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Overeducation among graduates from universities of applied sciences: Determinants and consequences 应用科学大学毕业生的过度教育:决定因素和后果
Pub Date : 2015-04-27 DOI: 10.18533/JEFS.V3I02.105
Andrea Diem
This paper investigates the phenomenon of qualification mismatch (overeducation) among graduates from universities of applied sciences. Using data from the Swiss graduate surveys, it analyses the incidence of mismatch, determinants, and the connections with earnings and job satisfaction. Analyses show that a year after graduating around one sixth of those employed (17%) are in a job which does not match, or only partially matches, the qualifications they have acquired, and that this proportion is not diminishing significantly in the medium term. The risk of mismatch varies considerably, however, by subject area and final grade. In addition, the results indicate that employment below the level of qualification on entering professional life significantly raises the probability of mismatch in the following years too. Analyses of the impacts suggest that employment poorly matched to education and training is associated with an income penalty of around 5% in the short to medium term. Graduates in a mismatch situation also demonstrate less job satisfaction than those in a position matched to their qualification.
本文对应用型大学毕业生的学历不匹配现象进行了研究。利用瑞士毕业生调查的数据,分析了不匹配的发生率、决定因素以及与收入和工作满意度的关系。分析显示,毕业一年后,约六分之一(17%)的就业人员从事的工作与他们获得的资格不匹配,或只是部分匹配,而且这一比例在中期不会显著下降。然而,不匹配的风险因学科领域和最终成绩而有很大差异。此外,研究结果还表明,在进入职业生涯时,低于资格水平的就业也显著提高了未来几年不匹配的可能性。对影响的分析表明,与教育和培训不匹配的就业与短期到中期约5%的收入损失有关。在不匹配的情况下,毕业生的工作满意度也低于那些在与其资格匹配的职位上的毕业生。
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引用次数: 20
Developing an organized commodity exchange in Ghana: Challenges and economic prospects 在加纳发展有组织的商品交换:挑战和经济前景
Pub Date : 2015-04-27 DOI: 10.18533/JEFS.V3I02.155
Mohammed Iddrisu Ngmenipuo, O. Issah
We have examined challenges and economic prospects of establishing an organized Commodity Exchange in Ghana. We find that such a market will result in reduction in post-harvest losses through price stability, improvement in commodity price risk and credit risk management, provision of a transparent and competitive price discovery mechanism, reduction in transaction and marketing costs, and avoidance of making the mistakes of others. However, we also identify the challenges that should be resolved such as lack of laws and regulations specifically pertaining to the commodity exchange; inadequate financial support; lack of trading infrastructure; inadequate volume; liquidity problem; smallholder farms; lack of understanding of trading instruments; and government/political interference to this end. Overall policy implications suggest inadequate infrastructure and capacity building of market participants should be enhanced.
我们审查了在加纳建立一个有组织的商品交易所的挑战和经济前景。我们发现,通过价格稳定、改善商品价格风险和信用风险管理、提供透明和竞争的价格发现机制、降低交易和营销成本、避免犯别人的错误,这样的市场将减少收获后损失。然而,我们也确定了应该解决的挑战,例如缺乏专门与商品交换相关的法律和法规;财政支持不足;缺乏贸易基础设施;体积不足;流动性问题;小农农场;对交易工具缺乏了解;以及政府/政治干预。总体政策影响表明,应加强基础设施不足和市场参与者能力建设。
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引用次数: 5
Testing Benjamin Graham’s net current asset value model 检验本杰明·格雷厄姆的净流动资产价值模型
Pub Date : 2015-02-24 DOI: 10.18533/JEFS.V3I01.151
Chongsoo An, J. Cheh, Il-woon Kim
The objective of this paper is to empirically test one of Graham’s investment methods based on the net current asset value (NCAV). The NCAV is truly unique, and conservative, and commonly known as the net-net method.  The ratio of the net current asset value to market value (NCAV/MV) was employed in this study to test a stock’s performance comparing to the performance of SP (b) investing in the growth period and avoiding the downturn period leads investors to earn much higher returns from the firms with a high NCAV/MV ratio; and (c) The NCAV/MV strategy requires a longer holding period of the portfolio in order to generate excess returns.
本文的目的是实证检验格雷厄姆基于净流动资产价值(NCAV)的投资方法之一。NCAV是真正独特的,保守的,通常被称为net-net方法。本研究采用流动资产净值与市场价值之比(NCAV/MV)来检验a股与SP的业绩表现(b)在成长期投资和避免低迷期投资导致投资者从高NCAV/MV比率的公司获得更高的回报;(c) NCAV/MV策略需要较长的投资组合持有期,以产生超额回报。
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引用次数: 3
The impact of the federal funds rate on an investor’s return 联邦基金利率对投资者收益的影响
Pub Date : 2015-02-24 DOI: 10.18533/JEFS.V3I01.152
Ikhlaas Gurrib
The study aims to analyze stock price movements of the world’s widely used index S&P 500 and the rapid growing economy index of Dubai Financial Market (DFM). While UAE adopts a similar monetary policy to the US due to the pegging of the two countries’ currencies, UAE’s GDP and financial markets have been witnessing more robust performance since the financial crisis, raising the issue as to whether following monetary policy actions set by the Federal Reserve Bank is beneficial to the UAE financial markets. The paper investigates the effect of changes in Federal Funds Rate (FFR) on the domestic U.S. market returns studied through S&P 500 and the international UAE DFM market returns observed through DFM index. The models under analysis not only look at the effect of changes in the FFR on market indices’ returns, but also whether U.S. monetary policy reversals have a stronger effect than other changes, by imposing a dummy variable adjustment to the model. As part of robustness testing, further analysis is carried out by defragmenting the data into the pre and post financial crisis of 2008. Findings suggest that the DFM index is highly sensitive to the change in FFR compared to S&P 500 index. Compared to the pre financial crisis, both the S&P500 Index and DFM Index are significantly affected by positive changes in the FFR. Positive changes in the FFR tend to affect the DFM returns more negatively than S&P500 Returns, suggesting any future positive change in FFR would affect the financial markets negatively, by pulling prices down globally.
本研究旨在分析世界范围内广泛使用的标准普尔500指数和迪拜金融市场(DFM)快速增长的经济指数的股价走势。虽然由于两国货币挂钩,阿联酋采取了与美国类似的货币政策,但自金融危机以来,阿联酋的GDP和金融市场表现更为强劲,这引发了一个问题,即联邦储备银行制定的货币政策行动是否有利于阿联酋金融市场。本文通过标准普尔500指数研究联邦基金利率(FFR)变化对美国国内市场收益的影响,通过DFM指数观察国际阿联酋DFM市场收益。所分析的模型不仅考察了FFR变化对市场指数回报的影响,而且通过对模型施加虚拟变量调整,还考察了美国货币政策逆转是否比其他变化具有更强的影响。作为稳健性测试的一部分,通过将数据整理成2008年金融危机前后的数据片段,进行了进一步的分析。研究结果表明,与标普500指数相比,DFM指数对FFR的变化高度敏感。与金融危机前相比,标准普尔500指数和DFM指数均受到FFR正向变化的显著影响。FFR的正变化对DFM回报的负面影响往往大于标准普尔500指数的回报,这表明FFR的任何未来正变化都将通过拉低全球价格对金融市场产生负面影响。
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引用次数: 1
An Economic Analysis of Boko Haram’s Activities in the Chad-Cameroon-Nigeria Border Area “博科圣地”组织在乍得-喀麦隆-尼日利亚边境地区活动的经济分析
Pub Date : 2015-02-24 DOI: 10.18533/JEFS.V3I01.98
Tamba I. Isaac
Terrorism is fast becoming a worldwide phenomenon with about 25% of attacks committed in developing countries. These attacks devastate societies causing huge economic loss with negative growth effects. Recent attacks suspectively conducted by Boko Haram in the north of Nigeria and along its border with Cameroon and Chad are already inflicting damage to local economies with a general drop in savings, investment, trade and a strain on domestic budgets. Poverty and exclusion generate dissidents and reactionary groups activities such as Boko Haram. But, the historical background permits to understand the emergency and the development of some of them. Tackling the Boko Haram threat requires a concerted multinational approach with a key socioeconomic component that incorporates the fact that conflict thrives better in circumstances of poverty and inequality.
恐怖主义正迅速成为一种全球现象,大约25%的袭击发生在发展中国家。这些袭击破坏社会,造成巨大的经济损失,对经济增长产生负面影响。最近疑似由博科圣地(Boko Haram)在尼日利亚北部及其与喀麦隆和乍得接壤的边境地区发动的袭击,已经对当地经济造成了损害,导致储蓄、投资和贸易普遍下降,国内预算紧张。贫穷和排斥催生了博科圣地等持不同政见者和反动团体。但是,历史背景允许我们理解其中一些的发生和发展。应对博科圣地的威胁需要采取协调一致的多国方法,其中包括一个关键的社会经济组成部分,其中包括在贫困和不平等的情况下更容易发生冲突这一事实。
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引用次数: 4
Credit Risk Management and Financial Performance of Selected Commercial Banks in Nigeria 尼日利亚选定商业银行的信贷风险管理和财务绩效
Pub Date : 2015-02-24 DOI: 10.18533/JEFS.V3I01.73
Alalade S. Yimka, Agbatogun Taofeek, Cole Abimbola, Adekunle Olusegun
The study examines the role of credit risk management in value creation process among commercial banks in Nigeria. The study reviews the concepts, theories, legal acts and standards relating to the credit risk management and then develops a conceptual model with four antecedents to credit risk. The study analyzes the impact of these antecedents such as antecedents are loan and advance loss provision, total loan and advances, non-performing loan and total asset on accounting Return on Equity (ROE) and Return on Asset (ROA). The panel data come from 10 commercial banks listed on Nigeria Stock Exchange (NSE) between 2006 and 2010. The results reveal that credit risk management has significant effect on financial performance of commercial banks and further recommend that maintaining minimum level of non-performing loans vis-A -vis provision for loans and advances will enhance financial performance through its positive effect on return on equity.
该研究考察了信贷风险管理在尼日利亚商业银行价值创造过程中的作用。本研究回顾了信用风险管理的相关概念、理论、法律行为和标准,并在此基础上建立了信用风险的四个前因概念模型。研究分析了这些前项,如贷款和预支损失准备、贷款和预支总额、不良贷款和总资产对会计净资产收益率(ROE)和资产收益率(ROA)的影响。面板数据来自2006年至2010年间在尼日利亚证券交易所(NSE)上市的10家商业银行。研究结果表明,信贷风险管理对商业银行的财务绩效有显著影响,并进一步建议保持最低水平的不良贷款相对于贷款准备金和预付款将通过其对净资产收益率的积极影响来提高财务绩效。
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引用次数: 24
Fiscal Reform and the Tax Burden of State-Owned Enterprise in China 财政改革与中国国有企业税负
Pub Date : 2015-02-24 DOI: 10.18533/JEFS.V3I01.102
Yong-Ching Chiou, Y. Hsieh, Wenyi Lin
This study examines the link between state-owned enterprises (SOEs) and effective tax rates (ETRs) in China. Based on a sample of China’s listed companies from 1999-2010, this paper uses the institutional environments, socialist planned commodity economy and socialist market economy, to examine the relationship between ETR and SOE. Our results suggest that SOEs are an important determinant of ETR in China. China’s SOEs pay higher effective tax rates and the results are consistent with the SOE hypothesis developed in this paper based on examination of the China’s context.
本研究探讨了中国国有企业(soe)与有效税率(ETRs)的关系。本文以1999-2010年中国上市公司为样本,运用社会主义计划商品经济和社会主义市场经济的制度环境,考察了上市公司上市后回购与国有企业上市后回购的关系。我们的研究结果表明,国有企业是中国ETR的重要决定因素。中国国有企业的有效税率较高,这与本文在考察中国背景的基础上提出的国有企业假设相一致。
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引用次数: 0
The Public Earnings Premium in a Mineral Rich Economy: New Piece in the Puzzle 矿产丰富经济中的公共收入溢价:拼图的新部分
Pub Date : 2015-02-24 DOI: 10.18533/JEFS.V3I01.100
Usamah F. Alfarhan
This paper addresses the determination of sector earnings and the public earnings premium in Saudi Arabia. It uses a primary cross section of individuals collected in 2013, and employs the Oaxaca-Blinder decomposition methodology to show whether the observed sectoral earnings' differential is explained by differences in workers' characteristics or by a favorable public wage structure. While controlling for selection, the paper shows that public workers are better endowed rather than overpaid by a wealthy state. This finding suggests that, contrary to the general belief, the determination of public earnings does not contradict active labor market policies designed to encourage private sector employment of locals.
本文讨论了沙特阿拉伯部门收益和公共收益溢价的确定。它使用了2013年收集的个人主要横截面,并采用瓦哈卡-布林德分解方法来说明所观察到的行业收入差异是由工人特征的差异还是由有利的公共工资结构来解释的。在控制选择的情况下,这篇论文表明,一个富裕的国家给予公务员的是更好的天赋,而不是过高的薪酬。这一发现表明,与普遍看法相反,公共收入的确定与旨在鼓励私营部门雇用当地人的积极劳动力市场政策并不矛盾。
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引用次数: 0
Economic Democracy and Business Governance in Meade’s Works 经济民主与企业治理在企业管理中的作用
Pub Date : 2015-02-24 DOI: 10.18533/JEFS.V3I01.99
G. Cuomo
The supposedly inefficient use of resources in producer cooperatives has been the object of eager debate among theorists for decades. This debate originated from the fact that Ward and Vanek, whose model had long been rated as a blueprint for the working of cooperatives, had reached the conclusion that their short-run behaviour was not Pareto-optimal. Their finding is highlighted by a downward sloping supply curve. The first solution suggested by Meade was differentiating the pay rates of workers assigned to the same jobs, in terms of fixing the incomes of new entrants at levels not exceeding the value generated by their work inputs. The Inegalitarian Cooperative does solve short-term problems, but fails to remove the odds faced by cooperatives when it comes to financing their investments and working capital. In later years, Meade proposes a new business form in order to deal with the last mentioned drawbacks. The business form concerned is the Discriminating Labour-Capital Partnership, whose microeconomic characteristics will be analysed in this paper. The issue discussed by Meade has great importance with regard to the current debate on social welfare because it provides a comprehensive reform of the fiscal and social policy by introducing, inter alia, a generalized and unconditional social dividend. The critical analysis of his works shows some weaknesses.
几十年来,生产合作社中资源的低效利用一直是理论家们激烈争论的对象。这场争论源于这样一个事实:沃德和瓦内克的模型长期以来一直被视为合作社运作的蓝图,他们得出的结论是,合作社的短期行为不是帕累托最优的。向下倾斜的供给曲线突出了他们的发现。米德提出的第一个解决方案是,根据将新进入者的收入固定在不超过其工作投入所产生价值的水平,对分配到相同工作岗位的工人的工资率进行区分。不平等主义合作社确实解决了短期问题,但未能消除合作社在为其投资和营运资金融资方面面临的困难。在后来的几年里,米德提出了一种新的商业形式,以解决最后提到的缺点。本文主要分析了差别劳动资本合伙企业的微观经济特征。米德所讨论的问题对目前关于社会福利的辩论具有重大意义,因为它提供了对财政和社会政策的全面改革,除其他外,提出了一种普遍和无条件的社会红利。对他作品的批判性分析显示出一些弱点。
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引用次数: 0
Marine Fisheries and Mariculture in Croatia: Economic and Trade Analysis 克罗地亚的海洋渔业和海水养殖:经济和贸易分析
Pub Date : 2014-12-22 DOI: 10.18533/JEFS.V2I04.91
F. D. Leo, P. Miglietta, Slađana Pavlinović
The aim of this paper is to identify the state and trends in Croatian marine resource sector which determine the trade balance with Italy. Firstly, size and the structure of the marine fisheries in Croatia are investigated taking into account time trends and the effects of the EU common market policy. Furthermore, we compared the size of export and import of the fishery products. In particular, we look at the relevant indicator of trade with Italy. Since the wholesale market places are established with difficulties in Croatia, the trade channels of the marine fishery products are rather heterogeneous. Next, the market size and structure are analyzed for the specific markets, together with the analysis of the information asymmetry problems. The analysis results with several findings including that the total fish catch volume is accompanied by a decrease in fish catch value. Furthermore, the gap between Italian and Croatian catches in the Mediterranean Sea shrink, and more fish products are exported from Croatia to Italy than imported from Italy to Croatia. The average size of Croatian fishing fleet vessel is still much lower than the average fishing vessel size arriving at Croatian ports. Finally, fish market is underdeveloped in Croatia with low value added created along the trading chains.
本文的目的是确定克罗地亚海洋资源部门的状态和趋势,这决定了与意大利的贸易平衡。首先,考虑到时间趋势和欧盟共同市场政策的影响,对克罗地亚海洋渔业的规模和结构进行了调查。此外,我们比较了渔业产品的进出口规模。我们特别关注与意大利贸易的相关指标。由于在克罗地亚建立批发市场困难重重,海洋渔业产品的贸易渠道相当多样化。其次,对具体市场的市场规模和结构进行了分析,并对信息不对称问题进行了分析。分析结果表明,总渔获量伴随着渔获值的下降。此外,意大利和克罗地亚在地中海的渔获量之间的差距缩小了,克罗地亚出口到意大利的鱼产品多于意大利进口到克罗地亚的鱼产品。克罗地亚渔船队的平均尺寸仍然远远低于抵达克罗地亚港口的平均渔船尺寸。最后,克罗地亚的鱼市场不发达,沿贸易链创造的附加值很低。
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引用次数: 4
期刊
Journal of Economic and Financial Studies
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