Search results

This paper aims to examine the factors that contribute to the external debt growth in Ghana.

The study adopts the autoregressive distributed lag (ARDL) model and the error correction model (ECM) to establish the short-run and long-run relationships between the dependent variable (external debt) and the independent variables (debt service, exchange rate, gross domestic product, government expenditure, import and trade openness), using a time series data spanning from 1990 to 2019.

The results indicate that debt service, GDP, government expenditure and trade openness have a positive and significant relationship with external debt, while import and exchange rates have a negative relationship with external debt in the long run. In the short run, debt service, import, exchange rate and trade openness have a positive and significant relationship with external debt, while GDP has a negative relationship with external debt.

The study found that variables such as government expenditure, debt service and import contribute significantly to the nation’s external debt stock. These findings suggest that policymakers should focus on prioritising and cutting down expenditure in their quest to curtail the debt menace facing the nation. Since existing debt service has the tendency of influencing debt stock, it is recommended that government should reduce borrowing in order avoid debt trap. Home-grown policies to reduce imports must also be encouraged. As these drivers of external debt are tackled head-on, Ghana can be rightly positioned to record lower levels of public debt and subsequently reap the benefits of economic growth.

The study adds to the public debt literature, specifically addressing the idiosyncratic determinants of external debt within the Ghanaian context.

This paper examines the short- and long-run effects of foreign direct investment (FDI) on tax revenue in Ghana.

The paper adopts the autoregressive distributed lag approach to estimate FDI’s long-run and short-run effects on tax revenue. The study uses time-series data from 1983 to 2019 for Ghana, mainly obtained from The Bank of Ghana, the World Bank and the IMF.

The results show that, in the short-run, FDI has no significant effect on direct tax revenue and total tax revenue but significantly hurts indirect tax revenue. In the long run, however, the results show that FDI has significant positive effects on indirect tax revenue and total tax revenue but no significant effect on direct tax revenue.

Empirical studies often fail to analyse the short-run and long-run effects of FDI on tax revenue. This study contributes to the mixed literature by analysing the short-run and long-run effects of FDI on tax revenue in an emerging market context. Additionally, this study employs three tax revenue measures in analysing the nexus.

This study investigates the impact of program trading on the market volatility by separating the volatility into long-run and short-run components using VA-CEGARCH model. This approach allows us to observe the two channels through which the program trading affects the market volatility. We have following results. Program trading and non-program trading both have no impact on the long-run component but do increase short-run component. In case of short-run component‘ program trading has a larger impact compared to non-program trading. Secondly, in both daily and intra-day analysis, arbitrage program trading is found to have a larger impact on short-run components than non-arbitrage program trading.

Thirdly, ARCH effects are found in short-run components of daily analysis and long-run components of intra-day analysis. And the volatility’s asymmetric responses to good or bad news are introduced through long-run components. What is noteworthy is the fact that non-arbitrage program trading is actually found to reduce short-run volatility in the intra-day analysis.

Which means that non-arbitrage program trading, such as hedging transactions, helps promote intra-day market stability. Our findings mean that the short-run component is the main channel by which program trading produce unnecessary market volatility.

The paper aims to present a new friction modifier (mixture of zinc and copper oleates) proper for industrial running-in of repaired engines.

The method of comparison was used for testing the offered friction modifier, a market product “Renom Engine” and a blank sample of motor oil as an etalon. Running-in time has been established. The mechanical losses change and the relevant coefficients have been determined. Data of the bearings wear have been included.

The benefit of the metal oleates and Renom Engine usage as friction modifiers has been proved. Time for industrial cold running-in of repaired engines decreases by around 20 per cent when friction modifiers are used in comparison with the etalon oil. The coefficient of the mechanical losses reduction at running-in with friction modifiers is higher than the coefficient for the etalon oil. The higher coefficient values indicate that the running-in of the working surfaces occurs more intensively and for a shorter period of time. Lower wear of the bearings is combined with smaller roughness of the friction surface, which secures higher quality of the surfaces run-in with the friction modifiers and greater capacity by around 30 per cent.

This study introduces a new friction modifier for industrial running-in of repaired engines. It would be of interest to the customers and manufacturers of oil additives.

The impact of accounting earnings based compensation contracts an effort allocation is analyzed using an agency‐theoretic model. In this model, the CEO of a publicly traded firm expends effort on operational short‐run activities and strategic long‐run activities. The shareholders desire the CEO to expend more effort in the strategic long‐run activities because the return to shareholders depends more on long‐run than short‐run activities. More specifically, they desire the effort to be allocated between these two activities on the proportion of the sensitivity of stock returns to these two activities. Compensating the CEO based on the stock returns performance measure is shown to induce the CEO to exert the desired proportion of effort in the long‐run activities. Unlike stock returns, accounting earnings are believed to focus more on the short‐run performance of the firm and not reflect the full impact of a CEO's long‐run effort. Compensating the CEO based on accounting earnings, in addition to stock returns, is shown to induce the CEO to expend less than the desired proportion of effort in long‐run activities. As the emphasis placed on accounting earnings relative to stock returns increases, the CEO decreases the proportion of effort expended in long‐run activities. On the positive side, including accounting earnings in the contract increases the total effort that the CEO exerts in short‐run and long‐run activities. The benefit accruing from the increase in total effort more than offsets the dysfunctionality caused by the short‐run focus. More specifically, adding accounting earnings to the incentive contract is shown to increase the expected return to the shareholders. In summary, while accounting earnings cause the CEO to be short‐run focused, their use in the incentive contract improves the firm's performance by motivating the CEO to work harder overall.

This chapter analyzes the aggregate performance of Home Run Derby competitors’ performance both before and after the Home Run Derby for the time period 1999–2013. Regression to the mean suggests that in general, those players with outstanding performances in the first half of the season will regress to the mean. The findings here are consistent with regression to the mean, and the mean performance along four key analytics is statistically significantly worse for the competitors. However, the winners’ mean performance both before and after the Home Run Derby are not statistically significantly different. Thus, the results are consistent with previous research, but the results also find so-called “winner and loser” effects in Major League Baseball.

Higher economic output as measured in gross national product (GNP) may not always imply a higher quality of living. It has been the outcome of the long debate between growth and development of a nation. The aims of economic growth should be reconsidered because it has polluted the environment, wasted natural resources, harmed people’s quality of life, and failed to alleviate socioeconomic problems. It is also a common phenomenon to the economies of the South Asian region. The study is thus conducted to show the existence of long-run relationship and short-run interplays between output efficiency of energy use (GEU) and carbon efficiency of energy use (CEU) in the panel of countries in the South Asian region for the period of 1971–2014. The results show that there is a long-run and short-run association between energy efficiency in output and carbon emission as respectively measured in GEU and CEU. This means that in South Asia, energy consumption leads to an increase in both gross domestic product and carbon emissions. When GEU is used as the independent variable in vector error correction model (VECM), the result reveals that any short-run disequilibrium from the long-run stable connection will be adjusted over time, and the long-run stable relationship will be restored.