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High Returns (high + return)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	77%

Selected Abstracts

Decision delegation: A conceptualization and empirical investigation

PSYCHOLOGY & MARKETING, Issue 1 2008
Praveen Aggarwal
This paper examines a purchase context in which consumers, instead of deciding on their own, delegate either a part of or the entire purchase decision to a surrogate. A path model linking the antecedent variables and delegation is tested in the context of personal computer purchases. It was found that the factors that ensure decision quality emanating from the surrogate's expertise differentials, trustworthiness, accountability, and willingness to customize increase the likelihood of decision delegation. In addition to its direct positive effect on delegation, trustworthiness mediates the effect of expertise difference, surrogate accountability, and customization on delegation. Perceived loss of control inhibits delegation, but only at the stage when the final choice decision is made. Also, if a decision task is repeatable, the high return on effort has a negative effect on delegation, but only at attribute set and choice set delegations. Contributions of the study and directions for future research are discussed. © 2008 Wiley Periodicals, Inc. [source]

From privatized to government-administered tax collection: tax farming in eighteenth-century France1

ECONOMIC HISTORY REVIEW, Issue 4 2004
EUGENE N. WHITE
The establishment of a government bureaucracy to collect taxes is regarded as one of the essential features of a modern economy. While Britain is considered a pioneer, France has been treated as a laggard because of continued reliance on tax farming. Focusing on the largest tax farm, France's late transition from private to government tax collection is explained in a principal-agent context by the difficulties of monitoring employees and borrowing at low cost in the capital market. Tax farmers continued to earn high returns, absorbing the risk of fluctuating collections, leaving the Crown with lower revenue. [source]

Determinants of Investor Demand for Cross-Listed Firms

FINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS, Issue 3 2010
George Athanassakos
G11; G12; G15 By focusing on the decisions of investors to invest in cross-listed stocks, this paper presents new evidence on why we observe striking differences in the percentage of trade in foreign markets for cross-listed stocks. With a large sample of Toronto Stock Exchange (TSX) stocks cross-listed in the U.S. and Canada, we document the effect of investor recognition and risk characteristics on the distribution of trading volume. Firms that are more visible to American investors are traded more heavily in the U.S. At the same time, firms that offer diverse risk characteristics are attractive to Americans. While investors understand the benefits of international diversification, as they are attracted to stocks that are different (e.g., the stock of small firms with few assets in the U.S.), they also seek stocks that provide them with high returns. [source]

What determines transaction costs in foreign exchange markets?

INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 1 2008
Tarun Ramadorai
Abstract Using detailed data on the currency transactions of institutional fund managers, this paper shows that funds that experience high returns on their currency holdings also incur lower transaction costs on their currency trades. This finding holds both in the cross section, i.e. funds that perform better on average incur lower average transaction costs, as well as in time series, i.e. funds that do better over the past two months incur lower transaction costs on subsequent transactions. The results are consistent with foreign exchange dealers bidding for information from successful traders. They are also consistent with foreign exchange dealers exploiting price inelastic demand for foreign currency trades, or funds acting as secondary liquidity providers in foreign exchange markets. The paper also investigates the role of fund size, transaction frequency and return volatility on transactions costs. Copyright © 2007 John Wiley & Sons, Ltd. [source]

Poverty decline, agricultural wages, and nonfarm employment in rural India: 1983,2004

AGRICULTURAL ECONOMICS, Issue 2 2009
Peter Lanjouw
Poverty; Agricultural labor; India; Nonfarm employment Abstract We analyze five rounds of National Sample Survey data covering 1983, 1987/1988, 1993/1994, 1999/2000, and 2004/2005 to explore the relationship between rural diversification and poverty. Poverty in rural India has declined at a modest rate during this time period. We provide region-level estimates that illustrate considerable geographic heterogeneity in this progress. Poverty estimates correlate well with region-level NSS data on changes in agricultural wage rates. Agricultural labor remains the preserve of the uneducated and also to a large extent of the scheduled castes and scheduled tribes. We show that while agricultural labor grew as a share of total economic activity over the first four rounds, it had fallen back to the levels observed at the beginning of our survey period by 2004. This all-India trajectory also masks widely varying trends across states. During this period, the rural nonfarm sector has grown modestly, mainly between the last two survey rounds. Regular nonfarm employment remains largely associated with education levels and social status that are rare among the poor. However, casual labor and self-employment in the nonfarm sector reveals greater involvement by disadvantaged groups in 2004 than in the preceding rounds. The implication of this for poverty is not immediately clear,the poor may be pushed into low-return casual nonfarm activities due to lack of opportunities in the agricultural sector rather than being pulled by high returns offered by the nonfarm sector. Econometric estimates reveal that expansion of the nonfarm sector is associated with falling poverty via two routes: a direct impact on poverty that is likely due to a pro-poor marginal incidence of nonfarm employment expansion; and an indirect impact attributable to the positive effect of nonfarm employment growth on agricultural wages. The analysis also confirms the important contribution to rural poverty reduction from agricultural productivity, availability of land, and consumption levels in proximate urban areas. [source]

Feedback Effects and Asset Prices

THE JOURNAL OF FINANCE, Issue 4 2008
EMRE OZDENOREN
ABSTRACT Feedback effects from asset prices to firm cash flows have been empirically documented. This finding raises a question for asset pricing: How are asset prices determined if price affects fundamental value, which in turn affects price? In this environment, by buying assets that others are buying, investors ensure high future cash flows for the firm and subsequent high returns for themselves. Hence, investors have an incentive to coordinate, which may generate self-fulfilling beliefs and multiple equilibria. Using insights from global games, we pin down investors' beliefs, analyze equilibrium prices, and show that strong feedback leads to higher excess volatility. [source]

Clearly Irrational Financial Market Behavior: Evidence from the Early Exercise of Exchange Traded Stock Options

THE JOURNAL OF FINANCE, Issue 1 2003
Allen M. Poteshman
This paper analyzes the early exercise of exchange-traded options by different classes of investors over the 1996 to 1999 period. A large number of exercises are identified as clearly irrational without invoking any model of market equilibrium. Customers of discount brokers and customers of full-service brokers both engage in a significant number of irrational exercises while traders at large investment houses exhibit no irrational early exercise behavior. Rational and irrational exercise is triggered for discount and full-service customers by the underlying stock price attaining its highest level over the past year and by high returns on the underlying stock. [source]

Asian carp farming systems: towards a typology and increased resource use efficiency

AQUACULTURE RESEARCH, Issue 6 2002
C G J Michielsens
Abstract Resource use efficiency in Asian carp farming systems is analysed based on a survey of 2493 farms of nine countries. Multivariate classification of farms by intensity and diversity identified six farm types: four types of specialized aquaculture farms at different levels of intensity, and two types of integrated agriculture,aquaculture systems. Pond-based, specialized semi-extensive systems (using mainly inorganic fertilizers and feeds of off-farm origin), and integrated semi-intensive systems (using feeds and fertilizer of both on and off-farm origin) are by far the most common types, accounting for 59% and 27% of all farms respectively. Specialized semi-extensive systems also show the highest protein and nutrient (N and P) use efficiencies, and among the highest labour use efficiency. Super-intensive cage farms are less efficient in nutrient and labour use, but provide very high returns to land and capital investment. On average, the aquaculture components of integrated agriculture, aquaculture systems are less nutrient, land, and labour efficient than specialized semi-extensive systems. Integrated semi-extensive systems (using organic fertilizers of on-farm origin) are particularly inefficient across all indicators. Hence in practice, gains in overall resource use efficiency through on-farm integration with agricultural production are constrained by the relative inefficiency of the aquaculture subsystems on integrated farms. Although such systems can likely be improved, integration as such is not a panacea to increasing resource use efficiency. Wide variation in resource use efficiency within all systems indicates potential for substantial efficiency gains through improved management regardless of the fundamental choice of system. [source]

Running the Risks: The Rationalisation of Australia's Water

AUSTRALIAN JOURNAL OF PUBLIC ADMINISTRATION, Issue 3 2000
Christopher Sheil
This article analyses the categories comprising the relationship between productivity and rate-of-return reporting in the context of water infrastructure. It examines the categories and relations comprising rates of return, showing how each can fail to capture real productivity gains. Theoretically, high returns may be obtained despite low real productivity and vice versa. This has implications for ,corporatisation', since the restructuring of Australia's water systems has entrenched rate-of-return reporting as the pre-eminent measure of performance. The problem is, if water's rate-of-return is continually increased without ensuring commensurate real productivity improvements, eventually Australia's water systems must break down. The issue is acute as neither the theory of corporatisation nor the logic of ,economic rationalism' supplies a means for ensuring profitability does not outrun productivity. I conclude the rationalisation of Australia's water has exposed citizens to new, fundamental and otherwise unprotected social, environmental and economic risks. [source]