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Microstructure and asset pricing: An insight on African frontier stock markets 微观结构与资产定价：对非洲前沿股票市场的洞察
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2023-02-18 DOI: 10.1111/boer.12390
Prince Hikouatcha, Arsène Aurelien Njamen Kengdo, Hans Patrick Bidias Menik, Pierre Ghislain Tchoffo Tioyem, Tii Njivukuh Nchofoung
{"title":"Microstructure and asset pricing: An insight on African frontier stock markets","authors":"Prince Hikouatcha,&nbsp;Arsène Aurelien Njamen Kengdo,&nbsp;Hans Patrick Bidias Menik,&nbsp;Pierre Ghislain Tchoffo Tioyem,&nbsp;Tii Njivukuh Nchofoung","doi":"10.1111/boer.12390","DOIUrl":"10.1111/boer.12390","url":null,"abstract":"<p>This article investigates the impact of microstructure factors on asset pricing in some African stock markets. We use data on stocks listed on the Johannesburg Stock Exchange, the “<i>Bourse Régionale des Valeurs Mobilières</i>,<i>”</i> and the Nigeria Stock Exchange, and we consider international portfolio management from 2000 to 2014. Generalized least square and fixed effect are estimation methods used to highlight the effect of microstructure variables on expected return. At the same time, panel smooth transition regression (PSTR) modeling is considered to identify the thresholds in this effect. The results show that liquidity and to a lesser extent the number of trading days are the most common significant microstructure variables for all the studied markets. However, other variables’ effects on the return are specific to the considered stock markets. Furthermore, the PSTR estimator reveals that the impact of indicated factors on asset pricing is not linear because it produces a double threshold between return and microstructure.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"75 4","pages":"944-987"},"PeriodicalIF":0.8,"publicationDate":"2023-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46309662","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}
引用次数: 0
Quality competition and worker training 质量竞赛和工人培训
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2023-02-06 DOI: 10.1111/boer.12387
John S. Heywood, John G. Sessions, Nikolaos Theodoropoulos
{"title":"Quality competition and worker training","authors":"John S. Heywood,&nbsp;John G. Sessions,&nbsp;Nikolaos Theodoropoulos","doi":"10.1111/boer.12387","DOIUrl":"10.1111/boer.12387","url":null,"abstract":"<p>We examine the relationship between firm-sponsored training and product quality competition within a model of worker–firm bargaining. We develop a quality-adjusted monopolistically competitive setting in which firms invest in training to an extent that reflects: (i) the costs of training, (ii) the extent to which training increases product quality, and (iii) the extent to which product quality increases final product demand. We identify the conditions under which greater sensitivity between product demand and quality results in greater firm-sponsored training.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"75 4","pages":"935-943"},"PeriodicalIF":0.8,"publicationDate":"2023-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/boer.12387","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42983628","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Impact of international trade under dual labor markets 二元劳动力市场下国际贸易的影响
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2023-02-05 DOI: 10.1111/boer.12389
Haiwen Zhou
{"title":"Impact of international trade under dual labor markets","authors":"Haiwen Zhou","doi":"10.1111/boer.12389","DOIUrl":"10.1111/boer.12389","url":null,"abstract":"<p>A country's unemployment rate can be affected by technology choice and the opening of international trade. This general equilibrium model examines the impact of international trade with the presence of dual labor markets in which manufacturing firms engage in oligopolistic competition and choose technologies with different marginal and fixed costs to maximize profits. In a closed economy, it is shown that an increase in labor market efficiency or a population increase induces manufacturing firms to adopt more advanced technologies and the wage rate in the manufacturing sector increases. With the existence of a continuum of technologies, technology choice is not a source of firm heterogeneity. The opening of international trade leads to an increase in the wage rate in the manufacturing sector and the price of the agricultural good. When countries are identical, international trade always increases national welfare.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"75 4","pages":"917-934"},"PeriodicalIF":0.8,"publicationDate":"2023-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42843888","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}
引用次数: 0
Does the new digital infrastructure improve total factor productivity? 新的数字基础设施是否提高了全要素生产率?
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2023-02-02 DOI: 10.1111/boer.12388
Junjun Tang, Xing Zhao
{"title":"Does the new digital infrastructure improve total factor productivity?","authors":"Junjun Tang,&nbsp;Xing Zhao","doi":"10.1111/boer.12388","DOIUrl":"10.1111/boer.12388","url":null,"abstract":"<p>Improving total factor productivity (TFP) is essential to achieving high-quality and sustainable economic development. The existing literature mainly focuses on the impact of traditional infrastructure on TFP but generally ignores the role of new digital infrastructure in TFP and does not test impact mechanisms and whether there is heterogeneity in effects. Using panel data of 30 regions in China from 2006 to 2017, this paper analyzes the impact of new digital infrastructure on TFP and its mechanisms. The results are as follows: (1) New digital infrastructure can significantly improve regional TFP. After the robustness test, the results still support the findings. (2) New digital infrastructure can promote technological innovation, optimize factor allocation, and achieve economies of scale, thus improving TFP. (3) Further analysis shows that the positive effect of new digital infrastructure on TFP shows significant heterogeneity. In regions with high economic development levels, high <span>research and development (</span>R&amp;D) levels, and high traditional infrastructure development levels, the positive effect of new digital infrastructure on TFP is more obvious. These findings not only enrich the literature on digital infrastructure and economic growth but also serve as a reference for governmental departments as they optimize their strategy for developing digital infrastructure and realizing sustainable economic development.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"75 4","pages":"895-916"},"PeriodicalIF":0.8,"publicationDate":"2023-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41520269","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}
引用次数: 5
The global financial crisis and protectionism: Substitution from tariffs to non-tariff measures 全球金融危机与保护主义：从关税措施到非关税措施的替代
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2023-01-17 DOI: 10.1111/boer.12386
Inae Heo, Bo-Young Choi
{"title":"The global financial crisis and protectionism: Substitution from tariffs to non-tariff measures","authors":"Inae Heo,&nbsp;Bo-Young Choi","doi":"10.1111/boer.12386","DOIUrl":"10.1111/boer.12386","url":null,"abstract":"<p>This study empirically investigates the relationships between tariffs and non-tariff measures before and after the global financial crisis (GFC). The panel analysis is based on traded products of 70 countries from 1997 to 2015. For developed countries, we find that tariffs and non-tariff measures were complementary before the crisis, but they became substitutional afterward. We do not find such shift for developing countries. We also run the analysis by income levels and by types of products and observe differential effects of the GFC on the relationship between the two trade policies.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"75 4","pages":"880-894"},"PeriodicalIF":0.8,"publicationDate":"2023-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46450605","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}
引用次数: 3
Oil price shock and informal workers in dual labor markets 油价冲击与双重劳动力市场中的非正规工人
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2023-01-09 DOI: 10.1111/boer.12385
Sarbajit Chaudhuri, Saibal Kar
{"title":"Oil price shock and informal workers in dual labor markets","authors":"Sarbajit Chaudhuri,&nbsp;Saibal Kar","doi":"10.1111/boer.12385","DOIUrl":"10.1111/boer.12385","url":null,"abstract":"<p>This paper examines the impact of a rise in oil prices on the wages of workers in the unorganized sector of a developing economy. The model economy is comprised of two non-traded transport sectors, formal and informal, along with other sectors. The main results that we obtain are as follows. The informal transport sector contracts when fuel price rises and lowers the real income of the informal workers. The per-unit return to land rises, and the factor readjustments even raise the output of other sectors in the economy. We also show why inclusion of non-passenger transport services does not alter the main outcomes of the model.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"75 4","pages":"869-879"},"PeriodicalIF":0.8,"publicationDate":"2023-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48184323","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}
引用次数: 0
Notes on marriage markets with weak externalities 关于外部性较弱的婚姻市场的注记
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2023-01-06 DOI: 10.1111/boer.12384
María Haydée Fonseca-Mairena, Matteo Triossi
{"title":"Notes on marriage markets with weak externalities","authors":"María Haydée Fonseca-Mairena,&nbsp;Matteo Triossi","doi":"10.1111/boer.12384","DOIUrl":"https://doi.org/10.1111/boer.12384","url":null,"abstract":"<p>We consider marriage markets with externalities. We focus on weak externalities, that is, markets in which each agent is primarily concerned about her partner. We formalize and prove the claim that weak externalities are not so significant in the marriage market: in this case, the ω-core and the α-core coincide and are both nonempty. In addition, we show that, if we allow agents to block matchings without changing their mate, the results do not longer hold.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"75 4","pages":"860-868"},"PeriodicalIF":0.8,"publicationDate":"2023-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50133395","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}
引用次数: 0
The reaction of disagreements in inflation expectations to fiscal sentiment obtained from information in official communiqués 从官方公报中获得的信息可以看出，通胀预期的分歧对财政情绪的影响
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2023-01-05 DOI: 10.1111/boer.12381
Gabriel Caldas Montes, Victor Maia
{"title":"The reaction of disagreements in inflation expectations to fiscal sentiment obtained from information in official communiqués","authors":"Gabriel Caldas Montes,&nbsp;Victor Maia","doi":"10.1111/boer.12381","DOIUrl":"10.1111/boer.12381","url":null,"abstract":"<p>Using official communiqués about fiscal policy, we develop a fiscal sentiment indicator, and we verify the reaction of disagreements in inflation expectations to fiscal sentiment. This analysis is relevant to inflation targeting (IT) countries because transparency and communication can influence expectations. The results suggest that a more optimistic fiscal sentiment reduces disagreements in inflation expectations. Estimates show that, for higher disagreements in inflation expectations at 12-month maturity, an optimistic fiscal sentiment can reduce the disagreement more sharply. In turn, the fiscal sentiment effect on the disagreement for the 48-month maturity is stronger the smaller the disagreement is. The results allow us to outline the following policy recommendations. First, an optimistic fiscal environment is important in the task of guiding inflation expectations and reducing inflation uncertainty. Second, fiscal communication is an important tool for the expectations formation process, and therefore it must be carefully managed to help in the task of forward guidance of inflation expectations, being important for the IT regime. Third, both fiscal credibility and monetary policy credibility are important for the expectations formation process, particularly for the reduction of inflation uncertainty, representing aspects that must be preserved in countries that adopt the IT regime.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"75 4","pages":"828-859"},"PeriodicalIF":0.8,"publicationDate":"2023-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42722394","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}
引用次数: 0
District-wide school reform and student performance: Evidence from Montgomery County, Maryland 学区学校改革与学生表现：来自马里兰州蒙哥马利县的证据
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2023-01-02 DOI: 10.1111/boer.12382
Mark Cimiluca, Brian Hill
{"title":"District-wide school reform and student performance: Evidence from Montgomery County, Maryland","authors":"Mark Cimiluca,&nbsp;Brian Hill","doi":"10.1111/boer.12382","DOIUrl":"10.1111/boer.12382","url":null,"abstract":"<p>In the early 2000s, the Montgomery County (Maryland) Public School system implemented district-wide changes to funding, curriculum, staffing, and technology. Using data from 1995 to 2014, we employ a difference-in-differences strategy to show that the reforms significantly increased the percentage of students in Montgomery County who scored advanced on third- and fifth-grade math and reading tests. Using an event study strategy, we find that the positive impacts extended through the end of the panel. Our results contribute to the literature on school reform by finding positive impacts of school reform in a district that was high performing prior to reforms.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"75 4","pages":"813-827"},"PeriodicalIF":0.8,"publicationDate":"2023-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42127104","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}
引用次数: 0
The demand for money and the real exchange rate misalignments in emerging European countries: A nonlinear approach 欧洲新兴国家的货币需求和实际汇率失调：一种非线性方法
IF 0.8 4区 经济学
Bulletin of Economic Research Pub Date : 2022-12-24 DOI: 10.1111/boer.12380
Idil Uz Akdogan
{"title":"The demand for money and the real exchange rate misalignments in emerging European countries: A nonlinear approach","authors":"Idil Uz Akdogan","doi":"10.1111/boer.12380","DOIUrl":"10.1111/boer.12380","url":null,"abstract":"<p>This paper investigates the extent to which domestic and foreign money balances in emerging European countries are influenced by foreign exchange considerations. A well-specified and stable relationship between real money demand and the exchange rate can be perceived as an important part of a successful monetary policy. This study examines the long-run determinants of real exchange rates (RERs) associated with the behavioral equilibrium exchange rate (BEER) approach and identifies currency misalignments in these countries. The misalignment is later used to test the nonlinear behavior of the demand for money. The results indicate that the RER misalignments have a significant impact on domestic money demand. When the currencies are overvalued, there is a reduction in domestic money demand, and when they are undervalued, there is an increase in domestic money demand. Furthermore, it can be concluded that overvaluation causes an increase in foreign money demand indicating a shift of preference from domestic to foreign currency.</p>","PeriodicalId":46233,"journal":{"name":"Bulletin of Economic Research","volume":"75 3","pages":"776-807"},"PeriodicalIF":0.8,"publicationDate":"2022-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/boer.12380","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47317926","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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