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Business, Economics, Finance and Accounting100%

Selected Abstracts

Random walk hypothesis in exchange rate reconsidered

JOURNAL OF FORECASTING, Issue 4 2006
Chia-Shang J. Chu
Abstract An econometric model for exchange rate based on the behavior of dynamic international asset allocation is considered. The capital movement intensity index is constructed from the adjustment of a fully hedged international portfolio. Including this index as an additional explanatory variable helps to explain the fluctuation of the exchange rate and predict better than the competing random walk model. Supporting empirical evidence is found in Germany,USA, Japan,USA, Singapore,USA and Taiwan,USA exchange markets.,,Copyright © 2006 John Wiley & Sons, Ltd. [source]

Corporate Bankruptcy in Korea: Only the Strong Survive?

FINANCIAL REVIEW, Issue 4 2000
Paola Bongini
G30/G32/G33 Abstract We analyze whether the build-up of financial vulnerabilities led listed Korean companies to bankruptcy. We find that pre-crisis leverage is systematically high for both poor performing/slow growing firms and for profitable/fast-growing firms. Pre-crisis leverage raises the probability of bankruptcy, which is lower for firms: (1) relying more on (renegotiable) bank credit; (2) with less inter-firm debt; and (3) having higher interest coverage ratios. Finally, none of these liquidity variables help predict bankruptcies for chaebol-firms, suggesting that liquidity constraints are more stringent for non-chaebol. Thus, in a systemic crisis it is not only the strong/healthy that survive. [source]

Consumer acceptance of online auctions: An extension and revision of the TAM

PSYCHOLOGY & MARKETING, Issue 7 2008
Barbara B. Stern
The study extends and revises the original Technology Acceptance Model (TAM) by applying it in the context of online auctions and introducing three new consumer-oriented variables: affinity with the computer, impulsiveness, and risk tolerance. It begins with an examination of eBay, the first and most successful online auction site, to show that its business is the technology that fuels growth and increased profits. The paper then addresses the original cognitive TAM variables, used mostly in business contexts, and then the revision designed to add emotional antecedents suitable to the consumer context. Hypotheses that incorporate all of the variables and the relationships among them are tested in a study of online auction consumer behavior, and support is found for the extended TAM. Findings thus reveal that the TAM is stable across contexts and that additional user variables help explain the acceptance of consumer technology use in personal scenarios. © 2008 Wiley Periodicals, Inc. [source]

Is Post-Communist Health Spending Unusual?

THE ECONOMICS OF TRANSITION, Issue 2 2000
János Kornai
What factors determine a country's spending on health? And what factors determine the share of spending financed by the public sector? Taking these factors into account, is post-communist health spending unusual? For the OECD economies, we find that per capita health spending is strongly related to per capita income, with an elasticity of about 1.5. The elasticity for developing economies is close to one. Spending is also positively related to the elderly dependency rate, but the relationship is weaker than a static comparison of spending by the elderly and non-elderly would suggest. Even though health spending as a share of GDP in the post-communist countries of eastern and central Europe is below the OECD average, there is evidence of above normal health spending in most countries when we control for income and demographics. For Hungary, the ,excess' spending reached over three percentage points of GDP in 1994. For the OECD sample, four development indicators account for half the variation in the public sector share of total health spending. Political variables help explain the remainder. If the post-communist countries converge to the market economy pattern, the share of public financing will fall, yet still remain well above half. [source]