Econometric Modeling: Microeconometric Models of Firm Behavior eJournal最新文献

{"title":"The Study of Relationship between Performance of Maxis Berhad and Internal & External Factors","authors":"Nurul Nadhirah","doi":"10.2139/ssrn.3494669","DOIUrl":"https://doi.org/10.2139/ssrn.3494669","url":null,"abstract":"The purpose of this study is to investigate the relationship between the financial performance and the capital structure of the company. The performance of the company will be measured by analysing the trend of various financial ratios obtained from the company’s annual report from 2014 to 2018. The relationship between the profitability and the internal and external factors are also analysed with the company’s performance. The performance of Maxis Berhad is represented by the return on asset over 5 years’ period. The capital structure is measured by collecting data from the balance sheet of the annual reports. As for the financial performance, the data is collected from the income statements and balance sheets. Ratio analysis is then measured from the obtained data. As for the internal factors, these are the relevant variables to be measured; current ratio, quick ratio, average-collection period, debt-to-income, operational ratio, and operating margin. The additional measurement is the corporate index score, asset size, net profit margin, GDP growth rate, inflation, interest rate, and exchange rate. The data was carefully analysed by applying regression and correlation. The Model Summary table also shows that debt-to-income has the most reliable variable as the R Square is equals to 79.9%. There is a strong relationship between ROA and debt-to-income with -0.894 and sig. 0.020. There are three variables that significant to the ROA, namely, debt-to-income, operating margin and, the interest rate as the sig. value is below 0.1.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129862475","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}

{"title":"The Investment-Return Relation","authors":"C. Hong, Baolian Wang","doi":"10.2139/ssrn.3364066","DOIUrl":"https://doi.org/10.2139/ssrn.3364066","url":null,"abstract":"The q-theory of asset pricing predicts a negative relation between a firm’s investment and its future stock returns, and the negative relation is stronger among firms with higher investment frictions. These predictions arise from each firm’s decision. Therefore, testing it does not require that the amount of investment be in investors’ information set, and skipping between the investment and future stock returns is unnecessary. We document a positive relation between a firm’s investment and its immediate future stock returns. This positive relation, in most empirical specifications, fully subsumes the traditionally documented negative investment-return relation that starts several quarters after investment. After considering immediate future returns, the investment-return relation is more positive among firms with higher investment frictions. These findings challenge the q-theory based interpretation of the investment-return relation.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"106 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134497659","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}

{"title":"Content and Access Bundling: Simulating Complex Scenarios","authors":"Bronwyn E. Howell, P. Potgieter","doi":"10.2139/ssrn.3427022","DOIUrl":"https://doi.org/10.2139/ssrn.3427022","url":null,"abstract":"The burgeoning digital economy is characterized by providers offering their products and services to consumers in bundles. Consequently, firms, policy-makers, competition authorities and courts are challenged to consider the actual and possible effects of bundling on profits, consumer and total welfare, sometimes in advance of products being brought to market. Current literature provides some guidance for evaluating possible outcomes (Abdallah 2018; Hennig-Thurau and Houston 2018; Simon and Fassnacht 2018). However, theoretical tractability requires most models to make highly stylized assumptions rarely observed or anticipated in the real-life situations motivating inquiry. \u0000 \u0000Different ways of evaluating these complex cases are required. Howell and Potgieter (2017), Howell and Potgieter (2018b), Howell and Potgieter (2018a), and Howell and Potgieter (2019) propose the use of numerical analysis of the output of discrete simulation models capturing the specific characteristics of real-life cases offers an alternative means of evaluation. They successively develop a competition model in which: \u0000 \u0000* the firms, consumers and differentiated products are finite in number; \u0000prices are discrete and not continuous; \u0000 \u0000* consumers may purchase multiple items in a single product category. \u0000 \u0000A particular strength of these models are that they mimic the price-setting strategy adopted by firms facing uncertainty about the distributions of consumer preferences for the items. Variants of the model have been used to provide insights into real-life business situations where firms have limited opportunities to sample information about a market where (for example) firms offer differentiated Internet access (e.g. cable and copper/fiber) and content offers (e.g. Netflix, Spotify, other proprietary video content products, gaming, home security monitoring) both stand-alone and in bundles. \u0000 \u0000In Howell and Potgieter (2019) the authors generated a set of consumer willingness-to-pay values for the two products from random (normal) distributions. In this paper, we explore the expected behavior when the underlying distribution of both products is drawn from an asymmetrical long-tail distribution. By varying the parameters of the distribution from which the products' WTPs are drawn, we can explore how bundle pricing offers might vary in several distinct scenarios.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129418092","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}

{"title":"Unions and Firms' Investments: A Unified View","authors":"Fabio Berton, S. Dughera, A. Ricci","doi":"10.2139/ssrn.3435390","DOIUrl":"https://doi.org/10.2139/ssrn.3435390","url":null,"abstract":"In this paper, we present a simple model in which a unionized and non-unionized firm optimally make investment decisions given their labor productivity. By allowing workers' organizations to have positive effects on labor effort, we find that the classic hold-up problem does not necessarily survive. We also derive conditions under which rent-seeking by unions may actually encourage firms' investments.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128078161","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}

{"title":"Measuring Trends and Persistence in Capital and Labor Misallocation","authors":"M. Bun, Jasper de Winter","doi":"10.2139/ssrn.3404124","DOIUrl":"https://doi.org/10.2139/ssrn.3404124","url":null,"abstract":"We analyze trends and persistence in the misallocation of labor and capital using firm-level panel data for the Netherlands in the period 2001-2017. We use the dispersion in marginal revenue products of labor and capital to measure the extent of misallocation. Compared to a counterfactual efficient allocation we find that misallocation has had a sizable negative impact on aggregate productivity. Especially capital misallocation has increased over time. The relatively high and rising capital misallocation is caused by a combination of small, highly productive firms facing relatively high capital wedges and large and unproductive firms facing relatively low capital wedges. Exploiting a panel data error components model we find that capital misallocation has a much more permanent character than labor misallocation. Moreover, it is the permanent component of capital misallocation that has increased over time. Finally, we show that in our sample the measurement of misallocation is largely insensitive to capital adjustment costs and alternative specifications of the production function. The contribution of heterogeneous markups to observed misallocation, however, is non-negligible.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123862944","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}

{"title":"Corporate Governance and Bankruptcy of Transmile Group Berhad: A Study of Firm Specification and Macroeconomic in Malaysia","authors":"S. Liau","doi":"10.2139/ssrn.3385207","DOIUrl":"https://doi.org/10.2139/ssrn.3385207","url":null,"abstract":"Bankruptcy of the company can caused by both internal and external factors, which is corporate governance index, Return on asset (ROA), Return on equity (ROE), Tobin’s Q, GDP per capita (USD), unemployment rate and exchange rate. It is to identify which factors are the most important for the company to sustain the ability to continue the business. The data used to conduct this research are extracted from annual reports of this company from year 2005 to 2009. This study aims to investigate the impact of bankruptcy on Transmile Group Berhad’s consequence and reputation, coupled with its national, social and economic impact. The analysis and findings shows that the external factor (GDP per capita) has a greater impact on the Altman Z-score among the Transmile Group Berhad as compared to the internal factors. This study also suggest that it is necessary for a firm is capable to concentrate on the economy of that country to make sure they can manage the firm properly although the economy is not good on that time. Besides, the company should manage to reduce the probability of scandal to happen in their firm. It can achieved by make sure the independent of director and disclose the information of company.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116829386","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}

{"title":"Labelled Loans, Credit Constraints and Sanitation Investments","authors":"S. Smets, B. Malde, S. Giunti, Bet Caeyers, Britta Augsburg","doi":"10.1920/WP.IFS.2019.0919","DOIUrl":"https://doi.org/10.1920/WP.IFS.2019.0919","url":null,"abstract":"Credit constraints are considered to be an important barrier hindering adoption of preventive health investments among low-income households in developing countries. However, it is not obvious whether, and the extent to which, the provision of labelled micro-credit -- where the loan is linked to the investment only through its label -- will boost human capital investments, particularly when it is characterised by other attractive attributes, such as a lower interest rate. This paper studies a cluster randomised controlled trial of a sanitation micro-credit program in rural India, which made available lower interest loans for sanitation. The loans were linked with sanitation through their name only. The loans were not bundled with any toilet, and loan use was weakly monitored, but not enforced. Hence it is not directly obvious that the loan should boost sanitation investments. A simple theoretical framework indicates that the intervention could increase sanitation ownership through three channels -- relaxation of credit constraints, salience of the loan label, or the lower interest rate. The presented empirical evidence, combined with model predictions, allow to conclude that the loan label -- which to date has not received much attention in the literature -- significantly impacts households borrowing and investment behaviour. Labelling loans is thus a viable strategy to improve uptake of lumpy preventive health investments.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"114 4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128974278","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}

{"title":"You are Suffocating Me! Firm-Level Evidence on Crowding Out","authors":"Serhan Cevik","doi":"10.5089/9781498311090.001","DOIUrl":"https://doi.org/10.5089/9781498311090.001","url":null,"abstract":"Literature on whether government spending crowds out or crowds in the private sector is large, but still without an unambiguous conclusion. Using firm-level data from Ukraine, this paper provides a granular empirical investigation to disentangle the impact of state-owned enterprises (SOEs) on private firm investment in Ukraine—a large transition economy. Controlling for firm characteristics and systematic differences across sectors, the results indicate that the SOE concentration in a given sector has a statistically significant negative effect on private fixed capital formation, and that the impact of SOEs is stronger in those industries in which SOEs have a more dominant presence. These findings imply that private firms operating in sectors with a high level of SOE concentration invest systematically less than businesses that are not competing directly with SOEs.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134226343","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}

{"title":"Firm Decisions under Jump-Diffusive Dynamics","authors":"N. Deopa, D. Rinaldo","doi":"10.2139/ssrn.3357701","DOIUrl":"https://doi.org/10.2139/ssrn.3357701","url":null,"abstract":"We present a model of firm investment under uncertainty and partial irreversibility in which uncertainty is represented by a jump diffusion. This allows to represent both the continuous Gaussian volatility and the discontinuous uncertainty related to information arrival, sudden changes and large shocks. The model shows how both sources of uncertainty negatively impact the optimal investment and disinvestment policies, and how the presence of large negative jumps can drastically affect the firm’s ability to recover. Our results show that the standard Gaussian framework consistently underestimates the negative effect of uncertainty on firm investment decisions. We test these predictions on a panel dataset of UK firms: we first structurally estimate the uncertainty parameters using multinomial maximum likelihood and differential evolution techniques and subsequently study their impact on firm investment rates, validating our model predictions.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"35 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132315789","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}

{"title":"Modeling the Determinants of Meet-or-Just-Beat Behavior in Distribution Discontinuity Tests","authors":"Dmitri Byzalov, Sudipta Basu","doi":"10.2139/ssrn.3117088","DOIUrl":"https://doi.org/10.2139/ssrn.3117088","url":null,"abstract":"Abstract We develop new distribution discontinuity tests conditional on multiple explanatory variables for analyzing meet-or-just-beat behavior around benchmarks. These tests combine Burgstahler and Dichev's (1997) meet-or-just-beat intuition with a flexible statistical model that addresses important limitations of the existing tests. Our method considerably outperforms logit-based tests of distribution discontinuity determinants and changes the interpretation of a major finding in the earnings discontinuity literature. As a secondary benefit, it also has slightly higher statistical power than histogram-based tests of distribution discontinuity existence. Our method is robust, easy to implement using our publicly available Stata command, and could benefit researchers in many fields.","PeriodicalId":201359,"journal":{"name":"Econometric Modeling: Microeconometric Models of Firm Behavior eJournal","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114259977","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}