Through the difference-in-differences (DID) methodology, we find that the connection of China’s high-speed railway (HSR) as an exogenous shock could improve analysts’ forecast performance, leading to more accurate forecasts, decrease the dispersion between analysts, stimulate more forecast revisions with less revision volatility, evidenced by analyst site visits to firms. The results are robust with a battery of robustness checks such as 2SLS regression and so on. And the counterfactual relations caused by the lightning accident in 2011 also confirm our previous assumption. Furthermore, when the local economic development is weak, the trips by HSR is more convenient, or the information environment of firms are weak, the correlations will be stronger. Moreover, the connection of HSR also improves the information availability of stock recommendations issued by analysts. Overall, our study contributes to the relevant study of sell-side analysts’ performance and has an important impact on studying the role of geographic proximity on information efficiency.
{"title":"Does Time-Space Compression Affect Analysts’ Forecast Performance?","authors":"Kejing Chen, Wenqi Guo, Xiong Xiong","doi":"10.2139/ssrn.3839578","DOIUrl":"https://doi.org/10.2139/ssrn.3839578","url":null,"abstract":"Through the difference-in-differences (DID) methodology, we find that the connection of China’s high-speed railway (HSR) as an exogenous shock could improve analysts’ forecast performance, leading to more accurate forecasts, decrease the dispersion between analysts, stimulate more forecast revisions with less revision volatility, evidenced by analyst site visits to firms. The results are robust with a battery of robustness checks such as 2SLS regression and so on. And the counterfactual relations caused by the lightning accident in 2011 also confirm our previous assumption. Furthermore, when the local economic development is weak, the trips by HSR is more convenient, or the information environment of firms are weak, the correlations will be stronger. Moreover, the connection of HSR also improves the information availability of stock recommendations issued by analysts. Overall, our study contributes to the relevant study of sell-side analysts’ performance and has an important impact on studying the role of geographic proximity on information efficiency.","PeriodicalId":356862,"journal":{"name":"GeographyRN: Other Spatial Analysis (Sub-Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115554051","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 : 2018-10-05DOI: 10.31695/IJERAT.2018.3330
P. D. Oluyori, M. Ono, Eteje S. O.
Ellipsoidal heights from GNSS require geoid model for conversion to orthometric height. The geoid model could be global, regional or local. The lack of national geoid model in Nigeria makes the development of local geoid very critical to local applications in place of integrated global geoid models. This study compares two polynomial geoid models for terrain representation in the FCT, Abuja. Nine coefficients were used to model the FCT surface for geoid interpolation and orthometric height modeling. Model A involved the use of the 2-D (x, y) positions while model B used 3-D (x, y, ∆h) where ∆h= (h ave – hi) the difference in average ellipsoidal height (h ave ) and each point’s ellipsoidal height (hi). The ∆h term is based on the assumption that the geoid varies with topography and may hence possibly lead to some improvements in the accuracy of orthometric height determination. DGPS observations were carried out to determine ellipsoid heights. Least squares adjustment was performed to compute the coefficients of the models. Model A achieved standard deviation of σ = 11 cm while Model B achieved σ = 13cm. Though Model B has a term that included highly accurate ellipsoidal height differences (∆h), it has not resulted into any accuracy improvement over the model A. Model A based on 2-D positions is hence the better of the two models. The t-test and hypothesis test at 95% confidence limit, however, showed that the two models did not differ significantly. Model A having lower standard deviation is recommended with GNSS determined ellipsoidal heights to determine orthometric heights within the FCT. This becomes an easy alternative to conventional spirit leveling technique for production of topographical maps, cadastral surveys, and engineering/environmental applications.
{"title":"Comparison of Two Polynomial Geoid Models of GNSS/Leveling Geoid Development for Orthometric Heights in FCT, Abuja","authors":"P. D. Oluyori, M. Ono, Eteje S. O.","doi":"10.31695/IJERAT.2018.3330","DOIUrl":"https://doi.org/10.31695/IJERAT.2018.3330","url":null,"abstract":"Ellipsoidal heights from GNSS require geoid model for conversion to orthometric height. The geoid model could be global, regional or local. The lack of national geoid model in Nigeria makes the development of local geoid very critical to local applications in place of integrated global geoid models. This study compares two polynomial geoid models for terrain representation in the FCT, Abuja. Nine coefficients were used to model the FCT surface for geoid interpolation and orthometric height modeling. Model A involved the use of the 2-D (x, y) positions while model B used 3-D (x, y, ∆h) where ∆h= (h ave – hi) the difference in average ellipsoidal height (h ave ) and each point’s ellipsoidal height (hi). The ∆h term is based on the assumption that the geoid varies with topography and may hence possibly lead to some improvements in the accuracy of orthometric height determination. DGPS observations were carried out to determine ellipsoid heights. Least squares adjustment was performed to compute the coefficients of the models. Model A achieved standard deviation of σ = 11 cm while Model B achieved σ = 13cm. Though Model B has a term that included highly accurate ellipsoidal height differences (∆h), it has not resulted into any accuracy improvement over the model A. Model A based on 2-D positions is hence the better of the two models. The t-test and hypothesis test at 95% confidence limit, however, showed that the two models did not differ significantly. Model A having lower standard deviation is recommended with GNSS determined ellipsoidal heights to determine orthometric heights within the FCT. This becomes an easy alternative to conventional spirit leveling technique for production of topographical maps, cadastral surveys, and engineering/environmental applications.","PeriodicalId":356862,"journal":{"name":"GeographyRN: Other Spatial Analysis (Sub-Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116053487","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}
This chapter seeks to address the pressing question of how to improve access to justice in South Africa with a focus on socio-economic rights. It seeks to accomplish this through, firstly, conceiving of access to justice as a capability and exploring its importance. That, in turn requires attending to two central aspects: the internal dimension – empowering individuals to make claims – and the external dimension – relating to the design and availability of adequate institutional mechanisms to hear claims and adjudicate upon them. The chapter then considers practically the shortcomings in relation to access to justice in South Africa on both dimensions, internal – such as a lack of education – and external – such as the inadequate funding of chapter 9 institutions and the inability of Magistrate’s Courts to hear fundamental rights matters. Importantly, the institutions dealing with access to justice are conceived of holistically and include not only the courts but also the Public Protector and South African Human Rights Commission. Having analyzed the obstacles, the chapter seeks to consider solutions to these problems and makes concrete policy recommendations to enhance access to justice in the country. It draws on a comparative dimension from best practices in India and Colombia in making these recommendations. The recommendations include enhancing education and simplified procedures (such as the tutela in Colombia) on the internal dimension. On the external dimension, I consider expanding the capacities of chapter 9 institutions, creating specialist courts, expanding the jurisdiction of lower courts and distinguishing structural and individual cases.
{"title":"Socio-Economic Rights and Expanding Access to Justice in South Africa: What Can Be Done?","authors":"David Bilchitz","doi":"10.2139/ssrn.3759963","DOIUrl":"https://doi.org/10.2139/ssrn.3759963","url":null,"abstract":"This chapter seeks to address the pressing question of how to improve access to justice in South Africa with a focus on socio-economic rights. It seeks to accomplish this through, firstly, conceiving of access to justice as a capability and exploring its importance. That, in turn requires attending to two central aspects: the internal dimension – empowering individuals to make claims – and the external dimension – relating to the design and availability of adequate institutional mechanisms to hear claims and adjudicate upon them. The chapter then considers practically the shortcomings in relation to access to justice in South Africa on both dimensions, internal – such as a lack of education – and external – such as the inadequate funding of chapter 9 institutions and the inability of Magistrate’s Courts to hear fundamental rights matters. Importantly, the institutions dealing with access to justice are conceived of holistically and include not only the courts but also the Public Protector and South African Human Rights Commission. Having analyzed the obstacles, the chapter seeks to consider solutions to these problems and makes concrete policy recommendations to enhance access to justice in the country. It draws on a comparative dimension from best practices in India and Colombia in making these recommendations. The recommendations include enhancing education and simplified procedures (such as the tutela in Colombia) on the internal dimension. On the external dimension, I consider expanding the capacities of chapter 9 institutions, creating specialist courts, expanding the jurisdiction of lower courts and distinguishing structural and individual cases.","PeriodicalId":356862,"journal":{"name":"GeographyRN: Other Spatial Analysis (Sub-Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131571695","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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