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Effects of regional development policies on the resolution of income disparity in China 区域发展政策对中国收入差距解决的影响
Journal of Economic and Financial Studies Pub Date : 2016-01-07 DOI: 10.18533/JEFS.V3I6.204
Jong-Hag Jang, Hong-Yul Jeong
{"title":"Effects of regional development policies on the resolution of income disparity in China","authors":"Jong-Hag Jang, Hong-Yul Jeong","doi":"10.18533/JEFS.V3I6.204","DOIUrl":"https://doi.org/10.18533/JEFS.V3I6.204","url":null,"abstract":"Using thirty provincial panel-data from 1949 to 2010 that is separated into four periods, this paper examines the details of major regional development policies in practice by China so far since its foundation, and focuses on the analysis of how those policies influenced the resolution of inequality between regions through Gini coefficient analysis, coefficient of variation analysis and Theil index analysis. The results of income inequality analysis in Mao’s time show that income inequality coefficients are ups and downs. In the age of the reform and open-door policy, the income disparity in the eastern region drastically decreased, which in turn reduced the national income disparity among regions. However, from the 1990s the income convergences among regions in eastern coastal areas began to cease, which resulted in spreading income disparity among the regions all over China. Even though coefficients of income inequality indices have decreased since the mid-2000s, it may take more observation to decide whether such phenomenon is the result of the policy of 'building of a harmonious society' pursued by Hu Jintao.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"238 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114267506","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}
引用次数: 2
A sourcing strategy for the middle offices in financial institutions 金融机构中间办公室的采购策略
Journal of Economic and Financial Studies Pub Date : 2015-12-01 DOI: 10.18533/JEFS.V3I6.168
Hai Wang, George L Ye
{"title":"A sourcing strategy for the middle offices in financial institutions","authors":"Hai Wang, George L Ye","doi":"10.18533/JEFS.V3I6.168","DOIUrl":"https://doi.org/10.18533/JEFS.V3I6.168","url":null,"abstract":"This article examines the strategies of sourcing the middle office functions in financial institutions. While some functions, in particular the back office functions in financial institutions are popularly and successfully outsourced or co-sourced, it may not be appropriate to do so for sourcing the functions of middle offices. Outsourcing or co-sourcing of the middle offices implies contracting out the risk management function of a financial institution partially or completely. This may reduce the effectiveness of risk management implementation and may potentially expose the institution to great risk. This article compares different strategies, namely outsourcing, co-sourcing, and shared services; and shows that shared services has many advantages over the other two strategies.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"121 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125231484","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}
引用次数: 1
Assessing sport brand value through use of the contingent valuation method 运用条件估值法评估体育品牌价值
Journal of Economic and Financial Studies Pub Date : 2015-11-18 DOI: 10.18533/JEFS.V3I6.179
J. L. Lee
{"title":"Assessing sport brand value through use of the contingent valuation method","authors":"J. L. Lee","doi":"10.18533/JEFS.V3I6.179","DOIUrl":"https://doi.org/10.18533/JEFS.V3I6.179","url":null,"abstract":"This work is a first attempt to estimate customer-based brand equity with the contingent valuation method (CVM) for a service-oriented product. We assess the value of a sport brand, IRONMAN triathlon, utilizing the CVM - one of the few available measures for estimating intangible product values. The equity of the IRONMAN brand was derived from consumers’ perceptions, attitudes, and behaviours by asking consumers (i.e., triathletes who have experiences with IRONMAN and non-IRONMAN branded events) about their willingness to pay for an IRONMAN and generic non-IRONMAN triathlon events. We found (1) the presence of price premiums that sport consumers were willing to pay for the branded sport product and (2) the estimated brand equity value of approximately $102 million for IRONMAN Half-distance events, and $123 million for IRONMAN Full-distance event.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"132 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122757818","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}
引用次数: 2
On the economic significance of the benchmark portfolio 关于基准投资组合的经济意义
Journal of Economic and Financial Studies Pub Date : 2015-10-29 DOI: 10.18533/JEFS.V3I6.188
G. Baigent, W. Acar
{"title":"On the economic significance of the benchmark portfolio","authors":"G. Baigent, W. Acar","doi":"10.18533/JEFS.V3I6.188","DOIUrl":"https://doi.org/10.18533/JEFS.V3I6.188","url":null,"abstract":"Abasic issue underlying financial theory is the constitution of the market portfolio. Hence the adequacy of its usual proxy, the S&P500, is of paramount importance. Using 17 industry portfolios, we form an equally-weighted (passive) portfolio statistically identical to the S&P500 with respect to volatility. We find that, about half the time, the industry portfolio has higher returns than the S&P500. We offer this as an explanation for the flatness of the CAPM noted and questioned in early studies by Basu (1977), Black, Jensen and Scholes (1972), and Reinganum (1981). We suggest that the partial inefficiency of the S&P500 is laden with serious implications for investors and portfolio managers, question the behavioral motivation for its continued use as a benchmark, and introduce new measures of full diversification. We estimate a Jensen’s Alpha error of 2.04% associated with the wrong proxy for the market portfolio.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130041093","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}
引用次数: 0
Anchoring of Expectations: The Role of Credible Targets in a Game Experiment 期望锚定:可信目标在游戏实验中的作用
Journal of Economic and Financial Studies Pub Date : 2015-10-28 DOI: 10.18533/JEFS.V3I6.169
Bodo Herzog
{"title":"Anchoring of Expectations: The Role of Credible Targets in a Game Experiment","authors":"Bodo Herzog","doi":"10.18533/JEFS.V3I6.169","DOIUrl":"https://doi.org/10.18533/JEFS.V3I6.169","url":null,"abstract":"This paper provides new evidence on the formation and anchoring of inflation expectations. I conduct a game experiment and analyze the adjustment as well as the impact of credible targets on expectations. In addition, I evaluate the idiosyncratic determinants on the formation of expectations. The analysis reveals six results: First, I find evidence that long-term inflation expectations are firmly anchored to a credible target. Second, a temporary deviation due to unexpected monetary policy might trigger a decline in credibility, and third a de-anchoring of expectations due to uncertainty. Fourth, I find that people change their expectations little if a credible target exists. Fifth, expectations exhibit a large degree of time-variance only in environments without a target. Sixth, the dynamic adjustment to an ‘incomplete’ equilibrium, which is theoretically unstable, is nevertheless rapid and persistent in case of credible targets. All in all, I demonstrate a unique game setup with contributions to both experimental and monetary economics.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131129623","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}
引用次数: 1
A non-parametric approach to innovation gaps and economic growth 创新差距与经济增长的非参数方法
Journal of Economic and Financial Studies Pub Date : 2015-10-03 DOI: 10.18533/JEFS.V3I05.26
J. Perilla
{"title":"A non-parametric approach to innovation gaps and economic growth","authors":"J. Perilla","doi":"10.18533/JEFS.V3I05.26","DOIUrl":"https://doi.org/10.18533/JEFS.V3I05.26","url":null,"abstract":"A non-parametric approach based on DEA  techniques is used  to  dis- entangle the  relationship between  innovation growth  and  per-capita GDP growth  in a sample  of 30 countries during  1996-2008.  The decomposition of GDP-growth brings support to the notion of advantage of backward- ness.  It leads to conclude that, in the context of innovation, both the process of catching-up and technological change play an important explanation of the dynamics of economic growth. This is in sharp contrast to alternative evidence that brings more support to the importance of capital deepening in explaining labour growth productivity.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121290965","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}
引用次数: 3
An asymmetric job auction model 非对称职位拍卖模式
Journal of Economic and Financial Studies Pub Date : 2015-09-23 DOI: 10.18533/JEFS.V3I05.167
Xiaoting Wang
{"title":"An asymmetric job auction model","authors":"Xiaoting Wang","doi":"10.18533/JEFS.V3I05.167","DOIUrl":"https://doi.org/10.18533/JEFS.V3I05.167","url":null,"abstract":"In this paper we investigate a labor market with search frictions. Workers with heterogeneous productivity apply to different types of job vacancies by bidding the optimal profits that they can offer the firms. In the steady state equilibrium, the most capable workers separate themselves by only bidding at jobs requiring high skills, while applicants in the middle of the productivity distribution pool with the low-productivity workers and apply for jobs requiring low skills.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"81 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127754217","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}
引用次数: 0
When the Reaper becomes a Salesman. The influence of Terror Management on product preferences 当收割者变成了推销员。恐惧管理对产品偏好的影响
Journal of Economic and Financial Studies Pub Date : 2015-09-15 DOI: 10.18533/JEFS.V3I05.121
T. V. Bommel, Cormac O’Dwyer, Tim W. M. Zuidgeest, F. Poletiek
{"title":"When the Reaper becomes a Salesman. The influence of Terror Management on product preferences","authors":"T. V. Bommel, Cormac O’Dwyer, Tim W. M. Zuidgeest, F. Poletiek","doi":"10.18533/JEFS.V3I05.121","DOIUrl":"https://doi.org/10.18533/JEFS.V3I05.121","url":null,"abstract":"The present research investigates how consumer choice is affected by Terror Management Theory’s proposition of Mortality Salience increasing one’s cultural worldview defense and self-esteem striving. The study builds empirically upon prior theorizing by Arndt, Solomon, Kasser and Sheldon (2004). During an experiment, we manipulated Mortality Salience and measured product preferences for conspicuousness and familiarity. Participants primed with death were more likely to choose conspicuous products, corroborating previous research of mortality salience raising materialistic tendencies. In addition, participants showed a tendency to prefer familiar brands. These results are in line with the Terror Management Theory framework.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126734238","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}
引用次数: 5
FDI, private investment and public investment in Nigeria: An unravelled dynamic relation 尼日利亚的外商直接投资、私人投资和公共投资:一种未解的动态关系
Journal of Economic and Financial Studies Pub Date : 2015-09-05 DOI: 10.18533/JEFS.V3I06.164
A. Ditimi, Ogbuagu Matthew
{"title":"FDI, private investment and public investment in Nigeria: An unravelled dynamic relation","authors":"A. Ditimi, Ogbuagu Matthew","doi":"10.18533/JEFS.V3I06.164","DOIUrl":"https://doi.org/10.18533/JEFS.V3I06.164","url":null,"abstract":"For decades, scholars have continually emphasized the importance of FDI in the less developed countries. Some believe that FDI can fill investment gaps, either private or public and mobilizes savings (Lee and Suruga, 2005; Todaro and Smith, 2003; Hayami, 2001). This study seeks to verify the interactions and transmission mechanism between FDI, private direct investment and public direct investment in Nigeria. Furthermore, these variables were examined to ascertain their direction of causality and whether or not they have long run linear relationship. Also, the impulse responses of these variables to shocks in the extraneous variables were verified; using the Multiple-Equation VAR models with time series data ranging from 1970-2012. The co-integration result indicates that there is no long run relationship between these variables. In addition, the variance decomposition result shows that 46 percent of innovations in FDI were explained by its own past values, while 21 percent of the innovations were due to shocks, to private domestic investment with 31 percent due to public investment. The response of public and private investment to shocks in FDI is positive and significant in the short run and so is consistent with the findings of Jansen (1995), Misun and Tomsik (2002). Efficient infrastructure in terms of public investment in basic infrastructure cannot be overemphasized amongst others.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"79 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130442153","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}
引用次数: 10
Valuing guaranteed bank debt: Role of strength and size of the bank and the guarantor 银行担保债务的估值:银行和担保人的实力和规模的作用
Journal of Economic and Financial Studies Pub Date : 2015-09-05 DOI: 10.18533/JEFS.V3I05.165
Sebastian Schich, A. Estrella
{"title":"Valuing guaranteed bank debt: Role of strength and size of the bank and the guarantor","authors":"Sebastian Schich, A. Estrella","doi":"10.18533/JEFS.V3I05.165","DOIUrl":"https://doi.org/10.18533/JEFS.V3I05.165","url":null,"abstract":"A contingent claims model of the value of sovereign guarantees of bank debt shows that the value decreases with the bank’s own creditworthiness and it increases with that of the sovereign as well as with bank and sovereign size. Using cross-sectional data for 188 large banks world-wide from 2007 to 2013, empirical results are consistent with the model’s implications, suggesting that the implicit support for a bank is higher when the bank is larger, when the bank is weaker, and when the country in which the bank is headquartered is larger or more creditworthy. While bank-specific factors matter as well as those related to the sovereign of the country where the bank is located, the effect on the value of sovereign guarantees of changes in bank strength dominate those in sovereign strength.","PeriodicalId":130241,"journal":{"name":"Journal of Economic and Financial Studies","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130938023","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}
引用次数: 4
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