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Panel Data Methodology (panel + data_methodology)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	100%

Selected Abstracts

R&D and Tobin's q in an emerging financial market: the case of the Athens Stock Exchange

MANAGERIAL AND DECISION ECONOMICS, Issue 5 2010
Efstathios G. Parcharidis
This paper aims at providing further evidence on the consequences of R&D investment on Tobin's q for firms publicly traded in an emerging financial market. Panel data methodology is applied using data for the manufacturing and computer firms listed in the Athens Stock Exchange, a market classified as emerging by the major securities analysts, for the period 1996,2004. The empirical findings show first, that the Greek firms' R&D investment effect on the market value of a firm is consistent with other US and European studies. Second, the impact of the R&D investment on the market value is higher for small firms. The findings of this paper may have significant industrial and technological policy implications for other emerging markets sharing similar characteristics to Greece. Copyright © 2010 John Wiley & Sons, Ltd. [source]

The Underinvestment and Overinvestment Hypotheses: an Analysis Using Panel Data

EUROPEAN FINANCIAL MANAGEMENT, Issue 2 2003
Artur Morgado
G31 We study the relationship between firm value and investment to test the underinvestment and overinvestment hypotheses. The results obtained, using panel data methodology as the estimation method, indicate that the abovementioned relation is quadratic, which implies that there exists an optimal level of investment. As a consequence, firms that invest less than the optimal level suffer from an underinvestment problem, while those investing more than the optimum suffer from overinvestment. The quadratic relation is maintained when firms are classified depending on their investment opportunities, the optimum being in accordance with the quality of investment opportunities. [source]

Empirical Analysis of Delays in the Signing of Audit Reports in Spain

INTERNATIONAL JOURNAL OF AUDITING, Issue 2 2008
Enrique Bonsón-Ponte
This study sets out to analyse the factors that determine delays in the signing of audit reports. The delays are measured as a function of the number of days that elapse from the closure of the accounting period until the date when the audit report is signed. The study has been conducted in Spain, on 105 companies of the Spanish continuous market, from 2002 to 2005. The results obtained utilizing panel data methodology demonstrate that the two factors characterizing the companies that present less audit delay are: classification to sectors that are subject to regulatory pressure, such as the financial and energy sectors; and the size of company relative to its sector. Variables such as audit firm, qualifications or regulatory change show no significant relationship with audit delay in the Spanish context. [source]

Detecting Technological Catch-Up in Economic Convergence

METROECONOMICA, Issue 2-3 2003
Francesco Pigliaru
We address the problem of measuring, in the absence of reliable indices of technology levels, how much of the convergence we observe is due to convergence in technology or in capital,labour ratios. We first develop a growth model where technology accumulation in lagging economies depends on their propensity to innovate and on technological spillovers, with convergence due both to capital-deepening and to technological diffusion. Then we study the transitional dynamics of the model to show how to discriminate empirically between the following three hypotheses: (i) convergence is due to capital-deepening with technology levels uniform across economies, as in Mankiw, Romer and Weil; (ii) convergence is due to capital-deepening with stationary differences in individual technologies, as in Islam; (iii) convergence is due to both technological catch-up and capital-deepening. Our main findings are as follows. First, we show that it may be difficult to distinguish between hypotheses (ii) and (iii) in cross-section or panel data. This problem has often been overlooked in the empirical literature on convergence. Second, we suggest how the problem can be overcome by noting that hypothesis (iii) does (and hypothesis (ii) does not) imply that the initial differences in technology levels may tend to decrease over time. A careful analysis of the fixed-effects estimates obtained by means of panel data methodology proposed in Islam should allow researchers to discriminate between the two competing hypotheses. [source]

IS ASIA RESPONSIBLE FOR EXCHANGE RATE MISALIGNMENTS WITHIN THE G20?

PACIFIC ECONOMIC REVIEW, Issue 1 2008
Agnès Bénassy-Quéré
We use a panel data methodology to derive a consistent set of both real effective and bilateral exchange rate misalignments for the G20 currencies. As far as Asia is concerned, two conclusions can be drawn. First, according to our estimations, the five Asian countries in the sample had strongly undervalued currencies at the beginning of 2006. Second, a lack of exchange rate adjustment in Asia has limited impact on other misalignments against the US dollar. Indeed, bilateral misalignments between the USA and any other country mainly depend on real effective misalignments of both countries. [source]