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1 – 10 of over 4000Abdykappar Ashimov, Kenzhegaly Sagadiyev, Yuriy Borovskiy, Nurlan Iskakov and Askar Ashimov
The purpose of this paper is to offer the theory of a parametrical regulation of market economy development, and the results of the theory development and usage.
Abstract
Purpose
The purpose of this paper is to offer the theory of a parametrical regulation of market economy development, and the results of the theory development and usage.
Design/methodology/approach
Theoretical results of the abstract have been obtained by way of applying the theory of ordinary differential equations, geometrical methods in variation tasks and the theory of dynamic systems. These results have been used for solving a number of practical tasks.
Findings
The market economy development parametrical regulation theory structure has been offered. The approach to parametrical regulation of a nonlinear dynamic system's development has been suggested. An assumption about the existence of solution to the task of calculus of variations on the choice of the optimum laws of parametrical regulation within the given finite set of algorithms has been set forward. An assumption about the conditions sufficient for the existence of an extremal's bifurcation point of the task of calculus of variations on the choice of the optimum laws of parametrical regulation within the given finite set of algorithms is presented, formulated and proved. Theory application samples have been provided.
Research limitations/implications
Future papers would be focused on studies of rigidness of other mathematic models of economic systems.
Practical implications
The research findings could be applied to the choice and realization of an effective budget and tax as well as monetary and loan state policy.
Originality/value
The market economy development parametrical regulation theory has been offered for consideration for the first time.
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Abdykappar Ashimov, Bahyt Sultanov, Zheksenbek Adilov, Yuriy Borovskiy, Nikolay Borovskiy and Askar Ashimov
The purpose of this paper is to present some results of the development of parametrical regulation theory elements for computable general equilibrium models (CGE models), taking…
Abstract
Purpose
The purpose of this paper is to present some results of the development of parametrical regulation theory elements for computable general equilibrium models (CGE models), taking into consideration their peculiarities.
Design/methodology/approach
Theoretical results have been obtained by means of applying geometrical methods for variational problems and methods of the theory of discrete dynamic systems. These results have been used for solving concrete practical problems.
Findings
The authors proved a statement on the existence of solution for variational calculus problem on the choice of the optimal laws of parametrical regulation within the given finite set of algorithms for discrete dynamic systems. A statement has been proved on sufficient conditions for the existence of an extremal's bifurcation point of variational calculus problem on the choice of the optimum laws of parametrical regulation within the given finite set of algorithms for discrete dynamic systems. Optimal laws of parametrical regulation (on the level of one and two parameters) of economic system evolution on the basis of the examined mathematical model have been defined. The bifurcation line was constructed for the given area of uncontrolled parameter values.
Practical implications
The research results can be applied for the choice and realization of an effective state budget and tax policy.
Originality/value
The paper elaborates the elements of parametrical regulation theory of economic system development on the basis of CGE models and shows the effectiveness of parametrical regulation theory application on the example of one CGE model.
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Maria Molinos-Senante, Alexandros Maziotis and Ramon Sala-Garrido
The purpose of this paper is to estimate and compare the efficiency of several water utilities using three frontier techniques. Moreover, this study estimates the impact of…
Abstract
Purpose
The purpose of this paper is to estimate and compare the efficiency of several water utilities using three frontier techniques. Moreover, this study estimates the impact of several qualities of service variables on water utilities’ performance.
Design/methodology/approach
The paper utilizes three frontier techniques such as data envelopment analysis (DEA), stochastic frontier analysis (SFA) and stochastic non-parametric envelopment of data (StoNED) to estimate efficiency scores.
Findings
Efficiency scores for each methodological approach were different being on average, 0.745, 0.857 and 0.933 for SFA, DEA and StoNED methods, respectively. Moreover, it was evidenced that water leakage had a statistically significant impact on water utilities’ costs.
Research limitations/implications
The choice of an adequate and robust method for benchmarking the efficiency of water utilities is very relevant for water regulators because it affects decision making process such as water tariffs and design incentives to improve the performance and quality of service of water utilities.
Originality/value
This paper evaluates and compares the performance of a sample of water utilities using three different frontier methods. It has been revealed that the choice of the efficiency assessment method matters. Unlike SFA and DEA, a lower variability was shown in the efficiency scores obtained from the StoNED method.
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Michela Cordazzo, Marco Papa and Paola Rossi
The purpose of this paper is to investigate whether the interaction between mandatory and voluntary risk disclosure is a complementary or substitutive consequence of different…
Abstract
Purpose
The purpose of this paper is to investigate whether the interaction between mandatory and voluntary risk disclosure is a complementary or substitutive consequence of different risk regulatory regimes. The paper is a cross analysis comparing Germany, the US, Italy, France and the UK during the period 2007-2010.
Design/methodology/approach
Content analysis is used to examine mandatory and voluntary risk information in corporate annual reports. A framework for the identification and measurement of risk information is developed by considering national and supranational regulations.
Findings
A complementary effect between mandatory and voluntary risk disclosure exists in each risk regulation jurisdiction. This effect does not depend on the presence of national risk rules (Germany and the US) as against national risk guidelines (France and the UK). Some cross-country differences emerge in the extent of the complementary effect, which are based on the national risk regulations. Germany shows the highest degree of complementing mandatory with voluntary risk disclosures.
Research limitations/implications
The main limitations relate to the sample size, which is based on the choice of a matched approach and to some country-specific influences on regulatory regimes, which are not analysed. The practical implications refer to the revision or addition of mandated rules by accounting standard setters.
Originality/value
The paper contributes to the literature in two ways. First, it proposes an incremental analysis of corporate risk disclosure by examining the interaction between mandatory and voluntary risk disclosure with a complementary or substitutive consequence in different risk regulatory settings not previously investigated. Second, the paper makes a method-based contribution by developing an original analytical framework based on the analysis of different regulatory regimes.
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Abdykappar Ashimov and Yuriy V. Borovskiy
The purpose of this paper is to demonstrate an effectiveness of applying a number of the new methods, proposed in the parametric control theory for testing macroeconomic models…
Abstract
Purpose
The purpose of this paper is to demonstrate an effectiveness of applying a number of the new methods, proposed in the parametric control theory for testing macroeconomic models for the possibility of their practical application.
Design/methodology/approach
Approaches of system analysis on building and calibrating the mathematical models; provisions of the parametric control theory for both numerical testing of the calibrated models for the possibility of their practical application and solving the parametric control problems.
Findings
First, one global computable general equilibrium model (CGE model) is built and calibrated. Second, in solving the problem of testing this model for the possibility of its practical application the effectiveness of applying two developed numerical algorithms is demonstrated. These algorithms are for estimating stability indicators and estimating stability (in the sense of the theory of smooth mappings stability) of mappings defined by the model. Third, on the base of the tested CGE model there are given the solution results for a number of the parametric control problems aimed at economic growth and decrease of economic disparities of regions.
Originality/value
By the example of the developed CGE model, it is demonstrated an approach of the parametric control theory for testing macroeconomic models for the possibility of their practical application.
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Don Mah, Juan D. Manrique, Haitao Yu, Mohamed Al‐Hussein and Reza Nasseri
This paper aims to establish a baseline for carbon dioxide (CO2) emissions quantification in the current residential construction process. Opportunities to reduce the…
Abstract
Purpose
This paper aims to establish a baseline for carbon dioxide (CO2) emissions quantification in the current residential construction process. Opportunities to reduce the environmental footprint of the homebuilding process are also identified.
Design/methodology/approach
CO2 emissions of various house construction stages are quantified and utilised in a 3D building information model. This allows rapid emission computations for various house sizes, designs and materials. An intelligent database calculates emissions for different house styles with different construction processes.
Findings
Two construction stages (basement walls foundation and framing) were identified as high CO2 emissions contributors. In addition, equipment operation on site, transportation to and from the site and heating for curing concrete were identified as the main sources of emissions during construction.
Originality/value
The paper addresses the limited attention given to CO2 emissions during the actual construction process. The introduction of building information modeling for quantifying emissions in the construction process is of significant value. This research is pertinent to the international homebuilding industry and homebuyers who all have a role in mitigating CO2 emissions.
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Clay M. Moffett, Robert Brooks and Jin Q. Jeon
On January 3, 2005, Regulation SHO was implemented by the Securities and Exchange Commission, with the express purpose of updating short sale regulation by seeking to limit an…
Abstract
Purpose
On January 3, 2005, Regulation SHO was implemented by the Securities and Exchange Commission, with the express purpose of updating short sale regulation by seeking to limit an abusive short selling practice known as naked short selling. The purpose of this paper is to examine the efficacy and impact of Regulation SHO in achieving this goal of reducing naked shorting.
Design/methodology/approach
Time series analysis using fixed effects regression, Fama‐French‐Carhart model, various parametric and non‐parametric tests. The paper tests a number of hypotheses regarding the effectiveness of Regulation SHO in controlling naked shorts/fails‐to‐deliver in the American stock markets.
Findings
Utilizing several models, the authors find strong evidence in the first 30 to 60 days after being identified by Regulation SHO as having excessive naked short positions, those securities on average experienced further significant negative abnormal returns, indicating the regulation was at best ineffective. This result is robust for a number of parametric and non‐parametric tests. Models also show a security identified by Regulation SHO as having an excessive short position may actually suggest a profitable trading strategy of continuing to short those stocks. The regulation was largely ineffective/insignificant in reducing naked shorting. In addition, results revealed that a profitable investment could be made by shorting stocks as they were identified by Regulation SHO as already having excessive outstanding failure positions.
Originality/value
This is the first paper, to the authors' knowledge, that considers whether SHO was effective and offers intuition as to reasons why it was not.
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Maggie Foley, Richard J. Cebula, John Downs and Xiaowei Liu
The purpose of the current study is to identify variables that, when integrated into the random effects parametric survival model, could be used to forecast the failure rate of…
Abstract
Purpose
The purpose of the current study is to identify variables that, when integrated into the random effects parametric survival model, could be used to forecast the failure rate of small banks in the USA. A bank’s income production, efficiency and costs were taken into consideration when choosing the internal components. The breakout of the financial crisis, bank regulations that affect how the banking sector operates and the federal funds rate are the primary external variables.
Design/methodology/approach
This study uses the random effects parametric survival model to investigate the causes of small bank failures in the USA from 1996 to 2019. The study identifies several characteristics that failed banks frequently display. The main indications that may help to identify the elevated risk of small bank failures include the ROA, the cost of funds, the ratio of noninterest income to assets, the ratio of loan and lease losses to assets, noninterest expenses and core capital (leverage) ratio to assets. Economic disruptions, financial market distress and industry-based regulatory redress by the government exacerbate the financial distress borne by small banks.
Findings
The study revealed that a failed bank typically demonstrates a certain number of characteristics. The key factors that might assist identify which bank would be most likely to collapse include the cost of funding earning assets, the yield on earning assets, core Capital (leverage) ratio to assets, loan and lease loss provision to assets, noninterest expense and noninterest income to assets. Additionally, when a financial crisis occurs or the government changes regulations that could raise the cost of compliance for small banks, the likelihood that a bank will fail increases.
Originality/value
Models based on survival theories are more suitable when the authors examine bank failure as a unique event that happens gradually. The authors use a random effects parametric survival model to investigate the internal and external factors that may influence prospective small bank failure. This model has been developed and used in the medicinal research field. The authors do not choose the Cox proportional hazards model because it does not work well with panel data.
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