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Econometric Research in Finance最新文献

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Asymmetric Impacts of Inflation on the US Bond Rates and FED’s Pre-Emptive Policy 通胀对美国债券利率的不对称影响及美联储的先发制人政策
Econometric Research in Finance Pub Date : 2020-11-25 DOI: 10.2478/erfin-2020-0008
İsmet Göçer, S. Ongan
{"title":"Asymmetric Impacts of Inflation on the US Bond Rates and FED’s Pre-Emptive Policy","authors":"İsmet Göçer, S. Ongan","doi":"10.2478/erfin-2020-0008","DOIUrl":"https://doi.org/10.2478/erfin-2020-0008","url":null,"abstract":"Abstract This study investigates the asymmetric impacts of changes in inflation rates on the US bond rates. This investigation is constructed on the Fisher Equation. To this end, the nonlinear ARDL model is applied. Empirical findings indicate that only the decreases (π−t) in inflation rates affect bond rates. This asymmetric impact therefore shapes the FED’s monetary policy in terms of determining the bond rates at lower cost. When the inflation rate rises, the FED will know (in advance) that they do not need to increase the bond rates. This reminds us the FED’s former pre-emptive strike policy against inflation.","PeriodicalId":33177,"journal":{"name":"Econometric Research in Finance","volume":"5 1","pages":"143 - 157"},"PeriodicalIF":0.0,"publicationDate":"2020-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47714449","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
Identification of Alternative Insurance Model using Fuzzy AHP 基于模糊层次分析法的替代保险模型识别
Econometric Research in Finance Pub Date : 2020-11-10 DOI: 10.1108/s0196-382120200000036007
Zahin Ansari, Syed Hameedur Rahman Zaini, A. Akhtar
{"title":"Identification of Alternative Insurance Model using Fuzzy AHP","authors":"Zahin Ansari, Syed Hameedur Rahman Zaini, A. Akhtar","doi":"10.1108/s0196-382120200000036007","DOIUrl":"https://doi.org/10.1108/s0196-382120200000036007","url":null,"abstract":"Economic security is one of the crucial dimensions of the welfare state. High-income individuals are able to purchase private insurance, but a large portion of the individuals remains uninsured. The authors have tried to rationalize the problem of the study over the reason why people remain uninsured. Hence, the purpose of the study is to identify an insurance model that can cover the risk of the heterogeneous segments. The study is qualitative in nature and applies a fuzzy analytic hierarchy process (FAHP). Based on seven criteria, process is applied to arrive at an alternative model among basic models of insurance, namely, conventional private insurance, mutual, and social insurance. Since social insurance has emerged with the highest score of 41% in the study, it is implied that social insurance works best in a situation where the market is full of private information and moral hazard. The findings reaffirm that government intervention is required in an insurance market to provide coverage to both covariate and idiosyncratic risks. The findings are especially relevant in the context of emerging markets where a sizeable poor population goes uninsured. The study contributes to the literature by proposing alternative insurance to address the problem of insuring the voluntarily uninsured.","PeriodicalId":33177,"journal":{"name":"Econometric Research in Finance","volume":"5 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75797888","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
Analysis of Tax Compliance in Sub-Saharan Africa: Evidence from Firm-Level Study 撒哈拉以南非洲税收合规性分析：来自企业层面研究的证据
Econometric Research in Finance Pub Date : 2020-11-10 DOI: 10.2478/erfin-2020-0007
M. Abdu, A. Jibir, T. Muhammad
{"title":"Analysis of Tax Compliance in Sub-Saharan Africa: Evidence from Firm-Level Study","authors":"M. Abdu, A. Jibir, T. Muhammad","doi":"10.2478/erfin-2020-0007","DOIUrl":"https://doi.org/10.2478/erfin-2020-0007","url":null,"abstract":"Abstract This study analyses tax compliance among firms in Sub-Saharan Africa (SSA) within an extended Slippery Slope Framework (eSSF). It applies instrumental variables and generalized estimating equations models on a constructed World Bank’s Enterprise Survey longitudinal dataset. The results indicate that the perceived power of the tax authorities does not influence firms’ tax compliance, which could be linked to corruption in the form of informal payment. The results also show that corruption encourages the culture of tax non-compliance among firms in SSA because the defaulting firms bribe tax authorities in order to avoid paying taxes and being punished for that. In addition, the results demonstrate that the perceived trust of tax authorities (state representatives) is vitally important in encouraging tax compliance among firms in SSA. In terms of political decisions, it may be implied that gaining trust of taxpayers should be pursued.","PeriodicalId":33177,"journal":{"name":"Econometric Research in Finance","volume":"5 1","pages":"119 - 142"},"PeriodicalIF":0.0,"publicationDate":"2020-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45211639","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: 6
Index 指数
Econometric Research in Finance Pub Date : 2020-11-10 DOI: 10.1108/s0196-382120200000036013
{"title":"Index","authors":"","doi":"10.1108/s0196-382120200000036013","DOIUrl":"https://doi.org/10.1108/s0196-382120200000036013","url":null,"abstract":"","PeriodicalId":33177,"journal":{"name":"Econometric Research in Finance","volume":"74 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86276776","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
Impact of Ownership Structure and Board Characteristics on Firm Value: Evidence From China and India 股权结构和董事会特征对企业价值的影响:来自中国和印度的证据
Econometric Research in Finance Pub Date : 2020-11-10 DOI: 10.1108/s0196-382120200000036012
George Varghese, Aghila Sasidharan
{"title":"Impact of Ownership Structure and Board Characteristics on Firm Value: Evidence From China and India","authors":"George Varghese, Aghila Sasidharan","doi":"10.1108/s0196-382120200000036012","DOIUrl":"https://doi.org/10.1108/s0196-382120200000036012","url":null,"abstract":"Corporate governance plays a decisive role in the financial performance of a firm. While the majority of the firms in China and India are owned and managed by its promoters, the present study attempts to examine the impact of ownership structure and board characteristics on firm value for these two economies. The study employs panel data methodology with industry and time fixed effects on a sample of 1,042 firms listed in National Stock Exchange of India and 450 firms listed in Shanghai Stock Exchange of China. The study finds promoter ownerships to positively impact a firm’s value creation process, while institutional investors exert a negative influence. Although CEO duality enhances firm value in China, the results show otherwise for Indian firms. Additionally, while board independence is positively correlated to firm value in India, it has a negative effect on firms in China. Finally, the study finds that larger board size contributes favorably toward better decision making.","PeriodicalId":33177,"journal":{"name":"Econometric Research in Finance","volume":"64 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79341792","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: 9
Financial Issues in Emerging Economies: Special Issue Including Selected Papers from II International Conference on Economics and Finance, 2019, Bengaluru, India 新兴经济体的金融问题:第二届国际经济与金融会议特刊，2019年，印度班加罗尔
Econometric Research in Finance Pub Date : 2020-11-10 DOI: 10.1108/s0196-3821202036
{"title":"Financial Issues in Emerging Economies: Special Issue Including Selected Papers from II International Conference on Economics and Finance, 2019, Bengaluru, India","authors":"","doi":"10.1108/s0196-3821202036","DOIUrl":"https://doi.org/10.1108/s0196-3821202036","url":null,"abstract":"","PeriodicalId":33177,"journal":{"name":"Econometric Research in Finance","volume":"29 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78677447","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
Nutrition Intake, Health Status, Education and Economic Growth: A Causality Investigation 营养摄入、健康状况、教育和经济增长:因果关系调查
Econometric Research in Finance Pub Date : 2020-06-29 DOI: 10.2478/erfin-2020-0005
Rahman Olanrewaju Raji
{"title":"Nutrition Intake, Health Status, Education and Economic Growth: A Causality Investigation","authors":"Rahman Olanrewaju Raji","doi":"10.2478/erfin-2020-0005","DOIUrl":"https://doi.org/10.2478/erfin-2020-0005","url":null,"abstract":"Abstract This paper examines the causal relationship between nutrition intake, health status, education and economic growth within a six-variate VEC framework, forecast error variance decomposition and impulse response function techniques, covering the period from 1990 to 2013, using quarterly data in Nigeria. This paper includes control variables in order to eliminate variable omission bias, unlike most existing studies. The results suggest the presence of long-run, bicausal relationships between the candidate variables of the study. In addition, the short-run unidirectional causal relationships are found between main variables, including a causal relationship running from nutrition and fiscal policy to education, as well as a causal link running from education and economic growth to health status. These findings support the existing theories. The results based on the model and empirical data suggest that the government should allocate more resources to human development in order to enhance productivity and boost economic growth. Similarly, there is a need to design adequate mechanisms to ensure proper allocation of the limited resources and avoid their embezzlement by corrupt government officials.","PeriodicalId":33177,"journal":{"name":"Econometric Research in Finance","volume":"5 1","pages":"79 - 102"},"PeriodicalIF":0.0,"publicationDate":"2020-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48409199","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
The Dynamic Linkage between Money Market, Capital Market and Economic Growth in Ghana: New Lessons Relearned 加纳货币市场、资本市场与经济增长之间的动态联系：新的经验教训
Econometric Research in Finance Pub Date : 2020-06-29 DOI: 10.2478/erfin-2020-0004
I. Ogbuji, E. Mesagan, Y. Alimi
{"title":"The Dynamic Linkage between Money Market, Capital Market and Economic Growth in Ghana: New Lessons Relearned","authors":"I. Ogbuji, E. Mesagan, Y. Alimi","doi":"10.2478/erfin-2020-0004","DOIUrl":"https://doi.org/10.2478/erfin-2020-0004","url":null,"abstract":"Abstract This study is a comparative analysis of the effects of money and capital markets on the Ghanaian economy covering the period from 1991 to 2017 using the dynamic Auto Regressive Distributed Lag (ARDL) framework. Empirical results confirmed the existence of a unique and stable long-run relationship between the money market, capital market and economic growth. In respect of money market indicators, findings confirmed that monetary policy and treasury bills rate have had negative but significant impact on growth in the short- and long-run respectively. More so, total liquidity negatively and significantly influenced the Ghana-ian economy both in the short- and in the long run. Both market capitalisation and total value of stock traded, as proxies of capital market, had positive and significant effects on short-run growth, while both indicators as well as stock market turnover negatively and insignificantly affected long-run growth. This means that capital market exerts a short-run impact on the country’s economy, while money market exerts both short- and long-run impacts. The lesson relearned is that the money market propels the Ghanaian economy better than the capital market.","PeriodicalId":33177,"journal":{"name":"Econometric Research in Finance","volume":"5 1","pages":"59 - 78"},"PeriodicalIF":0.0,"publicationDate":"2020-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49244096","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: 12
Climatic Variations and Spatial Price Differentials of Perishable Foods in Nigeria 尼日利亚易腐食品的气候变化和空间价格差异
Econometric Research in Finance Pub Date : 2020-06-01 DOI: 10.2478/erfin-2020-0001
Lateef Akanni
{"title":"Climatic Variations and Spatial Price Differentials of Perishable Foods in Nigeria","authors":"Lateef Akanni","doi":"10.2478/erfin-2020-0001","DOIUrl":"https://doi.org/10.2478/erfin-2020-0001","url":null,"abstract":"Abstract In this study, we attempt to examine the factors that explain the spatial price differentials of selected perishable food crops across Nigerian markets. Based on monthly market prices of onions and tomatoes across different States, we examine the implications of climatic variations, cost of transportation and differences in economic sizes on the price spread of these items. The empirical findings from the dynamic heterogeneous panel regressions show that these factors have significant long-run impacts on the difference in food prices across markets. The results highlight climatic differences and transportation costs are important factors in regional price spreads for agricultural commodities and hence the need for specific policies to reduce the prices variability. Policies geared towards improving agriculture value-chain could o er pathways towards mitigating food loss and waste associated with changing climate and transfer costs, and thereby reduction in prices.","PeriodicalId":33177,"journal":{"name":"Econometric Research in Finance","volume":"5 1","pages":"1 - 15"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47265394","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
Exploring the Likelihood of a Country Being a Tax Haven Using MIMIC Models 利用MIMIC模型探索一个国家成为避税天堂的可能性
Econometric Research in Finance Pub Date : 2020-06-01 DOI: 10.2478/erfin-2020-0002
P. Mourão
{"title":"Exploring the Likelihood of a Country Being a Tax Haven Using MIMIC Models","authors":"P. Mourão","doi":"10.2478/erfin-2020-0002","DOIUrl":"https://doi.org/10.2478/erfin-2020-0002","url":null,"abstract":"Abstract The multiple indicators multiple causes (MIMIC) framework is used to analyze dimensions related to causation and indicators of tax haven status. Robust results were obtained that identify a country’s tax burden and area as causes of a country adopting policies usually observed in tax havens. The level of social security contributions as a proportion of public revenues and the ratio of indirect to direct taxes were found to be statistically significant indicators of tax havens. Data from 68 countries for more than twenty years were analyzed, enabling the results to contribute to a deepening of the current debate about tax havens and their socio-economic profiles.","PeriodicalId":33177,"journal":{"name":"Econometric Research in Finance","volume":"5 1","pages":"17 - 32"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48423835","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
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