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Endogenous Nature (endogenous + nature)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	60%

Selected Abstracts

One money, one market: the effect of common currencies on trade

ECONOMIC POLICY, Issue 30 2000
Andrew K. Rose
A gravity model is used to assess the separate effects of exchange rate volatility and currency unions on international trade. The panel data, bilateral observations for five years during 1970,90 covering 186 countries, includes 300+ observations in which both countries use the same currency. I find a large positive effect of a currency union on international trade, and a small negative effect of exchange rate volatility, even after controlling for a host of features, including the endogenous nature of the exchange rate regime. These effects, statistically significant, imply that two countries sharing the same currency trade three times as much as they would with different currencies. Currency unions like the European EMU may thus lead to a large increase in international trade, with all that that entails. [source]

The Two Faces of Analyst Coverage

FINANCIAL MANAGEMENT, Issue 2 2005
John A. Doukas
We find that positive excess (strong) analyst coverage is associated with overvaluation and low future returns. This finding is consistent with the view that excessive analyst coverage, driven by investment banking incentives and analyst self-interests, raises investor optimism causing share prices to trade above fundamental value. However, weak analyst coverage causes stocks to trade below fundamental values. This finding indicates that investors tend to believe that these firms are more likely to be plagued by information asymmetries and agency problems. The results remain robust after controlling for the possible endogenous nature of analyst coverage and analysts' self-selection bias. [source]

PhD Graduates with Post-doctoral Qualification in the Private Sector: Does It Pay Off?

LABOUR, Issue 3 2007
Isabelle Recotillet
Post-doctoral training was initially developed for PhD graduates wishing to embark on a career in the public sector. However, a large proportion of post-doctorate graduates turn to the private sector, and in particular to occupations that do not involve research. The question we raise is that of the wage premium on post-doctoral training. To control for selection bias arising in the case where unobservable elements are correlated between participation and wages, we first estimate a treatment effect model. The main finding is that when selection bias is not controlled for, post-doctoral participation increases earnings; however, when selection bias is controlled for, the participation in a post-doctoral programme has no positive effect. With regards to this finding we show that post-doctoral programmes play much more the role of a signal in the first stage of a career. This finding is also reinforced when we use a bivariate selection rule to control for the endogenous nature of having been recruited in the private sector. [source]

THE DETERMINANTS OF GRADE ATTAINMENT IN LOW-INCOME COUNTRIES: EVIDENCE FROM RURAL BANGLADESH

THE DEVELOPING ECONOMIES, Issue 4 2004
Hayfa GRIRA
This paper presents an econometric analysis of the effects of child health on school enrollment and grade attainment in Bungladesh. It improves on past studies in a number of ways mainly by incorporating into its analysis the endogenous nature of child health. The results challenge the conclusions found in the literature. First, it finds that in Bangladesh, a child's health and his/her probability of being enrolled in school are at best weakly related. Second, it shows that once enrolled, nutritional deficiencies retard substantially school progress: Underweight children tend to be in lower grades than well-fed children of the same age. It is estimated that a one standard deviation improvement in weight-for-age would be expected to reduce the grades behind by about 0.25 years or about 13.5 percent of the actual years completed. Finally, the estimates suggest that the weight-for-age indicator appears as the best predictor of nutritional status. [source]

Acute Otitis Externa: Efficacy and Tolerability of N-Chlorotaurine, a Novel Endogenous Antiseptic Agent,

THE LARYNGOSCOPE, Issue 5 2004
Andreas Neher MD
Abstract Objective: The study's objective was to test the tolerability and efficacy of the endogenous antiseptic N-chlorotaurine (NCT) in comparison with a standard clinical treatment according to a phase IIb clinical trial protocol. Study Design: The antimicrobial agent NCT was compared with the antibiotic component drops Otosporin (containing neomycin, polymyxin B, and hydrocortisone) for topical treatment of acute otitis externa in a randomized and rater-blinded clinical study. Methods: Fifty patients suffering from acute otitis externa were divided into two groups according to a randomized list. The test group was treated with 1 mL of 1% aqueous NCT solution, the reference group with 1 mL of Otosporin. The substances were applied to the external ear canal at one daily session until the signs of infection disappeared. Efficacy and tolerability were evaluated daily by visual analogue scale and a six-step infection score. In addition, smears were analyzed to identify the causative pathogens. Results: Both medications were equally well tolerated by the patients. The treatment was successful for all patients of the NCT group, whereas in one patient from the reference group, the infection did not disappear. The inflammation score improved more rapidly in the NCT group, which resulted in an earlier termination of the therapy. This difference became highly significant on days 4 to 7 (P < .01 each). Time needed for disappearance of inflammation (score 0) was 5.6 ± 1.6 (mean ± SD, range 3,9) days in the NCT group and 7.4 ± 1.6 (range 4,10) days in the Otosporin group (P < .001). As expected, micro-biologic cultures from ear swabs revealed Pseudomonas aeruginosa (58%) followed by Staphylococcus aureus (18%) as the main causative pathogens. Conclusions: NCT appears to be well tolerated and more effective than the therapy using antibiotic component drops. Because of its endogenous nature and its higher efficacy, NCT appears to be a good choice for topical treatment of acute otitis externa. [source]