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Distribution by Scientific Domains

Business, Economics, Finance and Accounting	40%

Selected Abstracts

Credible Commitment in Non-Independent Regulatory Agencies: A Comparative Analysis of the European Agencies for Pharmaceuticals and Foodstuffs

EUROPEAN LAW JOURNAL, Issue 5 2004
Sebastian Krapohl
Usually, these agencies evolve from EU committees and take over most of their structures. Accordingly, like most EU committees and the Commission, regulatory agencies are not independent, but act under the control of the member states. The question is, how far do they indicate a credible commitment of the Member States to long-term policy goals like health and consumer protection. This article compares the institutional structures and decision-making rules of the European Agency for the Evaluation of Medicinal Products and of the newly established European Food Safety Authority, in order to clarify the extent of credible commitment that the Member States show through the setting-up of these agencies. It concludes that the commitment of the Member States in the foodstuff sector is not as deep as in the pharmaceutical sector, and that the creation of the European Food Safety Authority will not lead to a success story similar to that of the European Agency for the Evaluation of Medicinal Products. [source]

Price Movers on the Stock Exchange of Thailand: Evidence from a Fully Automated Order-Driven Market

FINANCIAL REVIEW, Issue 3 2010
Charlie Charoenwong
G12; G14; G15 Abstract This study examines which trade sizes move stock prices on the Stock Exchange of Thailand (SET), a pure limit order market, over two distinct market conditions of bull and bear. Using intraday data, the study finds that large-sized trades (i.e., those larger than the 75th percentile) account for a disproportionately large impact on changes in traded and quoted prices. The finding remains even after it has been subjected to a battery of robustness checks. In contrast, the results of studies conducted in the United States show that informed traders employ trade sizes falling between the 40th and 95th percentiles (Barclay and Warner, 1993; Chakravarty, 2001). Our results support the hypothesis that informed traders in a pure limit order market, such as the SET, where there are no market makers, also use larger-size trades than those employed by informed traders in the United States. [source]

Face consciousness and risk aversion: Do they affect consumer decision-making?

PSYCHOLOGY & MARKETING, Issue 8 2003
Yeqing Bao
This article explores the effects of two cultural dimensions, face consciousness and risk aversion, on consumers' decision-making styles. Data from China and the United States show that consumers in the United States differ from their counterparts in China in decision-making styles. Face consciousness and risk aversion appear to contribute to such divergence. Implications for future research are discussed. © 2003 Wiley Periodicals, Inc. [source]

To sample or eradicate?

JOURNAL OF APPLIED ECOLOGY, Issue 4 2008
A cost minimization model for monitoring, managing an invasive species
Summary 1Considerable effort is expended by national and local governments to exclude alien species via detection and eradication of invading populations, but these efforts are not necessarily designed in the most economically or biologically efficient manner. 2Using the invasion of the European strain of the gypsy moth Lymantria dispar into the USA as a case study, we develop an analytical model to determine the optimal trap density for detecting isolated infestations. Most models focus on monitoring or eradication costs only; our model considers the costs of both detection and eradication when determining the best monitoring strategy. 3The model assumes that all isolated populations must be located and eradicated by the conclusion of a programme. For programmes lasting longer than 1 year, it is more worthwhile to proactively monitor and manage rather than to wait until the programme is over. 4For a management programme of a given length, optimal trap density is most influenced by the growth rate of the infestation. Optimal trap densities are lowest for infestations with very low growth rates (because they remain small and therefore are less expensive to eradicate) or very high growth rates (because they are easier to detect), and highest for infestations with moderate growth rates (because they are neither inexpensive to eradicate nor easy to detect). 5Our model is useful in setting a baseline level of monitoring for isolated incidents of gypsy moth invasion. Analysis of data in two US states show that actual trap densities are far higher than the optimal densities from the model. The difference suggests risk aversion may play a role in real systems. 6Synthesis and applications. Our model suggests that we can improve the efficiency of detection and eradication programmes for isolated infestations by optimizing detection effort relative to infestation growth rates and management programme duration. It also clearly demonstrates the importance of balancing the costs and benefits of both detection and eradication when developing invasive species monitoring programmes. [source]

Probit model forecasts of national and state manufacturing and construction employment downturns*

PAPERS IN REGIONAL SCIENCE, Issue 4 2005
Gary L. Shoesmith
Probit modeling; business cycles; leading indicators; yield spreads Abstract., This study extends Shoesmith (2003) by generating probit model forecasts of downturns in national and state manufacturing and construction employment, using average weekly hours in manufacturing (HRS) and housing permits (HP), respectively, as explanatory variables. In each case the yield spread (SPREAD) is used as an alternative to HRS or HP. The expected result is that HRS and HP are more effective than SPREAD in forecasting downturns in related sectors of employment. However, the estimation and forecast results for the nation and 50 states show that SPREAD is in general more useful than HRS and HP, primarily because of the short lead times provided by the leading indicators. [source]