Econometrics: Applied Econometric Modeling in Microeconomics eJournal最新文献

{"title":"Do Family-Held Firms Have Weak Corporate Governance?","authors":"Nikhil Arora, J. Gupta","doi":"10.2139/ssrn.1981962","DOIUrl":"https://doi.org/10.2139/ssrn.1981962","url":null,"abstract":"This paper examines the linkage between a firm’s ownership structure and the effectiveness of its corporate governance. The main aim is to test the hypothesis that firms owned and controlled by families perform worse in corporate governance than widely-held companies. We have used data from some of India’s largest companies in our analysis and CLSA’s research to quantify the quality of their governance. Our results confirm the initial hypothesis. However, the study adds insight by highlighting that board level entrenchment seems to play a bigger role in diminishing the level of performance, rather than plain family ownership. For investigative purposes, we have looked at the impact of several other factors including subordination to foreign listing rules, firm size, years since incorporation, percentage of independent board members, and profitability. Our results indicate that their impact is not significant.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134256694","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":"Factors Influencing Consumer Preferences While Choosing between Budget Airlines","authors":"Zarine Susan George","doi":"10.2139/SSRN.1951792","DOIUrl":"https://doi.org/10.2139/SSRN.1951792","url":null,"abstract":"According to experts, the airline industry lost foothold ever since it got into a price war and relinquished its monopolistic position. And yet, it was in this scenario that budget airlines emerged. Budget airlines are an innovative business model which competes chiefly on price. They jostle with each other to provide the lowest fares by keeping their operating costs to the bare minimum. There are many ways by which airlines cut costs. Some of them are fast turnaround times leading to maximum utilization of the aircraft, using a single type of aircraft for easy maintenance, using secondary airports which have reduced landing fees, online booking of tickets saving on ticket printing costs and agent commissions, less personnel per flight, use of budget terminals which have lower costs and have least frills which allows faster boarding and deplaning, doing away with or charging for frills such as seat covers, pillows, food, entertainment, newspapers, magazines, baggage and even drinking water. Budget airlines have been an instant hit ever since Southwest airlines introduced the concept in 1973. Currently, budget airlines are thriving. A bigger part of the revenues of budget airlines are coming from ancillary sources. This also helps them keep the ticket fare competitive. They own a third of the market share in the airline industry. They have forced high end carriers such as British Airways and Qantas to ‘dress down’ and become leaner in order to stay in the market. With the entry of a number of new players in the market especially in Singapore and with rising fuel costs, budget airlines would not be able to compete on price alone for long. They have to find ways to differentiate themselves in order to stay ahead. This research intends to find out the predominant factors other than price which a consumer considers while choosing between budget airlines. Some of the factors which are being considered are Scheduling, Punctuality, Baggage capacity, Customer Service, Ease of booking tickets, Rescheduling and refund policy, Quality of food available in-flight, In-flight entertainment, Premium services such as priority boarding, seating, Ground handling services, Seating and general in-flight cleanliness etc. However, the research is not limited to these factors alone. Both primary and secondary research has been carried out. The secondary research mainly concentrates on the business model of budget airlines particularly those of the 6 budget airline based or operating out of Singapore. The airlines are Air Asia, Jetstar, Tiger Airways, Cebu Pacific, Lion Air and Air India Express. Primary research consists of questionnaire survey. The sample consists of 60 respondents. Statistical techniques have been applied to the primary data and corroborated with secondary data to gauge the important factors that influence customer’s choice of budget airline, the most preferred and the least preferred airline in Singapore and the strong points and areas of improvement","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131589864","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":"Watching What We Think: The Dismantling of the Mainstream Media Monopoly","authors":"David E. Morris","doi":"10.2139/ssrn.2027230","DOIUrl":"https://doi.org/10.2139/ssrn.2027230","url":null,"abstract":"Seeking to explain the relative rise of perceived \"conservative news\" and the deterioration of the perceived \"liberal media,\" we presume that ours is a simple economic case of what happens when monopolistic power is lost. Polarization is exuberated, though there is increased democratic participation on the positive side.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129495096","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 Post-Foreclosure Experience of U.S. Households","authors":"Raven S. Molloy, Hui Shan","doi":"10.2139/ssrn.1956706","DOIUrl":"https://doi.org/10.2139/ssrn.1956706","url":null,"abstract":"Despite the recent flood of foreclosures on residential mortgages, little is known about what happens to borrowers and their households after their mortgage has been foreclosed. We study the post-foreclosure experience of U.S. households using a unique dataset based on the credit reports of a large panel of individuals to from 1999 to 2010. Although foreclosure considerably raises the probability of moving, the majority of post-foreclosure migrants do not end up in substantially less desirable neighborhoods or more crowded living conditions. These results suggest that, on average, foreclosure does not impose an economic burden large enough to severely reduce housing consumption.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126906244","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":"Banking Competition and Real Sector Stability: Does the Risk Shifting Channel Exist?","authors":"Felix Noth","doi":"10.2139/ssrn.1958614","DOIUrl":"https://doi.org/10.2139/ssrn.1958614","url":null,"abstract":"Recent theoretical literature in the field of banking competition and bank risk stresses the importance of interactions between banks and firms and suggests that banking competition impacts firm stability. But empirical evidence whether banking competition increases or decreases stability of firms in the real sector is scarce. This paper investigates the effect of banking competition on firm stability for a sample of small- and medium-size enterprises (SMEs) in Germany between 1996-2006. Results show that less banking competition is beneficial for firm stability. This rejects recent suggestions from the banking literature that banks may exploit their competitiveness and increase incentives for firms to undertake more risk. Thereby, this paper suggests the often cited charter value paradigm in banking to be right.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125353263","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":"Banks’ Responses to Funding Liquidity Shocks: Lending Adjustment, Liquidity Hoarding and Fire Sales","authors":"Leo J. de Haan, Jan Willem van den End","doi":"10.2139/ssrn.1951834","DOIUrl":"https://doi.org/10.2139/ssrn.1951834","url":null,"abstract":"The crisis of 2007-2009 has shown that financial market turbulence can lead to huge funding liquidity problems for banks. This paper provides empirical evidence on banks’ responses to wholesale funding shocks, using data of seventeen of the largest Dutch banks over the period January 2004 to April 2010. The dynamic interrelations among instruments of bank liquidity management are modeled in a panel Vector Autoregressive (p-VAR) framework. Orthogonalized impulse responses reveal that banks respond to a negative funding liquidity shock in a number of ways. First, banks reduce lending, especially wholesale lending. Second, banks hoard liquidity in the form of liquid bonds and central bank reserves. Third, banks conduct fire sales of securities, especially equity. We also find that fire sales are triggered by liquidity constraints rather than by solvency constraints.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126505703","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":"Labour Market and Unemployment in Sudan","authors":"S. Nour","doi":"10.2139/ssrn.1949171","DOIUrl":"https://doi.org/10.2139/ssrn.1949171","url":null,"abstract":"This paper examines the structure of the labour market and unemployment in Sudan. One advantage of our analysis in this paper is that we explain several stylized facts on labour market using new secondary data on population, employment and unemployment based on Sudan Central Bureau of Statistics (2010) the Fifth Sudan Population and Housing Census (2008). An interesting element in our analysis is that we explain several stylized facts on the relation between structure of the labour market and demographic structure, labour force, participation rates, economic activities, low skill level and high unemployment rate defined by gender, mode of living and main geographic areas in Sudan. Different from the findings in the empirical literature in support of the Phillips curve on the negative correlation between inflation and unemployment rates, we find positive and significant correlation between unemployment and inflation rates in Sudan during the period (2000-2008). Moreover, different from the analysis in the Sudanese literature we present a more comprehensive analysis of four stylized facts on the unemployment problem in Sudan, these include distinction of several types of unemployment; interpretation of unemployment problem from two different endogenous and exogenous perspectives due to endogenous and exogenous causes; analysis of high incidence of unemployment among youth population and high mismatch between educational qualifications -supply- and labour market requirements- demand. The major policy implication from our findings indicate that since unemployment problem is related to these endogenous and exogenous causes, therefore, policies intervention for reducing unemployment should deal with these endogenous and exogenous causes. Notably, improvement of job creation and quality of educational policies and consistency between educational qualifications (output) and labour market requirements. Another major policy implication from our result on the significant positive correlation between increase in unemployment and inflation rates (2000-2008), implies that macroeconomic policies aimed at or targeting reducing inflation rates would also contribute to reduce unemployment rates in Sudan.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131870385","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 Evolution of China’s City Size Distribution: Empirical Evidence from 1949 to 2008","authors":"Jiangnan Zhu, Zhenpo Wang","doi":"10.2139/ssrn.1981026","DOIUrl":"https://doi.org/10.2139/ssrn.1981026","url":null,"abstract":"This paper studies the evolution of China’s city size distribution, measured by non-agricultural population, from 1949 to 2008. We employ time series Gini coefficients, panel unit root test of Gibrat’s law, and analysis of distribution dynamics, to check the robustness of our findings. We find that although China’s city size distribution presented different patterns of growth in the short run, it has shown an approximately parallel growth model in the long run. This indicates that the parallel growth rule of city size distribution also applies to developing countries, though it might work differently there. In countries with relatively mature and complete urban systems, the parallel growth results from similar growth rates in all the cities. In developing countries experiencing rapid urbanization, the parallel growth mainly results from the emergence and rise of a large number of new cities, which offsets the fast growth rate of large cities. This also demonstrates that government policy aiming at affecting city size may be misleading.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116888017","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":"Spillovers, Absorptive Capacity and Agglomeration","authors":"Sergey Lychagin","doi":"10.2139/ssrn.1943671","DOIUrl":"https://doi.org/10.2139/ssrn.1943671","url":null,"abstract":"I study knowledge spillovers in an industry where firms are heterogeneous in their ability to adopt knowledge (absorptive capacity). I set up a model in which firms choose locations anticipating potential gains and losses from other firms’ RD firms that have higher absorptive capacity are sorted into more agglomerated counties; ignoring firm heterogeneity leads to biased estimates of gains from spillovers; spillovers play an important role in explaining the geographic distribution of firms, but only within regions with high R&D activity.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121416683","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 Effects of Macroeconomic Conditions on the Education and Employment Outcomes of Youth","authors":"N. Hérault, Weiping Kostenko, G. Marks, Rezida Zakirova","doi":"10.2139/ssrn.1691444","DOIUrl":"https://doi.org/10.2139/ssrn.1691444","url":null,"abstract":"This paper examines the impact of macroeconomic conditions on the education and employment outcomes of youths in school-to-work transition. The dataset is based on five different cohorts from the Youth in Transition surveys (YIT) and the Longitudinal Surveys of Australian Youth (LSAY) and covers the period from 1985 to 2006, which is long enough to control explicitly for both poor and positive macroeconomic conditions. The multivariate analyses show that both the unemployment rates, and to a lesser extent economic growth rates, have an impact on youths' education and employment outcomes. Although the effects vary significantly by gender an education level, overall the results reveal that poor macroeconomic conditions tend to drive young people out of full-time work and into inactivity or part-time work. In addition, poor macroeconomic conditions tend to discourage further education. A result worth noticing is that males who did not complete secondary school suffer the largest increase in unemployment risks as the unemployment rate increases.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129904604","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}