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Different Specifications (different + specifications)

Distribution by Scientific Domains
Business, Economics, Finance and Accounting75%

Selected Abstracts

Measuring Monetary Policy Shocks in a Small Open Economy

ECONOMIC NOTES, Issue 1 2001
Giuseppe De Arcangelis
This paper presents different specifications of a structural VAR model which are useful to identify monetary policy shocks and their macroeconomic effects for the Italian economy in the 1990s. The analysis is based on a detailed institutional description of the functioning of the domestic market for bank reserves. In this setting, we try to establish if monetary policy shocks are better identified using exchange rates or foreign exchange reserves as a conditioning variable for the small open economy framework. Our analysis confirms the view that the Bank of Italy has been targeting the rate on overnight interbank loans in the 1990s. This is coherent with either proposed modelling choices. Therefore, we interpret shocks to the overnight rate as purely exogenous monetary policy shocks and study how they impact the economy. (J.E.L.: E52, F41, F47). [source]

DO STOCK RETURNS VARY WITH CAMPAIGN CONTRIBUTIONS?

ECONOMICS & POLITICS, Issue 3 2010
BUSH VS.
I examine the relation between campaign contributions and stock returns during the Florida recount period of the 2000 presidential elections. Using the full population of publicly traded firms, I find an economically significant positive (negative) relation between pre-election campaign contributions to Bush (Gore) and stock returns during the 37-day election recount period. This relation exists for both the level and partisanship of contributions, and exists incrementally at both the firm and industry levels. These relations are robust to several different specifications, including alternative event windows that exclude the potentially confounding House/Senate races. The firm-level analysis is consistent with contributions being influence-motivated. [source]

THE QUALITY OF INSTITUTIONS AND FOREIGN DIRECT INVESTMENT

ECONOMICS & POLITICS, Issue 3 2007
CHRISTIAN DAUDE
Using bilateral foreign direct investment (FDI) stocks around the world, we explore the importance of a wide range of institutional variables as determinants of the location of FDI. While we find that better institutions have overall a positive and economically significant effect on FDI, some institutional aspects matter more than others do. Especially, the unpredictability of laws, regulations and policies, excessive regulatory burden, government instability and lack of commitment play a major role in deterring FDI. For example, the effect of a one standard deviation improvement in the regulatory quality of the host country increases FDI by a factor of around 2. These results are robust to different specifications, estimation methods, and institutional variables. We also present evidence on the significance of institutions as a determinant of FDI over time. [source]

Ownership, Governance, and Bank Performance: Korean Experience

FINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS, Issue 4 2005
Sungho Choi
G21; G32; G34 The paper examines the effect of ownership and governance on firm performance. Tracing the post financial crisis experience, 1998,2002, of the Korean commercial bank industry, the paper investigates whether the involvement of foreign investors in the ownership structure had any significant effect on the banks' performance i.e., return and risk measures. Further, it examines the effects of the presence of outside directors, especially directors from foreign countries, in the corporate board structure impacts banks performance. Evidence indicates that the extent of the foreign ownership level, not the mere existence of foreign ownership, has a significant positive association with the bank return and a significant negative association with the bank risk. The number of outside board of directors does not have any significant affect on performance however the presence of a foreign director on that board is significantly associated with bank return and risk. These findings are relatively robust under the different specifications of performance measures. [source]

Development of a hydrometeorological forcing data set for global soil moisture estimation

INTERNATIONAL JOURNAL OF CLIMATOLOGY, Issue 13 2005
A. A Berg
Abstract Off-line land surface modeling simulations require accurate meteorological forcing with consistent spatial and temporal resolutions. Although reanalysis products present an attractive data source for these types of applications, bias to many of the reanalysis fields limits their use for hydrological modeling. In this study, we develop a global 0.5° forcing data sets for the time period 1979,1993 on a 6-hourly time step through application of a bias correction scheme to reanalysis products. We then use this forcing data to drive a land surface model for global estimation of soil moisture and other hydrological states and fluxes. The simulated soil moisture estimates are compared to in situ measurements, satellite observations and to a modeled data set of root zone soil moisture produced within a separate land surface model, using a different data set of hydrometeorological forcing. In general, there is good agreement between anomalies in modeled and observed (in situ) root zone soil moisture. Similarly, for the surface soil wetness state, modeled estimates and satellite observations are in general statistical agreement; however, correlations decline with increasing vegetation amount. Comparisons to a modeled data set of soil moisture also demonstrates that both simulations present estimates that are well correlated for the soil moisture in the anomaly time series, despite being derived from different land surface models, using different data sources for meteorological forcing, and with different specifications of the land surfaces properties. Copyright © 2005 Royal Meteorological Society [source]

Damage Control Productivity: An Input Damage Abatement Approach

JOURNAL OF AGRICULTURAL ECONOMICS, Issue 3 2001
Alfons Oude Lansink
This paper compares the value of the marginal product of three different pesticides from different specifications of the production function. The specifications are the output damage abatement specification proposed by Lichtenberg and Zilberman, a general input damage abatement specification and a traditional production function. These specifications are estimated on panel data of specialised Dutch arable farms over the period 1989,1992, using Generalised Maximum Entropy estimation. Results of the input damage abatement specification show that pesticides have different impacts on individual productive inputs, although statistical evidence is weak. The output damage abatement specification produces statistically more significant relations, but imposes restrictions that are only partly supported by the data. It is also found that estimation of a quadratic traditional production function, that treats damage abatement inputs in the same way as productive inputs, does not lead to over estimation of the value of the marginal product as previous authors have hypothesised. [source]

New Evidence of the Effect of Transaction Costs on Residential Mobility,

JOURNAL OF REGIONAL SCIENCE, Issue 4 2005
Jos Van Ommeren
Transaction costs are thought to cause suboptimal consumption of housing but may also negatively affect labor market outcomes. In the current paper, we demonstrate empirically for the Netherlands that transaction costs have a strong negative effect on the owners' probability of moving. Under a range of different specifications, it appears that a 1 percent-point increase in the value of transaction costs,as a percentage of the value of the residence,decreases residential mobility rates by (at least) 8 percent. The estimates imply that ownership to ownership mobility rates would be substantially higher in the absence of the current 6 percent ad valorem buyer transaction tax. Our estimates are consistent with the observation that in the Netherlands ad valorem transaction costs mainly consist of buyer transaction costs. [source]

Multinational companies, backward linkages, and labour demand elasticities

CANADIAN JOURNAL OF ECONOMICS, Issue 1 2009
Holger Görg
Abstract This paper investigates the link between nationality of ownership and wage elasticities of labour demand at the level of the plant. In particular, we examine whether labour demand in multinationals becomes less elastic with respect to the wage if the plant has backward linkages with the local economy. Our empirical evidence, based on a rich plant level dataset, shows that the extent of local linkages does indeed generally reduce the wage elasticity of labour demand. This result is economically important and holds for a number of different specifications. Ce mémoire étudie le lien entre la nationalité de la propriété et les élasticités de la demande de travail par rapport aux salaires au niveau de l'établissement. En particulier, on examine si la demande de travail dans les multinationales devient moins élastique par rapport aux salaires si l'établissement a des effets en amont sur l'économie locale. Les résultats, construits à partir d'une base de données très riche au niveau de l'établissement, montrent que l'importance des effets locaux en amont réduit l'élasticité de la demande de travail par rapport aux salaires. Ces résultats sont importants au plan économique et sont robustes pour un nombre de spécifications différentes. [source]