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The main aim of this paper is to provide an assessment of the intellectual impact of the work of Jaroslav Vanek in the related fields of participation and labor management…
The main aim of this paper is to provide an assessment of the intellectual impact of the work of Jaroslav Vanek in the related fields of participation and labor management (hereafter, PLM) and participation and employee ownership (hereafter, PEO).
This paper used mixed methods including bibliometric analysis.
Vanek's work, particularly the General Theory of Labor-Managed Market Economies, (Vanek, 1970) is the building block for the modern scientific study of cooperatives and for helping to establish the fields of PLM and PEO. Vanek (1970) continues to be the highest cited publication each year that investigates the pure case of a labor-managed firm. Arguably his work has played a significant role is setting the stage for the development of adjacent fields in economics such as the new institutional economics. For an economist, his work has had an unusually strong impact on work outside of economics.
No similar assessment has been undertaken before.
We discuss a class of copula-based ordered probit models with endogenous switching. Such models can be useful for the analysis of self-selection in subjective well-being…
We discuss a class of copula-based ordered probit models with endogenous switching. Such models can be useful for the analysis of self-selection in subjective well-being equations in general, and job satisfaction in particular, where assignment of regressors may be endogenous rather than random, resulting from individual maximization of well-being. In an application to public and private sector job satisfaction, and using data on male workers from the German Socio-Economic Panel for 2004, and using two alternative copula functions for dependence, we find consistent evidence for endogenous sector selection.
This paper introduces the readers to Neo-Transitional Economics – a volume which aspires to reinvigorate scholarly interest in transition economics research. The classical…
This paper introduces the readers to Neo-Transitional Economics – a volume which aspires to reinvigorate scholarly interest in transition economics research. The classical transition storyline is briefly revisited, and new directions for empirical and policy-relevant research that target post-transition economies in the post-crisis paradigm are highlighted.
This paper aims to assess dynamics of the knowledge economy (KE)–finance nexus using the four variables identified under the World Bank’s (WB’s) Knowledge Economy Index…
This paper aims to assess dynamics of the knowledge economy (KE)–finance nexus using the four variables identified under the World Bank’s (WB’s) Knowledge Economy Index (KEI) and seven financial intermediary dynamics of depth, efficiency, activity and size.
Principal component analysis is used to reduce the dimensions of KE components before dynamic panel generalized method of moments (GMM) estimation techniques are employed to examine the nexus.
Four main findings are established. First, education improves financial depth and financial efficiency but mitigates financial size. Second, apart from a thin exception (trade’s incidence on money supply), economic incentives (credit facilities and trade) are not consistently favorable to financial development. Third, information and communications technology improves only financial size and has a negative effect on other financial dynamics. Finally, proxies for innovation (journals and foreign direct investment [FDI]) have a positive effect on financial activity; journals (FDI) have (has) a negative (positive) effect on liquid liabilities, and journals and FDI both have negative incidences on money supply and banking system efficiency, respectively.
As a policy implication, the KE–finance nexus is a complex and multidimensional relationship. Hence, blind and blanket policy formulation to achieve positive linkages may not be successful unless policy-making strategy is contingent on the prevailing “KE-specific component” trends and dynamics of financial development. Policy makers should improve the economic incentive dimension of KE that, overwhelmingly and consistently, deters financial development, owing to surplus liquidity issues.
As far as we have reviewed, this is the first paper to examine the KE–finance nexus with the plethora of KE dimensions defined by the WB’s KEI and all the dynamics identified by the Financial Development and Structure Database.
Like many industrial nations over the last four decades, the Japanese economy has undergone a number of regime shifts, making parameter estimations difficult. One of the…
Like many industrial nations over the last four decades, the Japanese economy has undergone a number of regime shifts, making parameter estimations difficult. One of the most significant shifts occurred in inflation in the mid 1970s as OPEC suddenly raised oil prices. This abrupt change likely caused consumers' expectations of future inflation to deviate significantly from realized (ex‐post) inflation. Using a Markov chain model, inflation forecasts that take into consideration changing regimes are employed to derive a unique set of real stationary variables that are likely to better represent consumers' expectations and are an alternative to the standard approach of adjusting nominal variables with ex‐post inflation. We employ these real variables in the consumption‐based capital asset pricing model (CCAPM). Estimates of the representative investor's coefficient of relative risk aversion (CRRA) are derived within the framework typically used to examine the equity premium puzzle. Our tests confirm that the equity premium puzzle, if it exists in Japan, is not as significant as previously thought.
Points out the steadily growing role of computers in the industrial sector. Highlights some accidents involving robots and touches on safeguards which have been…
Points out the steadily growing role of computers in the industrial sector. Highlights some accidents involving robots and touches on safeguards which have been introduced. Presents reliability and availability analysis of a robot machine/system having a redundant safety system. Formulas for system reliability, steady state availability, and mean time to failure are developed. Selective plots of the resulting formulas are shown.
The purpose of this paper is to evaluate the need to incorporate the loan loss provisions (LLPs) and risk measures in order to examine the repercussions on advancing…
The purpose of this paper is to evaluate the need to incorporate the loan loss provisions (LLPs) and risk measures in order to examine the repercussions on advancing approach and profitability.
The study investigates the effect of explanatory variables on profitability and advancing approach of the banks. The variables used in this study were determined, based on the review of relevant literature and established according to the availability of data for measurement purposes. Inspired by previous research, Hausman test is used in this study to determine whether a random or fixed effects generalized least squares model is best. The linear regression model is applied to strongly balanced panel data obtained from the ten commercial banks.
The findings demonstrate that Nigerian banking sector considers LLPs in terms of its decision making of advancing approach, while proper inclusion of credit, market and operational risk is more important for South Africa’s banks rather than the maintenance of provisions.
Moreover, the credit risk proves to be more needed factor of consideration for Nigerian rather for South African banks. This is an answer to the strong economy of South Africa as compared to Nigeria and more chances of default faced by Nigerian banks.
In this paper, the gamma test is used to determine the order of lag-k tail dependence existing in financial time series. Using standardized return series, statistical…
In this paper, the gamma test is used to determine the order of lag-k tail dependence existing in financial time series. Using standardized return series, statistical evidences based on the test results show that jumps in returns are not transient. New time series models which combine a specific class of max-stable processes, Markov processes, and GARCH processes are proposed and used to model tail dependencies within asset returns. Estimators for parameters in the models are developed and proved to be consistent and asymptotically joint normal. These new models are tested on simulation examples and some real data, the S&P 500.