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Alternative Model Specifications (alternative + model_specifications)
Selected AbstractsDoes Private Money Buy Public Policy?JOURNAL OF ECONOMICS & MANAGEMENT STRATEGY, Issue 3 2007Campaign Contributions, Regulatory Outcomes in Telecommunications To what extent can market participants affect the outcomes of regulatory policy? In this paper, we study the effects of one potential source of influence,campaign contributions,from competing interests in the local telecommunications industry, on regulatory policy decisions of state public utility commissions. Our work is unique in that we test the effects of campaign contributions on measurable policy outcomes. This stands in stark relief against most of the existing literature, which examines potentially noisier measures of policy outcomes,such as the roll-call votes of legislators, to examine how private money may influence public policy. By moving to more direct measures of policy effects, and using a unique new dataset, we find, in contrast to much of the literature on campaign contributions, that there is a significant effect of private money on regulatory outcomes. This result is robust to numerous alternative model specifications. We also assess the extent of omitted variable bias that would have to exist to obviate the estimated result. We find that for our result to be spurious, omitted variables would have to explain more than five times the variation in the mix of private money as is explained by the variables included in our analysis. We consider this to be very unlikely. [source] Development of a multifunctional sales response model with the diagnostic aid of artificial neural networksJOURNAL OF FORECASTING, Issue 7 2005Stefania Pantelidaki Abstract This paper proposes an approach that models and forecasts sales through a flexible parametric response function (multifunctional), allowing for differentiated behavioural assumptions of the response determinants to be specified, and uses neural network modelling as a re-specification tool for the response model in order to improve forecasting performance. An initial experiment on a sample of sales data demonstrates feasibility and gives comparative insights via alternative model specifications. Copyright © 2005 John Wiley & Sons, Ltd. [source] Price Premium and Foreclosure RiskREAL ESTATE ECONOMICS, Issue 2 2006Seow Eng Ong Many previous studies identify loan, property, borrower and environmental factors that impact the probability of foreclosure. Implicit in these studies is the assumption that the property was purchased at fair value. We question this assumption based on several empirical findings regarding property value uncertainty. In contrast to previous research, we explicitly quantify the price premium from a hedonic pricing model. Using a comprehensive database of real estate transactions in Singapore during 1989,2000, we document a price premium associated with properties that are subsequently foreclosed based on actual sales transactions. In addition, we find that the premium paid at purchase significantly increases the probability of foreclosure. These results are robust and continue to hold after controlling for other property-specific factors, time-varying macroeconomic conditions, alternative model specifications and definitions of price premium. [source] FOREIGN NETWORKS AND EXPORTS: RESULTS FROM INDONESIAN PANEL DATATHE DEVELOPING ECONOMIES, Issue 4 2008Fredrik SJÖHOLM F10; F23; L10 Most firms and plants in developing countries produce only for the domestic market and few are able to export. One plausible hypothesis is that foreign networks decrease export costs and that plants with large amounts of such networks will be relatively likely to start exporting. We focus on two types of foreign networks: foreign ownership and imports of intermediate products. Our results suggest that plants in Indonesian manufacturing with any foreign ownership are substantially more likely to start exporting than wholly domestically owned plants. The results remain robust to alternative model specifications and after controlling for other plant characteristics. There is no effect on exports of imports of intermediate products. [source] THE YEN-DOLLAR EXCHANGE RATE AND MALAYSIAN MACROECONOMIC DYNAMICSTHE DEVELOPING ECONOMIES, Issue 3 2007Mansor H. IBRAHIM E30; F33; F40 This paper empirically assesses the effect of the yen-dollar exchange rate on selected macroeconomic variables, namely, real output, price level, and money supply, for Malaysia. The results, which are based on a vector autoregressive framework, suggest that variations in the yen-dollar rate can have significant influences on Malaysia's macroeconomic variables. More specifically, the yen-dollar depreciation leads to contraction in real GDP and money supply. These results are fairly robust to alternative model specifications. We believe that, apart from providing important insights into the interactions between the yen-dollar rate and domestic macroeconomic variables, our results contribute to the debate on choice of exchange rate regimes for Malaysia. [source] Insider Trading Regulation and Market Quality: Evidence from American Depositary ReceiptsASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, Issue 3 2010Kee H. Chung G10; G38 Abstract We investigate the relation between insider trading law enforcement and stock market quality using a sample of American Depositary Receipts (ADR) over the period from 1998 to 2006. We show that ADR from countries that have enforced insider trading laws have better market liquidity and lower information asymmetry than ADR from countries that have not enforced insider trading laws. In addition, ADR from countries with insider trading law enforcement have greater price efficiency. Our results are robust to different estimation methods and alternative model specifications. We interpret these results as evidence that the enforcement of insider trading laws can effectively deter insider trading and enhance both market liquidity and price efficiency. [source] | ||||||||||