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Schaub, Mark. "Short-term wealth effects from debt buyback announcements." Applied Economics Letters 17, no. 14 (September 29, 2010): 1351–54. http://dx.doi.org/10.1080/13504850902967506.
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Rozycki, John, and Inchul Suh. "Share repurchases: analyzing short-term and long-term wealth effects." Managerial Finance 45, no. 3 (March 11, 2019): 430–44. http://dx.doi.org/10.1108/mf-06-2018-0258.
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PurposeThe purpose of this paper is to examine the short-term and long-term wealth effects of two share repurchase motivations.Design/methodology/approachThe authors use a multi-period numerical model and a Monte Carlo simulation. The Monte Carlo simulation introduces uncertainty into firms’ market values and eliminates some restrictions used in the numerical model.FindingsIn the long term, firms that refrain from repurchasing overvalued shares outperform otherwise identical firms that do not exhibit such restraint. In the short term, firms that repurchase overvalued shares can outperform firms that refrain from such repurchases. Total returns are a function of misvaluation, the firm’s repurchase decision, the rate of return on invested cash and how long the shares remain misvalued. Share price volatility can influence share repurchase decisions.Research limitations/implicationsThe models are incapable of fully modeling the complexities of a dynamic economic environment.Practical implicationsManagers and investors need to be aware of the short-term and long-term effects of share repurchases. Additionally, investors can gain insight into a firm’s share repurchase motivation by observing its cash balances over time.Social implicationsShare repurchases are a zero-sum game with potentially different short-term and long-term wealth effects.Originality/valueWhen studying the wealth effects of share repurchases, it is important to consider the motivations for repurchasing shares as well as the short-term and long-term effects.
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Schaub, Mark. "Short-Term Investor Wealth Effects Associated with NASDAQ-Traded ADRs." Journal of Wealth Management 8, no. 4 (January 31, 2006): 75–79. http://dx.doi.org/10.3905/jwm.2006.614440.
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OKOMBI, Idrys Fransmel. "Empirical Measure of Wealth Effects in Household Consumption: The Case of Congo." Applied Economics and Finance 5, no. 5 (August 16, 2018): 33. http://dx.doi.org/10.11114/aef.v5i5.3542.
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The purpose of this article is to determine the impact of wealth in household consumption, by focusing on wealth under monetary form. In this way, the correction error model ARDL type is used. The outcome estimations show a significant existence of wealth effect on a period 1991.Q1-2016.Q1. In this way, the marginal propensity to consume wealth equals 0,476 to a short term. However, this marginal propensity to consume wealth, though being significant and positive is down to the marginal propensities to consume income available in the long term that are up to 0,695 and 0,777 as regard the short and long term. Nevertheless, to improve the households’ consumption level, the Congolese government can boost the monetary wealth by decreasing prices. More specifically, the government needs to lower value added tax (VAT).
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Dasilas, Apostolos, Chris Grose, and Theodoros Spyridis. "Wealth effects of delistings announcements in Europe." Investment Management and Financial Innovations 14, no. 1 (March 31, 2017): 67–79. http://dx.doi.org/10.21511/imfi.14(1).2017.07.
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Using a European dataset of 478 delistings, the authors investigate the role of corporate governance in the short-term performance of European stocks around a delisting decision. In order to achieve this, the authors utilize the event study methodology in multiple contexts and cross-sectional regression analysis. This is particularly evident in high shareholder protection environments in a finding, related with investors’ perception of the security they experience in the particular market, as well as the afterlife of the under delisting stock and the potential of value creation or destruction. In high investor protection environments the delisting event causes negative abnormal returns both for voluntary and involuntary delistings. The authors conjecture that these delistings, whether referring to LBOs, delistings from secondary listings or BOSOs, are strategic decisions, and in this respect pre-delisting shareholders acknowledge that there is life after delisting. Under low investor protection the above holds only for involuntary ones. Companies failing to meet capital market criteria and voluntary delistings appear to have significantly smaller losses than under bankruptcy firms, on average, on the eve of the delisting event. These abnormal returns are basically affected by the firms’ financial soundness and the corporate governance level pertaining in the host market. Cross-sectional regression analysis shows also the inverse relationship between the degree of governance structures and market reaction to delistings announcements.
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Schaub, Mark. "Early wealth effects of regional ADRs." International Journal of Managerial Finance 11, no. 2 (April 7, 2015): 198–214. http://dx.doi.org/10.1108/ijmf-07-2014-0098.
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Purpose – The purpose of this paper is to determine what types of short-term wealth effects accrued to European and Latin American American Depository Receipt (ADR) investors and whether these were affected by the type of issue (initial public offerings (IPO) vs seasoned equity offerings (SEO)) or the date of issue (1990s vs 2000s). Design/methodology/approach – Standard ADR and IPO excess return methodology is utilized to compute and test excess returns against a US investment benchmark. This methodology is used in many ADR and IPO studies. Findings – European SEOs listed in the 2000s did better than those listed in the 1990s. The results for European IPOs were the opposite. Latin American SEOs did better relative to the US market index for issues listed in the 1990s as compared to those listed in the 2000s. Once again the results for Latin American IPOs were the opposite. Originality/value – This study differs from previous studies by emphasizing differences in short-term return behaviour for Latin American and European ADRs listed during a decade of US market stability (the 1990s) vs those listed in the 2000s when the US stock market encountered times of extreme return volatility. These timing differences affect not only the returns of all the ADRs but also show how ADR IPOs and SEOs tend to have opposite return behaviour based on timing. These return differences are important because the major benefits of portfolio diversification are achieved when asset returns are less correlated with each other.
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Boubaker, Sabri, and Taher Hamza. "Short- And Long-Term Wealth Gains From UK Takeovers: The Case Of The Financial Industry." Journal of Applied Business Research (JABR) 30, no. 4 (June 30, 2014): 1253. http://dx.doi.org/10.19030/jabr.v30i4.8673.
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The present study analyzes the short- and long-term performance of UK financial acquiring firms by examining a sample of 40 takeovers over the period 19962007. In particular, it investigates i) the short- and long-term stock return performance of these acquiring firms and ii) the relation between their short-term abnormal return around the announcement date of takeovers and their long-term performance. The event study methodology shows that bidders experience significant short-term wealth destruction. In contrast, both the buy-and-hold abnormal returns and bidders portfolio return approaches indicate positive and significant wealth effects over the long run. Business cycle analysis shows that acquirers obtain significantly higher returns during downward financial market cycles. Furthermore, the results show that the market reaction to the bid announcement better predicts bidders long-term performance in the case of positive short-term abnormal returns.
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GONÇALVES, ANDREIA, and RICARDO BARRADAS. "Financialisation and the Portuguese private consumption: two contradictory effects?" Brazilian Journal of Political Economy 41, no. 1 (March 2021): 79–99. http://dx.doi.org/10.1590/0101-31572021-2993.
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ABSTRACT This paper makes an empirical evaluation of the relationship between financialisation and the Portuguese private consumption by performing a time series econometric analysis from the first quarter of 1996 to the third quarter of 2019. Framed within the post-Keynesian literature, financialisation has two contradictory effects on private consumption. The first one corresponds to the fall in the households’ labour income, which favours a deceleration of private consumption. The second one corresponds to the increase of households’ debt and the increase of households’ financial and housing wealth, which favours an acceleration of private consumption. The global net effect of financialisation tends to be positive because the beneficial wealth effect suppresses the harmful income effect. We estimated a private consumption equation that includes four control variables (unemployment rate, inflation rate, short-term interest rate and long-term interest rate) and three variables linked to financialisation (labour income, net financial wealth and housing wealth). Our results confirm that labour income, net financial wealth and housing wealth are positive determinants of Portuguese private consumption. Our results also show that financialisation has represented an important driver of Portuguese private consumption, particularly due to the beneficial effects of net financial wealth.
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Ganong, Peter, and Pascal Noel. "Liquidity versus Wealth in Household Debt Obligations: Evidence from Housing Policy in the Great Recession." American Economic Review 110, no. 10 (October 1, 2020): 3100–3138. http://dx.doi.org/10.1257/aer.20181243.
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We exploit variation in mortgage modifications to disentangle the impact of reducing long-term obligations with no change in short-term payments (“wealth”), and reducing short-term payments with no change in long-term obligations (“liquidity”). Using regression discontinuity and difference-in-differences research designs with administrative data measuring default and consumption, we find that principal reductions that increase wealth without affecting liquidity have no effect, while maturity extensions that increase only liquidity have large effects. This suggests that liquidity drives default and consumption decisions for borrowers in our sample and that distressed debt restructurings can be redesigned with substantial gains to borrowers, lenders, and taxpayers. (JEL E21, G21, G51, R38)
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Mueller, Valerie, Clark Gray, Sudhanshu Handa, and David Seidenfeld. "Do social protection programs foster short-term and long-term migration adaptation strategies?" Environment and Development Economics 25, no. 2 (August 1, 2019): 135–58. http://dx.doi.org/10.1017/s1355770x19000214.
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AbstractWe examine how migration is influenced by temperature and precipitation variability, and the extent to which the receipt of a cash transfer affects the use of migration as an adaptation strategy. Climate data is merged with georeferenced panel data (2010–2014) on individual migration collected from the Zambian Child Grant Program (CGP) sites. We use the person-year dataset to identify the direct and heterogeneous causal effects of the CGP on mobility. Having access to cash transfers doubles the rate of male, short-distance moves during cool periods, irrespective of wealth. Receipt of cash transfers (among wealthier households) during extreme heat causes an additional retention of males. Cash transfers positively spur long-distance migration under normal climate conditions in the long term. They also facilitate short-distance responses to climate, but not long-distance responses that might be demanded by future climate change.
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Grigorieva, Svetlana, and R. Morkovin. "The Effect Of Cross-Border And Domestic Acquisitions On Shareholder Wealth: Evidence From Brics Acquirers." Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 8, no. 4 (December 9, 2014): 34–45. http://dx.doi.org/10.17323/j.jcfr.2073-0438.8.4.2014.34-45.
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Svetlana A. Grigorieva National Research University The Higher School of Economics grigorievasa@mail.ru
The topic devoted to cross-border M&A performance has received wide attention in academic literature.Most existing studies examine wealth effects of international M&As in developed countries. Wecontribute to existing research by examining the market reaction to the announcements of M&As initiatedby companies from BRICS countries over 2000–2012. We assess the long-term performance ofM&A deals along with the short-term one and provide a copmarative analysis of company wealth gainsin cross-border and domestic M&As. Based on the sample of 117 cross-border deals and 247 domesticM&As we find that the stock market reacts favorably and statistically significant to the announcementsof domestic deals in the short run. Returns to foreign acquirer shareholders are also positive and statisticallysignificant. Comparing the effects of M&As on firm value in the short term for foreign anddomestic acquisitions we reveal that the latter outperform the cross-border M&As. Our analysis basedon the buy-and-hold abnormal return method shows the opposite result. We also find that the crossborderM&A deals increase the downside risk level of acquirers in the long term. According to ouranalysis, the key determinants of short- and long-term performance of M&A deals are the acquirer’sFCFF, percentage change in the acquiring country’s exchange rate against the target country currencyduring the acquisition year, and the level of international diversification of acquirers.
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JIVRAJ, STEPHEN, JAMES NAZROO, and MATT BARNES. "Short- and long-term determinants of social detachment in later life." Ageing and Society 36, no. 5 (March 4, 2015): 924–45. http://dx.doi.org/10.1017/s0144686x14001561.
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ABSTRACTThe benefits of engagement with social activities on health and wellbeing are widely reported by gerontologists. Less is known, however, about what drives withdrawal from and re-engagement with social activities in later life. This is an important area of research which has direct implications for public policies that aim to ensure equitable outcomes among older adults. Much of the existing literature supports continuity theory which assumes people will not alter their level of social engagement as they age or after life-changing events. This paper uses data from the English Longitudinal Study of Ageing over an eight-year period (2002–2010) to determine the effect of short-term changes in marital, employment and health status over an initial four-year period on the dynamics of social detachment over the following four years. We control for underlying socio-economic disadvantages built up during the lifecourse and find that these effects, including poor education, wealth and health, are the most important determinants of persistent detachment from social activities as well as movement into and out of social detachment. The effects are consistent in men and women. The effects of short-term changes in marital and employment status have little effect on social detachment. Recent deterioration in health, however, predicted movement into social detachment, which implies the relationship between health and social detachment is reciprocal.
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Janzen, Sarah A., Nicholas P. Magnan, Sudhindra Sharma, and William M. Thompson. "Short-Term Impacts of a Pay-it-Forward Livestock Transfer and Training Program in Nepal." AEA Papers and Proceedings 108 (May 1, 2018): 422–25. http://dx.doi.org/10.1257/pandp.20181120.
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This study evaluates the short-term impacts of a livestock transfer and training program in Nepal using an RCT with three treatments to capture differential effects of program components. We also evaluate a unique “pay it forward” program rule where recipients are encouraged to share newly acquired knowledge and accumulated wealth to other households in need. After 1.5 years, financial inclusion increases by 0.3 standard deviations and empowerment increases by 0.2 standard deviations among direct beneficiaries. “Pay it forward” impacts are of approximately the same magnitude as direct beneficiaries in the treatments that include encouragement to “pay it forward.”
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Verma, Neha, and Rahul Sharma. "Shareholders Wealth Effects of Mergers and Acquisitions: An Empirical Study of Short-Term Performance in Indian Telecom Industry." LBS Journal of Management & Research 13, no. 2 (2015): 29. http://dx.doi.org/10.5958/0974-1852.2015.00010.3.
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Garau, Martina, Koonal Kirit Shah, Priya Sharma, and Adrian Towse. "IS THE LINK BETWEEN HEALTH AND WEALTH CONSIDERED IN DECISION MAKING? RESULTS FROM A QUALITATIVE STUDY." International Journal of Technology Assessment in Health Care 31, no. 6 (2015): 449–56. http://dx.doi.org/10.1017/s0266462315000616.
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Objectives:The aim of this study was to explore whether wealth effects of health interventions, including productivity gains and savings in other sectors, are considered in resource allocations by health technology assessment (HTA) agencies and government departments. To analyze reasons for including, or not including, wealth effects.Methods:Semi-structured interviews with decision makers and academic experts in eight countries (Australia, France, Germany, Italy, Poland, South Korea, Sweden, and the United Kingdom).Results:There is evidence suggesting that health interventions can produce economic gains for patients and national economies. However, we found that the link between health and wealth does not influence decision making in any country with the exception of Sweden. This is due to a combination of factors, including system fragmentation, methodological issues, and the economic recession forcing national governments to focus on short-term measures.Conclusions:In countries with established HTA processes and methods allowing, in principle, the inclusion of wider effects in exceptional cases or secondary analyses, it might be possible to overcome the methodological and practical barriers and see a more systematic consideration of wealth effect in decision making. This would be consistent with principles of efficient priority setting. Barriers for the consideration of wealth effects in government decision making are more fundamental, due to an enduring separation of budgets within the public sector and current financial pressures. However, governments should consider all relevant effects from public investments, including healthcare, even when benefits can only be captured in the medium- and long-term. This will ensure that resources are allocated where they bring the best returns.
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Yang, Jin Young, Reuben Segara, and Jingwei Feng. "Stock price movements and trading behaviors around merger and acquisition announcements." International Journal of Managerial Finance 15, no. 4 (August 5, 2019): 593–610. http://dx.doi.org/10.1108/ijmf-07-2018-0204.
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Purpose The purpose of this paper is to examine the relationship between price movements of target firms’ stocks and behaviors of local individual, local institutional and foreign investors in trading target firms’ stocks around mergers and acquisitions announcements in Korea. Design/methodology/approach This study uses event study methodology and cross-sectional regressions for abnormal returns. Findings Results reveal that the average abnormal return becomes significantly positive three days prior to the announcement date and becomes insignificant after the announcement date. Results also show that local individual investors tend to sell more intensely prior to announcements for target firms with larger wealth effects. In contrast, foreign investors tend to buy target stocks with larger wealth effects more intensely prior to the announcement date, and then they sell them more intensely in the post-announcement period. Originality/value This paper provides evidence that foreign investors are able to identify target stocks with large wealth effects prior to the announcement date and they realize short-term profits by selling them following the announcement.
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Tischbirek, Andreas. "Long‐term government debt and household portfolio composition." Quantitative Economics 10, no. 3 (2019): 1109–51. http://dx.doi.org/10.3982/qe836.
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Formal dynamic analyses of household portfolio choice in the literature focus on holdings of equity and a risk‐free asset or bonds of different maturities, neglecting the interdependence of the decisions to invest in equity, short‐term and long‐term bonds made by households. Data from the Survey of Consumer Finances is used to derive stylized facts about participation in the long‐term government‐debt market and conditional portfolio shares. To explain the mechanisms underlying these facts, I draw on a life‐cycle model in which investors have access to three financial assets—equity, long‐term debt, and a riskless short‐term bond—and are exposed to uninsurable idiosyncratic risk through nonfinancial income as well as aggregate risk through the asset returns. An application shows that the low Treasury returns observed in the US between 2009 and 2013 have quantitatively significant yet transitory effects on the composition of household portfolios. In combination with the observed rise in stock returns, they lead to persistent changes in the participation rate, the conditional portfolio shares, and the distribution of wealth.
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Chaleeda, Md Aminul Islam, Tunku Salha Tunku Ahmad, and Anas Najeeb Mosa Ghazalat. "The Effects of Corporate Financing Decisions on Firm Value in Bursa Malaysia." International Journal of Economics and Finance 11, no. 3 (February 28, 2019): 127. http://dx.doi.org/10.5539/ijef.v11n3p127.
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The primary objective of shareholders and financial managers is generally stated to be the maximization of shareholders’ wealth by increasing the firm value. This research was undertaken to investigate the effect of corporate financing decisions on firm value . The research has been carried out using the panel data procedure for a sample of 256 firms from 9 sectors listed on Bursa Malaysia during the period 2000-2015. The study uses Tobin’s Q representing firm value for the dependent variable. The corporate financing was measured by leverage (short-term debt to total assets, long-term debt to total assets, total debt to total assets and total debt to total equity) and debt maturity (long-term debt to total debt). Short-term debt to total assets and long-term debt to total assets has a positive significant relationship to firm value. This finding is consistent with the view that leverage and dividends mitigate agency costs of free cash flow problems, therefore, increasing firm value. Total debt to total assets affects firm value negatively. This proves that although there are benefits of debts, there is also the cost of debts. The cost of debt financing arises from the increase in the probability of bankruptcy. Firm value does not depend on the length of debt maturity.
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MARTINS, GUSTAVO M., STUART R. JENKINS, ANA I. NETO, STEPHEN J. HAWKINS, and RICHARD C. THOMPSON. "Long-term modifications of coastal defences enhance marine biodiversity." Environmental Conservation 43, no. 2 (September 2, 2015): 109–16. http://dx.doi.org/10.1017/s0376892915000284.
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SUMMARYRealization that hard coastal infrastructures support lower biodiversity than natural habitats has prompted a wealth of research seeking to identify design enhancements offering ecological benefits. Some studies showed that artificial structures could be modified to increase levels of diversity. Most studies, however, only considered the short-term ecological effects of such modifications, even though reliance on results from short-term studies may lead to serious misjudgements in conservation. In this study, a seven-year experiment examined how the addition of small pits to otherwise featureless seawalls may enhance the stocks of a highly-exploited limpet. Modified areas of the seawall supported enhanced stocks of limpets seven years after the addition of pits. Modified areas of the seawall also supported a community that differed in the abundance of littorinids, barnacles and macroalgae compared to the controls. Responses to different treatments (numbers and size of pits) were species-specific and, while some species responded directly to differences among treatments, others might have responded indirectly via changes in the distribution of competing species. This type of habitat enhancement can have positive long-lasting effects on the ecology of urban seascapes. Understanding of species interactions could be used to develop a rule-based approach to enhance biodiversity.
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Van Den Honert, R. C., G. D. I. Barr, J. F. Affleck-Graves, and G. Smale. "Merger announcements and share price return: The role of the relationship between acquiring and target firms." South African Journal of Business Management 19, no. 1 (March 31, 1988): 1–10. http://dx.doi.org/10.4102/sajbm.v19i1.964.
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The authors examine, in a cumulative average abnormal return (CAAR) framework, the effect of four easily identifiable features of merger activity on acquirer/target shareholder wealth. The features considered are the relatedness of the acquiring and target firms involved in the merger, the relative sizes of the acquirer and target, the prior control position, and the medium of exchange. The results indicate that the relatedness of the acquirer and target firm and the prior control position are strong factors in determining the distribution of any wealth effects between the shareholders of the target and acquiring firms. The size and the medium of exchange are shown to be weaker factors in determining the distribution of wealth. In all cases it is seen that the shareholders of acquiring firms do not tend to benefit in the short term from the merger while those of the target firms show significant gains.
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Skrepnek, Grant H., and Kenneth A. Lawson. "L’effetto delle operazioni di fusione e acquisizione sui profitti degli azionisti nell’industria farmaceutica." Farmeconomia. Health economics and therapeutic pathways 2, no. 3 (September 15, 2001): 163–74. http://dx.doi.org/10.7175/fe.v2i3.730.
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The purpose of this study was to quantify the excess return in shareholder security prices following initial announcements of successful horizontal pharmaceutical mergers which occurred between 1985 and 1996. An event study methodology was used to study a sample of26 fim1s involved in 14 mergers wherein transaction costs exceeded $500 million. Overall, results of the study were consistent with prior research, indicating that target-firm shareholders received a majority oft he short-term merger-related wealth effects in comparison to those received by bidder- firm shareholders.
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Stern, Stephanie M. "Rent Control Sharing." Law & Ethics of Human Rights 13, no. 2 (November 18, 2019): 141–78. http://dx.doi.org/10.1515/lehr-2019-2004.
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Abstract Rent-control laws limiting the rents private landlords can charge tenants are controversial in the United States. Critics have condemned rent control’s mandated wealth transfer from landlords to tenants, and economists have decried its negative effects on rental supply and quality. With the advent of the sharing economy, rent-controlled tenants can rent out their below-market units for short durations at market-level or premium prices, a practice I term “rent control sharing.” The reaction to rent-controlled tenants pocketing money from Airbnb and other homesharing sites at the expense of their hapless landlords has been negative. Yet, the sharing economy has not changed an essential feature of rent control: the redistribution of wealth from landlord to tenant. Instead, Airbnb and similar platforms have altered the form of the redistribution and the legal relations between landlord and tenant, and increased the salience of the wealth transfer from landlord to tenant. As a result, rent control sharing collides with public preferences for in-kind redistribution and stronger legal protections for property used personally or intimately. This Article explores how rent control sharing accentuates some of the flaws of rent control and fuels the debate over rent control’s future.
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Aubry, Jean-Pierre, and Pierre Duguay. "CANDIDE et la monnaie." L'Actualité économique 52, no. 1 (June 25, 2009): 75–103. http://dx.doi.org/10.7202/800659ar.
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Abstract In this paper we deal with the financial sector of CANDIDE 1.1. We are concerned with the determination of the short-term interest rate, the term structure equations, and the channels through which monetary policy influences the real sector. The short-term rate is determined by a straightforward application of Keynesian liquidity preference theory. A serious problem arises from the directly estimated reduced form equation, which implies that the demand for high powered money, but not the demand for actual deposits, is a stable function of income and interest rates. The structural equations imply the opposite. In the term structure equations, allowance is made for the smaller variance of the long-term rates, but insufficient explanation is given for their sharper upward trend. This leads to an overstatement of the significance of the U.S. long-term rate that must perform the explanatory role. Moreover a strong structural hierarchy, by which the long Canada rate wags the industrial rate, is imposed without prior testing. In CANDIDE two channels of monetary influence are recognized: the costs of capital and the availability of credit. They affect the business fixed investment and housing sectors. The potential of the personal consumption sector is not recognized, the wealth and real balance effects are bypassed, the credit availability proxy is incorrect, the interest rate used in the real sector is nominal rather than real, and the specification of the housing sector is dubious.
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Breitfuß, Sebastian, Florian Huber, and Martin Feldkircher. "Changes in US Monetary Policy and Its Transmission over the Last Century." German Economic Review 20, no. 4 (December 1, 2019): 447–70. http://dx.doi.org/10.1111/geer.12154.
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Abstract In this paper, we investigate US monetary policy and its time-varying effects over more than 130 years. For that purpose, we use a Bayesian time-varying parameter vector autoregression that features modern shrinkage priors and stochastic volatility. Our results can be summarized as follows: First, we find that monetary policy transmits jointly through the interest rate, credit/bank lending and wealth channels. Second, we find evidence for changes of both responses to a monetary policy shock and volatility characterizing the macroeconomic environment. Effects on the macroeconomy are significantly lower in the period from 1960 to 2013 than in the early part of our sample, whereas responses of short- and long-term interest rates are nearly unaltered throughout the sample. Changes in the way the Fed conducts monetary policy and different economic environments may account for that.
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Abubakar, Ahmadu. "Financial Leverage and Financial Performance of Oil and Gas Companies in Nigeria: A Re-examination." Turkish Journal of Computer and Mathematics Education (TURCOMAT) 12, no. 3 (April 11, 2021): 4170–80. http://dx.doi.org/10.17762/turcomat.v12i3.1708.
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This study assessed the effect of financial leverage on the financial performance, using data from the annual reports of 7 quoted oil and gas firms in Nigeria, as well as from the Nigerian Stock Exchange (NSE) daily official lists over the period 2005- 2018. Descriptive statistics were used in data presentation, while random effects panel estimator was applied in determining the effect of financial leverage variables as short-term debt ratio (STDR), long-term debt ratio (LTDR) and total-debt equity ratio (TDER) on the financial performance, measured by the return on equity (ROE). The regression results from the random effects model (REM) indicate that STDR and LTDR have no significant effect on the financial performance, and TDER has a negative but significant effect on the financial performance denoted by ROE. The study concludes that higher financial leverage of quoted oil and gas companies in Nigeria attenuates shareholders’ wealth. The investment implication of this conclusion is that oil and gas companies should look more carefully at the utility maximization value of debt vis-à-vis equity in their capital structure.
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Váradi, Balázs H., Tímea Várnai, and Barnabás Virág. "Brexit: The end or the beginning of a long road." Acta Oeconomica 66, s1 (December 2016): 93–110. http://dx.doi.org/10.1556/032.2016.66.s1.6.
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Globalisation and the loosening of credit conditions have led to an increase in income and wealth inequalities in the developed economies. The 2008–2009 crisis has forced a deleveraging process, leading to a prolonged recovery due to further demand cuts. The protracted economic problems and the inadequate management of economic policy in the EU increased social discontent that may have eventually contributed to Brexit. The short- and long-run impacts of the decision are difficult to judge, given that the details of the exit process cannot yet be known. Currently, there is a consensus among analysts that the negative economic effects could be greater in the UK in the short term. However, in the longer term, the UK may benefit from a potentially more flexible economic policy framework, while socio-political and economic risks are imposed on the European economy by the secondary effects due to its structural problems and the uncertain future of its institutional system. As a small open economy, Hungary highly depends on the economic performance of its foreign trade partners. We have found that the economic impact of Brexit on Hungary remains moderate. Among the direct channels, the foreign trade channel may be the dominant. Meanwhile, the reduction of EU funds and remittances will affect the Hungarian growth only modestly. Hungary’s vulnerability has improved substantially since the 2008–2009 crisis. Accordingly, potential secondround effects of Brexit may remain subdued and be mitigated through substantial room for manoeuvre for economic policies.
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Moser, Virginia C. "Animal models of chronic pesticide neurotoxicity." Human & Experimental Toxicology 26, no. 4 (April 2007): 321–32. http://dx.doi.org/10.1177/0960327106072395.
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There is a wealth of literature on neurotoxicological outcomes of acute and short-term exposure to pesticides in laboratory animals, but there are relatively few studies of- long-term exposure. Many reports in the literature describing `chronic' exposures to pesticides are, in fact, as short as five days and rarely longer than three months. Furthermore, routes of administration range from subcutaneous to dietary. Doses used in many of the studies produce signs of acute or overt toxicity. In contrast, human symptoms have been reported following exposures that are prolonged and often without obvious toxic effects. A survey of the literature was conducted to identify rodent studies with neurobehavioral and neurophysiological endpoints of pesticide exposures lasting 30 days or longer. This survey indicated that the majority of studies concentrate on cholinesterase inhibitors (organophosphorus and carbamate insecticides). Various neuromotor, cholinergic, physiological, affective and cognitive disorders were reported at doses producing cholinesterase inhibition; however, there were a fewer effects at non-inhibiting doses. Other classes of pesticides produced similar effects, with the exception of cholinergic signs. In many studies, the changes were subtle, which may correspond to the nonspecific changes in psychomotor and cognitive function reported in humans. It appears, then, that the data from animal and human pesticide exposures are generally comparable, but the specific outcomes are influenced by many experimental differences. Future research should concentrate on analogous exposures and outcomes to facilitate interpretation. Human & Experimental Toxicology (2007) 26, 321—331
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Basuroy, Suman, Kimberly C. Gleason, and Yezen H. Kannan. "CEO compensation, customer satisfaction, and firm value." Review of Accounting and Finance 13, no. 4 (November 4, 2014): 326–52. http://dx.doi.org/10.1108/raf-11-2012-0120.
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Purpose – The purpose of this article is to examine whether the design of chief executive officer (CEO) compensation generates incentives to engage in managerial behavior that enhances customer satisfaction and whether these incentives, in turn, lead to higher firm value. Design/methodology/approach – A unique dataset combining customer satisfaction and executive compensation data was used, and the relationship between option sensitivity, customer satisfaction and performance was modeled using simultaneous equations modeling with industry and year fixed effects. Findings – Findings suggest that CEO compensation plays an important role in explaining the variation in customer satisfaction and firm value. Specifically, CEO short-term compensation (salary or bonus) has no affect on customer satisfaction or firm value; the sensitivity of CEO wealth from long-term incentive compensation to stock price changes is positively related and also exhibits an inverted U-shaped relationship with customer satisfaction; the sensitivity of CEO wealth from long-term incentive compensation to stock price changes interacts negatively with CEO longevity and industry concentration but positively with advertising expenses in affecting customer satisfaction; the sensitivity of CEO wealth from long-term incentive compensation to both stock price changes and customer satisfaction positively affect firm value; and the sensitivity of CEO wealth from long-term incentive compensation to stock price changes interacts positively with customer satisfaction to affect firm value. Research limitations/implications – This study suffers from several limitations. First, the sample is limited to firms with ACSI scores available. Second, this study is limited to only publicly traded firms, which limits our ability to generalize regarding customer satisfaction, option sensitivity and firm value. Practical implications – This study has several important implications for researchers and managers. The first is that the corporate board appears to view investment in customer satisfaction as similar to an investment in other intangible assets or technology, in that they reward managers with a nonlinear payoff profile. To encourage managers to invest discretionary funds wisely, incentive compensation is important. Second, compensation committees of corporate boards should not allow the option sensitivity to reach extreme levels because, at some point, managers’ incentives appear to shift more toward short-term earnings objectives and away from investment in intangibles, which have a longer-term payoff. Third, if boards are concerned about customer satisfaction and market value, when designing compensation packages, they should shift their focus from the structure of pay to the sensitivity of pay to performance. The exception to this is that for CEOs with very long tenures (or for those close to retirement), high levels of option sensitivity may distort incentives away from a focus on customer satisfaction. Finally, our results indicate that strategies that enhance customer satisfaction provide an incremental benefit in terms of firm value, beyond incentive compensation strategies. Social implications – The results indicate that a “stakeholder focus” which includes customers is value adding for shareholders as well. The results also imply that perhaps using a “balanced scorecard” approach to assessing performance in terms of customer satisfaction outcomes, or at least acknowledging the drives of customer satisfaction explicitly, could be an alternative to using highly sensitive incentive-based compensation when such compensation schemes are less desirable. Originality/value – Prior research has found that the structure of fixed versus incentive-based compensation impacts customer satisfaction. However, this is one of the first papers to investigate the relationship between the sensitivity of CEO compensation and customer satisfaction. Findings have important implications for boards who seek to structure CEO pay so that CEOs have incentives to enact policies that benefit customers and, in turn, firm performance.
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Mkomba, Fydess Khundi, Akshay Kumar Saha, and Umaru Garba Wali. "Household-Level Effects of Energy Insecurity on Welfare in Southern Africa: A Malawian Case Study." International Journal of Renewable Energy Development 10, no. 1 (October 29, 2020): 105–18. http://dx.doi.org/10.14710/ijred.2021.33234.
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The debate of energy security has, over the past decades, centered on supply factors within the energy policy framework in the public policy discourse. Much more empirical evidence is required to fully understand the household-level effects of energy security on development outcomes. This paper explores the characteristics of the households that face energy insecurity and also analyze the effects of energy insecurity on household welfare using the recent data from the Malawi Fourth Integrated Household Survey(IHS4) 2016-2017. Overall, 42.58% of Malawian households were found to be energy insecure and the study findings show that the energy insecure were a heterogenous group compared to the energy secure. The heterogeneity exist because of differences in demographics (likely to be advanced in age, likely to be females, less likely to have a household head with formal education); socioeconomic status (likely to be poor, had low wealth levels); geography (likely to be rural dwellers in the central and southern parts of Malawi); housing and dwelling status (less likely to be renters, less likely to be found in permanent or semi-permanent buildings that have iron sheets and cement floor). Additional results from econometric analysis showed that energy insecure households reduced their food consumption by 2.3% for each 1% unit increase in the share of the energy costs in their total household budget. Similarly, on the education outcome, the energy insecure households reduced their education expenditure by 3.6% for each 1% unit increase in the share of the energy costs over the total household expenditure. These findings show that energy security plays a key role towards improvement of household welfare in general as this might have short term and long-term negative implications on human capital development.
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Shivakumar, Lakshmanan, and Oktay Urcan. "Why Does Aggregate Earnings Growth Reflect Information about Future Inflation?" Accounting Review 92, no. 6 (February 1, 2017): 247–76. http://dx.doi.org/10.2308/accr-51714.
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ABSTRACT We propose two explanations for the previously documented relation between aggregate earnings growth and future inflation: one based on firms changing their investment in response to earnings growth, and the other based on consumers varying their consumption in response to wealth effects of profitability growth. As the supply of goods and services is relatively inelastic in the short run, our arguments imply that changes to near-term demand for investment (consumption) will affect the prices of investment (consumption) goods and services. Consistent with the investment-based argument, we find that profitability changes predict investment and Producer Price Index (PPI) shifts in subsequent quarters. Our analyses also reveal that aggregate earnings growth predicts future investment and PPI forecast errors. We find, at best, weak evidence for the consumption-based link between aggregate earnings growth and future inflation.
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Singh, Nishmeet, Samuel Scott, Deanna Olney, Neha Kumar, Gayathri Ramani, Renuka Jayatissa, Kate Sinclair, and Quinn Marshall. "Food Insecurity Among Farmers in Rural Sri Lanka and the Perceived Impacts of COVID-19." Current Developments in Nutrition 5, Supplement_2 (June 2021): 248. http://dx.doi.org/10.1093/cdn/nzab029_049.
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Abstract Objectives Little is known about how the COVID-19 pandemic (C19) has affected food security and farmers’ livelihoods in Sri Lanka. In this study, we assessed food security, perceived impacts of C19 and coping mechanisms to deal with these impacts. Methods As part of a baseline survey for an evaluation of the World Food Programme's Nutrition-Sensitive Food Assistance for Assets Program in Sri Lanka, we conducted ∼1300 quantitative household phone surveys across five districts between December 2020 and February 2021. Food insecurity was assessed using the 8-item Food Insecurity Experience Scale and categorized as moderate or severe using the Rasch model. Perceived impacts of C19 and the coping mechanisms used to deal with these shocks were assessed via questionnaire. Additionally, we explored how these experiences varied by wealth quintile, highest attained education level in the household, and district. Results Despite having had a relatively low burden of C19 cases in Sri Lanka compared to other countries, 85% of respondents in our sample reported being affected in some way by C19 or its associated control measures. Reported impacts include those on income (77% overall, 89% in lowest quintile, 62% in highest quintile) and agriculture activities (76% overall, 65% in lowest quintile, 87% in highest quintile), among others. Normal crop cultivation and harvesting was adversely impacted due to being advised to stay home (42%), being unable to purchase inputs (33%) and poor demand in the market (56%). In response to COVID shocks, about 30% of respondents in the lowest two wealth quintiles reported selling their livestock and about 20% of respondents across all wealth quintiles reported selling other assets. Half of the households interviewed were either moderately (36%) or severely (14%) food insecure. The proportion of households experiencing food insecurity varied by wealth quintile (mod: 55%-21%; sev: 27%-5%) and district (mod: 46%-29%; sev: 21%-10%). Conclusions High levels of food insecurity and disruptions across domains such as income, asset ownership, and agriculture could have short- and long-term effects on people's health, nutrition and well-being. Control measures enacted in Sri Lanka should consider the potentially devastating effects on smallholder farmers and introduce measures to mitigate these issues in those most affected. Funding Sources A4NH and WFP
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Plana-Farran, Manel, and José Luis Gallizo. "The Survival of Family Farms: Socioemotional Wealth (SEW) and Factors Affecting Intention to Continue the Business." Agriculture 11, no. 6 (June 3, 2021): 520. http://dx.doi.org/10.3390/agriculture11060520.
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This article addresses the problem of succession in family farms in a context of generational change. Family businesses are characterized by their long-term orientation and by having a positive effect through environmental goals that remain in place generation after generation. The general increase in average age among farmers is seen as a barrier to more sustainable land use, and the survival of family farming therefore depends on the availability of a successor in the family. Socioemotional wealth (hereafter, SEW) is understood as the affective endowment of family members. This study adopts the SEW dimensions conceptually validated to analyse the effects of psychological and socioeconomic factors on potential successors’ intentions. The results of a survey administered to students attending agricultural schools in Catalonia show that intentions to assume the management and ownership of the family farm increase in line with individuals’ interest in creating their own business, their ability to take over the farm, and their emotional inclination to continue the family legacy. In addition, SEW was measured in relation to the potential successor and not the incumbent, as has typically been the case in previous work, bringing this important research subject as a principal actor. Finally, an empirical validation of a short FIBER scale, i.e., REI scale, was obtained that relates individuals’ intentions to succeed the family farm to the socioemotional wealth of business families, testing suitability of the REI scale as a measure of intention to succeed.
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Abubakar, A. "FINANCIAL LEVERAGE AND FINANCIAL PERFORMANCE OF OIL AND GAS COMPANIES IN NIGERIA." Open Journal of Management Science (ISSN: 2734-2107) 1, no. 1 (March 10, 2020): 28–44. http://dx.doi.org/10.52417/ojms.v1i1.78.
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This study was carried out to determine the effect of financial leverage on the financial performance, using secondary data obtained from the annual reports of 7 quoted Oil and Gas firms in Nigeria, and the Nigerian stock exchange (NSE) daily official lists over the period 2005- 2016. Descriptive statistics such as mean, median, minimum, maximum, standard deviation, coefficient of variation, skewness and kurtosis were used in data presentation, while random effects panel estimator is applied in determining the effect of financial leverage variables as short-term debt ratio (STDR), long-term debt ratio (LTDR) and total-debt equity ratio (TDER) on the financial performance measured by the return on equity (ROE). The regression results from the random effects model (REM), the best panel estimator in this study as revealed by the F-test and the Hausman test for best model selection, indicate that STDR and LTDR have no significant effect on the financial performance, and TDER has a negative significant effect on the financial performance denoted by ROE. The study concludes that higher financial leverage in the capital structure of quoted Oil & Gas firms in Nigeria deteriorates shareholders wealth measured by ROE. The study recommends that firms in the Oil & Gas sector should substitute at least 90 per cent of debt in the capital structure with equity, through bonus issue, right issue and higher proportion of retained earnings in the capital structure.
Abubakar, A. | Department of Business Management, Federal University Dutsin-Ma, Katsina State, Nigeria
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Kutanzi, Kristy R., Laura E. Ewing, Charles M. Skinner, Charles M. Quick, Stefanie Kennon-McGill, Mitchell R. McGill, Larry A. Walker, Mahmoud A. ElSohly, Bill J. Gurley, and Igor Koturbash. "Safety and Molecular-Toxicological Implications of Cannabidiol-Rich Cannabis Extract and Methylsulfonylmethane Co-Administration." International Journal of Molecular Sciences 21, no. 20 (October 21, 2020): 7808. http://dx.doi.org/10.3390/ijms21207808.
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Cannabidiol (CBD) is a biologically active, non-psychotropic component of Cannabis sativa whose popularity has grown exponentially in recent years. Besides a wealth of potential health benefits, ingestion of CBD poses risks for a number of side effects, of which hepatotoxicity and CBD/herb-drug interactions are of particular concern. Here, we investigated the interaction potential between the cannabidiol-rich cannabis extract (CRCE) and methylsulfonylmethane (MSM), a popular dietary supplement, in the mouse model. For this purpose, 8-week-old male C57BL6/J mice received MSM-containing water (80 mg/100 mL) ad libitum for 17 days. During the last three days of treatment, mice received three doses of CRCE administered in sesame oil via oral gavage (123 mg/kg/day). Administration of MSM alone did not result in any evidence of liver toxicity and did not induce expression of mouse cytochrome P450 (CYP) enzymes. Administration of CRCE did produce significant (p < 0.05) increases in Cyp1a2, Cyp2b10, Cyp2c29, Cyp3a4, Cyp3a11, Cyp2c65, and Cyp2c66 messenger RNA, however, this effect was not amplified by MSM/CRCE co-treatment. Similarly, no evidence of liver toxicity was observed in MSM/CRCE dosed mice. In conclusion, short-term MSM/CRCE co-administration did not demonstrate any evidence of hepatotoxicity in the mouse model.
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Wahl, M., V. Saderne, and Y. Sawall. "How good are we at assessing the impact of ocean acidification in coastal systems? Limitations, omissions and strengths of commonly used experimental approaches with special emphasis on the neglected role of fluctuations." Marine and Freshwater Research 67, no. 1 (2016): 25. http://dx.doi.org/10.1071/mf14154.
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Much of our past research on ocean acidification has focussed on direct responses to pCO2 increase at the (sub-) organism level, but does not produce findings that can be projected into the natural context. On the basis of a review of ~350 recent articles mainly on ocean acidification effects, we highlight major limitations of commonly used experimental approaches. Thus, the most common type of investigation, simplified and tightly controlled laboratory experiments, has yielded a wealth of findings on short-term physiological responses to acidification, but any extrapolation to the natural ecosystem level is still problematic. For this purpose, an upscaling is required regarding the number of stressors, of ontogenetic stages, of species, of populations, of generations as well as the incorporation of fluctuating intensities of stress. Because the last aspect seems to be the least recognised, we treat in more detail the natural fluctuations of the carbonate system at different temporal and spatial scales. We report on the very rare investigations that have assessed the biological relevance of natural pH or pCO2 fluctuations. We conclude by pleading the case for more natural research approaches that integrate several organisational levels on the response side, several drivers, biological interactions and environmental fluctuations at various scales.
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Brett, Petrina, John Sorensen, and Helena Priest. "A Case-Series Evaluation of a Brief, Psycho-Social Approach Intended for the Prevention of Relapse in Psychosis." Europe’s Journal of Psychology 10, no. 4 (November 28, 2014): 756–82. http://dx.doi.org/10.5964/ejop.v10i4.832.
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There is a wealth of research into relapse prevention in psychosis; however, specific research into the effectiveness of short-term, self-management strategies aimed to prevent relapse is lacking. This pilot study aimed to evaluate the effects of Sorensen’s ‘Relapse Prevention in Schizophrenia and Other Psychoses’ manual-based therapy (Sorensen, 2006b) with 11 participants in one UK National Health Service Trust. The intervention was delivered over four sessions and interviews were conducted pre and post intervention. The effect of the intervention on measures of hopelessness, perceived control over internal states, and satisfaction were recorded using validated questionnaires at one week, one month and two months follow-up, supported by measures taken from visual analogue scales. Data analysis revealed significant improvements on hopelessness, perceived control over internal states, and satisfaction at one week follow-up, although these results were not maintained at one and two months follow-up. Additionally, the attrition rate meant that results lacked statistical power at one and two months follow-up. The study also considered the clinical significance of the research findings with the Jacobson-Truax (Jacobson & Truax, 1991) method for measuring reliable change. A substantial number of clients attained clinically significant changes with regards to hopelessness and perceived control over internal states. Future research is required in order to evaluate the use of self-management strategies to prevent relapse. It would be valuable to repeat the current study with the additional use of booster sessions in order to assess whether the positive impacts on hopelessness and perceived control over illness can be maintained at the longer term follow up.
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Kurbatova, Margarita V., Sergey N. Levin, and Kirill S. Sablin. "The ”Tripled Failure” of Institutional Design of Higher Education Reform in Russia." Journal of Institutional Studies 12, no. 4 (December 25, 2020): 094–111. http://dx.doi.org/10.17835/2076-6297.2020.12.4.094-111.
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Reasons and consequences of "tripled failure" in the sphere of the Russian higher education reforming are revealed in the article. These multiplying negative effects are results of designers and ordering group activity in the frame of exclusive «club». Narrow «liberal» expert community, including a group of elite universities and research centers, as a designer is in this exclusive «club». Russian state is the group that orders projects of reforming and represented with two interconnected subjects, i.e. ruling group and politicized administrators of "scientific and educational departments". Primary failure is highlighted in the choice of institutional projects those did not lead to increasing the quality of higher education during its implementation in the EU countries and the USA. The problems were not identified that linked to the fact that implemented tools of new public management were basically unable to assess the social effectiveness of higher education. This is due to the specifics of goods produced in this system. These goods are credible and they create a wide range of positive externalities. Secondary failure lies in the declarative nature of priority to increase social efficiency of higher education in Russia. This fact means that implementation of reform projects does not lead to the achievement of the declared outcomes linked with improving the quality of higher education, meeting the needs of the national economy in human capital, and opportunities for development of society. In practice, implemented formal institutions dramatically reinforce the differentiation of social and economic development of constituent entities of the Russian Federation. This is not an unintended consequence of the reformers actions, but the result of their real orientation towards the goals of private efficiency. Tertiary failure is due to the fact that designers and ordering group launched the process of “self-destruction” of higher education and science system in the long-term period pursuing their short-term private interests. The “enclave of wealth” that has been formed in this sphere absorbs the country's resources undermining the capabilities of its own development and even survival in the long-term period.
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Pandey, Richa, and V. Mary Jessica. "Determinants of Indian housing market: effects and counter-effects." Property Management 38, no. 2 (December 23, 2019): 199–218. http://dx.doi.org/10.1108/pm-06-2018-0038.
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Purpose The purpose of this paper is to study the effect of the 2008 global financial crisis on housing market dynamics in an emerging economy like India using quarterly data (Q4 2008–2009 to Q1 2018–2019). The study explores the extent of linkages between housing prices, monetary policy and financial stability by explaining the nature of the shocks to the housing sector and the degree of impact of those shocks; the possibility of adverse feedback loop which is beyond the natural levels; and the usefulness of explicit and direct role of monetary policy for the housing market stability, which was the loudest demand immediately after the crisis. Design/methodology/approach The paper follows a three-step methodology: data transformations, a variable selection process “general-to-specific modelling” with the help of OxMetrics 6 Package, and vector autoregressive modelling with the help of EViews 10. F-test was used to describe the short-term relationships between the variables. Impulse response and variance decomposition were used to explain the type of relationship (negative or positive) and the period of the relationships, respectively. Findings The study finds that the housing sector is sensitive to the monetary policy shocks, whereas the contribution of the housing market shocks to the fluctuations in other market variables is not substantial, though not negligible. As far as the nature of the shocks is concerned, the observed dynamics in the real house prices are diverging from their fundamental levels. The housing market shocks are more or less static; it rules out the chances for a self-reinforcing feedback loop with the existing setup. Research limitations/implications The study concludes that the observed dynamics in the real house prices are diverging from their fundamental levels. Given the limitation, the researchers could extend this study by decomposing the part of the risk to the sector contributed by the other drivers, which may be inherent imperfections in housing markets, weak and unreliable wealth effect, and the presence of behavioural biases. Practical implications The present study finds countercyclical measures to be more useful for this sector as compared to the forward-looking monetary policy reforms in this sector. The central bank in India should continue to refrain from responding directly to the housing sector fluctuations. Investors can enjoy investing in the housing sector without any fear of the crisis as of now. The effect of speculation is small but not negligible, which enjoins the investors and the policy-makers to remain watchful. Interest rate, money supply and inflation lead (Granger-cause) the housing prices. This information is relevant for spending and investment decisions. Social implications The study feels that banks should avoid using monetary policy to balance the house prices. This will be beneficial both for the economy and the society, as any change in monetary policy to especially curb out surging housing prices may adversely affect the output, and finally, may lead to the deflation. The fear of deflation may cause devastating economic, financial and social effects. Originality/value The study contributes to the literature by shedding some new insights about the interrelationship between macroeconomic variables, housing prices and financial stability in the aftermath of the 2008–2009 financial crisis. Such types of studies are absent from emerging markets, particularly from India.
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Wang, Mei-Chih, Pao-Lan Kuo, Chan-Sheng Chen, Chien-Liang Chiu, and Tsangyao Chang. "Yield Spread and Economic Policy Uncertainty: Evidence from Japan." Sustainability 12, no. 10 (May 25, 2020): 4302. http://dx.doi.org/10.3390/su12104302.
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In this paper, we adopt the nonlinear autoregressive distributed lags (NARDL) model extended by Shin et al. (2014) to investigate the relationship between the treasury yield spread and economic policy uncertainty (EPU) in Japan. This model helps us to explore the short- and long-run asymmetric reactions of explained variables through positive and negative partial sum decompositions of changes in the explanatory variable(s). In our research, the testing of the NARDL specification reveals the existence of a significant long-run asymmetric equilibrium between the yield spread and EPU in Japan. On the other hand, we find a significant positive nexus between the treasury yield spread and EPU reduction in the long run. We speculate that because of low inflation, a poor economic outlook and the low interest rate environment since 1990, financial agents are markedly sensitive to negative shocks resulting from EPU. This means that when facing a good economy, bond agents are quick to sell, especially with higher-risk long-term interest rate bonds. Meanwhile, because the Bank of Japan announced the Stock Purchasing Plan in October 2002 and from the point view of portfolio management, while the influence of a positive economic outlook dominates the negative outlook, flight from quality has no role in asset portfolio adjustment. The empirical implications are that the long history of unconventional monetary policy supports the demand for both bonds and stock markets. When taking the stock market into consideration, the correlations between the yield spread, EPU and stock market capture the full wealth effects of the low interest rate environment in Japan.
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N. Kallianiotis, Dr Ioannis, and J. Kania. "Monetary Policy: Is the Dual Mandate of the Fed Maximizing the Social Welfare?" International Journal of Economics and Financial Research, no. 56 (June 5, 2019): 112–42. http://dx.doi.org/10.32861/ijefr.56.112.142.
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In this work we deal mostly with the recent (2008-present) Federal Reserve operated monetary policies, which are two unprecedented and distinct monetary policy regimes. The Zero Interest Rate Regime (2008:12-2015:11) and the New Regime (2015:12-2018:12). These different monetary policy regimes provided various outcomes for inflation, interest rates, financial markets, personal consumption, personal savings, real economic growth, and social welfare. Some of the important results are that monetary policy appears to be able to affect long-term real interest rates, risk, the prices of the financial assets, and very little the real personal consumption, personal savings, and the real economic growth during the recent period of extreme monetary policy, in which the Fed held short-term interest rates abnormally low for an extended period (2008-2015) and the present time, which keeps the federal funds rate below the inflation rate. The Fed’s interest rate target was set during those seven years at 0% to 0.25%. On December 16, 2015, the Fed started increasing the target rate by 25 basis points approximately in each FOMC meeting, from 0.25% to 0.50% to 0.75%, and presently to 2.50%. We want to explain the low level of long-term interest rates and the real rate of interest (cost of capital) in the economy. The evidence suggests that it is the Fed the main cause of the low (negative) real interest rate following the 2007-2008 financial crisis. This monetary policy was not very effective (the zero interest rate target of the Fed). It has created a new bubble in the financial market, future inflation, and a redistribution of wealth from risk-averse savers to banks and risk-taker speculators. In addition, it has increased the risk (RP) by making the real risk-free rate of interest negative. The effects on growth, prices, and employment were gradual and very small, due to outsourcing and unfair trade policies, which have affected negatively the social welfare. The dual mandate (price stability and maximum employment) of the Fed is not sufficient to maximize the social welfare of the country.
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Blake, Andrew P. "Forecast Error Bounds By Stochastic Simulation." National Institute Economic Review 156 (May 1996): 72–79. http://dx.doi.org/10.1177/002795019615600106.
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What can the National Institute model tell us about the accuracy of forecasting inflation and growth? We make ‘point’ forecasts over the short to medium term, and assess the accuracy of those forecasts by examining past forecast errors (see Poulizac, Weale and Young, 1996). But the model itself can be used for the same purpose and can inform us better than historical exercises if a new policy regime has been adopted which is a major departure from past experience. In that case, the behaviour of the economy would be expected to be considerably different and so using a model which captures the structural effects of the changes may give a more accurate view of the likely behaviour of policy targets, policy instruments and other variables.
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Shah, Syed Afaq Ali, Muhammad Hassan Sayyad, Jinghua Sun, and Zhongyi Guo. "Hysteresis Analysis of Hole-Transport-Material-Free Monolithic Perovskite Solar Cells with Carbon Counter Electrode by Current Density–Voltage and Impedance Spectra Measurements." Nanomaterials 11, no. 1 (December 27, 2020): 48. http://dx.doi.org/10.3390/nano11010048.
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Due to the tremendous increase in power conversion efficiency (PCE) of organic–inorganic perovskite solar cells (PSCs), this technology has attracted much attention. Despite being the fastest-growing photovoltaic technology to date, bottlenecks such as current density–voltage (J–V) hysteresis have significantly limited further development. Current density measurements performed with different sweep scan speeds exhibit hysteresis and the photovoltaic parameters extracted from the current density–voltage measurements for both scan directions become questionable. A current density–voltage measurement protocol needs to be established which can be used to achieve reproducible results and to compare devices made in different laboratories. In this work, we report a hysteresis analysis of a hole-transport-material-free (HTM-free) carbon-counter-electrode-based PSC conducted by current density–voltage and impedance spectra measurements. The effect of sweep scan direction and time delay was examined on the J–V characteristics of the device. The hysteresis was observed to be strongly sweep scan direction and time delay dependent and decreased as the delay increased. The J–V analysis conducted in the reverse sweep scan direction at a lower sweep time delay of 0.2 s revealed very large increases in the short circuit current density and the power conversion efficiency of 57.7% and 56.1%, respectively, compared with the values obtained during the forward scan under the same conditions. Impedance spectroscopy (IS) investigations were carried out and the effects of sweep scan speed, time delay, and frequency were analyzed. The hysteresis was observed to be strongly sweep scan direction, sweep time delay, and frequency dependent. The correlation between J–V and IS data is provided. The wealth of photovoltaic and impendence spectroscopic data reported in this work on the hysteresis study of the HTM-free PSC may help in establishing a current density–voltage measurement protocol, identifying components and interfaces causing the hysteresis, and modeling of PSCs, eventually benefiting device performance and long-term stability.
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Usoro, Abel, and Bridget Abiagam. "Culture effect on knowledge management adoption in Nigerian hospitality industry." VINE Journal of Information and Knowledge Management Systems 48, no. 3 (August 13, 2018): 314–32. http://dx.doi.org/10.1108/vjikms-11-2017-0080.
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Purpose The effect of culture on various aspects of life, business and disciplines such as knowledge management (KM) has been much studied. Hospitality has also received much attention because it, among others, can produce and redistribute wealth whether in developed or developing economies, who often find it as an invaluable means of generating foreign income. Nonetheless, there is no combination of the three areas in a single study done in a developing economy. The paper aims to fill this gap by investigating the impact of culture on the adoption of KM in the hospitality industry of Nigeria. Design/methodology/approach Hofstede’s culture model and technology acceptance model were used as underpinning theories to develop a research model which was operationalised into a 45-item questionnaire. A five-point Likert scale that ranged from strongly disagree to strongly agree was used. The questions were closed-ended for the variables of the model, but there were also open-ended questions. Two Nigerian cities were purposely sampled and they generated 195 responses from the 400 questionnaires that were distributed. Correlation analysis was first done to establish relationships before regression analysis was performed after checking for multicollinearity. Findings and conclusions were drawn from significant hypotheses. Findings The findings showed significant collectivism, uncertainty avoidance, masculinity, femininity and short- and long-term orientations as factors that would affect adoption of KM in the hospitality industry of Nigeria. Power distance and individualism as factors, on the other hand, were not significant. Research limitations/implications The research has produced a model that can form the basis for future research. The study apparently is the first and therefore needs replication in other industries and other developing economies. A comparative study can be done too between developing countries or between a developing and a developed country. Many replicated studies could perhaps produce a generic model that would apply beyond Nigeria. Moreover, as this study is on a moving target both in terms of culture and the extent of KM adoption, subsequent studies could update the findings of this study. Practical implications Hospitality managers have to develop and maintain a conducive culture if adoption of KM is to be achieved. Managers should be sensitive to and take good advantage of cultural differences displayed in the personality traits of employees. For example, uncertainty avoidance (preference for precision) could be an asset to make knowledge explicit in computer systems, making it easier to share such knowledge in the organisation. Collectivism and nurturing orientation would encourage knowledge sharing and collaborative work, which is often nowadays done virtually. Managers should encourage knowledge workers to seek and acquire both short- and long-term views of their work. Originality/value There apparently is no systematic empirical study that combines KM, hospitality and culture in developing economies’ context. Thus, this study examines the effects of culture on KM adoption in the Nigerian hospitality industry. The findings have practical implications on how the Nigerian hospitality industry can benefit from the application of KM.
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Harrison, Richard A. "Short–term solar effects." Philosophical Transactions of the Royal Society of London. Series A: Mathematical, Physical and Engineering Sciences 361, no. 1802 (November 19, 2002): 79–93. http://dx.doi.org/10.1098/rsta.2002.1110.
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Dayton, Keith Gelarden, Karleigh Koster, Jamie D. Prenkert, and Robert Ridlon. "Short-term global business immersion courses: Short-term program, long-term effects?" Business Horizons 61, no. 6 (November 2018): 903–11. http://dx.doi.org/10.1016/j.bushor.2018.06.003.
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Khan, Khalid, Marguerite Wotto, and Saima Liaqat. "AN ESSAY ON CONSUMPTION HYPOTHESES: EVIDENCE FROM PAKISTAN." Pakistan Journal of Humanities and Social Sciences Research 3, no. 01 (June 30, 2020): 23–32. http://dx.doi.org/10.37605/pjhssr.3.1.4.
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In this study, the ARDL method is used to assess short-term and longterm relationships between private consumption, labor income, interest rate, wealth, and unemployment rate. The real private consumption model for Pakistan has been estimated by applying yearly data from 1990 to 2016. According to long-term estimates, income and wealth determine the actual national consumption. Nevertheless, the short run national private consumption is determined by current incomes, wealth, real interest rates, and the unemployment rate. Findings of this study reveal significant impact of all the observed determinants of consumption function i.e. real disposable income, wealth, real interest rate, and unemployment rate on aggregate consumption. Whereas it is noteworthy that the coefficient for wealth was minor but significant, depicting slight impact of wealth on consumption decision. These results support validity of AIH for Pakistan.
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Daniels;, S. R. "Short-Term Trials and Long-Term Effects." Science 293, no. 5539 (September 28, 2001): 2392–294. http://dx.doi.org/10.1126/science.293.5539.2392.
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Miles, David. "Housing and the Wider Economy in the Short and Long Run." National Institute Economic Review 139 (February 1992): 64–78. http://dx.doi.org/10.1177/002795019213900105.
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Over the course of the twentieth century housing wealth in the UK has risen dramatically; recently it has become easier for households to borrow against that wealth. The process by which real housing wealth has growth—through long-term increases in the relative price of homes and substantial real investment in the stock of dwellings—has implications for the impact of financial liberalisation upon saving future house prices and bequests of housing. This article takes a long-term perspective on housing in the UK in order to answer questions of great practical importance. The interaction between savings, population changes, bequests of properly, housing investment and house prices is analysed and the forces driving these variables into the next century are assessed.
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PAPA, MOSHE Z., JACOB SCHNEIDERMAN, EBN TUCKER, ARYEH BASS, YACOV DRORI, and RAPHAEL ADAR. "Short-and Long-term Effects." Annals of Surgery 204, no. 6 (December 1986): 715–18. http://dx.doi.org/10.1097/00000658-198612000-00016.
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Slovis, T. L., C. Parks, D. Reneau, C. J. Becker, J. Hersch, C. D. Carver, R. D. Ross, K. Tech, and R. B. Towbin. "Pediatric sedation: short-term effects." Pediatric Radiology 23, no. 5 (September 1993): 345–48. http://dx.doi.org/10.1007/bf02011953.
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