Pub Date : 2023-03-07DOI: 10.1080/15140326.2023.2183629
Jingwan Liu, Wei Tang, Xingzhu Zhao
ABSTRACT Using the 2014 to 2019 Forbes China Celebrity Lists, this study empirically examined the relationship between celebrity shareholders and corporate risk. The findings suggest that celebrity shareholders increased corporate risk. And the main reason is that the capital structure of the enterprise changes significantly after the celebrity shares in the enterprise. Furthermore, this study finds that celebrity shareholders had a greater impact on corporate risk among firms with no independent directors, a high proportion of management shareholders, a low proportion of institutional investors and those belonging to the Innovation tier. Based on China’s unique cultural and market environment, the findings of this study enrich the literature on the impact of celebrities and corporate risk, revealing the economic consequences of celebrity securitization.
{"title":"Celebrity shareholders and corporate risk: Based on empirical evidence gathered from Chinese companies listed on the New Third Board","authors":"Jingwan Liu, Wei Tang, Xingzhu Zhao","doi":"10.1080/15140326.2023.2183629","DOIUrl":"https://doi.org/10.1080/15140326.2023.2183629","url":null,"abstract":"ABSTRACT Using the 2014 to 2019 Forbes China Celebrity Lists, this study empirically examined the relationship between celebrity shareholders and corporate risk. The findings suggest that celebrity shareholders increased corporate risk. And the main reason is that the capital structure of the enterprise changes significantly after the celebrity shares in the enterprise. Furthermore, this study finds that celebrity shareholders had a greater impact on corporate risk among firms with no independent directors, a high proportion of management shareholders, a low proportion of institutional investors and those belonging to the Innovation tier. Based on China’s unique cultural and market environment, the findings of this study enrich the literature on the impact of celebrities and corporate risk, revealing the economic consequences of celebrity securitization.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":" ","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43797646","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-03-07DOI: 10.1080/15140326.2023.2185975
Constantin Rudolf Salomo Bürgi
Survey forecasts are prone to entry and exit of forecasters as well as forecasters not contributing every period leading to gaps. These gaps make it difficult to compare individual forecasters to each other and raises the question of how to deal with the missing observations. This is addressed for the variables GDP, CPI inflation, and unemployment for the US. The theoretically optimal method of filling in missing observations is derived and compared to several competing methods. It is found that not filling in missing observations and taking the previous value do not perform particularly well. For the other methods assessed, there is no clear superior approach for all use cases, but the theoretically optimal one usually performs quite well.
{"title":"How to deal with missing observations in surveys of professional forecasters","authors":"Constantin Rudolf Salomo Bürgi","doi":"10.1080/15140326.2023.2185975","DOIUrl":"https://doi.org/10.1080/15140326.2023.2185975","url":null,"abstract":"Survey forecasts are prone to entry and exit of forecasters as well as forecasters not contributing every period leading to gaps. These gaps make it difficult to compare individual forecasters to each other and raises the question of how to deal with the missing observations. This is addressed for the variables GDP, CPI inflation, and unemployment for the US. The theoretically optimal method of filling in missing observations is derived and compared to several competing methods. It is found that not filling in missing observations and taking the previous value do not perform particularly well. For the other methods assessed, there is no clear superior approach for all use cases, but the theoretically optimal one usually performs quite well.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136339143","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-02-28DOI: 10.1080/15140326.2023.2178798
Inbae Ji, J. Vitale, P. Vitale, Brian D. Adam
ABSTRACT Technical efficiency (TE) is an important measure of farm performance. This study measured the TE of wheat farms across six states in the U.S. Western Great Plains based on production and farm management-specific variables. Significant factors positively influencing efficiency were insecticide use, farm size, and tillage. Alternatively, government payments, crop insurance, off-farm income, and crop share rates had negative effects on efficiency. Kansas and Oklahoma farms were more efficient than Nebraska and Wyoming farms in the sample. Average TE score of 0.56 indicates a substantial gap between average producers and the most efficient ones located near the TE frontier. Benchmarking the highly efficient farms provides best-management practices enabling less-efficient farms move closer to the efficient frontier. Extension specialists and collaboration among farms could transfer the skills and techniques through workshops, webinars, fact sheets, and social media pages.
{"title":"Technical efficiency of U.S. Western Great Plains wheat farms using stochastic frontier analysis","authors":"Inbae Ji, J. Vitale, P. Vitale, Brian D. Adam","doi":"10.1080/15140326.2023.2178798","DOIUrl":"https://doi.org/10.1080/15140326.2023.2178798","url":null,"abstract":"ABSTRACT Technical efficiency (TE) is an important measure of farm performance. This study measured the TE of wheat farms across six states in the U.S. Western Great Plains based on production and farm management-specific variables. Significant factors positively influencing efficiency were insecticide use, farm size, and tillage. Alternatively, government payments, crop insurance, off-farm income, and crop share rates had negative effects on efficiency. Kansas and Oklahoma farms were more efficient than Nebraska and Wyoming farms in the sample. Average TE score of 0.56 indicates a substantial gap between average producers and the most efficient ones located near the TE frontier. Benchmarking the highly efficient farms provides best-management practices enabling less-efficient farms move closer to the efficient frontier. Extension specialists and collaboration among farms could transfer the skills and techniques through workshops, webinars, fact sheets, and social media pages.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":" ","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44979389","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-31DOI: 10.1080/15140326.2023.2168464
Leonardo Maldonado
ABSTRACT This paper uses nighttime lights imagery and gridded population datasets to estimate 2000–2020 rural poverty rates for Venezuela at the state and municipality levels. Then, I examine if there has been a significant change in rural poverty during the economic collapse ongoing since 2013–2014. The main finding reveals that most of the Venezuelan territory experienced a considerable increase in rural poverty rates between 2014 and 2020. Furthermore, I confirm how new rural poor areas appear across the country in clusters, surrounding municipalities with moderate to high poverty rates. This suggests that in recent years, more Venezuelans have sunk in darkness.
{"title":"Living in darkness: rural poverty in Venezuela","authors":"Leonardo Maldonado","doi":"10.1080/15140326.2023.2168464","DOIUrl":"https://doi.org/10.1080/15140326.2023.2168464","url":null,"abstract":"ABSTRACT This paper uses nighttime lights imagery and gridded population datasets to estimate 2000–2020 rural poverty rates for Venezuela at the state and municipality levels. Then, I examine if there has been a significant change in rural poverty during the economic collapse ongoing since 2013–2014. The main finding reveals that most of the Venezuelan territory experienced a considerable increase in rural poverty rates between 2014 and 2020. Furthermore, I confirm how new rural poor areas appear across the country in clusters, surrounding municipalities with moderate to high poverty rates. This suggests that in recent years, more Venezuelans have sunk in darkness.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":" ","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47397020","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-30DOI: 10.1080/15140326.2023.2167151
A. Atak, Gabriel Montes-Rojas, Jose Olmo
ABSTRACT This paper proposes a functional coefficient quantile regression model with heterogeneous and time-varying regression coefficients and factor loadings. Estimation of the model coefficients is done in two stages. First, we estimate the unobserved common factors from a linear factor model with exogenous covariates. Second, we plug-in an affine transformation of the estimated common factors to obtain the functional coefficient quantile regression model. The quantile parameter estimators are consistent and asymptotically normal. The application of this model to the quantile process of a cross-section of U.S. firms’ excess returns confirms the predictive ability of firm-specific covariates and the good performance of the local estimator of the heterogeneous and time-varying quantile coefficients.
{"title":"Functional coefficient quantile regression model with time-varying loadings","authors":"A. Atak, Gabriel Montes-Rojas, Jose Olmo","doi":"10.1080/15140326.2023.2167151","DOIUrl":"https://doi.org/10.1080/15140326.2023.2167151","url":null,"abstract":"ABSTRACT This paper proposes a functional coefficient quantile regression model with heterogeneous and time-varying regression coefficients and factor loadings. Estimation of the model coefficients is done in two stages. First, we estimate the unobserved common factors from a linear factor model with exogenous covariates. Second, we plug-in an affine transformation of the estimated common factors to obtain the functional coefficient quantile regression model. The quantile parameter estimators are consistent and asymptotically normal. The application of this model to the quantile process of a cross-section of U.S. firms’ excess returns confirms the predictive ability of firm-specific covariates and the good performance of the local estimator of the heterogeneous and time-varying quantile coefficients.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":" ","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45129092","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-19DOI: 10.1080/15140326.2022.2160139
M. Abegaz, Gibson Nene
ABSTRACT The paper uses firm-level data to examine gender wage and productivity gaps in the Ethiopian manufacturing sector for the period 1996–2010. It investigates gender wage differentials between skilled and unskilled workers after controlling for factors affecting average wages. Our findings show significant gender wage and productivity gaps and the segregation of female workers into low-paying firms. Controlling for average productivity reduces the magnitude of the wage gap but does not eliminate it. However, results using a simultaneaous estimation of wage equation and production function at a firm-level indicate no significant difference between the gender wage and productivity gaps. As such, further investigation into the sources of the dual gaps using matched employer-employee data is necessary. The Ethiopian government should focus on skill development to improve the productivity of female workers and address the segregation of female workers into low-paying firms.
{"title":"Gender wage and productivity gaps in the Ethiopian manufacturing sector","authors":"M. Abegaz, Gibson Nene","doi":"10.1080/15140326.2022.2160139","DOIUrl":"https://doi.org/10.1080/15140326.2022.2160139","url":null,"abstract":"ABSTRACT The paper uses firm-level data to examine gender wage and productivity gaps in the Ethiopian manufacturing sector for the period 1996–2010. It investigates gender wage differentials between skilled and unskilled workers after controlling for factors affecting average wages. Our findings show significant gender wage and productivity gaps and the segregation of female workers into low-paying firms. Controlling for average productivity reduces the magnitude of the wage gap but does not eliminate it. However, results using a simultaneaous estimation of wage equation and production function at a firm-level indicate no significant difference between the gender wage and productivity gaps. As such, further investigation into the sources of the dual gaps using matched employer-employee data is necessary. The Ethiopian government should focus on skill development to improve the productivity of female workers and address the segregation of female workers into low-paying firms.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":" ","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48668278","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-16DOI: 10.1080/15140326.2022.2158009
Paul Carrillo-Maldonado, Javier Díaz-Cassou, M. Flores
ABSTRACT This paper analyzes the determinants of Ecuador’s sovereign spreads as measured by the EMBI index. We use Bayesian algorithms to estimate a structural vector autoregressive model with three blocks (international, regional, and domestic). Global variables drive most of the dynamics of the Ecuadorian EMBI, also influenced by the evolution of sovereign risks in other Latin American countries like Chile and Peru. We likewise show that the increase in public debt is the primary domestic variable affecting the Ecuadorian EMBI.
{"title":"What are the main variables that influence the dynamics of Ecuador’s sovereign risk?","authors":"Paul Carrillo-Maldonado, Javier Díaz-Cassou, M. Flores","doi":"10.1080/15140326.2022.2158009","DOIUrl":"https://doi.org/10.1080/15140326.2022.2158009","url":null,"abstract":"ABSTRACT This paper analyzes the determinants of Ecuador’s sovereign spreads as measured by the EMBI index. We use Bayesian algorithms to estimate a structural vector autoregressive model with three blocks (international, regional, and domestic). Global variables drive most of the dynamics of the Ecuadorian EMBI, also influenced by the evolution of sovereign risks in other Latin American countries like Chile and Peru. We likewise show that the increase in public debt is the primary domestic variable affecting the Ecuadorian EMBI.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":" ","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48608247","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-12DOI: 10.1080/15140326.2022.2163580
Gumilang Aryo Sahadewo
This study addresses an open debate in the literature about the direct effects of measures of school quality on workers’ earnings in the labor market. Card and Kureges (1996) argue that the young sample that Betts (Citation1995) uses understates the effects of the measures of school quality on earnings. The main objective of this study is to investigate the effects of the measures of school quality on earnings at older age, using a recent version of the 1979 National Longitudinal Survey of Youth. The replication of Betts’ analysis show that the measures of school quality did not affect earnings when workers were young. However, the estimation shows that the percentage of teachers with a graduate degree significantly affects workers’ prime-age earnings. The findings support Card and Krueger’s claim that the measures of school quality affected workers’ earnings at older age. More importantly, the results reconcile different findings from two strands of studies in the literature using state-level and individual-level data.
{"title":"School quality and labor market earnings: some new results on an old debate","authors":"Gumilang Aryo Sahadewo","doi":"10.1080/15140326.2022.2163580","DOIUrl":"https://doi.org/10.1080/15140326.2022.2163580","url":null,"abstract":"This study addresses an open debate in the literature about the direct effects of measures of school quality on workers’ earnings in the labor market. Card and Kureges (1996) argue that the young sample that Betts (Citation1995) uses understates the effects of the measures of school quality on earnings. The main objective of this study is to investigate the effects of the measures of school quality on earnings at older age, using a recent version of the 1979 National Longitudinal Survey of Youth. The replication of Betts’ analysis show that the measures of school quality did not affect earnings when workers were young. However, the estimation shows that the percentage of teachers with a graduate degree significantly affects workers’ prime-age earnings. The findings support Card and Krueger’s claim that the measures of school quality affected workers’ earnings at older age. More importantly, the results reconcile different findings from two strands of studies in the literature using state-level and individual-level data.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135996277","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-12DOI: 10.1080/15140326.2022.2160897
Yingxian Tan, Yahui Wang
ABSTRACT Local governments often provide tax-subsidy programs to attract corporate investment. Using a game-theoretic real options model between a firm and a government, this paper aims to explore the interaction between the government’s tax-subsidy policy and the firm’s investment and financing decisions. The optimal incentive policies are derived for cooperative and non-cooperative bargaining settings between a government and a firm. We show that it is optimal for the government to offer a tax-subsidy combination in the cooperative setting. However, this is not true for the non-cooperative setting, in which the optimal policy is to only levy taxes with no investment subsidy. Whereas firms always have an incentive to rely on debt financing in the non-cooperative setting, firms are reluctant to issue debt in the cooperative setting. Finally, it is generally optimal for the government to collect taxes at a lower rate in the case of high risk high-tech enterprises.
{"title":"Private investment and public stimulus: a bargaining model","authors":"Yingxian Tan, Yahui Wang","doi":"10.1080/15140326.2022.2160897","DOIUrl":"https://doi.org/10.1080/15140326.2022.2160897","url":null,"abstract":"ABSTRACT Local governments often provide tax-subsidy programs to attract corporate investment. Using a game-theoretic real options model between a firm and a government, this paper aims to explore the interaction between the government’s tax-subsidy policy and the firm’s investment and financing decisions. The optimal incentive policies are derived for cooperative and non-cooperative bargaining settings between a government and a firm. We show that it is optimal for the government to offer a tax-subsidy combination in the cooperative setting. However, this is not true for the non-cooperative setting, in which the optimal policy is to only levy taxes with no investment subsidy. Whereas firms always have an incentive to rely on debt financing in the non-cooperative setting, firms are reluctant to issue debt in the cooperative setting. Finally, it is generally optimal for the government to collect taxes at a lower rate in the case of high risk high-tech enterprises.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":" ","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46822997","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-12DOI: 10.1080/15140326.2022.2163581
J. Vieira, Francisco J. F. Silva, João C. A. Teixeira, A. Menezes, Sancha N. B. de Azevedo
ABSTRACT Satisfied and committed employees play a major positive role in business performance in today’s globalized and competitive landscape. This paper contributes to the literature on the empirical determinants of job satisfaction and organizational commitment, drawing on a rich micro dataset for 36 countries, using a flexible semi-nonparametric approach, which nests and outperforms the standard ordered probit model. The findings indicate that job satisfaction and organizational commitment can be fostered by instruments which can be controlled by management. Our results shed timely light on how managers can improve job satisfaction and organizational commitment and address implications of the Great Resignation. However, despite the ever-increasing pace of globalization and expanding role of multinationals across the globe in shaping work environments, our results uncover that significant cross-country differences in job satisfaction and organizational commitment do exist, even after controlling for a plethora of job-and-workplace manageable attributes and individual (including religious dimensions) related characteristics.
{"title":"Climbing the ladders of job satisfaction and employee organizational commitment: cross-country evidence using a semi-nonparametric approach","authors":"J. Vieira, Francisco J. F. Silva, João C. A. Teixeira, A. Menezes, Sancha N. B. de Azevedo","doi":"10.1080/15140326.2022.2163581","DOIUrl":"https://doi.org/10.1080/15140326.2022.2163581","url":null,"abstract":"ABSTRACT Satisfied and committed employees play a major positive role in business performance in today’s globalized and competitive landscape. This paper contributes to the literature on the empirical determinants of job satisfaction and organizational commitment, drawing on a rich micro dataset for 36 countries, using a flexible semi-nonparametric approach, which nests and outperforms the standard ordered probit model. The findings indicate that job satisfaction and organizational commitment can be fostered by instruments which can be controlled by management. Our results shed timely light on how managers can improve job satisfaction and organizational commitment and address implications of the Great Resignation. However, despite the ever-increasing pace of globalization and expanding role of multinationals across the globe in shaping work environments, our results uncover that significant cross-country differences in job satisfaction and organizational commitment do exist, even after controlling for a plethora of job-and-workplace manageable attributes and individual (including religious dimensions) related characteristics.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":" ","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41412461","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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