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Do CDS Spreads and Inflation Move Together? The Experience of the Fragile Five Countries and the BRICS-T CDS价差与通货膨胀同步波动吗?脆弱五国与金砖国家合作的经验
IF 0.6 Q3 ECONOMICS Pub Date : 2021-05-24 DOI: 10.47743/SAEB-2021-0009
Sinan Ayteki̇n, Nida Abdioğlu
International investors wish to measure the sovereign risk premiums of the countries they want to invest in. Credit Default Swap Spread (CDS), which also shows the credit risks, is one of the important proxies that measure the country risk. Increased CDS spreads increase the cost of borrowing of countries and therefore the factors affecting the CDS spreads should be determined correctly. From this point of view, this study investigates the factors that have impacts on CDS spread ratios of BRICS-T and Fragile Five countries. According to panel regression results, exchange rate, inflation rate, unemployment rate and VIX positively affect CDS spreads. However, Industry Production Index, GDP growth and S&P 500 Index level negatively affect CDS spreads. These results are accurate both for BRICS-T and Fragile Five countries. We also find that Industry production index, GDP growth rate and unemployment rate are the significant determinants of inflation for both BRICS-T countries and Fragile Five countries.
国际投资者希望衡量他们想要投资的国家的主权风险溢价。信用违约掉期利差(CDS)也是衡量国家风险的重要指标之一,它也显示了信用风险。CDS利差的增加增加了各国的借贷成本,因此应正确确定影响CDS利差的因素。从这个角度出发,本研究考察了影响金砖四国和脆弱五国CDS利差比率的因素。根据面板回归结果,汇率、通货膨胀率、失业率和波动率指数对CDS利差有正向影响。然而,工业生产指数、GDP增长和标准普尔500指数水平对CDS利差产生负面影响。这些结果对金砖四国和脆弱五国都是准确的。我们还发现,工业生产指数、GDP增长率和失业率是金砖四国和脆弱五国通货膨胀的重要决定因素。
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引用次数: 0
University Behavior under Borrowing Constraints: The Effect of Students' Abilities Distribution 借贷约束下的大学行为:学生能力分布的影响
IF 0.6 Q3 ECONOMICS Pub Date : 2021-03-26 DOI: 10.47743/SAEB-2021-0008
Bralind Kiri
The interaction between a university and potential students is examined under the assumptions of financial constraints and of students' abilities following the pattern of a triangular distribution. Subsequently, a comparative statics analysis in terms of welfare and vectors composed of three components – namely quality, tuition fee and ability threshold – is provided. Results suggest that the mode of the distribution is an intrinsic part of equilibria, and that a human capital maximizing university makes additional efforts in terms of pricing and non-pricing strategies in order to alleviate the inconveniences arising due to financial constraints and non-uniformity in the distribution of students' abilities.
大学和潜在学生之间的相互作用是在假设经济约束和学生能力遵循三角形分布模式的情况下进行研究的。随后,从福利和由素质、学费和能力阈值三部分组成的向量方面进行了比较统计分析。结果表明,人力资本分配模式是均衡的内在组成部分,人力资本最大化的大学会在定价和非定价策略方面做出额外努力,以缓解由于资金约束和学生能力分配不均匀而带来的不便。
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引用次数: 0
House Price Shock and Business Cycle: The French Case 房价冲击与经济周期:法国的案例
IF 0.6 Q3 ECONOMICS Pub Date : 2021-03-22 DOI: 10.47743/SAEB-2021-0007
A. Saad, Ahmad Alqatan, M. Arslan
This study examined the relationship between house prices and the business cycle. Specifically, we examined the effect of house price and stock price in the French business cycle. After presenting the transmission channels from house price to the business cycle, we analyzed the cyclical properties of house prices and compared them with the Gross Domestic Product (GDP) cycle. The question arises: are fluctuations in economic activity more sensitive to a real estate price shock (property wealth effect) or a stock price shock (stock market wealth effect)? We collected the data over the 1980Q1-2015Q4 period and investigated the effects of house price and stock price shocks on French GDP by employing the Structural VAR model. We found the evidence that house price strongly affects the GDP cycle. Indeed, their response is significantly more important than the stock price, suggesting that the housing market might contribute to the persistent propagation of the shocks hitting the economic system. The study has important implications for both academia and policymakers and offers new insights into the French experience.
这项研究考察了房价与商业周期之间的关系。具体而言,我们考察了房价和股票价格在法国商业周期中的影响。在介绍了房价向商业周期的传导渠道后,我们分析了房价的周期性特征,并将其与国内生产总值(GDP)周期进行了比较。问题来了:经济活动的波动对房地产价格冲击(房地产财富效应)还是股票价格冲击(股市财富效应)更敏感?我们收集了1980年第一季度至2015年第四季度的数据,并采用结构性VAR模型研究了房价和股价冲击对法国GDP的影响。我们发现了房价对GDP周期有强烈影响的证据。事实上,他们的反应比股价重要得多,这表明房地产市场可能会导致冲击经济系统的持续传播。这项研究对学术界和政策制定者都有重要意义,并为法国的经验提供了新的见解。
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引用次数: 0
What is Behind Extreme Negative Returns co-movement in the South Eastern European Stock Markets? 东南欧股市极端负收益共同运动的背后是什么?
IF 0.6 Q3 ECONOMICS Pub Date : 2021-03-22 DOI: 10.47743/SAEB-2021-0003
Dragan Tevdovski, Viktor Stojkoski
This paper examines co-movement of extreme negative returns in the South Eastern European (SEE) stock markets during the period covering the recent financial crisis and sovereign debt crisis. The analysis is based on negative co-exceedances - joint occurrences of negative extreme returns in different countries stock markets. To provide a valuable insight on how persistence, asset class, volatility and liquidity effects are related with negative co-exceedances in SEE markets we utilize a multinomial logistic regression procedure. We find evidence in favor of the continuation hypothesis in SEE stock markets. However, the factors associated with the co-exceedances differ between the SEE EU member countries and SEE EU accession countries. The EU member countries are more dependent on the signals from major EU economies, while the accession countries are mainly influenced by the signals from the region.
本文研究了东南欧(SEE)股票市场在最近的金融危机和主权债务危机期间极端负收益的共同运动。该分析基于负共同超越,即不同国家股市共同出现负极端回报。为了提供关于持久性、资产类别、波动性和流动性效应如何与SEE市场的负共超越相关的有价值的见解,我们利用多项逻辑回归过程。我们在SEE股票市场中发现了支持延续假设的证据。然而,与共同超越相关的因素在SEE欧盟成员国和SEE欧盟加入国之间有所不同。欧盟成员国更依赖欧盟主要经济体的信号,而加入国主要受区域信号的影响。
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引用次数: 4
The Effect of Economic Growth on Employment in GCC Countries 海湾合作委员会国家经济增长对就业的影响
IF 0.6 Q3 ECONOMICS Pub Date : 2021-03-22 DOI: 10.47743/SAEB-2021-0004
O. Ben-Salha, M. Zmami
The objective of this research is to analyze the employment intensity of growth in six Gulf Cooperation Council countries between 1970 and 2017. To this end, a two-step econometric methodology is proposed. First, we estimate the time-varying employment intensity of growth using the time-varying parameters model based on the Kalman filter. Second, we identify the short and long-run determinants of the obtained employment intensity of growth using the Pooled Mean Group estimator. The analysis uncovers that elasticities range between 0.4 and 0.6 and has an increasing pattern over time. Findings reveal that in the long-run, the employment intensity is positively affected by trade liberalization, the share of services in GDP, the working-age population growth, and urbanization, while macroeconomic volatility has a negative impact. In the short-run, trade liberalization and natural resource rents exert adverse but weak effects on employment intensity. Based on these findings, some policy recommendations are drawn.
本研究的目的是分析1970年至2017年间海湾合作委员会六个国家的就业增长强度。为此,提出了一种分为两步的计量经济学方法。首先,我们使用基于卡尔曼滤波器的时变参数模型来估计增长的时变就业强度。其次,我们使用Pooled Mean Group估计量确定了获得的增长就业强度的短期和长期决定因素。分析发现,弹性在0.4和0.6之间,并且随着时间的推移具有增加的模式。研究结果表明,从长远来看,就业强度受到贸易自由化、服务业在国内生产总值中的份额、劳动年龄人口增长和城市化的积极影响,而宏观经济波动则产生负面影响。从短期来看,贸易自由化和自然资源租金对就业强度产生了不利但微弱的影响。在此基础上,提出了一些政策建议。
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引用次数: 5
An Empirical Model of Motivation for Social Entrepreneurship 社会创业动机的实证模型
IF 0.6 Q3 ECONOMICS Pub Date : 2021-03-22 DOI: 10.47743/SAEB-2021-0001
Sorin Blaga
This paper responds to calls for more empirical research in social entrepreneurship (SE) and aims to empirically establish the role of intrinsic, extrinsic, and complex motivations, alongside employment status and the existence of start-up capital on motivation for SE. A quantitative methodology is employed, using multiple linear regressions (MLR). Six hypotheses are tested and the results reported show that all variables have a positive effect on SE. For the first time, this study tested the “complex motivation” which has a positive impact on SE up to the level that intrinsic and extrinsic motivation, become non-significant.
本文响应了对社会企业家精神(SE)进行更多实证研究的呼吁,旨在实证地确定内在动机、外在动机和复杂动机,以及就业状况和启动资本的存在对SE动机的作用。采用定量方法,使用多元线性回归(MLR)。对六个假设进行了检验,结果表明所有变量对SE都有正向影响。本研究首次检验了“复杂动机”对主观幸福感的正向影响达到内在动机和外在动机不显著的水平。
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引用次数: 2
Assessing the Benefits of an ERP Implementation in SMEs. An Approach from the 评估中小企业实施ERP的好处。来自
IF 0.6 Q3 ECONOMICS Pub Date : 2021-03-22 DOI: 10.47743/SAEB-2021-0006
Raquel Pérez Estébanez
The aim of the present study is to investigate by first-hand the level of satisfaction of the CEOs with the ERP system testing the benefits of its implementation on the company in four aspects, accounting, organizational, external or internal, that the adoption of an ERP system may entail to small and medium sized enterprises. A survey was designed to measure the accountants’ perception of the level of implementation of ERP in their companies. The sample consisted on 175 accountants from Spanish companies. To identify the best explanatory variables in order to test the hypothesis, a discriminant analysis for dimensionality reduction was used, choosing the factorial analysis. Finally, a post hoc analysis to investigate which factors affect the user satisfaction of ERP in business was carried out using multiple regression method (backward stepwise). The empirical evidence from a web-based survey with 175 Spanish SMEs confirms that an ERP system brings a variety of benefits including organizational, external and internal to an SME, and focusing on accounting there are a number of accounting benefits derived from ERP systems particularly for accounting process. The findings will be valuable to any business that wants to implement an ERP deeper in small businesses. This work significantly contributes to the existing body of ERP benefits knowledge to the SMEs in the light of the resource-based view, strengthens the literature about the topic because the use of theories in ERP literature in SMEs is still very limited.
本研究的目的是通过第一手调查首席执行官对ERP系统的满意度,测试其在会计、组织、外部或内部四个方面对公司实施的好处,即采用ERP系统可能会给中小型企业带来的好处。一项调查旨在衡量会计师对其公司实施ERP水平的看法。样本包括来自西班牙公司的175名会计师。为了确定最佳解释变量以检验假设,使用了降维判别分析,选择因子分析。最后,采用多元回归方法(后向逐步)对影响企业ERP用户满意度的因素进行了事后分析。一项针对175家西班牙中小企业的网络调查的经验证据证实,企业资源规划系统为中小企业带来了各种好处,包括组织、外部和内部的好处,并且以会计为重点,企业资源计划系统带来了许多会计好处,特别是在会计过程方面。这些发现对任何想在小企业中更深入地实施ERP的企业都有价值。这项工作极大地促进了现有的ERP知识体系,从基于资源的角度为中小企业提供了有益的知识,加强了有关该主题的文献,因为ERP文献中的理论在中小企业中的应用仍然非常有限。
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引用次数: 5
Unemployment Hysteresis: Attached or Mismatched? 失业滞后:附加还是错配?
IF 0.6 Q3 ECONOMICS Pub Date : 2021-03-22 DOI: 10.47743/SAEB-2021-0005
Özdemir Onur
This paper investigates the empirical significance of the unemployment problem whether it is structural or temporary on the basis of region-based, income-based and aggregate classifications of different countries for the yearly data from 1991 to 2018. In the first part of the paper, we examine the stationary position of unemployment series by way of using individual unit-root tests. Since the series are possibly subjected to the structural breaks, we also use additional approaches in which the effects of the break dates are checked in the analysis. Furthermore, we compare the initial findings of univariate unit-root tests along with panel unit-root testing procedures to critically assess the statistical validity of the hysteresis hypothesis in unemployment for given samples. The empirical findings imply that we cannot reject the hysteresis hypothesis for different classifications of the countries against the alternative of a natural rate even in the presence of structural breaks.
本文以1991 - 2018年的年度数据为样本,基于地区分类、收入分类和各国总量分类,考察了结构性失业和临时性失业问题的实证意义。在本文的第一部分中,我们用单个单位根检验的方法检验了失业序列的平稳位置。由于该系列可能受到结构断裂的影响,我们还使用了额外的方法,在分析中检查断裂日期的影响。此外,我们比较了单变量单位根检验的初步结果以及面板单位根检验程序,以严格评估给定样本中失业滞后假设的统计有效性。实证研究结果表明,即使在存在结构性断裂的情况下,我们也不能拒绝对不同国家分类的滞后假设,而不是自然比率的替代方案。
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引用次数: 0
The Impact of Audit Characteristics on Corporate Tax Avoidance: The Moderating Role of Gender Diversity 审计特征对企业避税的影响:性别多样性的调节作用
IF 0.6 Q3 ECONOMICS Pub Date : 2021-01-01 DOI: 10.47743/SAEB-2021-0002
Rakia Riguen, Bassem Salhi, Anis Jarboui
The purpose of this paper is to investigate the relation between audit characteristics and corporate tax avoidance and how board gender diversity (BGDs) moderates this relationship. Using a sample of 270 UK firms over the 2005-2017 period, we find that audit characteristics influence the corporate tax avoidance. Two of them (specialization and audit fees) had a negative effect; the other one (audit opinion, audit rotation) Have a positive effect on tax avoidance. We also find that BGDs moderates the effect of audit characteristics on corporate tax avoidance, except for audit opinion. The impact of the BGDs’ level increases as the presence of woman in the board escalated from 40 to 60 %, but then weakened at 10 % level. This study contributes to the existing literature and auditing practices by extending the auditing and tax literature on the examination of the moderating effect of board gender diversity on the relation between audit characteristics and corporate tax avoidance using the sensitivity analysis.
本文的目的是研究审计特征与公司避税之间的关系,以及董事会性别多样性如何调节这种关系。利用2005-2017年270家英国公司的样本,我们发现审计特征影响了企业避税。其中两项(专业化和审计费用)产生了负面影响;另一种(审计意见、审计轮转)对避税有正向影响。我们还发现,除了审计意见外,BGDs还会调节审计特征对企业避税的影响。当女性在董事会中的比例从40%上升到60%时,BGDs水平的影响会增加,但在10%的水平时会减弱。本研究通过对审计和税务文献的扩展,利用敏感性分析检验董事会性别多样性对审计特征与公司避税关系的调节作用,从而对现有文献和审计实践做出贡献。
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引用次数: 8
See Now, Buy Now Model: A Passport to Fashion Brand Equity 一口价模式:时尚品牌资产的通行证
IF 0.6 Q3 ECONOMICS Pub Date : 2020-12-24 DOI: 10.47743/SAEB-2020-0028
Amélia Maria Pinto da Cunha Brandão, P. Dourado, Luis Palma Martos
In a market accentuated by globalization and digital consolidation, high fashion brands start to rethink the way of producing, communicating and distributing their supply, adopting the See Now, Buy Now (SNBN) model to guarantee the possibility of instant gratification. Literature has been scarce concerning SNBN as a new paradigm of contemporary fashion, more particularly, in what concerns its relationship with brand equity. This study seeks to identify the critical variables of SNBN and analyze its feasibility in production and consumption of fashion. It has applied a mixed and sequential methodology. The Portuguese case is worth analysing because of its similarities with countries where the fashion and creative industries' role is still uncertain, but still often mentioned and talked about. The results suggested that there is a positive relation between its adoption and brand equity – in particular a more hybrid strategy of adoption, considering its risks and investments.
在全球化和数字化整合加剧的市场中,高级时装品牌开始重新思考生产、沟通和分销的方式,采用现在看,现在买(SNBN)模式来保证即时满足的可能性。关于SNBN作为当代时尚的新范式的文献很少,特别是关于它与品牌资产的关系。本研究旨在确定SNBN的关键变量,并分析其在时尚生产和消费中的可行性。它采用了混合和顺序的方法。葡萄牙的案例值得分析,因为它与一些国家相似,在这些国家,时尚和创意产业的作用仍不确定,但仍经常被提及和讨论。结果表明,在其采用与品牌资产之间存在正相关关系-特别是考虑到其风险和投资的更混合的采用策略。
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引用次数: 0
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Scientific Annals of Economics and Business
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