US Data (us + data)

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

Selected Abstracts

Estimating the Intergenerational Correlation of Incomes: An Errors,in,Variables Framework

ECONOMICA, Issue 273 2002
Ramses H. Abul Naga
Because the permanent incomes of parents and children are typically unobservable, the permanent income of the parent family is taken to be a latent variable, but it is assumed that a model for its determinants is known to the researcher. I propose two related estimators for the intergenerational correlation: a 2SLS procedure and a more efficient MIMIC estimator. MIMIC also provides estimates of the variance parameters required to evaluate the bias of the OLS estimator. Using US data, I provide estimates for the intergenerational correlation ranging between 0.30 and 0.78. The bias of the OLS estimator is calculated to be in the order of 40%. [source]

Share Repurchases, Dividends and Executive Options: the Effect of Dividend Protection

Eva Liljeblom
G12; G32; G35 Abstract We study the determinants of share repurchases and dividends in Finland. We find that higher foreign ownership serves as a determinant of share repurchases and suggest that this is explained by the different tax treatment of foreign and domestic investors. Further, we also find support for the signalling and agency cost hypotheses for cash distributions. The fact that 41% of the option programmes in our sample are dividend protected allows us to test more directly the ,substitution/managerial wealth' hypothesis for the choice of distribution method. When options are dividend protected, the relationship between dividend distributions and the scope of the options programme turns to a significantly positive one instead of the negative one documented in US data. [source]

The empirical relationship between community social capital and the demand for cigarettes

Timothy T. Brown
Abstract We show that the proportion of community social capital attributable to religious groups is inversely and strongly related to the number of cigarettes that smokers consume. We do not find overall community social capital or the proportion of community social capital attributable to religious groups to be related to the overall prevalence of smoking. Using a new validated measure of community social capital, the Petris Social Capital Index and three years (1998,2000) of US data on 39 369 adults, we estimate a two-part demand model incorporating the following controls: community-level fixed effects, price (including excise taxes), family income, a smuggling indicator, nonsmoking regulations, education, marital status, sex, age, and race/ethnicity. Copyright 2006 John Wiley & Sons, Ltd. [source]

The Lag from Monetary Policy Actions to Inflation: Friedman Revisited

Nicoletta Batini
This paper updates and extends Friedman's (1972) evidence on the lag between monetary policy actions and the response of inflation. Our evidence is based on UK and US data for the period 1953,2001 on money growth rates, inflation and interest rates, as well as annual data on money growth and inflation. We reaffirm Friedman's result that it takes over a year before monetary policy actions have their peak effect on inflation. This result has persisted despite numerous changes in monetary policy arrangements in both countries. Similarly, advances in information processing and in financial market sophistication do not appear to have substantially shortened the lag. The empirical evaluation of dynamic general equilibrium models needs to be extended to include an assessment of these models' ability to account for the monetary transmission lags found in the data. [source]

Bubbles and fads in the stock market: another look at the experience of the US

Piergiorgio Alessandri
Abstract This paper considers a standard present-value equity price formula where the discount factor is driven by the real return on short-term public debt. We discuss a state-space formulation by which prices can be decomposed into fundamental and non-fundamental components. The model is estimated on annual US data. The stochastic discount factor explains part of the volatility in equity values, but it is not sufficient per se to exclude the occurrence of near-exponential bubbles in the price-dividend ratio. These disappear if the dividend is replaced by a broader measure of the income flow generated by the firms. Copyright 2006 John Wiley & Sons, Ltd. [source]

The asymmetric effects of uncertainty on inflation and output growth

Kevin B. Grier
We study the effects of growth volatility and inflation volatility on average rates of output growth and inflation for post-war US data. Our results suggest that increased growth uncertainty is associated with significantly lower average growth, while higher inflation uncertainty is significantly negatively correlated with lower output growth and lower average inflation. Both inflation and growth display evidence of significant asymmetric response to positive and negative shocks of equal magnitude. Copyright 2004 John Wiley & Sons, Ltd. [source]

Accounting for Joint Ventures and Associates in Canada, UK, and US: Do US Rules Hide Information?

Kazbi Soonawalla
Abstract: Unlike US GAAP, accounting principles in Canada and the UK require disclosure of disaggregated components of joint ventures and associates. Using comparative analysis of Canadian, UK and US data, this study investigates the potential loss of forecasting and valuation relevant information from aggregating joint venture and associate accounting amounts. Findings show that aggregating joint venture and associate investment numbers, and aggregating joint venture revenues and expenses, each leads to loss of forecasting and valuation relevant information. Thus, current US accounting principles likely mask information that financial statement users could use to predict future earnings and explain share prices. [source]

A Simultaneous Equations Analysis of Analysts' Forecast Bias, Analyst Following, and Institutional Ownership

Lucy F. Ackert
In this paper we use a simultaneous equations model to examine the relationship between analysts' forecasts, analyst following, and institutions' investment decisions. Estimates of our three equation model using US data indicate that higher institutional demand leads to greater optimism among analysts and lower analyst following. At the same time, institutional demand increases with increasing optimism in analysts' forecasts but decreases with analyst following. We also investigate firm characteristics as determinants of analysts' and institutions' decisions. Empirical estimates of the effects of these characteristics indicate that agency-driven behavioral considerations are significant. [source]

Testing for Granger (non-)causality in a time-varying coefficient VAR model

Dimitris K. Christopoulos
Abstract In this paper we propose Granger (non-)causality tests based on a VAR model allowing for time-varying coefficients. The functional form of the time-varying coefficients is a logistic smooth transition autoregressive (LSTAR) model using time as the transition variable. The model allows for testing Granger non-causality when the VAR is subject to a smooth break in the coefficients of the Granger causal variables. The proposed test then is applied to the money,output relationship using quarterly US data for the period 1952:2,2002:4. We find that causality from money to output becomes stronger after 1978:4 and the model is shown to have a good out-of-sample forecasting performance for output relative to a linear VAR model. Copyright 2008 John Wiley & Sons, Ltd. [source]

Weapons used by juveniles and adult offenders in sexual homicides: An empirical analysis of 29 years of US data

Heng Choon (Oliver) Chan
Abstract Most studies of sexual murderers consist of small samples made up of primarily adult offenders. Accordingly, little is known about similarities and differences between juvenile (under 18) and adult (over 18) sexual murderers. This article is the first to utilise a large sample (n = 3845) that spans almost three decades (1976,2004) of Supplemental Homicide Reports data to analyse juvenile (n = 452) and adult (n = 3393) sexual murderers, particularly in terms of weapons used to kill different victim types. This study underscores the importance of analyses of specific types of murderers. In comparison with homicide arrestees, those arrested for sexual murder were more likely to be male, less likely to be black, and about as likely to be under 18. Consistent with previous literature, sexual murderers in this study were more likely to use personal and close contact weapons than firearms and other more distant methods of killing. Several significant differences emerged in weapons selected to kill different victim types between juvenile and adult offenders. Findings with respect to weapon selection by offender age groups are consistent with Heide's physical strength hypothesis. Copyright 2009 John Wiley & Sons, Ltd. [source]

Social Environments and Physical Aggression Among 21,107 Students in the United States and Canada

William Pickett PhD
ABSTRACT Background:, Physical aggression is an important issue in North American populations. The importance of students' social environments in the occurrence of physical aggression requires focused study. In this study, reports of physical aggression were examined in relation to social environment factors among national samples of students from Canada and the United States. Methods:, Students in grades 6-10 from the United States (n = 14,049) and Canada (n = 7058) who had participated in the Health Behaviour in School-aged Children Survey (HBSC) were studied. Rates of students' physical aggression were compared between the 2 countries. School, family, socioeconomic, and peer-related factors were considered as potential risk factors. A simple social environment risk score was developed using the US data and was subsequently tested in the Canadian sample. Results:, Risks for physical aggression were consistently higher among United States versus Canadian students, but the magnitude of these differences was modest. The relative odds of physical aggression increased with reported environmental risk. To illustrate, US boys in grades 6-8 reporting the highest social environment risk score (5+) experienced a relative odds of physical aggression 4.02 (95% CI 2.7-5.9) times higher than those reporting the lowest score (adjusted OR for risk scores 0 through 5+ was 1.00, 1.19, 2.10, 2.01, 3.71, and 4.02, respectively, ptrend < .001). Conclusions:, Unexpectedly, rates of physical aggression and associations between social environments and students' aggression were remarkably similar in Canada and the United States. Family, peer, and school social environments serve as risk or protective factors, with significant cumulative impact on physical aggression in both countries. Given the observed high rates and the many negative effects of aggression on long-term health, school policies aimed at the reduction of such behavior remain a clear priority. [source]

Sibling Sex Composition and Educational Outcomes: A Review of Theory and Evidence for the UK

LABOUR, Issue 1 2009
Vikesh Amin
Studies from US data have found mixed results regarding sibling sex composition effects and educational outcomes. Some researchers have found that sisters hurt women's education, others have found the opposite, and some have found no effects. This paper reviews the theoretical foundations for sibling sex composition effects and tests the theories using British data, on a sample of children born between 3 and 9 March 1958, from the National Child Development Survey. Methods from previous studies are replicated and extensions considered for ability, credit constraints, and family size. No sibling sex composition effects are found, but estimation results support the quantity,quality model. [source]

A New Look at Gender Effects in Participation and Occupation Choice

LABOUR, Issue 3 2001
Didier Soopramanien
In this paper we evaluate the extent to which changes over time in women's labour market destinations are due to characteristics, on the one hand, and prices, on the other. Multinomial and nested logit methods are used to analyse US data for 1970 and 1990, and the results are compared. The latter method, which has not previously been employed in the present context, alleviates problems due to the strong assumption in simpler models of the independence of irrelevant alternatives, and provides much additional useful information. [source]

Latest news and product developments

PRESCRIBER, Issue 12 2007
Article first published online: 4 OCT 200
NAO: GPs still not prescribing efficiently The National Audit Office (NAO) says NHS funds are being wasted through inefficient GP prescribing and patients not taking their medicines. The NAO's long-awaited report, Prescribing Costs in Primary Care (, found large variations between PCTs in generic prescribing of statins, ACE inhibitors and angiotensin-II antagonists, and protonpump inhibitors; PCTs were also paying widely differing prices for these products. There was a five-fold variation in prescribing volume for clopidogrel between PCTs. These four drugs accounted for only 19 per cent of total spending but, if all practices matched the performance of the best 25 per cent, the NHS would save 200 million annually. PCTs should do more to rationalise prescribing and support their GPs, the NAO concludes. The NAO says that the cost of medicines dispensed for but not taken by patients lies somewhere in the range 100-800 million annually. Strategies to reduce waste include public awareness campaigns and restricting supplies to four weeks (or two weeks for new medicines). Rosiglitazone may increase CV death risk A meta-analysis of 42 clinical trials has suggested that rosiglitazone is associated with increased risks of myocardial infarction (MI) and cardiovascular death (N Engl J Med 2007; published online 21 May: doi 10.1056/ NEJMoa072761). Like the COX-2 inhibitors, rosiglitazone was licensed without determining its possible effects on long-term cardiovascular outcomes, and interpretation of the latest findings is complicated by the multiple comparisons involved. For risk of MI, there was no significant difference between rosiglitazone and placebo (though this was of borderline statistical signifi-cance , p=0.07), metformin, sulphonylureas or insulin. Rosiglitazone was associated with a statistically significant 43 per cent increased risk compared with all comparators combined but the absolute increase in risk was very small (0.02 per cent). The trends were similar for risk of cardiovascular death, though rosiglitazone was associated with a 64 per cent increased risk compared with all comparators combined that was of borderline statistical significance (p=0.06). The authors acknowledge that their analysis pooled short-term studies that excluded patients at risk of heart disease and was not designed to determine cardiovascular outcomes, and they had no access to patientlevel data; as a result, there is uncertainty about their findings. Nevertheless, they say there is now an urgent need to clarify the risk associated with rosiglitazone. GlaxoSmithKline has rebutted the findings, stating that the cardiovascular risk profile of rosiglitazone is comparable with that of other oral antidiabetic drugs. The MHRA says warnings in the current SPCs for Avandia and Avandamet already reflect most of the data in the latest US review. The possible effects of rosiglitazone on cardiovascular events is currently being evaluated in the Rosiglitazone Evaluated for Cardiac Outcomes and Regulation of glycaemia in Diabetes (RECORD) study. Good management tool The Department of Health has published a disease management tool to enable PCTs to model local interventions that could reduce emergency admissions. The web-based ,voluntary good practice tool' will demonstrate how interventions in primary care and social care settings can improve the management of long-term conditions including cardiovascular disease, asthma and COPD, and dementia and depression. Counterfeit medicines The MHRA has issued an unprecedented three alerts about fake medicines in the legitimate supply chain, recalling all affected lot numbers. Three batches of Zyprexa 10mg tablets (olanzapine) were withdrawn after a company printing labels became suspicious and alerted Eli Lilly. Two of the batches, which contained 60 per cent of the stated active ingredient, had reached patients but no adverse events were reported. Two lots of parallel-imported Plavix 75mg tablets (clopidogrel) have been withdrawn after counterfeit packs were identified. The lots were in French original packaging but will have been overlabelled for the UK market. The counterfeits were mixed with genuine packs from Sanofi-Aventis. Fake Casodex 50mg tablets (bicalutamide) have been identified in a parallel import from France. The Royal Pharmaceutical Society reports that the fake contains 75 per cent of the stated dose of bicalutamide. Alcohol-free mometasone Schering-plough has introduced an alcohol-free formulation of mometasone furoate nasal spray (Nasonex) for hay fever. The company says that an alcohol vehicle causes nasal irritation and leaves an unpleasant aftertaste, adding that over 40 per cent of patients cite this as the main reason for stopping treatment, and over 50 per cent state a preference for an alcohol-free product. Aid to improve statin adherence Adherence to statin therapy can be improved if patients use a decision aid when they are offered treatment,US investigators say (Arch Intern Med 2007;167:1076-82). The decision aid estimated the individual's 10-year cardiovascular risk and the risk reduction from treatment, and summarised the disadvantages of statins.Patients with diabetes who used the aid knew more about their risk and were less indecisive about treatment than those who did not. The odds of having missed a dose over three months were three times higher for patients who had not used the aid. Online tool calculates switch savings A new online tool can help GPs estimate the savings achievable from switching patients to cheaper medicines. The Switch Saving Calculator, developed by the Prescribing Analysis & Support Team at the NHS Regional Drug and Therapeutics Centre in Newcastle, calculates potential savings based on past, current or projected use of the target drug. It can be applied to individual prescribers or scaled up to practice, commissioning group, PCT, health authority or even national level. Separate calculators are available for primary and secondary care. The current version calculates potential savings by switching from atorvastatin to simvastatin. The Newcastle team says other drugs will be added and they will update prices regularly. The calculator is at switch_saving_calculator/switch_saving_calculator.html. No improvement in drug information for patients leaving hospital The information given to patients discharged from hospital is not improving, according to the Healthcare Commission's annual patient survey ( The 2006 survey found that the commonest reason patients were kept waiting for at least four hours to leave hospital was the delay in providing discharge medicines. Provision of written information increased from 62 per cent of patients in 2005 to 65 per cent in 2006. However, only 76 per cent said they had been told about their medicines in a way they could ,completely' understand (79 per cent in 2002). The proportion of patients reporting complete information about sideeffects also fell (from 40 per cent in 2005 to 37 per cent). Aspirin in preeclampsia A new meta-analysis has found that primary prevention with low-dose aspirin modestly but consistently reduces the risk of preeclampsia (Lancet 2007; published online 18 May). The study of 31 trials involving 32 217 women at low to moderate risk found that antiplatelet agents (mostly aspirin) reduced the risk of pre-eclampsia and preterm birth by 10 per cent without an increased risk of bleeding. The benefit was similar across subgroups. There were also nonsignificant reductions in the risk of small for age, stillborn and death before discharge. New from NICE NICE approves varenicline for NHS NICE has endorsed the use of varenicline (Champix) as an aid to smoking cessation within the NHS for England and Wales; it has already been approved for use in Scotland by the Scottish Medicines Consortium. Varenicline is a partial agonist at the ,4,2 nicotinic receptor. It alleviates craving and withdrawal symptoms, and reduces the rewarding and reinforcing effects of smoking. The commonest adverse effect is mild to moderate nausea, which improves with time.1 Varenicline is licensed for smoking cessation in adults; NICE says it should be offered as an option for smokers who say they want to quit as part of a programme of behavioural support. However, treatment should not be withheld if counselling and support are not available. NICE was critical of manufacturer Pfizer's economic arguments in favour of varenicline, which inappropriately included US data, assumed a single quit attempt and may have overestimated its efficacy. It nonetheless concluded that varenicline is more effective than nicotine replacement therapy (NRT) or bupropion (Zyban) in achieving continuous abstinence. NICE estimated that, compared with NRT, the odds of abstinence at one year with varenicline were 54 per cent greater. A Cochrane review1 concluded that abstinence was 66 per cent more likely with varenicline than with bupropion, and three times more likely than with placebo. There was also a benefit from offering smokers a wider choice of treatments. A 12-week course of varenicline costs 163.80; it is also licensed for an additional 12-week course and dose tapering may be considered for those at high risk of relapse. The final appraisal determination does not state which is the treatment of first choice for smoking cessation. NICE is currently preparing guidance on smoking cessation in pri-mary care, pharmacies and workplaces. Copyright 2007 Wiley Interface Ltd [source]

An Examination of Affine Term Structure Models,

Suk-Joon Byun
Abstract This paper examines the relative performance of models in the affine term structure family which includes both complete and essential affine models using Korean government bond yield data. Principal component analysis with Korean government bond yield data shows that the first three components of yields explain 97% of the total yield curve variation, and the components can be characterized as "level", "slope", and "curvature." We also estimate all three-factor affine models using a Kalman filter/quasi maximum likelihood (QML) approach. An exhaustive comparison shows that the three-factor essential affine model, A1 (3) E, in which only one factor affects the instantaneous volatility of short rates but all three factors affect the price of risk, appears to be the best model in Korea. This finding is consistent with results in Dai and Singleton (2002) and Duffee (2002) on US data and in Tang and Xia (2007) on Canadian, German, Japanese, UK and US data. [source]

A Note on Modelling Money Demand in Growing Economies

Parantap Basu
A prominent feature of US data is the lack of cointegration between nominal interest rates and M1 velocity. Yet, most general-equilibrium monetary models that have been used for empirical analysis have imposed cointegration between these two series. This paper presents as an alternative a money-in-the-utility function model which does not imply cointegration even though a well-defined stationary monetary equilibrium exists. [source]