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Iraj Rahmani and Jeffrey M. Wooldridge

We extend Vuong’s (1989) model-selection statistic to allow for complex survey samples. As a further extension, we use an M-estimation setting so that the tests apply to…

Abstract

We extend Vuong’s (1989) model-selection statistic to allow for complex survey samples. As a further extension, we use an M-estimation setting so that the tests apply to general estimation problems – such as linear and nonlinear least squares, Poisson regression and fractional response models, to name just a few – and not only to maximum likelihood settings. With stratified sampling, we show how the difference in objective functions should be weighted in order to obtain a suitable test statistic. Interestingly, the weights are needed in computing the model-selection statistic even in cases where stratification is appropriately exogenous, in which case the usual unweighted estimators for the parameters are consistent. With cluster samples and panel data, we show how to combine the weighted objective function with a cluster-robust variance estimator in order to expand the scope of the model-selection tests. A small simulation study shows that the weighted test is promising.

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The Econometrics of Complex Survey Data
Type: Book
ISBN: 978-1-78756-726-9

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Book part

Jeffrey M. Wooldridge

I propose a general framework for instrumental variables estimation of the average treatment effect in the correlated random coefficient model, focusing on the case where…

Abstract

I propose a general framework for instrumental variables estimation of the average treatment effect in the correlated random coefficient model, focusing on the case where the treatment variable has some discreteness. The approach involves adding a particular function of the exogenous variables to a linear model containing interactions in observables, and then using instrumental variables for the endogenous explanatory variable. I show how the general approach applies to binary and Tobit treatment variables, including the case of multiple treatments.

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Modelling and Evaluating Treatment Effects in Econometrics
Type: Book
ISBN: 978-0-7623-1380-8

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Article

ROBERTO CURCI, TERRANCE GRIEB and MARIO G. REYES

This study uses a two‐step GARCH‐M procedure to observe mean‐return and volatility transmissions between Latin American markets and to Latin America from external markets…

Abstract

This study uses a two‐step GARCH‐M procedure to observe mean‐return and volatility transmissions between Latin American markets and to Latin America from external markets during the period 1993–2000. The results indicate that mean‐return transmissions are common both within region and from external markets. The volatility transmission results are consistent with contagion theory and indicate that traders use both domestic news events as well as information contained by volatility in other markets in their information set.

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Studies in Economics and Finance, vol. 20 no. 2
Type: Research Article
ISSN: 1086-7376

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Book part

The estimation of the effects of treatments – endogenous variables representing everything from child participation in a pre-kindergarten program to adult participation in…

Abstract

The estimation of the effects of treatments – endogenous variables representing everything from child participation in a pre-kindergarten program to adult participation in a job-training program to national participation in a free trade agreement – has occupied much of the theoretical and applied econometric research literatures in recent years. This volume brings together a diverse collection of papers on this important topic by leaders in the field from around the world. This collection draws attention to several key facets of the recent evolution in this literature.

Details

Modelling and Evaluating Treatment Effects in Econometrics
Type: Book
ISBN: 978-0-7623-1380-8

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Abstract

Details

The Econometrics of Complex Survey Data
Type: Book
ISBN: 978-1-78756-726-9

To view the access options for this content please click here

Abstract

Details

Modelling and Evaluating Treatment Effects in Econometrics
Type: Book
ISBN: 978-0-7623-1380-8

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Book part

Tarek Eldomiaty, Rasha Hammam, Yasmeen Said and Alaa Safwat

This chapter offers an empirical examination of the impact of World Governance indicators (WGIs) on stock market development. The understanding is based on the premise of…

Abstract

This chapter offers an empirical examination of the impact of World Governance indicators (WGIs) on stock market development. The understanding is based on the premise of institutional economics that strong institutional governance, in terms of laws and regulations, results in positive developments in financial institutions.

The data which covers the years 1996–2016, include all world countries where a stock market operates. The authors use standard statistical tools that include Johansen co-integration test, linearity, normality tests, and regression analysis, together with discriminant analysis as a robustness check.

The empirical findings show that (a) a negative association exists between Voice and Accountability and stock market development, (b) a positive association exists between each of Political Stability, Government Effectiveness, Regulatory Quality, Rule of Law and Control of Corruption, and stock market development for most World’s regions stock markets, (c) both Voice and Accountability and Political Stability indicators are the major influential indicators for the stock market development across world stock markets.

This chapter offers quantitative evidence about the benefits of strong institutional governance to stock market development. In addition, the chapter offers significant guidelines to policymakers regarding the institutional factors that can be enhanced to promote stock market development.

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Article

Daniel L. Smith

This study examines whether rules, particular participants, and executive politics in state tax revenue estimation exert measurable influences on forecast error…

Abstract

This study examines whether rules, particular participants, and executive politics in state tax revenue estimation exert measurable influences on forecast error. Fixed-effects estimation using data from states’ respective fiscal years 1994 to 2003 indicates that all impact state tax revenue forecast accuracy in varying ways, and results suggest that policy can be crafted to effectively mitigate forecast error. Further examination of the quality of participation in tax revenue forecasting as well as the mechanisms of political involvement in this arena is suggested.

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Journal of Public Budgeting, Accounting & Financial Management, vol. 19 no. 4
Type: Research Article
ISSN: 1096-3367

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Article

Senthilkumar Thangavelu, Sangeetha Gunasekar and Amalendu Jyotishi

The purpose of this paper is to understand the nature of the feedback effects of economic growth on innovation. The question is whether the economies with higher levels of…

Abstract

Purpose

The purpose of this paper is to understand the nature of the feedback effects of economic growth on innovation. The question is whether the economies with higher levels of endowments have a declining feedback effect of income on innovation and contribute to the development of effective innovation policies are raised.

Design/methodology/approach

This study hypothesizes that innovation input’s response to economic growth in terms of income is an inverted “U” shaped path, whereas the innovation output’s response to income is positive and asymptotic. This paper uses the global innovation index data of 154 countries over the period 2013–2017 on innovation and gross domestic product for the analysis using the fixed-effect regression models.

Findings

The results confirmed the inverted U shaped relationship in the line of Kuznets’s curve for innovation input and that of negative slope and asymptotic behaviour for innovation output.

Research limitations/implications

In this study, the analysis performed using the global innovation index 2013–2017 data. This study can be extended at each factor level to understand this phenomenon in depth with more data and to help in improving the innovation policies for the betterment of the economic growth.

Practical implications

This study suggests that developed countries need to guard against complacency in their innovation efforts because of the asymptotic nature exhibited through the effective development of innovation policies. The developing economies can look forward to establishing themselves in the domains of innovation input through imitation of technologies.

Originality/value

This paper extends the study of feedback effects of economic growth on innovation. This study brings out the nature of feedback effects of economic growth on input innovation and output innovation activities. The results show a declining feedback effect of income on innovation in economies with a higher level of endowments and highlight the inclusion of feedback effects of economic activities on the innovation while designing the innovation and economic policies of a country.

Details

Journal of Science and Technology Policy Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2053-4620

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Article

Jeffrey Gauthier and Zuopeng (Justin) Zhang

The purpose of this paper is to build theory concerning the role of discourse in strategic renewal and green knowledge management.

Abstract

Purpose

The purpose of this paper is to build theory concerning the role of discourse in strategic renewal and green knowledge management.

Design/methodology/approach

The approach entails an application of discourse theory to the strategy process literature, a review of the knowledge management (KM) literature and examination of examples in the context of organizations' sustainability initiatives.

Findings

A discourse-based model of green knowledge management, with associated research propositions that address each element of strategy renewal, is developed.

Research limitations/implications

The model and propositions in this paper may help to spur future management research that draws on a variety of discourse analytic tools, and advances our understanding of KM focused on environmental sustainability.

Originality/value

A discursive perspective on green knowledge management allows for a broader and more dynamic view of strategy process. This paper foregrounds the dynamic nature of strategy process in exploring the nature of discourse, and suggests that green knowledge management addresses a key megatrend that may form a foundation for strategic renewal.

Details

International Journal of Productivity and Performance Management, vol. 69 no. 8
Type: Research Article
ISSN: 1741-0401

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