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Common Information (common + information)

Distribution by Scientific Domains
Business, Economics, Finance and Accounting42%

Selected Abstracts

Serfdom and social capital in Bohemia and Russia1

ECONOMIC HISTORY REVIEW, Issue 3 2007
T. K. DENNISON
The ,horizontal' social capital generated by networks and communities is widely regarded as inherently antagonistic to ,vertical' hierarchies such as serfdom. This article examines this view using evidence from pre-Emancipation Bohemia and Russia. It finds that serf communes generated a substantial ,social capital' of shared norms, common information, and collective sanctions. But communal social capital was manipulated by village elites who collaborated with overlords in taxation, land regulation, and demographic control. This benefited communal oligarchies, but harmed ordinary serfs and the wider economy. Horizontal social capital and vertical hierarchies, the article demonstrates, can as easily collude as conflict. [source]

Guilds, efficiency, and social capital: evidence from German proto-industry

ECONOMIC HISTORY REVIEW, Issue 2 2004
SHEILAGH OGILVIE
This article considers recent economic theories about guilds in the light of evidence from a German proto-industrial region. The empirical findings cast doubt on views that guilds existed because they were efficient institutional solutions to market failures relating to product quality, training, and innovation. However, guilds did generate a ,social capital' of shared norms, common information, mutual sanctions, and collective political action. This social capital benefitted guild members, but harmed outsiders and the wider economy. The article concludes that economic theories of collective action and interlinked markets can explain why guilds were widespread while not necessarily being efficient. [source]

Information and volatility links in the foreign exchange market

ACCOUNTING & FINANCE, Issue 2 2009
Sirimon Treepongkaruna
G12; G14 Abstract We apply the trading model of Fleming et al (1998). to a number of currency markets. The model posits that two markets can have common volatility structures as a result of receiving common information and from cross-hedging activity where a position in one currency is used to hedge risk in a position taken in another. Our results imply that the model is effective in identifying common information flows and volatility spillovers in the currency markets and that some of these effects are lost when simply examining raw correlations. A series of specification tests of the 21 bivariate systems that are examined provides support for the trading model in the foreign exchange context. [source]

THE INFLUENCE OF FUNDAMENTALS ON EXCHANGE RATES: FINDINGS FROM ANALYSES OF NEWS EFFECTS

JOURNAL OF ECONOMIC SURVEYS, Issue 4 2010
Rafael R. Rebitzky
Abstract As we survey the literature of macroeconomic news in the foreign exchange market, we can by now look back on nearly 30 years of research. The first studies which analysed news effects on exchange rates were established in the early 1990s (see, for example, Dornbusch). Almost at the same time Meese and Rogoff published their influential paper, revealing the forecasting inferiority in exchange rates of structural models against the random walk. This finding has shocked the pillars of exchange rate economics and thus cast general suspicion on research focusing on fundamentals in this field. The eventual rising popularity of event studies can partly be attributed to the re-establishment of the,raison d'être,of exchange rate economics. This work focuses on systematically surveying this literature with particular respect to its primary goal, i.e. shedding light on the analytical value of fundamental research. Thus, its major findings are, first, fundamental news does matter, whereas non-fundamental news matters to a lesser degree. Second, news influences exchange rates via two separated channels, i.e. incorporating common information into prices directly or indirectly based upon order flow. Third, with a few exceptions the impact of fundamental news on exchange rates is fairly stable over time. [source]

Collaborating on state-level institutional research in New Hampshire: NH PAPER

NEW DIRECTIONS FOR INSTITUTIONAL RESEARCH, Issue 139 2008
Ingrid Lemaire
A model for system-level institutional researchers to work together to address common information and research needs is presented. [source]

Estimating Returns on Commercial Real Estate: A New Methodology Using Latent-Variable Models

REAL ESTATE ECONOMICS, Issue 2 2000
David C. Ling
Despite their widespreao use as benchmarks of U.S. commercial real estate returns, indexes produced by the National Council of Real Estate Investment Fiduciaries (NCREIF) are subject to measurement problems that severely impair their ability to capture the true risk,return characteristics,especially volatility,of privately held commercial real estate. We utilize latent-variable statistical methods to estimate an alternative index of privately held (unsecuritized) commercial real estate returns. Latent-variable methods have been extensively applied in the behavioral sciences and, more recently, in finance and economics. Unlike factor analysis or other unconditional statistical approaches, latent variable models allow us to extract interpretable common information about unobserved private real estate returns using the information contained in various competing measures of returns that are measured with error. We find that our latent-variable real estate return series is approximately twice as volatile as the aggregate NCREIF total return index, but less than half as volatile as the NAREIT equity index. Overall, our results strongly support the use of latent-variable statistical models in the construction of return series for commercial real estate. [source]

Exploratory Precipitation in North-Central China during the Past Four Centuries

ACTA GEOLOGICA SINICA (ENGLISH EDITION), Issue 1 2010
Liang YI
Abstract: Two robust precipitation reconstructions were conducted by combining tree-ring chronologies, dryness/wetness indices from historical documents, and climate data from the global grid. It was found that the recurrent drought history of a region can help us understand the variability of precipitation. Several dry/wet periods during the past four centuries and potential cycles of precipitation variation were determined. Furthermore, the reconstructions are not only consistent well with each other in North-central China, but also in good agreement with variations of precipitation in northeastern Mongolia, the Longxi area in Gangsu Province and the Dulan area of Qinghai Province, and the snow accumulation of the Guliya glacier. These synchronous variations indicate that it is valuable to study various climate records, find common information and determine the driving force of climate change. [source]