Applied Economics Letters 
Pages: 534-539 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.718056 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718056 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:534-539




Template-Type: ReDIF-Article 1.0
Author-Name: David C. Broadstock 
Author-X-Name-First: David C. 
Author-X-Name-Last: Broadstock 
Author-Name: Xun Chen 
Author-X-Name-First: Xun 
Author-X-Name-Last: Chen 
Title: A possible role for discriminatory fuel duty in reducing the emissions from road transport: some UK evidence 
Abstract:
  It is shown that the relative demands for gasoline and diesel fuels are
 price-responsive. Given the differing emissions-based externalities from
 these two fuel types, it is contended that discriminatory fuel duty might
 be a means to reduce these externalities. Results are derived from an
 Almost Ideal Demand System with time-varying technological progress,
 estimated using a bootstrap procedure given the nonnormalities and
 relative small sample sizes. 
Journal: Applied Economics Letters 
Pages: 540-544 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.714059 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.714059 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:540-544




Template-Type: ReDIF-Article 1.0
Author-Name: Riccardo Trezzi 
Author-X-Name-First: Riccardo 
Author-X-Name-Last: Trezzi 
Title: Perfect risk-sharing restrictions in the state space 
Abstract:
  I propose a state-space approach to test for international risk sharing
 at different horizons. Running the tests on US data
 <italic>vis-&#xE0;-vis</italic> the rest of the world, I find that market
 incompleteness is pervasive: the null is rejected at all horizons. 
Journal: Applied Economics Letters 
Pages: 545-548 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.718059 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718059 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:545-548




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew T. Young 
Author-X-Name-First: Andrew T. 
Author-X-Name-Last: Young 
Author-Name: Hernando Zuleta 
Author-X-Name-First: Hernando 
Author-X-Name-Last: Zuleta 
Title: Remeasuring labour's share 
Abstract:
  Krueger (1999) provides a measure of &#x2018;raw&#x2019; labour's share
 for the US post-war economy based on Mincerian regressions. He finds that
 raw labour's share fell by over 8 percentage points from 1959 to 1996. We
 provide an alternative estimate using direct observations on the wage
 rates of raw labour units, i.e. those with 8 years of education or less;
 aged 16--18 years. Our measure of raw labour's share is considerably
 higher on average than Krueger's. Furthermore, our measure rises during
 the later part of the sample and is over 22% by 1996. 
Journal: Applied Economics Letters 
Pages: 549-553 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.718061 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718061 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:549-553




Template-Type: ReDIF-Article 1.0
Author-Name: Rati Ram 
Author-X-Name-First: Rati 
Author-X-Name-Last: Ram 
Title: Income elasticity of poverty in developing countries: updated estimates from new data 
Abstract:
  New data on poverty released by World Bank in March 2012 are used to
 provide estimates of income (growth) elasticity of poverty for 2005--2008
 and to compare these with two earlier periods. Five points are noted.
 First, there is a big drop in the overall elasticity for developing
 countries for 2005--2008, indicating a considerably weaker response of
 poverty to increased income. Second, the drop is particularly sharp for
 $1.25 poverty rate but is fairly substantial for $2.00 line also. Third,
 the fall largely reflects a slowdown in poverty reduction in China from
 the extremely high declines in previous periods and the consequent drop in
 the elasticities for that country. Fourth, the elasticities, particularly
 that for $2.00 line, continue to be extremely low in poverty-dense India
 where $2.00 poverty rate is still higher than that even in sub-Saharan
 Africa (SSA). Fifth, the good progress towards the poverty goal of the
 Millennium Declaration is once again noted to be almost entirely due to
 the huge poverty declines that have occurred in China. 
Journal: Applied Economics Letters 
Pages: 554-558 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.718053 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718053 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:554-558




Template-Type: ReDIF-Article 1.0
Author-Name: Lorenzo Corsini 
Author-X-Name-First: Lorenzo 
Author-X-Name-Last: Corsini 
Title: Is there really no link between international trade and wage differentials? 
Abstract:
  This article investigates empirically the relationship between
 international trade (in particular with non-OECD countries) and wage
 differentials of workers with different skills. We examine years from 1996
 to 2005 in several countries and, whereas past studies (using data from
 previous years) had not detected any relevant relationship, we find a
 clean-cut positive effect of imports from non-OECD countries on
 differentials. In addition, we find evidence that technological change is
 having a polarization effect on wages. 
Journal: Applied Economics Letters 
Pages: 559-565 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.720007 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.720007 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:559-565




Template-Type: ReDIF-Article 1.0
Author-Name: Horst Feldmann 
Author-X-Name-First: Horst 
Author-X-Name-Last: Feldmann 
Title: Capital account liberalization and unemployment in industrial countries 
Abstract:
  Using data on 21 industrial countries over 1973 to 2005, this article
 finds that the liberalization of capital accounts implemented during this
 period has probably reduced unemployment. The magnitude of the estimated
 effect is substantial. We control for both endogeneity of capital account
 regulation and all major determinants of unemployment. The results are
 robust to variations in specification. 
Journal: Applied Economics Letters 
Pages: 566-571 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.718058 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718058 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:566-571




Template-Type: ReDIF-Article 1.0
Author-Name: Aberra Senbeta 
Author-X-Name-First: Aberra 
Author-X-Name-Last: Senbeta 
Title: Remittances and the sources of growth 
Abstract:
  This article studies the effects of remittances on economic growth and
 the sources of growth:capital accumulation and Total Factor Productivity
 (TFP) growth. This approach is different from previous studies, in that,
 it focuses on the transmission mechanism instead of the impact of
 remittances on economic growth. We find that remittances have conflicting
 effects on the two sources of growth: capital accumulation and
 productivity growth. Remittances have a significantly positive impact on
 capital accumulation while the impact on TFP growth is insignificant.
 These findings suggest that while remittances enhance investment and
 contribute to physical capital accumulation, the lack of efficiency
 enhancing effect or possible adverse impact on TFP growth would make the
 net effect on economic growth ambiguous. 
Journal: Applied Economics Letters 
Pages: 572-580 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.718057 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718057 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:572-580




Template-Type: ReDIF-Article 1.0
Author-Name: Bobby Davis 
Author-X-Name-First: Bobby 
Author-X-Name-Last: Davis 
Author-Name: David Karemera 
Author-X-Name-First: David 
Author-X-Name-Last: Karemera 
Author-Name: Louis Whitesides 
Author-X-Name-First: Louis 
Author-X-Name-Last: Whitesides 
Title: The intertemporal stability of the US money demand function: new evidence from switching regressions 
Abstract:
  The demand for money remains one of the topics most extensively studied
 in macroeconomics. This article contributes to the debate on the money
 demand stability and presents further evidence of a structural shift in
 the US money demand function. The switching regression technique developed
 by Goldfeld and Quandt (1972) shows that the US money demand function
 displays a gradual structural break during the 1994--1995 period. The
 traditional Goldfeld money demand model was estimated by the nonlinear
 optimization methods. Consumer and corporate interest rates were included
 in the model specifications. In all specifications, the results show a
 two-regime money demand model with a significant structural shift common
 to the 1994--1995 period. The study period from 1966:I to 2009:IV suggests
 that any identified shift is the most significant break in the series.
 Thus, this study demonstrates that the most significant transition from
 the first to the second regime is gradual rather than abrupt, as suggested
 by the previous studies. We believe that the cause of the gradual break
 may be associated with the US recession in the 1992--1993 period. This
 finding suggests that a two-regime demand model can be used in US money
 demand analysis and forecasting in future. 
Journal: Applied Economics Letters 
Pages: 581-586 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.720006 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.720006 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:581-586




Template-Type: ReDIF-Article 1.0
Author-Name: Beldi Amira 
Author-X-Name-First: Beldi 
Author-X-Name-Last: Amira 
Author-Name: Djelassi Mouldi 
Author-X-Name-First: Djelassi 
Author-X-Name-Last: Mouldi 
Author-Name: Mete Feridun 
Author-X-Name-First: Mete 
Author-X-Name-Last: Feridun 
Title: Growth effects of inflation targeting revisited: empirical evidence from emerging markets 
Abstract:
  This study investigates the impact of Inflation Targeting (IT) on real
 economic growth and real economic growth volatility for a panel of 36
 emerging economies from 1979 to 2009. The results suggest that although IT
 regime results in higher economic growth, it does not necessarily
 guarantee a more stable growth rate. 
Journal: Applied Economics Letters 
Pages: 587-591 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.718054 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.718054 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:587-591




Template-Type: ReDIF-Article 1.0
Author-Name: Laurent Bouvier 
Author-X-Name-First: Laurent 
Author-X-Name-Last: Bouvier 
Author-Name: Tahir M. Nisar 
Author-X-Name-First: Tahir M. 
Author-X-Name-Last: Nisar 
Title: Managerial capital and firm types: findings from private bond contracts 
Abstract:
  Field experiments have variously discovered that modern management
 practices enhance productivity, but not all firms adopt such practices. In
 this study, we examine private bond contracts used by the public house
 operators to explore if such variations are due to the differences in the
 types of the firms. Bond covenants make management actions in areas such
 as acquisitions and disposals contingent on meeting specified performance
 targets. We find that managed firms that provide greater flexibility in
 managing their operations are more responsive to these constraints than
 tenanted firms. The significant variations in the propensity of the firms
 to respond to covenant restrictions suggest that firms vary in their
 capacity to take different management actions. 
Journal: Applied Economics Letters 
Pages: 592-595 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.720009 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.720009 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:592-595




Template-Type: ReDIF-Article 1.0
Author-Name: Elitza Mileva 
Author-X-Name-First: Elitza 
Author-X-Name-Last: Mileva 
Title: Voluntary private sector involvement and the financial crisis in emerging Europe 
Abstract:
  In 2009, as part of the European Bank Coordination Initiative (also known
 as the Vienna Initiative (VI)), foreign banks with significant interests
 in emerging Europe signed voluntary commitment letters to maintain
 exposure to five countries as long as their International Monetary
 Fund/European Union (IMF/EU) stabilization programmes remained on track.
 Using panel regressions based on international bank lending data for 19
 emerging European states for 2000--2010, this article shows that countries
 with Stand-by Arrangements with the IMF attracted less foreign bank
 lending than justified by fundamentals. However, countries that obtained
 official financing and participated in the VI did not experience the
 decline in foreign private loans associated with IMF programmes. 
Journal: Applied Economics Letters 
Pages: 596-600 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.724157 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.724157 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:596-600




Template-Type: ReDIF-Article 1.0
Author-Name: Hyeon-Seung Huh 
Author-X-Name-First: Hyeon-Seung 
Author-X-Name-Last: Huh 
Title: A Monte Carlo test for the identifying assumptions of the Blanchard and Quah (1989) model 
Abstract:
  In their VAR model, Blanchard and Quah (BQ, 1989) employed
 uncorrelatedness between Aggregate Supply (AS) and Aggregate Demand (AD)
 shocks and the long-run output neutrality condition as identifying
 assumptions. This article conducts a simple Monte Carlo experiment to
 gauge how well the BQ procedure can approximate the true structure if the
 underlying assumptions of uncorrelatedness and long-run output neutrality
 are not supported by data. 
Journal: Applied Economics Letters 
Pages: 601-605 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.725923 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.725923 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:601-605




Template-Type: ReDIF-Article 1.0
Author-Name: Ignacio del Rosal 
Author-X-Name-First: Ignacio 
Author-X-Name-Last: del Rosal 
Title: Delivery terms in international trade: some evidence for Spain 
Abstract:
  Although there is abundant literature on the analysis of transportation
 costs in international trade, there are practically no studies concerning
 delivery terms defined in the International Commercial Terms (Incoterms).
 This article aims to take a first step using the information on Incoterms
 usage provided by the Spanish Foreign Trade Statistics. 
Journal: Applied Economics Letters 
Pages: 606-610 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.725924 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.725924 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:606-610




Template-Type: ReDIF-Article 1.0
Author-Name: Iwan Bos 
Author-X-Name-First: Iwan 
Author-X-Name-Last: Bos 
Author-Name: Ronald Peeters 
Author-X-Name-First: Ronald 
Author-X-Name-Last: Peeters 
Author-Name: Erik Pot 
Author-X-Name-First: Erik 
Author-X-Name-Last: Pot 
Title: Do antitrust agencies facilitate meetings in smoke-filled rooms? 
Abstract:
  This article identifies a potential adverse effect of antitrust
 enforcement. We show that if tacit collusion is not sustainable, firms are
 able and willing to collude explicitly when demand is viscous, the
 expected antitrust penalty is limited and antitrust agencies are
 sufficiently effective in catching cartels. 
Journal: Applied Economics Letters 
Pages: 611-614 
Issue: 6 
Volume: 20 
Year: 2013 
Month: 4 
X-DOI: 10.1080/13504851.2012.725925 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.725925 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:6:p:611-614




Template-Type: ReDIF-Article 1.0
Author-Name: Hiroaki Miyamoto 
Author-X-Name-First: Hiroaki 
Author-X-Name-Last: Miyamoto 
Title: Ins and outs of the long-run unemployment dynamics 
Abstract:
  This article studies the contribution of inflow and outflow rates to the
 unemployment dynamics in the long-run. I find that both inflow and outflow
 rates contribute significantly to variation in the long-run trend in the
 unemployment rate in both the United States and Japan. In the United
 States, the inflow and outflow rates account for roughly similar
 proportions of overall unemployment variability in the long run. On the
 other hand, in Japan, the inflow rate accounts for much of unemployment
 variation in the long run, and the contribution of the inflow rate to
 overall unemployment fluctuation is around 62%. 
Journal: Applied Economics Letters 
Pages: 615-620 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.725926 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.725926 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:615-620




Template-Type: ReDIF-Article 1.0
Author-Name: Imad A. Moosa 
Author-X-Name-First: Imad A. 
Author-X-Name-Last: Moosa 
Author-Name: Kelly Burns 
Author-X-Name-First: Kelly 
Author-X-Name-Last: Burns 
Title: Interpolating flow and stock variables in a continuous-time dynamic framework 
Abstract:
  A continuous-time dynamic interpolation method for deriving
 high-frequency data is illustrated by deriving monthly data from quarterly
 data on two US macroeconomic variables: industrial production as a flow
 variable and the money supply as a stock variable. Analysis of the actual
 and interpolated series shows that they do not differ significantly in
 terms of the basic statistics and that they are cointegrated with a
 cointegarting vector of (--1,0,1). Unlike other interpolation methods,
 this method distinguishes between stock and flow variables. 
Journal: Applied Economics Letters 
Pages: 621-625 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.727969 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.727969 
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:621-625




Template-Type: ReDIF-Article 1.0
Author-Name: Bernd Ebersberger 
Author-X-Name-First: Bernd 
Author-X-Name-Last: Ebersberger 
Author-Name: Sverre J. Herstad 
Author-X-Name-First: Sverre J. 
Author-X-Name-Last: Herstad 
Title: The relationship between international innovation collaboration, intramural R&D and SMEs&#x2019; innovation performance: a quantile regression approach 
Abstract:
  In the current global economic landscape, it is virtually impossible for
 any single firm to stay abreast of all relevant technological advances.
 Thus integration in global innovation networks is becoming more and more
 important for competitiveness and growth. However, the fact that
 international collaboration is organizationally demanding raises important
 questions concerning the relative importance of international
 collaboration and intramural R&D for innovation performance, and how they
 interact in determining it. These questions are particularly relevant in
 the context of SMEs due to the narrower internal knowledge bases of
 smaller organizations. In the following they are investigated using
 Norwegian innovation survey data and quantile regression. Firms in the
 upper quantile of the innovation performance distribution face a trade-off
 between engaging in global innovation collaboration and engaging in
 systematic R&D, where both individually have a positive effect. This is
 consistent with baseline OLS findings. By contrast, firms in the lower
 quantiles of the distribution are found to strengthen their performance by
 means of R&D only. Consequently, the baseline OLS regression results fail
 to capture the determinants of innovation performance for the population
 of SMEs that are not already strong innovation performers. This leads to a
 risk of excessive SME innovation policy emphasis on inducing international
 collaboration. 
Journal: Applied Economics Letters 
Pages: 626-630 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.724158 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.724158 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:626-630




Template-Type: ReDIF-Article 1.0
Author-Name: Rodrigo Leandro de Moura 
Author-X-Name-First: Rodrigo Leandro 
Author-X-Name-Last: de Moura 
Author-Name: Jaime de Jesus Filho 
Author-X-Name-First: Jaime 
Author-X-Name-Last: de Jesus Filho 
Author-Name: Paulo S�rgio Braga Tafner 
Author-X-Name-First: Paulo S�rgio Braga 
Author-X-Name-Last: Tafner 
Author-Name: Ligia Helena da Cruz Ourives 
Author-X-Name-First: Ligia Helena 
Author-X-Name-Last: da Cruz Ourives 
Title: Social security effects on income distribution: a counterfactual analysis for Brazil 
Abstract:
  One of the reasons for the existence of social security systems is that
 they function as an income redistribution mechanism (Diamond, 1977).
 Nevertheless, there is no obvious consensus about this social security
 property. We test it to the Brazilian case and try to answer an additional
 question: is the trend of social security systems increasingly progressive
 or regressive? We conclude that the changes in Brazilian Social Security
 legislation reduced inequality between 1987 and 1996, but only for the
 elderly. For the other age groups, there is a stable trend. Results for
 the period between 1996 and 2006 reveal that the Brazilian system is
 neutral for all cohorts. 
Journal: Applied Economics Letters 
Pages: 631-637 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.725922 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.725922 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:631-637




Template-Type: ReDIF-Article 1.0
Author-Name: Nathan J. Ashby 
Author-X-Name-First: Nathan J. 
Author-X-Name-Last: Ashby 
Author-Name: Avilia Bueno 
Author-X-Name-First: Avilia 
Author-X-Name-Last: Bueno 
Author-Name: Deborah Mart�nez Villarreal 
Author-X-Name-First: Deborah Mart�nez 
Author-X-Name-Last: Villarreal 
Title: The determinants of immigration from Mexico to the United States: a state-to-state analysis 
Abstract:
  The determinants of undocumented immigration flows from Mexican states to
 US states utilizing data recently released by the Mexican Consulate are
 analysed. The results generally support that immigrants tend towards
 states with higher Mexican immigrant populations, shorter distances,
 higher wages and smaller populations. 
Journal: Applied Economics Letters 
Pages: 638-641 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.727964 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.727964 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:638-641




Template-Type: ReDIF-Article 1.0
Author-Name: Scott Wallace 
Author-X-Name-First: Scott 
Author-X-Name-Last: Wallace 
Author-Name: Steven B. Caudill 
Author-X-Name-First: Steven B. 
Author-X-Name-Last: Caudill 
Author-Name: Franklin G. Mixon 
Author-X-Name-First: Franklin G. 
Author-X-Name-Last: Mixon 
Title:  <italic>Homo certus</italic> in professional basketball? Empirical evidence from the 2011 NBA Playoffs 
Abstract:
  The current article builds on Berri and Eschker's (2005) research on the
 impact of crunch time, or pressure-packed performance, in professional
 basketball by searching for changes in individual player performance near
 the end of the game. In this way, our study is similar to the study of
 Savage and Torgler (2012), which examined World Cup soccer performances.
 Here, we focus solely on National Basketball Association (NBA) Playoff
 games (from 2011), which are the most stressful games to players. The
 empirical analyses presented in this study generally confirm earlier
 research contending that the existence of a prime time or clutch player in
 the NBA is a myth. On the contrary, our work supports the idea that
 professional basketball fans often exhibit confirmation bias, wherein they
 tend to overweight clutch performances that support their <italic>a
 priori</italic> beliefs. 
Journal: Applied Economics Letters 
Pages: 642-648 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.727965 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.727965 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:642-648




Template-Type: ReDIF-Article 1.0
Author-Name: Simon Condliffe 
Author-X-Name-First: Simon 
Author-X-Name-Last: Condliffe 
Author-Name: Charles R. Link 
Author-X-Name-First: Charles R. 
Author-X-Name-Last: Link 
Author-Name: Shreekant Parasuraman 
Author-X-Name-First: Shreekant 
Author-X-Name-Last: Parasuraman 
Author-Name: Michael F. Pollack 
Author-X-Name-First: Michael F. 
Author-X-Name-Last: Pollack 
Title: The effects of hypertension and obesity on total health-care expenditures of diabetes patients in the United States 
Abstract:
  We identify a representative sample of US diabetes patients with comorbid
 hypertension and obesity and then evaluate health-care expenditures in
 this population across comorbidity categories. The underlying hypothesis
 is that the presence of comorbid obesity and hypertension poses an
 additional burden on patients with diabetes, thus impacting their overall
 resource utilization. More than one-third of diabetes patients suffer from
 comorbid obesity and hypertension, which outnumbers diabetes patients with
 neither or only one of these comorbidities. The results of multivariate
 regressions clearly show the significant impact these comorbidities have
 on the health-care expenditures of the diabetes population. For example, a
 person with diabetes and obesity has health-care expenditures 14% greater
 than a diabetes patient without obesity. Adding hypertension to a diabetes
 patient raises health-care expenditures by 26%. Finally, diabetes patients
 with both comorbid obesity and hypertension -- the fastest growing group
 of diabetes patients -- have health-care expenditures 40% higher than
 those without these comorbidities. Our results indicate that diabetes
 patients are placing an increasing strain on health-care resources, and
 health-care providers should consider the management of comorbid
 hypertension and/or obesity, as these have significant effects on resource
 utilization and expenditures beyond the underlying diabetes condition. 
Journal: Applied Economics Letters 
Pages: 649-652 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.727966 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.727966 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:649-652




Template-Type: ReDIF-Article 1.0
Author-Name: Fredj Jawadi 
Author-X-Name-First: Fredj 
Author-X-Name-Last: Jawadi 
Author-Name: Ricardo M. Sousa 
Author-X-Name-First: Ricardo M. 
Author-X-Name-Last: Sousa 
Title: Structural breaks and nonlinearity in US and UK public debts 
Abstract:
  This article investigates the short-term dynamics of public debts in the
 United States and the United Kingdom over more than four decades. We check
 for structural changes in the data and assess nonlinearity and
 switching-regime hypotheses using several linearity tests. Our findings
 point to multiple structural breaks due to economic downturns, oil shocks
 and financial and political instability. We also identify different
 regimes for which the adjustment is asymmetric and nonlinear, in
 particular, since 2003 and around the Great Recession. 
Journal: Applied Economics Letters 
Pages: 653-657 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.727967 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.727967 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:653-657




Template-Type: ReDIF-Article 1.0
Author-Name: Markus Poschke 
Author-X-Name-First: Markus 
Author-X-Name-Last: Poschke 
Title: &#x2018;Entrepreneurs out of necessity&#x2019;: a snapshot 
Abstract:
  &#x2018;Entrepreneurs out of necessity&#x2019; as identified by the
 Global Entrepreneurship Monitor (GEM) survey are a sizeable group across
 countries. This article documents that they tend to have low education,
 run smaller firms, expect their firms to grow less, but are likely to stay
 in the market. This evidence matters for policy supporting small
 businesses. It is a challenge for existing theories of heterogeneous firms
 and points to the importance of heterogeneous outside options. 
Journal: Applied Economics Letters 
Pages: 658-663 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.727968 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.727968 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:658-663




Template-Type: ReDIF-Article 1.0
Author-Name: Bilin Neyapti 
Author-X-Name-First: Bilin 
Author-X-Name-Last: Neyapti 
Title: Turkey's experience with disinflation: where did all the welfare gains go? 
Abstract:
  This article measures the welfare gains from disinflation in Turkey
 during the 2000s. Estimated welfare gains exceed the real output gains,
 which is likely to arise from persisting allocative inefficiencies,
 pointing at the need for further structural and institutional reforms for
 the benefits of price stability to be utilized towards achieving
 sustainable development. 
Journal: Applied Economics Letters 
Pages: 664-668 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.727970 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.727970 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:664-668




Template-Type: ReDIF-Article 1.0
Author-Name: Ant&#xF3;nio Afonso 
Author-X-Name-First: Ant&#xF3;nio 
Author-X-Name-Last: Afonso 
Author-Name: Jo&#xE3;o Tovar Jalles 
Author-X-Name-First: Jo&#xE3;o Tovar 
Author-X-Name-Last: Jalles 
Title: The cyclicality of education, health, and social security government spending 
Abstract:
  We use a panel of developed and emerging countries for the period 1970 to
 2008 to assess the cyclicality of education, health and social security
 government spending. We mostly find acyclical behaviour, but evidence also
 points to counter-cyclicality for social security spending, particularly
 in OECD countries, consistent with the operation of automatic stabilizers. 
Journal: Applied Economics Letters 
Pages: 669-672 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.730125 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.730125 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:669-672




Template-Type: ReDIF-Article 1.0
Author-Name: Wei Gao 
Author-X-Name-First: Wei 
Author-X-Name-Last: Gao 
Author-Name: Scott Gilbert 
Author-X-Name-First: Scott 
Author-X-Name-Last: Gilbert 
Author-Name: Kevin Sylwester 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Sylwester 
Title: The effect of assassinations on political institutions: Are the Jones--Olken findings robust? 
Abstract:
  Jones and Olken (JO; 2009) report that the outcome of an assassination
 attempt -- whether it is successful or not -- matters for political
 institutions. We question how these institutions are classified.
 Revisiting their methodology shows that their findings are generally
 robust to reasonable differences in classification, thereby strengthening
 their conclusions that leadership and luck matter for political outcomes. 
Journal: Applied Economics Letters 
Pages: 673-676 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.730126 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.730126 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:673-676




Template-Type: ReDIF-Article 1.0
Author-Name: N. Podlich 
Author-X-Name-First: N. 
Author-X-Name-Last: Podlich 
Author-Name: M. Wedow 
Author-X-Name-First: M. 
Author-X-Name-Last: Wedow 
Title: Are insurers SIFIs? A MGARCH model to measure interconnectedness 
Abstract:
  We examine whether insurance companies should, like banks, be regulated
 as Systemically Important Financial Institutions (SIFIs). For this
 purpose, we empirically model the interconnectedness between different
 sectors of the financial system with a multivariate GARCH model using the
 information content of Credit Default Swap (CDS) prices. Our findings
 suggest that large insurers transmit risks to other parts of the financial
 system. The magnitude of these contagion effects is substantially lower
 than those of large banks that are currently treated as SIFIs. 
Journal: Applied Economics Letters 
Pages: 677-681 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.730127 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.730127 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:677-681




Template-Type: ReDIF-Article 1.0
Author-Name: John Whalley 
Author-X-Name-First: John 
Author-X-Name-Last: Whalley 
Author-Name: Xiliang Zhao 
Author-X-Name-First: Xiliang 
Author-X-Name-Last: Zhao 
Title: The relative importance of the Chinese stimulus package and tax stabilization during the 2008 financial crisis 
Abstract:
  The general presumption in the policy literature has been that China's
 sustained high growth since 2008 and the global financial crisis (with a
 dip in Q1 2009) have been heavily reflections of the November 2008
 4-trillion Renminbi stimulus package. Less attention has been paid to the
 revenue side of the government account, even though immediately following
 the onset of the crisis, government revenues fell after growing at roughly
 30% annually pre-crisis. The issue we address in this article is the
 relative importance of expenditure stimulus and tax stabilization after
 the onset of the 2008 crisis. We use a Keynesian macroeconomic model of
 China recast in changes form to quantitatively evaluate the relative
 importance of the stimulus and automatic tax stabilization components. Our
 simulation results indicate that without the stimulus package, the
 economic growth in 2009 would have been only 6.8%, and without slowed
 growth of government revenues, the growth rate in 2009 would have been
 only 6.0%. Our conclusion is that while increases in government spending
 and revenue reduction stimulus from automatic revenue responses both
 contributed to the speedy recovery of the Chinese economy from the crisis,
 the tax side may have contributed more than the expenditure side. 
Journal: Applied Economics Letters 
Pages: 682-686 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.730128 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.730128 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:682-686




Template-Type: ReDIF-Article 1.0
Author-Name: Tidiane Kinda 
Author-X-Name-First: Tidiane 
Author-X-Name-Last: Kinda 
Author-Name: Marie-Helene Le Manchec 
Author-X-Name-First: Marie-Helene 
Author-X-Name-Last: Le Manchec 
Title: Heterogeneity in the allocation of external public financing: evidence from post-MDRI countries 
Abstract:
  This article revisits the evidence on the allocation of external public
 financing to post-MDRI countries while controlling for heterogeneity
 across recipient economies through quantile regressions. The results show
 that donors were more selective in terms of institutional quality when
 allocating aid to countries with the highest income per capita in the
 sample. 
Journal: Applied Economics Letters 
Pages: 687-691 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2011.652774 
File-URL: http://hdl.handle.net/10.1080/13504851.2011.652774 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:687-691




Template-Type: ReDIF-Article 1.0
Author-Name: Tarlok Singh 
Author-X-Name-First: Tarlok 
Author-X-Name-Last: Singh 
Title: International mobility of capital in the OECD countries: a robust evidence from panel data estimators 
Abstract:
  This study estimates the Feldstein and Horioka (FH, 1980) model and
 examines the International Mobility of Capital (IMC) for a balanced panel
 of 24 OECD countries. The results provide consistent support for moderate
 mobility of capital and for cointegrating relationship between domestic
 saving and investment. 
Journal: Applied Economics Letters 
Pages: 692-696 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.732683 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.732683 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:692-696




Template-Type: ReDIF-Article 1.0
Author-Name: Levent Bulut 
Author-X-Name-First: Levent 
Author-X-Name-Last: Bulut 
Title: Current account dynamics and degree of capital mobility 
Abstract:
  By modelling the current account balances (as a percentage of GDP) in a
 dynamic AR(1) model, Taylor (2002) proposed to use speed of mean reversion
 of the dynamics of the current account as a tool for measurement of
 capital mobility and confirmed the stylized fact of U-Shape degree of
 capital mobility through the last two centuries with this new approach.
 With the assumption that countries obey their Long-Run Budget Constraint
 (LRBC), the OLS estimate of the degree of current account persistency in
 Taylor (2002) is downward bias due to small sample and high serial
 correlation of current account ratios with its lags. By correcting these
 biases with the Andrews (1993) exact median-unbiased estimation, we find
 that the confidence intervals for half-life estimates include 1 year
 (which was used as a benchmark) in 37 out of 75 country--period cases,
 which cast some doubt on the use of half-life estimate as a practical
 measure of capital mobility. 
Journal: Applied Economics Letters 
Pages: 697-701 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.720008 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.720008 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:697-701




Template-Type: ReDIF-Article 1.0
Author-Name: E. Dijkgraaf 
Author-X-Name-First: E. 
Author-X-Name-Last: Dijkgraaf 
Author-Name: R. H. J. M. Gradus 
Author-X-Name-First: R. H. J. M. 
Author-X-Name-Last: Gradus 
Title: Cost advantage cooperations larger than private waste collectors 
Abstract:
  For refuse collection, we estimate the cost effects of different
 institutional modes using panel data for almost all Dutch municipalities
 between 1998 and 2010. The modes we consider are private enterprises,
 intermunicipal cooperation, municipality-owned enterprises and in-house
 collection. For private companies, the cost advantage becomes
 substantially smaller and nonsignificant if municipal fixed effects are
 included. The cost advantage of intermunicipal cooperation is larger in
 this case than that of privatization. 
Journal: Applied Economics Letters 
Pages: 702-705 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.732682 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.732682 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:702-705




Template-Type: ReDIF-Article 1.0
Author-Name: Celia Bilbao-Terol 
Author-X-Name-First: Celia 
Author-X-Name-Last: Bilbao-Terol 
Author-Name: Ver&#xF3;nica Ca&#xF1;al-Fern&#xE1;ndez 
Author-X-Name-First: Ver&#xF3;nica 
Author-X-Name-Last: Ca&#xF1;al-Fern&#xE1;ndez 
Title: The price of secondary school quality: a hedonic approach 
Abstract:
  The aim of this article is to calculate the market valuation of quality
 characteristics and locational attributes of private secondary school in
 Spain. In order to achieve this, a hedonic price regression is estimated.
 The quality characteristics of a school appear to be important
 determinants of tuition in Spain. 
Journal: Applied Economics Letters 
Pages: 706-709 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.732684 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.732684 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:706-709




Template-Type: ReDIF-Article 1.0
Author-Name: Barry Reilly 
Author-X-Name-First: Barry 
Author-X-Name-Last: Reilly 
Author-Name: Robert Witt 
Author-X-Name-First: Robert 
Author-X-Name-Last: Witt 
Title: Red cards, referee home bias and social pressure: evidence from English Premiership Soccer 
Abstract:
  This article uses player/match-level data from five seasons of the
 English Premiership League (EPL) to test for home bias and referee
 susceptibility to social pressure in the application of the most stringent
 disciplinary sanction available to a referee. We find persuasive evidence
 for the former but none for the latter. 
Journal: Applied Economics Letters 
Pages: 710-714 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.734591 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.734591 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:710-714




Template-Type: ReDIF-Article 1.0
Author-Name: Christer Ljungwall 
Author-X-Name-First: Christer 
Author-X-Name-Last: Ljungwall 
Author-Name: Patrik Gustavsson Tingvall 
Author-X-Name-First: Patrik Gustavsson 
Author-X-Name-Last: Tingvall 
Title: Is China different? A meta-analysis of China's financial sector development 
Abstract:
  We examine whether China has benefited more from financial development
 than other countries. The results show that financial development has been
 less significant for growth in China than in other countries, even when
 China is compared with other transition economies. 
Journal: Applied Economics Letters 
Pages: 715-718 
Issue: 7 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.734592 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.734592 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:7:p:715-718




Template-Type: ReDIF-Article 1.0
Author-Name: Su-Lien Lu 
Author-X-Name-First: Su-Lien 
Author-X-Name-Last: Lu 
Title: Measuring credit risk by using a parameterized model under risk-neutral measure 
Abstract:
	      This article assesses credit risk by using a parameterized
 model under risk-neutral measure, elaborating the assumption of
 Bystr&#xF6;m and Kwon (2007) by using interpolation to estimate the
 risk-free yield curve. The required data are minimal; the proposed model
 only necessitates information regarding loans, such as loan rates, and
 risk-free rates that can avoid shortcomings of rating data. The default
 probabilities are estimated under risk-neutral measure though few studies
 have done so. The empirical results show that default probabilities of
 financial distress are higher compared to those of normal firms.
 Furthermore, the proposed model is also closely associated with the
 economic state.	  
Journal: Applied Economics Letters 
Pages: 719-723 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.734593 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.734593 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:719-723




Template-Type: ReDIF-Article 1.0
Author-Name: Elena D'Agostino 
Author-X-Name-First: Elena 
Author-X-Name-Last: D'Agostino 
Author-Name: Emiliano Sironi 
Author-X-Name-First: Emiliano 
Author-X-Name-Last: Sironi 
Author-Name: Giuseppe Sobbrio 
Author-X-Name-First: Giuseppe 
Author-X-Name-Last: Sobbrio 
Title: The role of education in determining the attitudes towards crime in Europe 
Abstract:
	      Using data from the European Social Survey (ESS), we
 investigate the relationship between education and attitudes towards
 offences and crime. The results suggest that in a European context years
 spent in education are positively associated with more permissive
 attitudes towards criminal behaviour.		
Journal: Applied Economics Letters 
Pages: 724-727 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.739280 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.739280 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:724-727




Template-Type: ReDIF-Article 1.0
Author-Name: Bruno Rocha 
Author-X-Name-First: Bruno 
Author-X-Name-Last: Rocha 
Author-Name: F&#xE1;bio Sanches 
Author-X-Name-First: F&#xE1;bio 
Author-X-Name-Last: Sanches 
Author-Name: Igor Souza 
Author-X-Name-First: Igor 
Author-X-Name-Last: Souza 
Author-Name: Jos� Carlos Domingos da Silva 
Author-X-Name-First: Jos� 
Author-X-Name-Last: Carlos Domingos da Silva 
Title: Does monitoring affect corruption? Career concerns and home bias in football refereeing 
Abstract:
	      This article evaluates refereeing bias in football games.
 Using a data set for Brazilian Championship, we find that referees
 systematically favour home teams setting more extra time in close matches
 in which home teams are behind. Career concerns seem to be relevant, since
 monitoring inhibits this behaviour and the effect of the refereeing bias
 on the probability of scoring in the extra time is quantitatively
 negligible.	      
Journal: Applied Economics Letters 
Pages: 728-731 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.736938 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.736938 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:728-731




Template-Type: ReDIF-Article 1.0
Author-Name: Gary Madden 
Author-X-Name-First: Gary 
Author-X-Name-Last: Madden 
Author-Name: Erik Bohlin 
Author-X-Name-First: Erik 
Author-X-Name-Last: Bohlin 
Author-Name: Hajime Oniki 
Author-X-Name-First: Hajime 
Author-X-Name-Last: Oniki 
Author-Name: Thien Tran 
Author-X-Name-First: Thien 
Author-X-Name-Last: Tran 
Title: Potential demand for m-government services in Japan 
Abstract:
	      This article attempts to identify factors that influence the
 potential demand for m-government service adoption in Japan by analysing
 survey responses. This study identifies smartphone ownership, mobile
 application activity and e-government subscription as demand drivers.
 These results suggest government should encourage Juki cards and the e-tax
 payment system adoption and support programmes to encourage smartphone
 ownership and mobile application subscriptions.	  
Journal: Applied Economics Letters 
Pages: 732-736 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.736939 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.736939 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:732-736




Template-Type: ReDIF-Article 1.0
Author-Name: Wojciech Charemza 
Author-X-Name-First: Wojciech 
Author-X-Name-Last: Charemza 
Author-Name: Imran Husssain Shah 
Author-X-Name-First: Imran 
Author-X-Name-Last: Husssain Shah 
Title: Stability price index, core inflation and output volatility 
Abstract:
	      This article examines the relationship between the
 &#x2018;exclusion&#x2019; type Core Inflation (<italic>CI</italic>)
 measures and the stability price index. Empirical results for Malaysia and
 Pakistan suggest that if targeting <italic>CI</italic> index is to
 stabilize output, weights of the export-oriented sectors (energy for
 Malaysia and foodstuffs for Pakistan) should be reduced, in relation to
 the <italic>CPI</italic> weights, and weights of the import-oriented
 sectors should be increased. It also indicates that, in order to maintain
 real sector stability, central bankers should include the fundamental
 component of the stock market prices in the price index they target.	    
Journal: Applied Economics Letters 
Pages: 737-741 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.739279 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.739279 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:737-741




Template-Type: ReDIF-Article 1.0
Author-Name: Yasunori Yoshizaki 
Author-X-Name-First: Yasunori 
Author-X-Name-Last: Yoshizaki 
Author-Name: Yuki Toyoshima 
Author-X-Name-First: Yuki 
Author-X-Name-Last: Toyoshima 
Author-Name: Shigeyuki Haomori 
Author-X-Name-First: Shigeyuki 
Author-X-Name-Last: Haomori 
Title: The causal relationships between sovereign CDS premiums for Japan and selected EU countries 
Abstract:
	      In this article, we apply the cross-correlation function
 approach developed by Hong (2001) in order to investigate how the recent
 sovereign debt crisis has influenced interrelations between sovereign
 credit default swap (CDS) premiums for Japan and for Europe's major
 countries. We confirm the existence of a causal linkage between the mean
 of Japan and those of EU countries except Greece. In addition, this causal
 linkage has strengthened remarkably since the crisis. Further, we detect a
 causal linkage in terms of variance between Japan and certain EU countries
 including Greece.	    
Journal: Applied Economics Letters 
Pages: 742-747 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.741671 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.741671 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:742-747




Template-Type: ReDIF-Article 1.0
Author-Name: Pablo Hern&#xE1;ndez de Cos 
Author-X-Name-First: Pablo 
Author-X-Name-Last: Hern&#xE1;ndez de Cos 
Author-Name: Enrique Moral-Benito 
Author-X-Name-First: Enrique 
Author-X-Name-Last: Moral-Benito 
Title: What drives a successful fiscal consolidation? 
Abstract:
	      Fiscal consolidations are currently in the agenda of fiscal
 authorities in many countries. Using Bayesian Model Averaging to overcome
 the problem of model uncertainty, we find that growth-enhancing policies
 and cuts in public wages are the most appropriate ingredients for
 successfully reducing debt levels and budget deficits. 	 
Journal: Applied Economics Letters 
Pages: 748-753 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.741672 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.741672 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:748-753




Template-Type: ReDIF-Article 1.0
Author-Name: Rodrigo Fuentes 
Author-X-Name-First: Rodrigo 
Author-X-Name-Last: Fuentes 
Author-Name: Jorge Dresdner 
Author-X-Name-First: Jorge 
Author-X-Name-Last: Dresdner 
Title: Survival of micro-enterprises: Does public seed financing work? 
Abstract:
	      We estimated a hazard function for the duration of
 micro-enterprises after they had been subject to a public seed financing
 programme in southern Chile. The programme aims to encourage innovative
 new firms and uses sponsors to support and follow-up on the benefiting
 firms. Using an administrative database, specially recovered for this
 purpose, we were able to follow a sample of 76 firms throughout a period
 of 9 years. This article offers new evidence about how a firm promotion
 subsidy programme works in a medium developed country. The results
 indicate that the amount of funds granted increases survival time. In
 contrast, the type of support organization does not seem to affect the
 duration of the micro-enterprises, while the sponsors' individual
 characteristics do seem to have an impact on survival. Thus, the public
 institution should periodically assess the sponsors' performance as part
 of the programme evaluation.	       
Journal: Applied Economics Letters 
Pages: 754-757 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.741673 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.741673 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:754-757




Template-Type: ReDIF-Article 1.0
Author-Name: Radu Vranceanu 
Author-X-Name-First: Radu 
Author-X-Name-Last: Vranceanu 
Author-Name: Damien Besancenot 
Author-X-Name-First: Damien 
Author-X-Name-Last: Besancenot 
Title: The spending multiplier in a time of massive public debt: The Euro-area case 
Abstract:
	      This article argues that in Euro-area economies, where the
 European Central Bank (ECB) cannot bail out financially distressed
 governments, the spending multiplier is adversely affected by the amount
 of public debt. A regression model on a panel of 26 EU countries over the
 last 16 years shows that a 10 percentage point increase in the debt-to-GDP
 ratio is connected to a slowdown in annual growth rates of 0.28 percentage
 point. Furthermore, the effectiveness of fiscal spending is adversely
 affected by the amount of public debt; in particular, when the public debt
 exceeds 150% of GDP, the growth impact of the deficit might turn negative. 
Journal: Applied Economics Letters 
Pages: 758-762 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.741674 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.741674 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:758-762




Template-Type: ReDIF-Article 1.0
Author-Name: Joseph Simonian 
Author-X-Name-First: Joseph 
Author-X-Name-Last: Simonian 
Author-Name: Gabriella Barschdorff 
Author-X-Name-First: Gabriella 
Author-X-Name-Last: Barschdorff 
Title: Liabilities -- a multi-objective approach 
Abstract:
	      The majority of pension plans today are underfunded,
 uncertain about the market, the economic and regulatory environment and
 searching for a more stable approach to meeting their pension benefit
 obligations. For plan sponsors who want to adopt a more structured
 approach to asset--liability management, adopting a glide path framework
 that gradually de-risks their investment portfolio as funded status
 improves has become an attractive way to move towards their funding goal.
 To that end, this article describes a multi-objective optimization
 methodology known as the goal attainment method, an approach which can
 accommodate the simultaneous optimization of distinct objective functions,
 and shows how it can be used to construct glide path strategies for
 asset--liability applications. 	 
Journal: Applied Economics Letters 
Pages: 763-766 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.741675 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.741675 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:763-766




Template-Type: ReDIF-Article 1.0
Author-Name: Michail Kiriakidis 
Author-X-Name-First: Michail 
Author-X-Name-Last: Kiriakidis 
Author-Name: Antonios Kargas 
Author-X-Name-First: Antonios 
Author-X-Name-Last: Kargas 
Title: Greek GDP forecast estimates 
Abstract:
	      The papers scope is to use historical data in order to
 forecast Greek Gross Domestic Product (GDP). By using a range of
 forecasting models the Greek economy's performance is investigated and the
 main indicators are revealed. Main findings are the revealing of important
 economic indexes determining the Greek GDP as retail trade index,
 industrial production index, unemployment rate and touristic index, and
 the forecast of high recession for the year 2012.	    
Journal: Applied Economics Letters 
Pages: 767-772 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.744128 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.744128 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:767-772




Template-Type: ReDIF-Article 1.0
Author-Name: Ant&#xF3;nio Rua 
Author-X-Name-First: Ant&#xF3;nio 
Author-X-Name-Last: Rua 
Title: Worldwide synchronization since the nineteenth century: a wavelet-based view 
Abstract:
	      Resorting to wavelet analysis, a novel measure is used to
 assess synchronization of economic activity across a large set of
 countries. As it has long been acknowledged in the literature that
 synchronization can vary over time and may depend on the type of
 fluctuation, the use of a wavelet-based measure of synchronization becomes
 particularly useful as it can capture both time and frequency varying
 features within a unified framework. Considering the period since 1870s up
 to 2011 for a set of 23 countries, it is found that worldwide
 synchronization has increased over the last decades and it has attained an
 unprecedented level during the Great Recession.	  
Journal: Applied Economics Letters 
Pages: 773-776 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.744129 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.744129 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:773-776




Template-Type: ReDIF-Article 1.0
Author-Name: Bernadine De Waal 
Author-X-Name-First: Bernadine 
Author-X-Name-Last: De Waal 
Author-Name: Mark A. Petersen 
Author-X-Name-First: Mark A. 
Author-X-Name-Last: Petersen 
Author-Name: Lungile N. P. Hlatshwayo 
Author-X-Name-First: Lungile N. P. 
Author-X-Name-Last: Hlatshwayo 
Author-Name: Janine Mukuddem-Petersen 
Author-X-Name-First: Janine 
Author-X-Name-Last: Mukuddem-Petersen 
Title: A note on Basel III and liquidity 
Abstract:
	      In this article, we obtain numerical results involving new
 Basel III liquidity regulation. More specifically, we compute the net
 stable funding ratio in accordance with the prescripts of the proposed
 banking rules. In this regard, we investigate the effects of shareholder
 cash flow rights on the aforementioned funding ratio and a non-Basel III
 liquidity coverage ratio for certain developing countries during the
 period 2005 Q1 to 2009 Q4. Our study finds that the funding ratio appears
 to have satisfied Basel III minimum liquidity standards during this
 period. Also, we conclude that more concentrated cash flow rights result
 in improved liquidity. 	 
Journal: Applied Economics Letters 
Pages: 777-780 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.744130 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.744130 
File-Format: text/html
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Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:777-780




Template-Type: ReDIF-Article 1.0
Author-Name: Jin-Hyuk Kim 
Author-X-Name-First: Jin-Hyuk 
Author-X-Name-Last: Kim 
Title: Does competition affect evolutionary dynamics? Evidence from a collegiate university 
Abstract:
	      This article shows that competition is inversely related to
 the strength of evolutionary dynamics using a collegiate university's
 admission statistics during the period 2004--2009. Specifically, estimated
 coefficients of the replicator dynamic equation is inversely related to
 the subject's applications-to-offers ratio. This suggests that competition
 favours a choice of strategies that is serially independent of the
 previous round's pay-offs.	     
Journal: Applied Economics Letters 
Pages: 781-785 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.744131 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.744131 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:781-785




Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Melser 
Author-X-Name-First: Daniel 
Author-X-Name-Last: Melser 
Title: Multilateral index number theory and generalized repeat sales house price indexes 
Abstract:
	      One of the most common approaches to constructing home price
 indexes is the repeat sales method. In this article, it is shown that this
 approach is part of a family of widely used multilateral index number
 methods known as weighted GEKS. Here, the price index is constructed in
 two stages. First, elementary indexes are constructed between each period.
 Second, these bilateral indexes are aggregated into a transitive set of
 multilateral indexes using weighted least squares regression. We show that
 the repeat sales index has precisely this form and identify the specific
 elementary index formula and weights used. This observation provides a
 basis upon which to consider generalized repeat sales indexes which use
 different elementary indexes and weights. We apply some of these methods
 to repeat sales data and show that these choices matter empirically.	    
Journal: Applied Economics Letters 
Pages: 786-789 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.745924 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.745924 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:786-789




Template-Type: ReDIF-Article 1.0
Author-Name: &#x15E;aziye Gaziog&#x303;lu 
Author-X-Name-First: &#x15E;aziye 
Author-X-Name-Last: Gaziog&#x303;lu 
Author-Name: Azize Bast&#x131;yal&#x131;-Hafavi 
Author-X-Name-First: Azize 
Author-X-Name-Last: Bast&#x131;yal&#x131;-Hafavi 
Author-Name: &#xD6;zge Sezgin 
Author-X-Name-First: &#xD6;zge 
Author-X-Name-Last: Sezgin 
Title: Jumps in an stochastic optimization: self-financing portfolio for risk averse investors: does bequest matter? 
Abstract:
	      We optimized consumer/investor behaviour, subject to
 self-financing constraint by using stochastic dynamics system with jumps.
 Our aim in this article was to compare a stochastic optimization model
 with and without jumps in a self-financing portfolio model, for the risk
 averse investors. In this article, our contribution to the literature was
 to introduce an analytical solution of the utility maximizing model and to
 investigate the consequences of jumps and bequest to the economic system.
 A previous model by Gazioglu and Bastiyali-Hafavi (2010) used
 optimization, only with a Brownian motion during optimization. In this
 article, we introduced jump difussion to Brownian motion during
 optimization. We compared the model with and without jumps for the risk
 averse investors. Furthermore, as a form of wealth, we compared the
 results with and without bequest.	    
Journal: Applied Economics Letters 
Pages: 790-794 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.744158 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.744158 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:790-794




Template-Type: ReDIF-Article 1.0
Author-Name: Yoshito Funashima 
Author-X-Name-First: Yoshito 
Author-X-Name-Last: Funashima 
Title: Reassessing the Fed's behaviour towards presidential elections 
Abstract:
	      This article re-examines the existence of opportunistic
 political monetary cycle in the United States using frequency-domain
 analysis. We reveal the cyclical propensity that expansionary monetary
 policy emerges prior to the presidential elections.	      
Journal: Applied Economics Letters 
Pages: 795-798 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.745925 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.745925 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:795-798




Template-Type: ReDIF-Article 1.0
Author-Name: Andr� Betzer 
Author-X-Name-First: Andr� 
Author-X-Name-Last: Betzer 
Author-Name: Markus Doumet 
Author-X-Name-First: Markus 
Author-X-Name-Last: Doumet 
Author-Name: Ulf Rinne 
Author-X-Name-First: Ulf 
Author-X-Name-Last: Rinne 
Title: How policy changes affect shareholder wealth: the case of the Fukushima Dai-ichi nuclear disaster 
Abstract:
	      This article analyses how policy changes affect shareholder
 wealth by exploiting the unexpected German reaction to the Japanese
 nuclear disaster. Event study results show that energy companies'
 shareholder wealth was affected by the policy reaction and not by the
 disaster.	    
Journal: Applied Economics Letters 
Pages: 799-803 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.748172 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.748172 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:799-803




Template-Type: ReDIF-Article 1.0
Author-Name: Miguel Manj&#xF3;n Antol&#xED;n 
Author-X-Name-First: Miguel Manj&#xF3;n 
Author-X-Name-Last: Antol&#xED;n 
Author-Name: Juan A. M&#xE1;&#xF1;ez 
Author-X-Name-First: Juan A. 
Author-X-Name-Last: M&#xE1;&#xF1;ez 
Author-Name: Mar&#xED;a E. Rochina Barrachina 
Author-X-Name-First: Mar&#xED;a E. 
Author-X-Name-Last: Rochina Barrachina 
Author-Name: Juan A. Sanchis Llopis 
Author-X-Name-First: Juan A. 
Author-X-Name-Last: Sanchis Llopis 
Title: Export intensity and the productivity gains of exporting 
Abstract:
	      This article analyses whether the productivity gains
 associated with Learning-by-Exporting (LBE) (controlling for
 self-selection) depend on the intensity of the firm's exporting activity.
 The results from a representative sample of Spanish manufacturing firms
 indicate that the yearly average gains in productivity are larger for
 those firms that increase their export-to-sales ratio. 	 
Journal: Applied Economics Letters 
Pages: 804-808 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.748173 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.748173 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:804-808




Template-Type: ReDIF-Article 1.0
Author-Name: St�phan Marette 
Author-X-Name-First: St�phan 
Author-X-Name-Last: Marette 
Author-Name: Sandrine Blanchemanche 
Author-X-Name-First: Sandrine 
Author-X-Name-Last: Blanchemanche 
Author-Name: Jutta Roosen 
Author-X-Name-First: Jutta 
Author-X-Name-Last: Roosen 
Title: Multiple equilibria with a multiple price list 
Abstract:
	      A multiple price list is useful for eliciting a
 Willingness-to-Pay (WTP) and a possible Lower Limit (LL) under which the
 demand is zero. This multiple price list implies an aggregate demand
 determined by the number of participants whose WTP is greater than the
 market price and whose LL is below this market price. From a survey
 focusing on meat demand, we show that this aggregate demand leads to
 multiple price equilibria.	     
Journal: Applied Economics Letters 
Pages: 809-812 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.748174 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.748174 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:809-812




Template-Type: ReDIF-Article 1.0
Author-Name: Brian M. Lucey 
Author-X-Name-First: Brian M. 
Author-X-Name-Last: Lucey 
Author-Name: Charles Larkin 
Author-X-Name-First: Charles 
Author-X-Name-Last: Larkin 
Author-Name: Fergal A. O'Connor 
Author-X-Name-First: Fergal A. 
Author-X-Name-Last: O'Connor 
Title: London or New York: where and when does the gold price originate? 
Abstract:
	      We investigate the Information Shares (ISs) of the two main
 centres of gold trading, over a 25-year period, using nonoverlapping
 4-month windows. We find that neither London nor New York is dominant in
 terms of price IS, that the dominant market switches from time to time and
 that these switches do not appear to be very clearly linkable to
 macroeconomic or political events.	     
Journal: Applied Economics Letters 
Pages: 813-817 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.748175 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.748175 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:813-817




Template-Type: ReDIF-Article 1.0
Author-Name: M. Christensen 
Author-X-Name-First: M. 
Author-X-Name-Last: Christensen 
Title: Danish mutual fund performance 
Abstract:
	      This article provides the first independent performance
 analysis of Danish mutual funds. We analyse selectivity and market timing
 abilities for 71 mutual funds that have been in operation from 2001 to
 2010. The results show great fund performance diversity. Half the funds
 have performed neutrally, whereas 42% of the funds have shown
 significantly negative performance and only 7% of the funds have
 over-performed their benchmark. Furthermore, 14% of the funds analysed
 possess market timing abilities, but for 8 out of 10 funds, their market
 timing ability has been unsuccessful.		
Journal: Applied Economics Letters 
Pages: 818-820 
Issue: 8 
Volume: 20 
Year: 2013 
Month: 5 
X-DOI: 10.1080/13504851.2012.750415 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.750415 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:8:p:818-820




Template-Type: ReDIF-Article 1.0
Author-Name: O. Hutengs 
Author-X-Name-First: O. 
Author-X-Name-Last: Hutengs 
Author-Name: G. Stadtmann 
Author-X-Name-First: G. 
Author-X-Name-Last: Stadtmann 
Title: Age effects in Okun's law within the Eurozone 
Abstract:
	      We estimate Okun's coefficients for five different age
 cohorts for several Eurozone countries. We find a stable pattern for all
 countries: the relationship between business cycle fluctuations and the
 unemployment rate is the strongest for the youngest cohort and gets
 smaller for the elderly cohorts.	   
Journal: Applied Economics Letters 
Pages: 821-825 
Issue: 9 
Volume: 20 
Year: 2013 
Month: 6 
X-DOI: 10.1080/13504851.2012.750416 
File-URL: http://hdl.handle.net/10.1080/13504851.2012.750416 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:apeclt:v:20:y:2013:i:9:p:821-825




Template-Type: ReDIF-Article 1.0
Author-Name: Francesco Devicienti 
Author-X-Name-First: Francesco 
Author-X-Name-Last: Devicienti 
Author-Name: Mariacristina Rossi 
Author-X-Name-First: Mariacristina 
Author-X-Name-Last: Rossi 
Title: Liquidity constraints, uncertain parental income and human capital accumulation 
Abstract:
	      This note analyses the effect of parental income variability
 on investments in education when capital markets are imperfect. Our