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Article

Achille Dargaud Fofack, Serge Djoudji Temkeng and Clement Oppong

This paper aims at analyzing the asymmetries created by the Great Recession in the US real estate sector.

Abstract

Purpose

This paper aims at analyzing the asymmetries created by the Great Recession in the US real estate sector.

Design/methodology/approach

This paper uses a Markov-switching dynamic regression model in which parameters change when the housing market moves from one regime to the other.

Findings

The results show that the effect of real estate loans, interest rate, quantitative easing and working age population are asymmetric across bull and bear regimes. It is also found that the estimated parameters are larger in bull regime than bear regime, indicating a tendency to create house price bubbles in bull market.

Practical implications

Since three of those asymmetric variables (real estate loans, interest rate and quantitative easing) are related to monetary policy, the Fed can mitigate their impact on an interest-sensitive sector such as housing by engaging in a countercyclical monetary policy.

Originality/value

The estimated intercept and the variance parameter both vary from one regime to the other, thus justifying the use of a regime-dependent model.

Details

Journal of Economic and Administrative Sciences, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1026-4116

Keywords

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Article

Amit Ghosh

Exchange rate regime decisively impacts key policy objectives such as financial stability, inflation control, etc. The purpose of this paper is to overview the evolution…

Abstract

Purpose

Exchange rate regime decisively impacts key policy objectives such as financial stability, inflation control, etc. The purpose of this paper is to overview the evolution of exchange rate regimes spanning 12 nations in the Latin American region over the last two decades and estimate the degrees of influence of other major currencies on each nation.

Design/methodology/approach

Using the methodology developed by Frankel and Wei, the de facto extent of exchange rate flexibility is discerned for these nations and put into perspective with that of the IMF exchange rate regime classifications.

Findings

An increase in flexibility is found from the 1990s to the 2000s, especially for inflation targeting nations. However, the results reveal these nations adopt a policy of “guarded caution” and follow more of a de facto managed floating regime that is far from pure floats. The smaller economies of the region still pursue more fixed regimes. While the results correlate, to an extent, with the IMF's classifications, several areas of discrepancy are noted. The findings are robust to several sensitivity analyses.

Originality/value

A discrepancy between the IMF regime categorization and the true regime a country actually follows may cause IMF financial assistance programs to be less effective. Do countries follow regimes they are classified into? The present study gleans deeper into the issue and discerns this. The comparative analysis includes the relatively larger economies of the region as well as the seldom researched smaller ones.

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Article

Kun‐Huang Huarng and Tiffany Hui‐Kuang Yu

This paper aims to propose a novel model to forecast regime switches in a time series to assist decision making.

Abstract

Purpose

This paper aims to propose a novel model to forecast regime switches in a time series to assist decision making.

Design/methodology/approach

The authors apply the clustering technique to group the data into five states. Then, a model is proposed to formulate the relationships from in‐sample observations, including regime switch relationships. Afterwards, the model uses the relationships to forecast the regime switches in out‐sample observations.

Findings

The study uses daily Taiwan Stock Exchange Capitalization Weighted Stock Index as the forecasting target. Regime switches in in‐sample observations are identified. And a regime switch is successfully forecasted by the proposed model.

Research limitations/implications

The proposed model identifies a regime switch which matches the real event. It implies that the proposed model can be applied to other time series, such as Dow Jones or NASDAQ.

Originality/value

Previous studies contribute to the forecasting of regime switches. The forecasting results are validated with the real event. One of the forecasted regime switches matches the event of Lehman Brothers' declaring of bankruptcy.

Details

Management Decision, vol. 51 no. 3
Type: Research Article
ISSN: 0025-1747

Keywords

Content available
Article

Midori Matsushima

This study aims to empirically examine how the Khmer Rouge regime (1975–1979) in Cambodia continues to affect the health of the second generation.

Abstract

Purpose

This study aims to empirically examine how the Khmer Rouge regime (1975–1979) in Cambodia continues to affect the health of the second generation.

Design/methodology/approach

The 2000 and 2005 Cambodia Demographic and Health Surveys were used in the analysis. The study sample were women with a child/children in 2000/2005. The sample population was identified according to whether the person was in utero “91 months or earlier before the Khmer Rouge regime,” “46–90 months before the Khmer Rouge regime” and “1–45 months before the Khmer Rouge regime” and during the Khmer Rouge regime. The authors then regressed the size of babies of the targeted population on the timing of the mothers being in utero.

Findings

Mothers who were in utero during the regime had a higher likelihood of giving birth to smaller-than-average babies. Additionally, mothers born in the areas that had a higher probability of death of children aged five or under during the regime were at risk of giving birth to smaller-than-average babies if they were in utero during that time.

Social implications

The findings have significant implications for today's society in practice, which still has a considerable number of people suffering from civil conflict and malnutrition. Civil conflicts not only severely affect current, but also future generations.

Originality/value

This is the first paper to assess the impact of the Khmer Rouge regime on the health of the second generation.

Details

Journal of Health Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0857-4421

Keywords

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Article

Lars Pynt Andersen, Frank Lindberg and Jacob Ostberg

This paper aims to develop place branding theory toward the accommodation of a multifaceted understanding of value and value negotiation by Nordic branding actors by way…

Abstract

Purpose

This paper aims to develop place branding theory toward the accommodation of a multifaceted understanding of value and value negotiation by Nordic branding actors by way of answering the following question: How is Nordicness appropriated by Nordic branding actors and what value regimes are drawn on in the process?

Design/methodology/approach

Using field data from a selection of branding actors and sectors in Norway, Sweden and Denmark, a qualitative analysis of Nordic branding performances is used to unpack the negotiations of valuation of worth.

Findings

The analysis identified three principle orders of worth behind Nordicness (civic, green and inspired) that are negotiated through compromises between orders of industry and domestic and by contesting the orders of fame and market. The findings indicate how Nordicness is performed as principle worths and tensions and how these are rendered meaningful as propositions of “value as difference” as they are performed in practice by brand actors.

Originality/value

Several studies focus on how place branding “adds value;” however, few studies have been aimed at unpacking how a “value universe” is negotiated as a more complex understanding of worth or “value.” This study thus opens up for branding heterogeneity, which signifies awareness of competing notions and orders of worth among small- and medium-sized enterprises and other central stakeholders; this could further inspire interdisciplinary, value-based research into the potential contingencies of (product) branding and place branding in other contexts and regions.

Details

Journal of Place Management and Development, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8335

Keywords

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Book part

John A. Gould and Edward Moe

We examine the rational utility and social–psychological approaches to develop fresh insights into nonviolent civil resistance. Rational utility models provide a useful…

Abstract

We examine the rational utility and social–psychological approaches to develop fresh insights into nonviolent civil resistance. Rational utility models provide a useful, even essential, starting point for understanding what movement organizers must do if they are to overcome their movements’ collective action problems. However, the model's spare definition of agency excludes an investigation of regime legitimacy, how it is constructed and the role it plays in regime continuity. Employing a social psychological approach, we introduce the concept of “ideational assault” in which movement organizers challenge the ideas that justify voluntary civic cooperation with the ruling order. Ideational assault seeks “rhetorical coercion” in which the regime is stripped of credible arguments in its own defense and must increasingly rule by sanctions alone. Ideational assaults employ frames that delegitimize the prevailing order and mobilize people to act against it. By examining several frame forms, including, calls to action, symbolic jiu-jitsu, humor, and moral appeal, we cast new light on the ideational battle that rages alongside the fight for control of the streets. We conclude by arguing that students of nonviolent civil resistance should consult both the rational and social–psychological approaches in their analysis.

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Book part

Jannis Kallinikos and Hans Hasselbladh

This chapter claims technology to be a principal mode of regulation in formal organizations alongside social structure and culture. Such a claim breaks with the…

Abstract

This chapter claims technology to be a principal mode of regulation in formal organizations alongside social structure and culture. Such a claim breaks with the conventional neo-institutional outlook that considers technology outside the object of institutional analysis of organizations. The distinctive regulative logic of computational technology is manifested in the increasing entanglement of domain-specific practices and their underlying cognitive and normative order with the decontextualized principles and methods that have traditionally been deployed in the management and control of work operations. Such entanglement and the effects it generates reflect the reshuffling of the regulative reach of technology, social structure and culture under the pressures exercised by the dynamics of current technological change and the impressive involvement of computational systems and artefacts in human affairs.

Details

Institutions and Ideology
Type: Book
ISBN: 978-1-84855-867-0

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Book part

Suchit Arora

The Epidemiologic Transition can help us understand a fundamental puzzle about aging. The puzzle stems from two seemingly contradictory facts. The first fact is that death…

Abstract

The Epidemiologic Transition can help us understand a fundamental puzzle about aging. The puzzle stems from two seemingly contradictory facts. The first fact is that death rates from noninfectious degenerative maladies – the so-called diseases of aging – increase as people age. It seems to be at odds with the historical fact that for nearly a century in which people were aging more than ever before, the aggregate rates of such diseases have been decreasing. In what sense can both be true? Crucial to resolving the puzzle are the age-profiles of such diseases in cohorts that grew up in the different regimes of the Transition. For each cohort, noninfectious diseases had increased with age, resulting in an upward-sloping age profile, which affirms the first fact. As the regimes were transitioning from the Malthusian to the modern one, however, the profiles of successive cohorts had been shifting downward: death rates from noninfectious diseases were shrinking at each age, signifying the newer cohorts’ greater aging potentials. The shifting profiles had been renewing the cohort mix of the population, shaping the century-long descent of such diseases in aggregate, giving rise to the historical fact. The profiles had shifted early in the cohorts’ adult years, associating closely with the newer epidemiologic conditions in childhood. Those conditions appear to be a circumstance under which aging potentials of cohorts could be misgauged, including in one troubling episode in the first half of the nineteenth century when the potentials had reversed.

Details

Research in Economic History
Type: Book
ISBN: 978-1-78190-557-9

Keywords

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Book part

Massimo Guidolin and Carrie Fangzhou Na

We address an interesting case – the predictability of excess US asset returns from macroeconomic factors within a flexible regime-switching VAR framework – in which the…

Abstract

We address an interesting case – the predictability of excess US asset returns from macroeconomic factors within a flexible regime-switching VAR framework – in which the presence of regimes may lead to superior forecasting performance from forecast combinations. After documenting that forecast combinations provide gains in predictive accuracy and that these gains are statistically significant, we show that forecast combinations may substantially improve portfolio selection. We find that the best-performing forecast combinations are those that either avoid estimating the pooling weights or that minimize the need for estimation. In practice, we report that the best-performing combination schemes are based on the principle of relative past forecasting performance. The economic gains from combining forecasts in portfolio management applications appear to be large, stable over time, and robust to the introduction of realistic transaction costs.

Details

Forecasting in the Presence of Structural Breaks and Model Uncertainty
Type: Book
ISBN: 978-1-84950-540-6

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Book part

Mihnea C Moldoveanu, Joel A.C Baum and Tim J Rowley

We introduce a multi-level model of the dependence of interfirm network topologies on the distribution and commonality of information in a network and the information…

Abstract

We introduce a multi-level model of the dependence of interfirm network topologies on the distribution and commonality of information in a network and the information strategies pursued by its member firms. Network topology, information properties of the network, and firm-level action within the network form dynamic, recursive, cross-level relationships – information properties in the network determine firm-level action, which in turn impacts the network topology and information properties. We derive predictions about the kinds of information strategies that firms are likely to adopt and succeed with in different information regimes, and about the kinds and short- and long-run dynamics of network topologies expected under different information regimes. Our model sheds new light on network topologies as a dependent variable that can be explained by network-level information regimes and firm-level information strategies.

Details

Multi-Level Issues in Organizational Behavior and Strategy
Type: Book
ISBN: 978-0-76231-039-5

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