Pub Date : 2009-03-01DOI: 10.1111/j.1467-9957.2008.02094.x
F. Wolff, Ralitza Dimova
With the use of data on migrants living in France, we study the pattern of transfers of time and money made to parents. Monetary transfers allocate predominantly towards the large number of elderly parents in the country of origin, while the smaller number of migrant parents in France are more likely to receive time transfers. Our econometric results suggest that monetary transfers are more consistent with the altruistic hypothesis. Furthermore, while the donor's labour participation increases the propensity to give money, there is no negative relationship between time transfers and the labour participation of the donor.
{"title":"Upstream Transfers and the Donor's Labour Supply: Evidence from Migrants Living in France","authors":"F. Wolff, Ralitza Dimova","doi":"10.1111/j.1467-9957.2008.02094.x","DOIUrl":"https://doi.org/10.1111/j.1467-9957.2008.02094.x","url":null,"abstract":"With the use of data on migrants living in France, we study the pattern of transfers of time and money made to parents. Monetary transfers allocate predominantly towards the large number of elderly parents in the country of origin, while the smaller number of migrant parents in France are more likely to receive time transfers. Our econometric results suggest that monetary transfers are more consistent with the altruistic hypothesis. Furthermore, while the donor's labour participation increases the propensity to give money, there is no negative relationship between time transfers and the labour participation of the donor.","PeriodicalId":130467,"journal":{"name":"Wiley-Blackwell: Manchester School","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117959546","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2009-01-01DOI: 10.1111/j.1467-9957.2008.02088.x
Tseng-Chung Tang, Li-Chiu Chi
In this paper, we investigate whether reorganization adjudication only conveys information about the announcer or whether it also provides industry-wide information for rivals. We find evidence of strong information content and information transfer arising from the announcement. Reorganization adjudication announcements are associated with positive share prices for announcers, but produce both positive contagion and negative competitive effects for industry rivals, with the latter dominating. We also develop a neuro-fuzzy model and link it to the input feature selection method of genetic algorithms to examine which rivals are more likely to exhibit a contagion or competitive effect in their equity values.
{"title":"Does Reorganization Adjudication Convey Firm-Specific or Industry-Wide Information? Evidence from Taiwan","authors":"Tseng-Chung Tang, Li-Chiu Chi","doi":"10.1111/j.1467-9957.2008.02088.x","DOIUrl":"https://doi.org/10.1111/j.1467-9957.2008.02088.x","url":null,"abstract":"In this paper, we investigate whether reorganization adjudication only conveys information about the announcer or whether it also provides industry-wide information for rivals. We find evidence of strong information content and information transfer arising from the announcement. Reorganization adjudication announcements are associated with positive share prices for announcers, but produce both positive contagion and negative competitive effects for industry rivals, with the latter dominating. We also develop a neuro-fuzzy model and link it to the input feature selection method of genetic algorithms to examine which rivals are more likely to exhibit a contagion or competitive effect in their equity values.","PeriodicalId":130467,"journal":{"name":"Wiley-Blackwell: Manchester School","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117191537","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper we test for real interest parity (RIRP) among the 19 major OECD countries over the period 1978:Q1-2006:Q1 using both short- and long-run definitions of interest rates. Once the independence hypothesis is rejected among these series, we test for RIRP using panel data unit root and stationarity tests based on common factor models that allow for pervasive forms of dependence. Our results indicate that there is no evidence in favor of the weak version of the RIRP since one of the common factors that have been estimated is non-stationary.
{"title":"Testing for Real Interest Rate Parity Using Panel Stationarity Tests with Dependence: A Note","authors":"Mariam Camarero, Josep Lluís Carrion‐i‐Silvestre, Cecilio Tamarit","doi":"10.1111/j.1467-9957.2008.02090.x","DOIUrl":"https://doi.org/10.1111/j.1467-9957.2008.02090.x","url":null,"abstract":"In this paper we test for real interest parity (RIRP) among the 19 major OECD countries over the period 1978:Q1-2006:Q1 using both short- and long-run definitions of interest rates. Once the independence hypothesis is rejected among these series, we test for RIRP using panel data unit root and stationarity tests based on common factor models that allow for pervasive forms of dependence. Our results indicate that there is no evidence in favor of the weak version of the RIRP since one of the common factors that have been estimated is non-stationary.","PeriodicalId":130467,"journal":{"name":"Wiley-Blackwell: Manchester School","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126700858","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2008-10-16DOI: 10.1111/j.1467-9957.2008.01087.x
J. Johnes
In this study we use a distance function approach to derive Malmquist productivity indexes for 112 English higher education institutions (HEIs) over the period 1996/97 to 2004/5. The analysis shows that HEIs have experienced an annual average increase in productivity of 1 per cent. Further investigation reveals that HEIs have enjoyed an annual average increase in technology of 6 per cent combined with a decrease in technical efficiency of 5 per cent. Rapid changes in the higher education sector appear to have had a positive effect on the technology of production but this has been achieved at the cost of lower technical efficiency.
{"title":"Efficiency and Productivity Change in the English Higher Education Sector from 1996/97 to 2004/5","authors":"J. Johnes","doi":"10.1111/j.1467-9957.2008.01087.x","DOIUrl":"https://doi.org/10.1111/j.1467-9957.2008.01087.x","url":null,"abstract":"In this study we use a distance function approach to derive Malmquist productivity indexes for 112 English higher education institutions (HEIs) over the period 1996/97 to 2004/5. The analysis shows that HEIs have experienced an annual average increase in productivity of 1 per cent. Further investigation reveals that HEIs have enjoyed an annual average increase in technology of 6 per cent combined with a decrease in technical efficiency of 5 per cent. Rapid changes in the higher education sector appear to have had a positive effect on the technology of production but this has been achieved at the cost of lower technical efficiency.","PeriodicalId":130467,"journal":{"name":"Wiley-Blackwell: Manchester School","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132618195","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2006-09-01DOI: 10.1111/j.1467-9957.2006.00510.x
Esmeralda A. Ramalho, Joaquim J. S. Ramalho
Empirical likelihood is appropriate to estimate moment condition models when a random sample from the target population is available. However, many economic surveys are subject to some form of stratification, in which case direct application of empirical likelihood will produce inconsistent estimators. In this paper we propose a two-step empirical likelihood estimator to deal with stratified samples in models defined by unconditional moment restrictions in the presence of some aggregate information such as the mean and the variance of the variable of interest. A Monte Carlo simulation study reveals promising results for many versions of the two-step empirical likelihood estimator.
{"title":"Two-Step Empirical Likelihood Estimation Under Stratified Sampling When Aggregate Information is Available","authors":"Esmeralda A. Ramalho, Joaquim J. S. Ramalho","doi":"10.1111/j.1467-9957.2006.00510.x","DOIUrl":"https://doi.org/10.1111/j.1467-9957.2006.00510.x","url":null,"abstract":"Empirical likelihood is appropriate to estimate moment condition models when a random sample from the target population is available. However, many economic surveys are subject to some form of stratification, in which case direct application of empirical likelihood will produce inconsistent estimators. In this paper we propose a two-step empirical likelihood estimator to deal with stratified samples in models defined by unconditional moment restrictions in the presence of some aggregate information such as the mean and the variance of the variable of interest. A Monte Carlo simulation study reveals promising results for many versions of the two-step empirical likelihood estimator.","PeriodicalId":130467,"journal":{"name":"Wiley-Blackwell: Manchester School","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130107087","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2006-08-17DOI: 10.1111/j.1467-9957.2006.00514.x
Mark J. Holmes
The study examines the long-run sustainability of OECD current account balances. For this purpose, tests for current account stationarity and then cointegration between exports and imports are based on recently developed panel data methods that offer increased power over existing time-series techniques. Unlike existing panel studies on this topic, this study utilizes techniques that enable the examination of sustainability for individual panel members. The first stage of the investigation relies on a novel approach to unit root testing whereby tests for stationarity are conducted within a seemingly unrelated regression framework. The second stage involves the estimation of the long-run relationship between exports and imports by a range of recently developed panel data techniques advocated by Pedroni. Using a panel of 11 OECD countries, the results from these techniques suggest that sustainability is present in six countries at most. Also, sustainability is generally a characteristic of the non-Euro countries. These results can be contrasted with existing group mean unit root and cointegration tests that indicate sustainability for the group as a whole.
{"title":"How Sustainable are OECD Current Account Balances in the Long Run?","authors":"Mark J. Holmes","doi":"10.1111/j.1467-9957.2006.00514.x","DOIUrl":"https://doi.org/10.1111/j.1467-9957.2006.00514.x","url":null,"abstract":"The study examines the long-run sustainability of OECD current account balances. For this purpose, tests for current account stationarity and then cointegration between exports and imports are based on recently developed panel data methods that offer increased power over existing time-series techniques. Unlike existing panel studies on this topic, this study utilizes techniques that enable the examination of sustainability for individual panel members. The first stage of the investigation relies on a novel approach to unit root testing whereby tests for stationarity are conducted within a seemingly unrelated regression framework. The second stage involves the estimation of the long-run relationship between exports and imports by a range of recently developed panel data techniques advocated by Pedroni. Using a panel of 11 OECD countries, the results from these techniques suggest that sustainability is present in six countries at most. Also, sustainability is generally a characteristic of the non-Euro countries. These results can be contrasted with existing group mean unit root and cointegration tests that indicate sustainability for the group as a whole.","PeriodicalId":130467,"journal":{"name":"Wiley-Blackwell: Manchester School","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122889805","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2006-06-16DOI: 10.1111/j.1467-9957.2006.00504.x
Ana Lozano-Vivas, J. Pastor
This paper examines the contribution of the banking sector to overall economic activity for a sample of 15 OECD countries during an 18-year period. Resorting to a recently defined global Malmquist index, we detect productivity growth in both cases and study the influence of its two components, efficiency change and technical change. We further analyze the relationship between each of the two banking productivity components and economic productivity.
{"title":"Banking and Economic Activity Performance: An Empriical Study at the Country Level","authors":"Ana Lozano-Vivas, J. Pastor","doi":"10.1111/j.1467-9957.2006.00504.x","DOIUrl":"https://doi.org/10.1111/j.1467-9957.2006.00504.x","url":null,"abstract":"This paper examines the contribution of the banking sector to overall economic activity for a sample of 15 OECD countries during an 18-year period. Resorting to a recently defined global Malmquist index, we detect productivity growth in both cases and study the influence of its two components, efficiency change and technical change. We further analyze the relationship between each of the two banking productivity components and economic productivity.","PeriodicalId":130467,"journal":{"name":"Wiley-Blackwell: Manchester School","volume":"88 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121044358","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2006-01-01DOI: 10.1111/j.1467-9957.2006.00482.x
Sami Dakhlia, F. Menezes, A. Temimi
We characterize asymmetric equilibria in two-stage process innovation games and show that they are prevalent in the different models of R&D technology considered in the literature. Indeed, cooperation in R&D may be accompanied by high concentration in the product market. We show that while such an increase may be profitable, it may be socially inefficient.
{"title":"The Role of R&D Technology in Asymmetic Research Joint Ventures","authors":"Sami Dakhlia, F. Menezes, A. Temimi","doi":"10.1111/j.1467-9957.2006.00482.x","DOIUrl":"https://doi.org/10.1111/j.1467-9957.2006.00482.x","url":null,"abstract":"We characterize asymmetric equilibria in two-stage process innovation games and show that they are prevalent in the different models of R&D technology considered in the literature. Indeed, cooperation in R&D may be accompanied by high concentration in the product market. We show that while such an increase may be profitable, it may be socially inefficient.","PeriodicalId":130467,"journal":{"name":"Wiley-Blackwell: Manchester School","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128928652","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2005-12-01DOI: 10.1111/j.1467-9957.2005.00473.x
Michael P. Clements, Robert Witt
In this paper we assess the forecasting performance of quarterly economic models of aggregate property and personal crime. We show that models that include long-run relationships between crime and its economic determinants tend to generate inaccurate forecasts, and attribute this to structural change. The forecast performance of the economic models is compared with that of time-series models, and forecast encompassing tests are reported.
{"title":"Forecasting Quarterly Aggregate Crime Series","authors":"Michael P. Clements, Robert Witt","doi":"10.1111/j.1467-9957.2005.00473.x","DOIUrl":"https://doi.org/10.1111/j.1467-9957.2005.00473.x","url":null,"abstract":"In this paper we assess the forecasting performance of quarterly economic models of aggregate property and personal crime. We show that models that include long-run relationships between crime and its economic determinants tend to generate inaccurate forecasts, and attribute this to structural change. The forecast performance of the economic models is compared with that of time-series models, and forecast encompassing tests are reported.","PeriodicalId":130467,"journal":{"name":"Wiley-Blackwell: Manchester School","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"118212506","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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