Empirical Evidence (empirical + evidence)

Distribution by Scientific Domains
Distribution within Business, Economics, Finance and Accounting

Kinds of Empirical Evidence

  • available empirical evidence
  • first empirical evidence
  • limited empirical evidence
  • little empirical evidence
  • new empirical evidence
  • recent empirical evidence
  • some empirical evidence
  • strong empirical evidence

  • Terms modified by Empirical Evidence

  • empirical evidence shows

  • Selected Abstracts


    EMPIRICAL EVIDENCE FOR AN OPTIMAL BODY SIZE IN SNAKES

    EVOLUTION, Issue 2 2003
    Scott M. Boback
    Abstract The concept of optimal size has been invoked to explain patterns in body size of terrestrial mammals. However, the generality of this phenomenon has not been tested with similarly complete data from other taxonomic groups. In this study we describe three statistical patterns of body size in snakes, all of which indicate an optimal length of 1.0 m. First, a distribution of largest body lengths of 618 snake species had a single mode at 1.0 m. Second, we found a positive relationship between the size of the largest member of an island snake assemblage and island area and a negative relationship between the size of the smallest member of an island snake assemblage and island area. Best-fit lines through these data cross at a point corresponding to 1.0 m in body length, the presumed optimal size for a one-species island. Third, mainland snake species smaller than 1.0 m become larger on islands whereas those larger than 1.0 m become smaller on islands. The observation that all three analyses converge on a common body size is concordant with patterns observed in mammals and partial analyses of four other disparate animal clades. Because snakes differ so strikingly from mammals (ectotherms, gape-limited predators, elongate body shape) the concordant patterns of these two groups provide strong evidence for the evolution of an optimal body size within independent monophyletic groups. However, snakes differ from other taxonomic groups that have been studied in exhibiting a body size distribution that is not obviously skewed in either direction. We suggest that idiosyncratic features of the natural history of ectotherms allow relatively unconstrained distributions of body size whereas physiological limitations of endotherms constrain distributions of body size to a right skew. [source]


    THE LIQUIDITY TRAP AND PERSISTENT UNEMPLOYMENT WITH DYNAMIC OPTIMIZING AGENTS: EMPIRICAL EVIDENCE

    THE JAPANESE ECONOMIC REVIEW, Issue 4 2004
    YOSHIYASU ONO
    Standard money-in-utility dynamic models assume satiable liquidity preference, and thereby prove the existence of a full-employment steady state. In the same framework, it is known that under insatiable liquidity or wealth preference there is a case where a full-employment steady state does not exist. A liquidity trap then arises and unemployment persists in the steady state. Using both parametric and non-parametric methods, this paper empirically finds that insatiable liquidity/wealth preference is better supported. Thus, without assuming any permanent distortion, we can analyse an effective demand shortage in a dynamic optimization framework. [source]


    SOURCES OF REAL EXCHANGE RATE FLUCTUATIONS: EMPIRICAL EVIDENCE FROM NINE AFRICAN COUNTRIES

    THE MANCHESTER SCHOOL, Issue 2009
    A. H. AHMAD
    We investigate the sources of real exchange rate fluctuations in a sample of nine African countries from 1980:01 to 2005:04, using a trivariate structural vector autoregression. The analysis is motivated by a stochastic sticky-price model from which three shocks are identified; demand, supply and monetary shocks. The results indicate that demand shocks are the predominant source of real exchange rate movements in these countries, although nominal shocks have also played a small but significant role in South Africa and Botswana, and supply shocks seem to be of some relevance for Algeria, Egypt and Tanzania. [source]


    FINANCIAL CONSTRAINTS AND TECHNICAL EFFICIENCY: SOME EMPIRICAL EVIDENCE FOR ITALIAN PRODUCERS' COOPERATIVES

    ANNALS OF PUBLIC AND COOPERATIVE ECONOMICS, Issue 1 2010
    Ornella Wanda Maietta
    ABSTRACT,:,In this paper, we test the extent to which producers' cooperatives can experience an increase in technical efficiency following a tightening of financial constraints. This hypothesis is tested on a sample of Italian conventional and cooperative firms for the wine production and processing sector, using frontier analysis. The results support the hypothesis that increasing financial pressure can affect positively the cooperatives efficiency. [source]


    ILLEGAL MUSIC DOWNLOADING AND ITS IMPACT ON LEGITIMATE SALES: AUSTRALIAN EMPIRICAL EVIDENCE

    AUSTRALIAN ECONOMIC PAPERS, Issue 4 2009
    JORDI McKENZIE
    This paper explores illegal music file-sharing activity and its effect on Australian sales of singles in the physical and digital retail markets. Using fifteen weeks of Australian Recording Industry Association weekly chart rankings of physical and digital sales, combined with a proxy for download activity derived from the popular peer-to-peer (P2P) network Limewire, the evidence suggests no discernible impact of download activity on legitimate sales. Whilst significant negative correlation between chart rank and download activity is observed in the digital market, once download endogeneity is purged from the model and song heterogeneity is controlled for no significant relationship remains. [source]


    Importance of Measures of Past Performance: Empirical Evidence on Quality of e-Service Providers,

    CONTEMPORARY ACCOUNTING RESEARCH, Issue 2 2008
    Rajiv D. Banker
    First page of article [source]


    Formal and Informal Risk Sharing in LDCs: Theory and Empirical Evidence

    ECONOMETRICA, Issue 4 2008
    Pierre Dubois
    We develop and estimate a model of dynamic interactions in which commitment is limited and contracts are incomplete to explain the patterns of income and consumption growth in village economies of less developed countries. Households can insure each other through both formal contracts and informal agreements, that is, self-enforcing agreements specifying voluntary transfers. This theoretical setting nests the case of complete markets and the case where only informal agreements are available. We derive a system of nonlinear equations for income and consumption growth. A key prediction of our model is that both variables are affected by lagged consumption as a consequence of the interplay of formal and informal contracting possibilities. In a semiparametric setting, we prove identification, derive testable restrictions, and estimate the model with the use of data from Pakistani villages. Empirical results are consistent with the economic arguments. Incentive constraints due to self-enforcement bind with positive probability and formal contracts are used to reduce this probability. [source]


    Creative Class and Regional Growth: Empirical Evidence from Seven European Countries

    ECONOMIC GEOGRAPHY, Issue 4 2009
    Ron A. Boschma
    abstract This article analyzes the regional distribution and economic effect of the "creative class" on the basis of a unique data set that covers more than 500 regions in 7 European countries. The creative class is unevenly geographically distributed across Europe; the analyses show that a regional climate of tolerance and openness has a strong and positive effect on a region's share of these people. Regional job opportunities also have a large effect on the size of a region's population of the creative class. The findings reveal some evidence of a positive relationship among creative class occupation, employment growth, and entrepreneurship at the regional level in a number of European countries. On the basis of the analysis, however, it is not clear whether human capital, measured by creative occupation, outperforms indicators that are based on formal education, or if formal education has the stronger effect. [source]


    Threshold Dynamics of Short-term Interest Rates: Empirical Evidence and Implications for the Term Structure

    ECONOMIC NOTES, Issue 1 2008
    Theofanis Archontakis
    This paper studies a nonlinear one-factor term structure model in discrete time. The short-term interest rate follows a self-exciting threshold autoregressive (SETAR) process that allows for shifts in the intercept and the variance. In comparison with a linear model, we find empirical evidence in favour of the threshold model for Germany and the US. Based on the estimated short-rate dynamics we derive the implied arbitrage-free term structure of interest rates. Since analytical solutions are not feasible, bond prices are computed by means of Monte Carlo integration. The resulting term structure captures stylized facts of the data. In particular, it implies a nonlinear relation between long rates and the short rate. [source]


    Intertemporal Substitution of Effort: Some Empirical Evidence

    ECONOMICA, Issue 280 2003
    John G. Treble
    The labour economics literature refers often to effort, but there is little empirical evidence as to how productivity and effort respond to wage rate variations. An unusual natural experiment in which wage rates suffered an exogenous change of two weeks' duration gives some insight into the magnitude of this effect. For a group of workers in Victorian County Durham, the effort response, measured as the impact of a temporary wage rate change on output per shift, dominates the response of attendance. Comparison of the estimates presented here with those in Treble (Journal of Economic History, 61, 414,38, 2001) suggests that the effects are short lived. [source]


    The Role of Investment, Financing and Dividend Decisions in Explaining Corporate Ownership Structure: Empirical Evidence from Spain

    EUROPEAN FINANCIAL MANAGEMENT, Issue 5 2006
    Julio Pindado
    G31; G32; G35 Abstract This paper analyses the determinants of ownership structure by focusing on the role played by investment, financing and dividend decisions. The use of the Generalised Method of Moments allows us to provide new evidence on this important corporate governance topic, since it controls for the endogeneity problem. Our most relevant findings show that: i) increases in debt lead insiders to limit the risk they bear by reducing their holdings; ii) monitoring by large outside owners substitutes for the disciplinary role of debt; and iii) both inside and outside owners are encouraged to increase their stakes in the firm in view of higher dividends. Our results hold after controlling for equity issues and share repurchases. [source]


    Unravelling the Capital Charging Riddle , Some Empirical Evidence from Victoria

    FINANCIAL ACCOUNTABILITY & MANAGEMENT, Issue 1 2003
    Tyrone M. Carlin
    Since 1995, the State of Victoria has been experimenting with capital charging regimes for budget sector agencies. The intent of these schemes is to allow the opportunity cost of capital to be reflected in the assessed total costs of outputs produced by agencies the subject of the charge. While literature produced by government central financial agencies has forcefully advocated this experiment, and asserted a range of resulting improvements to budget sector asset management and general financial management practices, academic examinations of the subject have been mixed in their conclusions. Empirical evidence relating to the effect and effectiveness of these schemes has been scarce. This paper seeks to contribute to the literature by providing some empirical evidence on the impact of capital charging in one jurisdiction, Victoria, Australia. [source]


    Sub-Optimality of Income Statement-Based Methods for Measuring Operational Risk under Basel II: Empirical Evidence from Spanish Banks

    FINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS, Issue 4 2007
    Enrique Bonsón
    The New Basel Capital Accord (Basel II) was created with the intention of establishing a framework in which financial entities can manage their risks in a more detailed and efficient way. Within this general reform movement, Operational Risk emerges as a fundamental variable. OR can be managed by three alternative methods: the Basic Indicator Approach, Standard Approach and Advanced Measurement Approach. The choice of which method to adopt has become of supreme interest for senior banking managers. This study analyzes the exactitude of the underlying implicit hypotheses that support each method, distinguishing between income statement based methods and the management accounting based method. In the present study the non-optimum character of the two Income Statement-based methods is empirically confirmed, in the light of the data provided by Spanish financial entities. [source]


    The Interest Rate Risk Exposure of Financial Intermediaries: A Review of the Theory and Empirical Evidence

    FINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS, Issue 4 2003
    By Sotiris K. Staikouras
    The paper surveys current and previous research on financial institutions' interest rate risk exposure. The implications of such exposure are discussed and motivating insights are emphasized. Various theoretical frameworks and models are presented. For each one an overview of the studies and any relationship to each other is provided. In a cross-industry analysis, other idiosyncratic risk factors are considered and their importance is delineated. A number of empirical relations are established. More specifically, there is an inverse relationship between interest rate changes and common stock returns of financial institutions. The intermediaries' apparent yield sensitivity is mainly attributed to the duration gap inherent in their balance sheet structure. Furthermore, the aforesaid equity sensitivity due to other possible dynamics such as dividend yield, unanticipated inflation and regulatory lags is also considered. Changes in economic regimes have altered volatility in market yields with a subsequent effect, positive or negative, on financial intermediaries' equity returns. The issue of the risk-return compensation is further analyzed, and findings suggest that the interest rate risk is priced by capital markets. Finally, a few other issues are identified as avenues for future research. [source]


    To Hedge or Not to Hedge,That Is the Question Empirical Evidence from the North American Gold Mining Industry 1996,2000

    FINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS, Issue 4 2002
    Matthew Callahan
    First page of article [source]


    Underpricing of Foreign and Domestic IPOs in the U.S. Market: Empirical Evidence

    FINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS, Issue 1 2001
    Bill Francis
    Although the underpricing of initial public offerings (IPOs) has been well documented, the underpricing of foreign IPOs have received relatively little attention. In a comparative analysis of foreign and domestic IPOs in the U.S. market for the 1990-1993 period, we find that for a matched sample, foreign IPOs are significantly more underpriced. Our results are consistent with the models developed by Rock (1986), Beatty and Ritter (1986), and Carter and Manaster (1990). Examination of the characteristics of foreign IPOs reveals that they are more likely to be larger in size, employ more prestigious underwriters and are much more likely to list on the New York Stock Exchange (NYSE). [source]


    "Marking-to-Market" and Treasury-Bill Futures Prices: Some Empirical Evidence

    FINANCIAL REVIEW, Issue 1 2000
    Seungmook Choi
    G13 Abstract Financial economists have not found empirical evidence of a "marking-to-market" effect in Treasury-bill futures contracts, despite a firm theoretical basis for its existence. Therefore, we speculate that confounding effects, possibly due to liquidity preferences, influence futures-forward price spreads. By using an empirical specification that allows for both effects, we present empirical evidence that Treasury-bill futures-forward price spreads are sensitive to the volatility of the underlying commodity in ways predicted by the theory of the marking-to-market effect. [source]


    Declining Trust in Elites and Why We Should Worry About It , With Empirical Evidence from Germany

    GOVERNMENT AND OPPOSITION, Issue 3 2008
    Viktoria Kaina
    First page of article [source]


    Pure Contagion and Investors' Shifting Risk Appetite: Analytical Issues and Empirical Evidence

    INTERNATIONAL FINANCE, Issue 3 2002
    Manmohan S. Kumar
    This paper discusses a ,pure' form of financial contagion, unrelated to economic fundamentals , investors' shifting appetite for risk. It provides an analytical framework for identifying changes in investors' risk appetite and discusses whether it is possible to directly measure them in a way that can enable policy makers to differentiate between financial contagion and domestic fundamentals as the immediate source of a crisis. Daily measures of risk appetite are computed and their usefulness in predicting financial crises is assessed. [source]


    Audit Reports on Financial Statements Prepared According to IASB Standards: Empirical Evidence from the European Union

    INTERNATIONAL JOURNAL OF AUDITING, Issue 3 2004
    Maria A. Garcia-Benau
    This paper examines the audit report of 147 firms from the European Union that prepare their financial statements in compliance with the standards developed by the International Accounting Standards Board. Bearing in mind that the consolidated accounts of listed companies will follow IAS from 2005 onwards, the purpose of this paper is to provide some insight into the current outcome of the statutory audit on this information. Interesting conclusions are drawn from this empirical study with regard to the auditing standards applied, the wording used and the differences observed between reports produced by auditors from the big firms and reports from different European countries. The need to harmonise the auditing field is discussed under the results obtained, with the final aim to contribute to the standard-setting debate on the creation of a high quality financial reporting system in the European Union. [source]


    Some Empirical Evidence to Support the Relationship Between Audit Reports and Stock Prices , The French Case

    INTERNATIONAL JOURNAL OF AUDITING, Issue 3 2000
    Bahram Soltani
    Acting as an independent intermediary, the auditor facilitates market transactions by providing an ,opinion' on financial statements which should help to reduce the information asymmetry between the company and its potential investors. Whether audit qualifications have informational value to investors is a question that needs further investigation, as previous empirical studies on this issue yield mixed results. Moreover, a majority of the research papers in this area have been conducted in Anglo-Saxon countries, in contrast to continental European countries where very little attention has been paid to the auditors' role in stock markets. The present study is based on a large sample of qualified opinions (543 for the period 1986,1995), using different expected event dates and market models. The results of the study demonstrate the significant negative abnormal returns around the announcement dates of audit opinions. The empirical part of this study was carried out in the French market which has some significant differences from the UK and the USA markets. The author believes that the differences, in the area of reporting, level of disclosure, and accounting and auditing practices, can play an important role in the research field of event studies. [source]


    US Outward Foreign Direct Investment in the European Union and the Implementation of the Single Market: Empirical Evidence from a Cohesive Framework

    JCMS: JOURNAL OF COMMON MARKET STUDIES, Issue 5 2008
    FRAGKISKOS FILIPPAIOS
    In this article we investigate the determinants of US outward Foreign Direct Investment (FDI) in the European Union for the period 1982,2002. The data set allowed us to discern differences in the pattern of US FDI between EU core and EU periphery countries, as well as over different time periods during the last two decades. The results indicate that the US FDI pattern varies among different groups of countries and that there was a restructuring in multinational firms' investment activity after the implementation of the single market plan. Agglomeration factors, market size, qualified and productive labour and cost efficiency of local production seem to dominate in the location choice of US investors. [source]


    Capital Gains Taxes and Equity Trading: Empirical Evidence

    JOURNAL OF ACCOUNTING RESEARCH, Issue 4 2003
    Jennifer L. Blouin
    Individual investors have an incentive to defer selling appreciated stock until it qualifies for tax-favored, long-term capital gains treatment. Shackelford and Verrecchia [2002] show that these incentives can affect equity trading around public disclosures. This article provides some empirical support for their theory with evidence of price increases and equity constrictions around announcements of quarterly earnings and additions to the S&P 500 index. We find share returns rise and trading volume falls with the incremental taxes saved by deferring the sale of appreciated property. The price increases, however, are temporary, reversing in subsequent trading days. The results are consistent with buyers believing the compensation to sell before long-term qualification (through higher prices) is less costly than holding an inappropriately weighted portfolio. This finding,that personal capital gains taxes affect equity trading,adds to a growing literature that challenges longstanding assumptions that firm value is independent of shareholders and their taxes. [source]


    Large Shareholder Entrenchment and Performance: Empirical Evidence from Canada

    JOURNAL OF BUSINESS FINANCE & ACCOUNTING, Issue 1-2 2008
    Yves Bozec
    Abstract:, Recent empirical evidence indicates that the largest publicly traded companies throughout the world have concentrated ownership. This is the case in Canada where voting rights are often concentrated in the hands of large shareholders, mostly wealthy families. Such concentrated ownership structures can generate specific agency problems, such as large shareholders expropriating wealth from minority shareholders. These costs are aggravated when large shareholders don't bear the full costs of their decisions because of the presence of mechanisms (dual class voting shares, pyramids) which lead to voting rights being greater than the cash flow rights (separation). We assess the impact of separation on various performance metrics while controlling for situations when the large shareholder has (1) the opportunity to expropriate (high free cash flows in the firm) and (2) the incentive to expropriate (low cash flow rights). We also control for when the large shareholder has the power to expropriate (high voting rights, outright control and insider management) and for the presence of family ownership. The results support our hypotheses and indicate that firm performance is lower when large shareholders have both the incentives and the opportunity to expropriate minority shareholders. [source]


    On the Determinants and Dynamics of Trade Credit Use: Empirical Evidence from Business Start-ups

    JOURNAL OF BUSINESS FINANCE & ACCOUNTING, Issue 1-2 2006
    Nancy Huyghebaert
    Abstract: Business start-ups provide an excellent opportunity for testing various hypotheses on why firms use trade credit. At the time of start-up, failure risk and financial constraints are typically large. Also, start-ups have no established relationships with banks and suppliers. The literature has related all these features to trade credit use. Moreover, as firms grow older, these characteristics become less pronounced, allowing us to test the dynamics of trade credit use. We find that start-ups use more trade credit when financial constraints are large, when suppliers have a financing advantage over banks in financing high-risk firms, when entrepreneurs value private benefits of control and when transaction costs are important. Furthermore, the dynamic implications of these theories are supported. [source]


    Intra Day Bid-Ask Spreads, Trading Volume and Volatility: Recent Empirical Evidence from the London Stock Exchange

    JOURNAL OF BUSINESS FINANCE & ACCOUNTING, Issue 5-6 2004
    Charlie X. Cai
    With the benefit of very high frequency (25 million 1 minute observations) and recent data (2001) for the UK, this paper explores a number of intra day patterns of stock market behaviour. More specifically, a distinct reverse J shaped bid-ask spread pattern is noted for SETS securities, a declining bid-ask spread pattern for non-SETS securities, a two hump pattern for trading volume and a U-shaped pattern for returns volatility for all securities. In terms of complementing the existing literature, the paper shows that differences in trading systems may affect the bid-ask spread patterns, while differences in market environments (i.e. US and UK markets) seems to affect the trading volume pattern. The paper suggests avenues for future research, in particular, the need to consider what factors are significant in determining intra day patterns for different trading systems and the need for additional cross-market comparisons to identify how institutional factors affect the behaviour of investors on an intra day basis. [source]


    The Effect of Earnings Permanence, Growth, and Firm Size on the Usefulness of Cash Flows and Earnings in Explaining Security Returns: Empirical Evidence for the UK

    JOURNAL OF BUSINESS FINANCE & ACCOUNTING, Issue 5-6 2001
    Andreas Charitou
    This paper examines the relative information content of earnings and cash flows for security returns using a methodology incorporating contextual factors which may affect earnings and cash flow response coefficients. For our UK dataset, we provide evidence that the earnings coefficient is related to earnings permanence, growth and firm size and that the cash flow coefficient may be related to growth. Although our results emphasise the value relevance of earnings, they also suggest that both contemporaneous and prior period cash flow are positively related to security returns and that market-to-book and market value of equity have predictive power for returns. [source]


    Preparation for Crisis Management: A Proposed Model and Empirical Evidence

    JOURNAL OF CONTINGENCIES AND CRISIS MANAGEMENT, Issue 3 2004
    S. Elsubbaugh
    This article explores the forces restricting effective crisis management in a crisis ridden industry. Models of crisis preparedness have typically been developed based upon research in US or Western business. This study is based upon the Egyptian industry which, until the 1990s was state owned and heavily state supported. Changes in government policy, combined with external forces, not in the least the loss of markets in the previous Soviet bloc, had plunged the industry into serious crisis. Crisis is a cultural embarrassment to most Egyptian managers and this, combined with the depth of economic difficulties faced by the industry, makes it extraordinarily difficult for any level of crisis preparedness to be achieved. Based on interview and questionnaire data, this article extends existing models of crisis preparedness to better accommodate conditions in crisis prone industries outside the West. New dimensions in the proposed model are the stress on national culture and how this limits the range of managerial responses. This in turn requires the active development of an organisational culture to counteract these limitations. [source]


    Research And Development Productivity And Spillovers: Empirical Evidence At The Firm Level

    JOURNAL OF ECONOMIC SURVEYS, Issue 4 2005
    Robert Wieser
    Abstract., A variety of methods have been used to investigate the empirical relationship between research and development (R&D) spending and the productivity of firms. The most widely employed frameworks are the production function and the associated productivity framework. In these settings, productivity growth is related to expenditures on R&D, and an attempt is made to estimate statistically the part of productivity growth that can be attributed to R&D activities. This article surveys the expansive body of empirical literature on this subject and finds a large and significant impact of R&D on firm performance on average. However, the estimated returns vary considerably between the different studies due to differences across data samples and econometric models, as well as methodological and conceptual issues. A meta-analysis on the studies surveyed reveals that the estimated rates of return do not significantly differ between countries, whereas the estimated elasticities do. Furthermore, the estimated elasticities are significantly higher in the 1980s and consistently higher in the 1990s compared with the 1970s. Hence, contrary to a widely held belief, we find no convincing evidence of an exhaustion of R&D opportunities in the last two decades. [source]


    Monetary Policy and the Stock Market: Theory and Empirical Evidence

    JOURNAL OF ECONOMIC SURVEYS, Issue 4 2001
    Peter Sellin
    This paper gives a comprehensive review of the literature on the interaction between real stock returns, inflation, and money growth, with a special emphasis on the role of monetary policy. This is an area of research that has interested monetary and financial economists for a long time. Monetary economists have been interested in the question whether money has any effect on real stock prices, while financial economists have investigated whether equity is a good hedge against inflation. Empirical studies show that money can be helpful in predicting future stock returns. Empirical evidence also suggest that equity is not a good hedge against inflation in the short run but may be so in the long run. The short-run negative relation between stock returns and inflation can easily be explained by theoretical models. If the central bank conducts a countercyclical monetary policy this will result in a negative relation between inflation and stock returns, while if it conducts a procyclical policy we could observe a positive relation. According to both theoretical and empirical studies investors receive an inflation risk premium for holding equity. [source]