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The human development index (HDI) and gender‐related development index (GDI) have become accepted as leading measures for ranking human well being in different countries. The purpose of this paper is to identify the planning policies that improve these indices and to also suggest modifications to the indices that yield more sensible policies.Design/methodology/approach – This paper solves the first‐best welfare problem in which the planner maximizes a development index subject to resource constraints.Findings – Planning strategies that maximize the HDI tend towards minimizing consumption and maximizing expenditures on education and health. Interestingly, such strategies also tend towards equitable allocations, even though inequality aversion is not modelled in the HDI. The paper shows that the GDI generates optimal plans with similar properties, and determine when the GDI and HDI generate consistent optimal plans. A problematic feature of the optimal plans is that the income component in the HDI (or GDI) does not play its intended role of securing resources for a decent standard of living. Rather, it acts to distort the allocation between health and education expenditure. The paper argues that it is better to drop income from the index. Alternatively, the paper considers net income, income net of education and health expenditures, as indicating capabilities not already reflected in the index. Finally, it compares how the modified indices and the HDI rank countries.Originality/value – The paper is believed to be the first to integrate development indices into national development planning.

To design a robust attitude control system for the ascent flight phase of satellite launch vehicles (SLVs).

The autopilot is based on generalized dynamic inversion (GDI). Dynamic constraints are prescribed in the form of differential equations that encapsulate the control objectives, and are generalized inverted using the Moore-Penrose Generalized Inverse (MPGI) based Greville formula to obtain the control law. The MPGI is modified via a dynamic scaling factor for assuring generalized inversion singularity-robust tracking control. An additional sliding mode control (SMC) loop is augmented to robustify the GDI closed-loop system against model uncertainties and external disturbances.

The robust GDI control law allows for two cooperating controllers that act on two orthogonally complement control spaces: one is the particular controller that realizes the dynamic constraints, and the other is the auxiliary controller that is affined in the null control vector, and is used to enforce global closed-loop stability.

Orthogonality of the particular and the auxiliary control subspaces ensures noninterference of the two control actions, and thus, it ensures that both actions work toward a unified goal. The robust control loop increases practicality of the GDI control design.

The first successful implementation of GDI to the SLV control problem.

This paper investigates the use of graphs, selection of variables to graph and construction of graphs in prospectuses issued by Australian companies making their initial public offering (IPO) of shares to the Australian capital market. The paper formulates and tests hypotheses concerning selectivity in the use of graphs and distortion in the construction of graphs presented in IPO prospectuses, as well as providing descriptive evidence about the use of graphs in such prospectuses. Results show that firms enjoying improving profit performance are significantly more likely to include graphs of key financial variables in their prospectuses than firms suffering deteriorating profit performance. Thus, similar to studies of graphs in annual reports, evidence of selectivity in the inclusion of graphs is found. No significant relationship is found between performance on the variable being graphed and distortion in the construction of the graph. When the graphs are split between those covering key financial variables and other variables, a significant relationship is found in both categories. For graphs of other variables, a significant positive association is found between performance and distortion. However, the relationship for key financial variables is in the opposite direction to that suggested by impression management. Further analysis identifies significant sub‐period differences in selectivity and distortion which are consistent with the view that the major regulatory and institutional changes outlined in the paper, reduced the extent of selectivity and graphical distortion in the post‐1991 period. As far as we are aware, this is the first study reported in the literature to investigate the use of graphs in prospectuses. The results also have policy implications for the regulatory authority in Australia.

This paper aims to examine the effect of geographical diversification on corporate liquidity in Malaysian firms. Liquidity is represented by both cash and working capital.

Data for this study is collected from a total of 735 firms over a period of five years, from 2010 to 2014, resulting in a total of 2,904 firm-year observations. The effect of geographical diversification on the cash and working capital of the firms is analyzed by using the ordinary least squares (OLS) with standard errors adjusted for firm level clustering and the quantile regression (QR) analyses. Control variables which represent the characteristics of the firms are also considered.

Analysis using the OLS regression technique indicates that geographical diversification has a highly significant positive influence on corporate cash holdings, while the influence of working capital is negative and its significance is only at the 10 per cent level. However, when QR is used to analyze the relationships, it is found that geographical diversification is only significant in positively influencing cash holdings for firms with low cash holdings, but the relationship is insignificant at high levels of cash holdings. Additionally, working capital is significantly influenced by geographical diversification at high levels of working capital but not at low levels.

To the author’s knowledge, this is the first study to analyze the influence of geographical diversification on liquidity by considering both cash and working capital. The effect of diversification on liquidity is mostly studied in developed countries, whereas this study is focused on a developing country. Additionally, this study uses QR to analyze relationships at different levels rather than at aggregate level as done in OLS regression analysis.

The authors analyze a model for N different measurements of a persistent latent time series when measurement errors are mean-reverting, which implies a common trend among measurements. The authors study the consequences of overdifferencing, finding potentially large biases in maximum likelihood estimators (MLE) of the dynamics parameters and reductions in the precision of smoothed estimates of the latent variable, especially for multiperiod objects such as quinquennial growth rates. The authors also develop an R² measure of common trend observability that determines the severity of misspecification. Finally, the authors apply their framework to US quarterly data on GDE and GDI, obtaining an improved aggregate output measure.

Theories and research on gender and civic engagement have changed dramatically since studies were conducted 50 years ago. Over time, definitions of political socialization, knowledge, and engagement have all evolved, and with these developments come differences in how we view male and female political and civic engagement.

Do feminine cultures really behave more feminine than masculine cultures?. A comparison of 48 countries femininity‐masculineity ranking to their UN human development rankings. Reveals that feminine cultures do apply greater intensity in investing in human development programmes, including care for the weak and gender equity development than masculine cultures. States that both score low on empowerment of females, suggesting that a countrys power distance measurement affects this. Implies that managers of international firms will find greater demand for improved quality of work and female empowerment programmes in feminine/small power distance countries than feminine high power distance countries and masculine countries. Qualifies comparisons by outlining problems within the UN statistical data.

The problem of measurement errors in the national accounts has been recognized for a long time. The error chiefly arises from various source data and the timing of the flow of data received from providers. This chapter first discusses the type of measurement errors confronted by statistical agencies. Second, it presents a model of their behavior that illustrates the trade-offs that must be made in dealing with such errors. Third, the chapter discusses how the quality of the estimates can be gauged given measurement error and the inability to conduct standard statistical tests. Although the focus is on the production of U.S. Gross Domestic Product, the principles are applicable to all national statistical agencies.

Nearly all international trade takes place in middle products, rather than in finished goods as it is assumed in most models of international trade theory. Recognition of this fact has some far-reaching consequences for the measurement of real value added, real domestic income, and productivity, and it brings forward the role of a number of related, yet distinct, key price ratios: the terms of trade, the real exchange rate, and the trading gains. Production theory, rather than consumer theory, is therefore the appropriate setting for analyzing issues such as openness, trade imbalances, and income distribution.