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Recent Empirical Evidence (recent + empirical_evidence)
Selected AbstractsIntra Day Bid-Ask Spreads, Trading Volume and Volatility: Recent Empirical Evidence from the London Stock ExchangeJOURNAL OF BUSINESS FINANCE & ACCOUNTING, Issue 5-6 2004Charlie X. Cai With the benefit of very high frequency (25 million 1 minute observations) and recent data (2001) for the UK, this paper explores a number of intra day patterns of stock market behaviour. More specifically, a distinct reverse J shaped bid-ask spread pattern is noted for SETS securities, a declining bid-ask spread pattern for non-SETS securities, a two hump pattern for trading volume and a U-shaped pattern for returns volatility for all securities. In terms of complementing the existing literature, the paper shows that differences in trading systems may affect the bid-ask spread patterns, while differences in market environments (i.e. US and UK markets) seems to affect the trading volume pattern. The paper suggests avenues for future research, in particular, the need to consider what factors are significant in determining intra day patterns for different trading systems and the need for additional cross-market comparisons to identify how institutional factors affect the behaviour of investors on an intra day basis. [source] Technological Diversity and Jacobs' Externality Hypothesis RevisitedGROWTH AND CHANGE, Issue 2 2005OLOF EJERMO ABSTRACT Recent empirical evidence strongly supports Jacobs's (1969) externality hypothesis that urban diversity provides a more favorable environment for economic development than urban specialization. In order to correctly gauge Jacobs's hypothesis, economic development should be understood as a result of innovations. Furthermore, a relevant diversity measure should take into account the degree of diversity of the inherent classes (e.g. pharmaceuticals are closer to chemicals than to forestry). These ideas are tested using regionally classified Swedish patent application data as a measure of innovativeness. Patent data are also used to reflect technological diversity. The results show that the number of patent applications in Swedish regions is highly and positively dependent on regional technological specialization, quite the opposite of Jacobs's prediction. This paper raises general questions about earlier empirical results. It is concluded that the size of regions is an important factor to consider, since this in itself may affect patenting intensity and technological diversity. [source] The knowledge-based economy: intellectual origins and new economic perspectivesINTERNATIONAL JOURNAL OF MANAGEMENT REVIEWS, Issue 1 2001Richard G. Harris This paper discusses the intellectual origins of the knowledge-based economy or KBE, and recent economic theories used to provide an intellectual foundation for the KBE. The KBE is the dominant post-industrial economic development paradigm that emerged in the 1980s, with an emphasis on the role of knowledge creation and distribution as the primary driver in the process of economic growth, the distribution of income, the growing importance of knowledge-based networks among firms, and the interface between government business and citizens in the advanced economies. Recent empirical evidence on rates of return, geographic spillovers, and the internationalization of knowledge flows are discussed in relation to the theoretical foundations of the KBE. [source] Large Shareholder Entrenchment and Performance: Empirical Evidence from CanadaJOURNAL OF BUSINESS FINANCE & ACCOUNTING, Issue 1-2 2008Yves Bozec Abstract:, Recent empirical evidence indicates that the largest publicly traded companies throughout the world have concentrated ownership. This is the case in Canada where voting rights are often concentrated in the hands of large shareholders, mostly wealthy families. Such concentrated ownership structures can generate specific agency problems, such as large shareholders expropriating wealth from minority shareholders. These costs are aggravated when large shareholders don't bear the full costs of their decisions because of the presence of mechanisms (dual class voting shares, pyramids) which lead to voting rights being greater than the cash flow rights (separation). We assess the impact of separation on various performance metrics while controlling for situations when the large shareholder has (1) the opportunity to expropriate (high free cash flows in the firm) and (2) the incentive to expropriate (low cash flow rights). We also control for when the large shareholder has the power to expropriate (high voting rights, outright control and insider management) and for the presence of family ownership. The results support our hypotheses and indicate that firm performance is lower when large shareholders have both the incentives and the opportunity to expropriate minority shareholders. [source] The influence of arbuscular mycorrhizae on the relationship between plant diversity and productivityECOLOGY LETTERS, Issue 2 2000John N Klironomos Ecological theory predicts a positive and asymptotic relationship between plant diversity and ecosystem productivity based on the ability of more diverse plant communities to use limiting resources more fully. This is supported by recent empirical evidence. Additionally, in natural ecosystems, plant productivity is often a function of the presence and composition of mycorrhizal associations. Yet, the effect of mycorrhizal fungi on the relationship between plant diversity and productivity has not been investigated. We predict that in the presence of AMF, productivity will saturate at lower levels of species richness because AMF increase the ability of plant species to utilize nutrient resources. In this study we manipulated old-field plant species richness in the presence and absence of two species of AMF. We found that in the absence of AMF, the relationship between plant species richness and productivity is positive and linear. However, in the presence of AMF, the relationship is positive but asymptotic, even though the maximum plant biomass was significantly different between the two AMF treatments. This is consistent with the hypothesis that AMF increase the redundancy of plant species in the productivity of plant communities, and indicates that these symbionts must be considered in future investigations of plant biodiversity and ecosystem function. [source] The labour market for nursing: a review of the labour supply literatureHEALTH ECONOMICS, Issue 6 2003Emanuela Antonazzo Abstract The need to ensure adequate numbers of motivated health professionals is at the forefront of the modernisation of the UK NHS. The aim of this paper is to assess current understanding of the labour supply behaviour of nurses, and to propose an agenda for further research. In particular, the paper reviews American and British economics literature that focuses on empirical econometric studies based on the classical static labour supply model. American research could be classified into first generation, second generation and recent empirical evidence. Advances in methods mirror those in the general labour economics literature, and include the use of limited dependent variable models and the treatment of sample selection issues. However, there is considerable variation in results, which depends on the methods used, particularly on the effect of wages. Only one study was found that used UK data, although other studies examined the determinants of turnover, quit rates and job satisfaction. The agenda for further empirical research includes the analysis of discontinuities in the labour supply function, the relative importance of pecuniary and non-pecuniary job characteristics, and the application of dynamic and family labour supply models to nursing research. Such research is crucial to the development of evidence-based policies. Copyright © 2002 John Wiley & Sons, Ltd. [source] The British partnership phenomenon: a ten year reviewHUMAN RESOURCE MANAGEMENT JOURNAL, Issue 3 2009Stewart Johnstone This article presents a detailed review of the vast partnership literature that has emerged in the UK between 1998 and 2008. It begins by examining definitions of partnership, and suggests that while academic definitions are vague, practitioner definitions tend to conflate partnership processes with partnership outcomes. An alternative definition based upon processes and practices is offered. This is followed by a review of the conceptual advocates/critics debate, and the key themes of empirical partnership studies. It is proposed that while recent empirical evidence identifies a variety of outcomes and presents various typologies of partnership, there is an absence of debates on typologies in the literature. The article then identifies several limitations of the existing literature, including ideological positions, a lack of sensitivity to context and to different types of partnership, and a focus on outcomes. The article concludes by suggesting avenues for future partnership research. [source] Portability of Supplementary Pension Rights in the European UnionINTERNATIONAL SOCIAL SECURITY REVIEW, Issue 1 2001Vincenzo Andrietti European Union (EU) legislation on portability of supplementary pension rights accrued by private-sector migrant workers is at an early stage. The recent directive on this topic, aiming to preserve accrued pension rights at least at the level guaranteed in the case of within-borders mobility, emphasizes the role of country-specific legislation on pension portability issues. This paper analyses EU as well as national pension portability regulation for a representative sample of EU countries, in the light of recent empirical evidence outlining the role of occupational pensions in individual job mobility choices in these countries. [source] Reevaluating the distinction between Axis I and Axis II disorders: The case of borderline personality disorderJOURNAL OF CLINICAL PSYCHOLOGY, Issue 12 2005Anthony C. Ruocco The division between Axis I clinical syndromes and Axis II personality disorders is a long-standing distinction based primarily on three guiding principles: phenomenology, cause, and course. Clinical syndromes were generally thought to be characterized by transient symptoms with biological causes and an unstable course; personality disorders were supposed by many to be characterized by long-standing personality traits, whose roots were primarily psychological, and a stable and unremitting course. Borderline personality disorder (BPD), however, is a condition characterized by distinct clinical symptoms, varied causes, and a relatively unstable course. Past theorizing about the distinction between Axis I and Axis II disorders is presented in light of recent empirical evidence refuting the rationalization for the separation of personality disorders and clinical syndromes using BPD as a means for comparison. © 2005 Wiley Periodicals, Inc. J Clin Psychol 61: 1509,1523, 2005. [source] A Terror Management Perspective on AgeismJOURNAL OF SOCIAL ISSUES, Issue 2 2005Andy Martens In the present article, we present a theoretical perspective on ageism that is derived from terror management theory. According to the theory, human beings manage deeply-rooted fears about their vulnerability to death through symbolic constructions of meaning and corresponding standards of value. We extend this perspective to suggest that elderly individuals present an existential threat for the non-elderly because they remind us all that: (a) death is inescapable, (b) the body is fallible, and (c) the bases by which we may secure self-esteem (and manage death anxiety) are transitory. We review some recent empirical evidence in support of these ideas and then discuss possible avenues for combating ageism. [source] | ||||||||||||||||