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Article
Publication date: 8 May 2018

Luiz Paulo Lopes Fávero, Marco Aurélio dos Santos and Ricardo Goulart Serra

Branching is not the only way for foreign banks to enter a national market, and it is impractical when there are informational and cultural barriers and asymmetries among…

Abstract

Purpose

Branching is not the only way for foreign banks to enter a national market, and it is impractical when there are informational and cultural barriers and asymmetries among countries. The purpose of this paper is to analyze the determinants of cross-border branching in the Latin American banking sector, a region with regulatory disparity and political and economic instability, offering elements to a grounded strategic decision.

Design/methodology/approach

This study uses data from six Latin American countries. To account for the preponderance of zero counts, classes of zero-inflated models are applied (Poisson, negative binomial, and mixed). Model fit indicators obtained from differences between observed and estimated counts are used for comparisons, considering branches in each region established by banks from every other foreign region of the sample.

Findings

Branching by foreign banks is positively correlated with the population, GDP per capita, household disposable income, and economic freedom score of the host country. The opposite holds for the unemployment rate and entry regulations of the host country.

Originality/value

Few paper address cross-border banking in emerging economies. This paper analyzes cross-border branching in Latin America in the context of the current financial integration and bank strategy. Econometrically, its pioneering design allows modeling of inflation of zeros, over-dispersion, and the multilevel data structure. This design allowed testing of a novel country-level variable: the host country’s economic freedom score.

Details

International Journal of Bank Marketing, vol. 36 no. 3
Type: Research Article
ISSN: 0265-2323

Keywords

Article
Publication date: 6 August 2020

Mohammad Tavassoli, Amirali Fathi and Reza Farzipoor Saen

The purpose of this study is to propose a novel super-efficiency DEA model to appraise the relative efficiency of DMUs with zero data and stochastic data. Our model can work with…

Abstract

Purpose

The purpose of this study is to propose a novel super-efficiency DEA model to appraise the relative efficiency of DMUs with zero data and stochastic data. Our model can work with both variable returns to scale (VRS) and constant returns to scale (CRS).

Design/methodology/approach

This study proposes a new stochastic super-efficiency DEA (SSDEA) model to assess the performance of airlines with stochastic and zero inputs and outputs.

Findings

This paper proposes a new analysis and contribution to the knowledge of efficiency assessment with stochastic super-efficiency DEA model by (1) using input saving and output surplus index for efficient DMUs to get the optimal solution; (2) obtaining efficiency scores from the proposed model that are equivalent to original stochastic super-efficiency model when feasible solutions exist. A case study is given to illustrate the applicability of our proposed model. Also, poor performance reasons are identified to improve the performance of inefficient airlines.

Originality/value

For the first time, a new SSDEA model for ranking DMUs is proposed. The introduced model produces a feasible solution when dealing with zero input or output. This paper applies the input saving and output surplus concept to rectify the infeasibility problem in the stochastic DEA model.

Details

Benchmarking: An International Journal, vol. 28 no. 1
Type: Research Article
ISSN: 1463-5771

Keywords

Article
Publication date: 2 November 2012

Younès Mouatassim

The purpose of this paper is to introduce the zero‐modified distributions in the calculation of operational value‐at‐risk.

Abstract

Purpose

The purpose of this paper is to introduce the zero‐modified distributions in the calculation of operational value‐at‐risk.

Design/methodology/approach

This kind of distributions is preferred when excess of zeroes is observed. In operational risk, this phenomenon may be due to the scarcity of data, the existence of extreme values and/or the threshold from which banks start to collect losses. In this article, the paper focuses on the analysis of damage to physical assets.

Findings

The results show that basic Poisson distribution underestimates the dispersion, and then leads to the underestimation of the capital charge. However, zero‐modified Poisson distributions perform well the frequency. In addition, basic negative binomial and its related zero‐modified distributions, in their turn, offer a good prediction of count events. To choose the distribution that suits better the frequency, the paper uses the Vuong's test. Its results indicate that zero‐modified Poisson distributions, basic negative binomial and its related zero‐modified distributions are equivalent. This conclusion is confirmed by the capital charge calculated since the differences between the six aggregations are not significant except that of basic Poisson distribution.

Originality/value

Recently, the zero‐modified formulations are widely used in many fields because of the low frequency of the events. This article aims to describe the frequency of operational risk using zero‐modified distributions.

Book part
Publication date: 26 August 2015

Markus Jäntti, Eva M. Sierminska and Philippe Van Kerm

This paper considers a parametric model for the joint distribution of income and wealth. The model is used to analyze income and wealth inequality in five OECD countries using…

Abstract

This paper considers a parametric model for the joint distribution of income and wealth. The model is used to analyze income and wealth inequality in five OECD countries using comparable household-level survey data. We focus on the dependence parameter between the two variables and study whether accounting for wealth and income jointly reveals a different pattern of social inequality than the traditional “income only” approach. We find that cross-country variations in the dependence parameter effectively account only for a small fraction of cross-country differences in a bivariate measure of inequality. The index appears primarily driven by differences in inequality in the wealth distribution.

Details

Measurement of Poverty, Deprivation, and Economic Mobility
Type: Book
ISBN: 978-1-78560-386-0

Keywords

Article
Publication date: 5 June 2017

Robson Braga, Luiz Paulo Lopes Fávero and Renata Turola Takamatsu

The purpose of this paper is to evaluate investor behaviour related to the timing of selling financial assets based on an intuitive evaluation of the current market trend and…

Abstract

Purpose

The purpose of this paper is to evaluate investor behaviour related to the timing of selling financial assets based on an intuitive evaluation of the current market trend and growth expectation.

Design/methodology/approach

The experiment involved 1,052 volunteer participants who made decisions about stock sales in an environment that simulated a home broker platform to negotiate stocks. Zero-inflated regression models were used.

Findings

The results show that investors’ attitudes, or beliefs, determine whether they will buy or keep risky assets in their investment portfolios; they may decide to sell such assets, even though market shows an upward trend. Such results make a new contribution to behavioural finance within the context of prospect theory and the disposition effect.

Originality/value

The originality of this paper lies in the use of new and innovative techniques (zero-inflated Poisson and negative binomial regression models) applied to real data obtained experimentally.

Propósito

Este artigo estuda o comportamento de investidores relacionado ao momento da venda de ativos financeiros com base em uma avaliação intuitiva da tendência atual do mercado e da expectativa de crescimento.

Desenho/metodologia/abordagem

Nosso experimento envolveu 1,052 participantes voluntários que tomaram decisões sobre a venda de ações em um ambiente que simulava uma plataforma de corretagem para negociação. Foram utilizados modelos de regressão inflacionados de zeros.

Resultados

Os resultados mostram que as atitudes ou crenças dos investidores determinam se eles comprarão ou manterão ativos de risco em suas carteiras de investimento; eles podem decidir vender esses ativos, mesmo que o mercado mostre uma tendência ascendente. Tais resultados constituem uma nova contribuição para o campo das finanças comportamentais, dentro do contexto da teoria do prospecto e do efeito disposição.

Originalidade/valor

A originalidade deste artigo reside no uso de técnicas novas e inovadoras (modelos de regressão Poisson e binomial negativo inflacionados de zeros) aplicadas a dados reais obtidos experimentalmente.

Details

Academia Revista Latinoamericana de Administración, vol. 30 no. 2
Type: Research Article
ISSN: 1012-8255

Keywords

Abstract

Details

Messy Data
Type: Book
ISBN: 978-0-76230-303-8

Article
Publication date: 29 July 2014

Raffaele Zanoli, Danilo Gambelli, Francesco Solfanelli and Susanne Padel

– The purpose of this paper is to provide an analysis of the risk factors influencing non-compliance in UK organic farming.

Abstract

Purpose

The purpose of this paper is to provide an analysis of the risk factors influencing non-compliance in UK organic farming.

Design/methodology/approach

The paper uses a formal econometric model of risk analysis to provide empirical evidence on the determinants of non-compliance in organic farming. A panel of data from the archives of the largest control body in the UK for 2007-2009 is used, and specific analyses are performed for two types of non-compliances. A zero inflated count data model is used for the estimation, taking into account the fact that the occurrences of non-compliance are very sparse.

Findings

Results show the existence of strong co-dependence of non-compliant behaviours (i.e. the occurrence of major and critical non-compliance increases the probability of occurrence of the minor one; similarly the probability of occurrence of major non-compliance increases when minor non-compliance occur). Besides, livestock production and farm size are relevant risk factors.

Research limitations/implications

Albeit highly representative, the findings are based on Soil Association data only and not on all UK organic farms.

Practical implications

The paper provides practical indications for control bodies, concerning aspects that could be strengthened for more efficient risk-based inspections. The paper advocates the use of financial information like turnover or capital stock, and of data concerning the characteristics of the farmers, that could substantially improve the probability of detecting the most severe non-compliances.

Social implications

Certification is essential for organic farming, and an improvement of inspection procedures through a risk-based approach could add efficiency and effectiveness to the whole organic food system, with obvious advantages for consumers and the society as a whole.

Originality/value

This paper provides for the first time empirical evidence concerning the implementation of the organic certification system in the UK.

Details

British Food Journal, vol. 116 no. 8
Type: Research Article
ISSN: 0007-070X

Keywords

Article
Publication date: 30 April 2020

Hongbin Liu, Hu Ren, Hanfeng Gu, Fei Gao and Guangwen Yang

The purpose of this paper is to provide an automatic parallelization toolkit for unstructured mesh-based computation. Among all kinds of mesh types, unstructured meshes are…

Abstract

Purpose

The purpose of this paper is to provide an automatic parallelization toolkit for unstructured mesh-based computation. Among all kinds of mesh types, unstructured meshes are dominant in engineering simulation scenarios and play an essential role in scientific computations for their geometrical flexibility. However, the high-fidelity applications based on unstructured grids are still time-consuming, no matter for programming or running.

Design/methodology/approach

This study develops an efficient UNstructured Acceleration Toolkit (UNAT), which provides friendly high-level programming interfaces and elaborates lower level implementation on the target hardware to get nearly hand-optimized performance. At the present state, two efficient strategies, a multi-level blocks method and a row-subsections method, are designed and implemented on Sunway architecture. Random memory access and write–write conflict issues of unstructured meshes have been handled by partitioning, coloring and other hardware-specific techniques. Moreover, a data-reuse mechanism is developed to increase the computational intensity and alleviate the memory bandwidth bottleneck.

Findings

The authors select sparse matrix-vector multiplication as a performance benchmark of UNAT across different data layouts and different matrix formats. Experimental results show that the speed-ups reach up to 26× compared to single management processing element, and the utilization ratio tests indicate the capability of achieving nearly hand-optimized performance. Finally, the authors adopt UNAT to accelerate a well-tuned unstructured solver and obtain speed-ups of 19× and 10× on average for main kernels and overall solver, respectively.

Originality/value

The authors design an unstructured mesh toolkit, UNAT, to link the hardware and numerical algorithm, and then, engineers can focus on the algorithms and solvers rather than the parallel implementation. For the many-core processor SW26010 of the fastest supercomputer in China, UNAT yields up to 26× speed-ups and achieves nearly hand-optimized performance.

Details

Engineering Computations, vol. 37 no. 9
Type: Research Article
ISSN: 0264-4401

Keywords

Book part
Publication date: 5 January 2006

John A. James, Michael G. Palumbo and Mark Thomas

Based on empirical patterns of annual earnings and saving from new micro-data covering a large sample of American workers around a hundred years ago, we develop a model for…

Abstract

Based on empirical patterns of annual earnings and saving from new micro-data covering a large sample of American workers around a hundred years ago, we develop a model for simulating the cross-section distribution of wealth at the turn of the twentieth century. Our methodology allows for a direct comparison with the wealth distribution from a sample of families in a comparable part of the contemporary income distribution. Our primary finding is that patterns of wealth accumulation among American workers at the turn of the century bear a striking resemblance to contemporary profiles.

Details

Research in Economic History
Type: Book
ISBN: 978-1-84950-379-2

Article
Publication date: 12 June 2023

Shan Jiang, Duc Khuong Nguyen, Peng-Fei Dai and Qingxin Meng

In the hybrid knowledge-sharing platform where paid and nonpaid (“free”) knowledge activities coexist, users’ free knowledge contribution may be influenced by financial factors…

Abstract

Purpose

In the hybrid knowledge-sharing platform where paid and nonpaid (“free”) knowledge activities coexist, users’ free knowledge contribution may be influenced by financial factors. From the perspective of opportunity cost, this study investigates the direct effect of how the amount of monetary income from users’ contribution to paid knowledge activities influences their free knowledge contribution behavior in the future. Further, this study aims to verify the interaction effect of financial and nonfinancial factors (i.e. the experience of free knowledge contribution and social recognition) on free knowledge contribution.

Design/methodology/approach

Objective data was collected from a hybrid knowledge-sharing platform in China and then analyzed by using zero-inflated negative binomial regression model.

Findings

Results show that the amount of monetary income that knowledge suppliers gain from paid knowledge contribution negatively influences their free knowledge contribution. Experience of free knowledge contribution strengthens the negatively main effect, while social recognition has the weakening moderating role.

Originality/value

Although some studies have explored and verified the positive spillover effect of financial incentives on free knowledge contribution, the quantity dimension is ignored. This study examines the hindering influence of the quantity of monetary income from the perspective of opportunity cost. By taking the characteristic of knowledge suppliers and platforms as moderators, this study deepens the understanding of the influence of monetary income on free knowledge contribution in the hybrid knowledge-sharing platform.

Details

Journal of Knowledge Management, vol. 28 no. 2
Type: Research Article
ISSN: 1367-3270

Keywords

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