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1 – 10 of 27Roberta A. Scull and Barbara S. Kavanaugh
Bobbie Scull's bibliography of federal government bibliographies was begun in 1971 as an annual informational publication primarily intended for the faculty at Louisiana State…
Abstract
Bobbie Scull's bibliography of federal government bibliographies was begun in 1971 as an annual informational publication primarily intended for the faculty at Louisiana State University. Later she distributed it to libraries all over the state of Louisiana. In 1973 RSR began to publish these lists on an annual basis. This is the fourth such appearance. In the meantime these bibliographies were cumulated and published in two volumes: Bibliography of U.S. Government Bibliographies 1968–73 and 1974–76. (Pierian Press, 1975, 1979). RSR is proud to continue the annual supplements which are now computer produced at LSU. Although this supplement appears in Volume 8:1 (1980) in the future they will appear in the final issue of the year.
Jörgen Hellström, Rickard Olsson and Oscar Stålnacke
The purpose of this paper is to measure individual investors’ expectations of risk and return and to evaluate different expectation measures.
Abstract
Purpose
The purpose of this paper is to measure individual investors’ expectations of risk and return and to evaluate different expectation measures.
Design/methodology/approach
The authors measure individual investors’ expectations of risk and return regarding an index fund and two stocks using survey data on a random sample of individual investors in Sweden. The survey contains three different return and four different risk expectation measures. To evaluate the different expectation measures, three different evaluation perspectives are considered.
Findings
The risk expectations obtained from the different measures are positively correlated across respondents, but their average magnitudes differ considerably across measures. The return expectations are also positively correlated, and their magnitudes also differ, but to a lesser extent. Consequently, the same individual can express risk expectations that either underestimate or overestimate the forward risk, depending on the measure that is used. The variations in the expectations mainly relate to differences in the responses to the questions underlying the different measures, rather than to the methods used to obtain the expectations. The results from the evaluation of the measures indicate that the expectation measure proposed by Dominitz and Manski (2011) is the only measure for which it is possible to distinguish between individuals’ expectations, using all three of the evaluation perspectives.
Originality/value
This is, to the best of the authors’ knowledge, the first paper that evaluates different survey measures of individual investors’ expectations of risk and return.
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Keywords
This paper aims to present a simple behavioural explanation of the prohibition of speculation in Islamic finance.
Abstract
Purpose
This paper aims to present a simple behavioural explanation of the prohibition of speculation in Islamic finance.
Design/methodology/approach
This paper proposes a theoretical model that describes how investors from low income strata of the society may be prone to make sub-optimal decisions when they compare their outcome from a speculative trading activity to that of the counterparty to the trade and perceive inequity to exist.
Findings
When individuals from low income strata of the society compare their current situation with the average income of the society, they perceive themselves to be in a loss. This creates a loss frame within which they then evaluate all future outcomes. When such individuals invest in speculative trading activities and incur a loss, they compare their outcome from the trade to that of the counterparty to the trade. As speculative trades are a zero sum game, the counterparty makes an equivalent gain from the trade. Thus, the comparison leads to a perception of inequity. This perception of inequity is aggravated by the loss frame within which the investor is operating. The aggravated inequity aversion may then motivate the investor to make further sub-optimal decisions like repeated speculative trading activities. The Islamic prohibition on speculative trading activities may serve to protect low income investors from entering into such cycles of sub-optimal decisions.
Originality/value
This paper offers a unique explanation of why day trading and short selling may be prohibited in Islamic capital markets.
Details
Keywords
This study aims to examine short- and long-run effects of specific macroeconomic conditions on risk premium estimates on lending.
Abstract
Purpose
This study aims to examine short- and long-run effects of specific macroeconomic conditions on risk premium estimates on lending.
Design/methodology/approach
Empirical estimates are based on error correction and autoregressive distributed lag models.
Findings
The results suggest that, in the short run, inflation expectations, recession expectations and actual inflationary conditions tend to have a significant impact on risk premium estimates; in the long run, however, only inflation expectations and recession expectations are significant in risk premium estimates on lending.
Originality/value
This study examines how specific conditions of uncertainty and expectations influence variability in risk premium estimates on lending in the US economy.
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Dimitrios Anastasiou and Stelios Giannoulakis
This study investigates which expectation formation mechanism governs Eurozone firms regarding their expectations on external finance availability.
Abstract
Purpose
This study investigates which expectation formation mechanism governs Eurozone firms regarding their expectations on external finance availability.
Design/methodology/approach
In this study, we link consecutive surveys from the Survey on the Access to Finance of Enterprises to bring new evidence on how non-financial corporations shape their expectations on external finance availability.
Findings
In line with the past literature, we demonstrate that the data reject the Rational Expectations hypothesis, and we find evidence in favor of the Adaptive Expectation mechanism.
Originality/value
This is the first study studying firms' expectations of external finance availability, implementing survey data of firms' expectations from the SAFE database on a country level. The formation of firm expectations is vital in directing policymakers in designing appropriate monetary policies, as both the employment and inflation targets of central banks around the world are highly dependent on the firm-level decision process.
Details
Keywords
The purpose of this paper is to explore the impact that minimum quality standards have on product quality when entrepreneurial innovation is considered.
Abstract
Purpose
The purpose of this paper is to explore the impact that minimum quality standards have on product quality when entrepreneurial innovation is considered.
Design/methodology/approach
The author develops a game-theoretic model. It is a standard vertical product differentiation model, but incorporates a minimum quality standard and uncertain entrepreneurial innovation.
Findings
While the minimum quality standard increases the expected quality of the low-quality product, under reasonable circumstances the expected quality of the high-quality good decreases. Thus, average quality can decrease with regulation intended to increase product quality.
Research limitations/implications
Past research on minimum quality standards does not consider its impact on entrepreneurial effort when their innovation investments lead to uncertain outcomes.
Practical implications
Minimum quality standard regulation can have counterproductive impacts if the impact on entrepreneurs is not considered. The regulation can disincentivize entrepreneurs leading to lower quality products.
Social implications
Regulation can be welfare reducing.
Originality/value
This paper is the first to incorporate entrepreneurial innovation into a product quality model to explore the impact of minimum quality standard regulation.
Details
Keywords
Annalisa Ferrando, Ioannis Ganoulis and Carsten Preuss
This paper explores how firms formed their expectations about the availability of bank finance since the financial crisis. Various expectations hypotheses that incorporate…
Abstract
Purpose
This paper explores how firms formed their expectations about the availability of bank finance since the financial crisis. Various expectations hypotheses that incorporate backward and/or forward-looking elements and inattention are tested. From a policy perspective, the most important hypothesis is whether policy announcements have a direct impact on the expectations of companies.
Design/methodology/approach
The analysis is based on a large sample of euro area companies from the ECB “Survey on the Access to Finance of Enterprises” between 2009 and 2018. Ordered logit models are used to relate individual replies on expectations to firms' information available at the time of the forecasts. The model controls for the business cycle and firms' structural characteristics. Using a difference-in-differences approach, we test how policy announcements may affect expectations.
Findings
Firms update what otherwise look like adaptive expectations on the basis of new information. The hypothesis of rational expectations is rejected. Moreover, we do not find evidence of inattention or of a wave of pessimism/optimism. The analysis of expectations around the time of the ECB Outright Monetary Transactions program provides some evidence of forward-looking expectations.
Originality/value
The paper contributes to the literature on expectations by using a novel survey in eleven countries. In the multi-country setting, country-specific business cycle effects and waves of pessimism or optimism are better controlled for. The policy announcements of summer 2012 provide for a natural experiment to test the direct impact of such announcements on expectations, an issue of relevance for the monetary policy transmission to economic activity.
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The purpose of this paper is to investigate the relationship between individual investors’ level of sophistication and their expectations of risk and return in the stock market.
Abstract
Purpose
The purpose of this paper is to investigate the relationship between individual investors’ level of sophistication and their expectations of risk and return in the stock market.
Design/methodology/approach
The author combines survey and registry data on individual investors in Sweden to obtain 11 sophistication proxies that previous research has related to individuals’ financial decisions. These proxies are related to a survey measure regarding individual investors’ expectations of risk and return in an index fund using linear regressions.
Findings
The findings in this paper indicate that sophisticated investors have lower risk and higher return expectations that are closer to objective measures than those of less-sophisticated investors.
Originality/value
These results are important, since they enhance the understanding of the underlying mechanisms through which sophistication can influence financial decisions.
The purpose of this stud is to analyze the financialization effect on oil prices.
Abstract
Purpose
The purpose of this stud is to analyze the financialization effect on oil prices.
Design/methodology/approach
This study applied the technique of multibreak point analysis with Bai and Perron test plus VAR methodology.
Findings
Findings revealed that there was no effect on oil prices.
Originality/value
To the best of the author’s knowledge, this is the first paper combining the multibreakpoint analysis with VAR for the period analyzed in the present work.
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Keywords
This compilation of over 500 United States Government bibliographies is the second annual supplement to BIBLIOGRAPHY OF UNITED STATES GOVERNMENT BIBLIOGRAPHIES 1968–1973 (Pierian…
Abstract
This compilation of over 500 United States Government bibliographies is the second annual supplement to BIBLIOGRAPHY OF UNITED STATES GOVERNMENT BIBLIOGRAPHIES 1968–1973 (Pierian Press). Due to the Government Printing Office backlog during 1974, many 1973 and 1974 titles are included in this 1975 Supplement, which should have appeared earlier.