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Limited Participation (limited + participation)

Distribution by Scientific Domains
Business, Economics, Finance and Accounting50%

Selected Abstracts

A Parsimonious Macroeconomic Model for Asset Pricing

ECONOMETRICA, Issue 6 2009
Fatih Guvenen
I study asset prices in a two-agent macroeconomic model with two key features: limited stock market participation and heterogeneity in the elasticity of intertemporal substitution in consumption (EIS). The model is consistent with some prominent features of asset prices, such as a high equity premium, relatively smooth interest rates, procyclical stock prices, and countercyclical variation in the equity premium, its volatility, and in the Sharpe ratio. In this model, the risk-free asset market plays a central role by allowing non-stockholders (with low EIS) to smooth the fluctuations in their labor income. This process concentrates non-stockholders' labor income risk among a small group of stockholders, who then demand a high premium for bearing the aggregate equity risk. Furthermore, this mechanism is consistent with the very small share of aggregate wealth held by non-stockholders in the U.S. data, which has proved problematic for previous models with limited participation. I show that this large wealth inequality is also important for the model's ability to generate a countercyclical equity premium. When it comes to business cycle performance, the model's progress has been more limited: consumption is still too volatile compared to the data, whereas investment is still too smooth. These are important areas for potential improvement in this framework. [source]

Cardiac rehabilitation programme for coronary heart disease patients: An integrative literature review

INTERNATIONAL JOURNAL OF NURSING PRACTICE, Issue 3 2009
Nidal F Eshah RN, PhD(c)
Previous Western cardiac rehabilitation (CR) purported to improve patients' quality of life and health-related parameters for cardiovascular diseases (CVD). Nursing's role in CR was minimally identified. The purpose of this integrative literature review was to determine the effectiveness of current CR programmes and to determine if nurses are included in multidisciplinary CR teams. An online search of databases for the National Institutes of Health Library, Medline, CINAHL, Blackwell Synergy and PsychINFO electronic databases, with keywords,cardiac rehabilitation, lifestyle modification, secondary prevention, quality of life, effects of rehabilitation,identified 13 articles published 2001,2006 for inclusion. Cardiac rehabilitation programmes provided significant improvement in participants' quality of life, exercise capacity, lipid profile, body mass index, body weight, blood pressure, resting heart rate, survival rate, mortality rate and decreased myocardial infarction (MI) risk factors, although there was limited participation. They also decreased depression and anxiety. Eight studies included Nurses as CR providers, but without clear descriptions of their role. Nurses in developing countries need to participate in CR programmes to improve patients' participation, and to focus on modalities with lower overhead costs, such as home-based CR, and to clearly articulate their unique contributions. [source]

Faculty governance and nontenure-track appointments

NEW DIRECTIONS FOR HIGHER EDUCATION, Issue 143 2008
Joshua D. Morrison
A number of factors contribute to the limited participation of nontenure-track faculty in governance. [source]

The role of accounting and the accountant in the environmental management system

BUSINESS STRATEGY AND THE ENVIRONMENT, Issue 3 2001
Trevor D. Wilmshurst
This paper explores the role of accounting and the accountant in the Environmental Management System (EMS). This study was founded on a postal survey of chief executive officers (CEOs) and chief financial officers (CFOs) from the top 500 listed Australian companies. From responses to the surveys, this paper firstly documents the adoption of environmental accounting processes by respondent companies and secondly management attitudes as to the role of environmental accounting in these companies. The senior executives responding to the survey suggest that they believe the environment is an important issue, and recognize the need for a business response. However, there appeared to be limited participation of the accountant in the EMS, which suggests there is a gap between the aggregate observations of this sample and literature support with respect to the role of environmental accounting. It is suggested that this might reflect a lack of understanding of the potential role accounting and the accountant could (and arguably should) play as a member of the EMS team. It is the intention of this paper to provide some input to enhance an understanding of the potential and important role accounting and the accountant could play in the EMS. Copyright © 2001 John Wiley & Sons, Ltd. and ERP Environment [source]

Shirking in a monetary business cycle model

CANADIAN JOURNAL OF ECONOMICS, Issue 3 2006
Michelle Alexopoulos
Abstract This paper investigates whether a limited participation model with imperfectly observed effort can reproduce the economy's responses to a monetary policy shock without appealing to high labour supply elasticities or high markups. The results demonstrate that the presence of imperfectly observed effort, in combination with the limited participation assumption, allows the model to account for the presence of involuntary unemployment, nominal wage rigidity, and the observed responses to monetary policy shocks. Ce mémoire enquête pour établir si un modèle de participation limitée où le niveau d'effort est imparfaitement observé peut reproduire les réponses d'une économie à un choc de politique monétaire sans avoir à postuler des élasticités élevées d'offre de travail ou des fortes marges bénéficiaires. Les résultats montrent que la présence d'un effort imparfaitement observé, combinée au postulat de participation limitée, permet au modèle de rendre compte de la présence de chômage involontaire, de rigidité du salaire nominal, et des réponses observées aux chocs de la politique monétaire. [source]

Credit market imperfections and exchange rate variability

CANADIAN JOURNAL OF ECONOMICS, Issue 2 2000
Wai-Ming Ho
In this paper a two-country overlapping generations model is presented in which the roles of financial factors in the international monetary transmission mechanism are studied and whether and how the two types of credit market imperfections, limited participation, and costly state verification may contribute to the high variability of exchange rates are examined. Liquidity effects generated by monetary disturbances are shown to have qualitatively similar effects on the world economy in the perfect information case and in the costly information case. However, quantitative differences provide dfferent predictions about the variability of economic variables in the world economy. JEL Classification: F31, F41 Ce mémoire présente un modèle de deux pays où les générations se chevauchent pour étudier le rôle des facteurs financiers dans le mécanisme de transmission monétaire international, et pour examiner si les deux types d'imperfection (participation limitée et contrôle étatique coûteux) peuvent contribuer à une grande variabilité des taux de change et de quelle manière. On montre que les effets de liquidité engendrés par les perturbations monétaires ont les mêmes effets qualitatifs sur l'économie mondiale que l'information soit parfaite ou coûteuse. Cependant, il y a des différences quantitatives. Ces différences suggèrent des écarts dans les prévisions quant à la variabilité des variables économiques dans l'économie mondiale. [source]