Search results

The purpose of this paper is to examine the predictive ability of different well-known models for capturing time variation in betas against a novel approach where the beta coefficient is treated as a function of market return.

Different GARCH models, the Kalman filter algorithm and the Schwert and Seguin model are used against our novel approach. The mean square error, the mean absolute error and the Diebold and Mariano test statistic constitute the measures of forecast accuracy. All models are tested over nine consecutive years and three different samples.

The results show substantial differences in predictive accuracy among the samples. The new approach of modelling the systematic risk overwhelms the rest of the models in longer samples. In the smallest sample, the Kalman filter random walk model prevails. The examination of parameters between two groups of stocks with best and worst accuracy results depicts significant variations. For these stocks, the iid assumption of return is rejected and large differences exist on diagnostic tests.

This study contributes to the literature with different ways. First, it examines the predictive accuracy of betas with different well-known models and introduces a novel approach. Second, after constructing betas from the estimated models’ parameters, they are used for out-of-sample instead of in-sample forecasts over nine consecutive years and three different samples. Third, a more closely examination of the models’ parameters could signal at an early stage the candidate models with the expected lowest forecasting errors. Finally, the study carries out some diagnostic tests for examining whether the existence of iid normal returns is accompanied by better performance.

The purpose of this paper is to evaluate the perceptions of Nigerian banking customers regarding customers’ evaluation of their banks service quality based on their banks actual performance on current banking service delivery.

A survey has been used to collect primary data and 1,245 usable questionnaires were used in the analysis. A conjoint analysis with stated preference data were used to construct the consumers’ behavior, while discrete choice method was employed to evaluate the preferences. More information was obtained by in cooperating heterogeneity into the model by the random coefficient and the test variance with the primary attributes and social demographics and individual characteristics.

Discrete choice analysis shows that bank management should focus on: reduction of transaction errors, transaction cost, waiting time and initial online learning time. This four attributes have strong impact on customer’s satisfaction depending on quality performance. Relative to other services the reduction in waiting time and transaction cost are the most important services to the Nigerian banking customers. Other findings of willingness to pay and consumer preference for other attributes reveal more information for improved banking policies.

The sample only focussed on the urban areas and did not consider rural dwellers. Future research should aim to improve on these by including a variable in the utility set up that captures the distance of the respondent to the main city.

Nigerian banking customers do not care about a friendly smile as customer care. Rather, they value more on the waiting time and transaction cost showing that convenience and cost dimensions have strong and direct effect on service quality. Other dimensions identified includes, reliability, product portfolio, security and privacy, ease of use, accessibility, and competence and credibility.

This study has drawn on a sample of 1,245 Nigerian banking customers and evaluating how the survey respondents perceive their respective banks’ performance by their evaluation of the current banking service delivery.

This article estimates a control function estimator with training effect modelled as a random coefficient, partitioned into an observed and unobserved component. The article analyzes the earnings effect of participating in labor market training programs for three cohorts during the 1980s and the beginning of the 1990s. It separates the analysis between Swedish and foreign‐born to identify differences in their responses to training. The results indicate that there is positive sorting in training: slightly positive effects for both groups but somewhat larger for the foreign‐born. Further, consistent with results from several previous studies, the article finds that being young often means no positive pay‐off from training, and the same is found for persons with only a primary education. In conflict with earlier studies, the article finds that males have a better pay‐off from training than females. Rewards from training are higher for foreign‐ than for native‐born and rewards among the former vary by place of birth and how long they have been in the country.

Factors other than job performance might affect judgments about pay fairness for employees doing the same job, and the strength of these factors may differ across national cultures. This study uses a multivariate, policy‐capturing approach to compare the way that characteristics of employees—seniority, education, family size, individual job performance, and work effort—affect judgments about the fairness of pay received by employees in Korea and the United States. Regression models of the determinants of judgments about pay fairness by Korean and U.S. nationals were estimated. Korean pay fairness judgments were found to be relatively more sensitive to differences in seniority, education, and family size, and American pay fairness judgments were relatively more sensitive to variations in individual job performance and work effort.

In the past two decades, much of the literature in the area of government financial management has been devoted to studying the causes of fiscal stress. Most studies emphasized the role of such factors as economic cycles, business relocation and factors beyond the control of policy makers as major causes of fiscal stress. This study extends the scope of the research in this area to investigate whether state and local fiscal structures contribute to fiscal stress. Using a pooled cross-sectional time-series approach with the state-local data ranging from 1982 to 1997, the result shows that: there is more significant difference in the composition of tax structures than that of total revenue; high aggregate spending is associated with high fiscal stress; state and local governments over-commit on the social welfare category; local revenue diversification is associated with low fiscal stress; and fiscal decentralization or high spending responsibility assumed by local governments is associated with low fiscal stress. The findings suggest that local revenue diversification and fiscal decentralization can be used as measures to reduce fiscal stress.

This study aims to examine the causal relationship between mandatory CSR disclosure and financial audit efficiency.

The authors use the unique institutional setting of China, where a subset of listed firms are mandated to disclose their corporate social responsibility (CSR) reports. The authors use propensity score matching and difference-in-differences approaches to compare audit efficiency in the pre- and post-mandatory CSR disclosure periods between the treatment and control groups. The regression models are estimated with robust standard errors clustered at the firm level.

This study finds that following China’s adoption of the mandatory disclosure of CSR, audit report lags decreased by 6% on average, suggesting that audit efficiency improved greatly following mandatory CSR disclosure. Moreover, this association is stronger when firms have better CSR performance, higher CSR report preparation costs, more earnings management before disclosure regulations and better internal controls and when firms belong to high-profile industries and in Big 4 (Big 10) accounting firms. Moreover, neither audit quality nor audit fees decrease when shorter audit lags occur for firms with mandatory CSR disclosures. Overall, the evidence suggests that mandatory CSR disclosure has a positive effect on audit efficiency and that the improvement of audit efficiency does not come as a consequence of reducing audit fees or deteriorating audit quality.

The results reported in this study have practical and policy implications for policymakers, accounting firms and auditors to pay more attention to CSR information.

This study provides evidence of the causal relationship between mandatory CSR disclosure regulation and audit efficiency. It enriches the research on audit service production efficiency from the perspective of nonfinancial information disclosure.

The purpose of this paper is to investigate whether justice, trust in healthcare services, the confidence level of the health system and institutions, political party support and evaluation of healthcare services post-Jaminan Kesehatan Nasional (JKN) affected policy acceptability (PA) in the health workers (n=95) and laypeople (n=308) sample.

The authors performed a two-level, linear mixed-effects model to test the hypothesis that trust, perceived justice, confidence in healthcare services and national health system evaluation could impact PA in the health workers and laypeople sample. The authors calculated the effect sizes by comparing Level 2 variances and residuals of the null model and the random intercept model.

The findings suggested that healthcare workers with high concern for justice would be more likely to hold negative acceptability to JKN. The findings implied that health workers tend to associate JKN with unfairness. Also, JKN acceptability in laypeople sample was found to be positively associated with the evaluation of healthcare service post-JKN, whereas justice or political party support did not affect JKN acceptability. It might indicate that laypeople motives for joining JKN scheme could be essentially pragmatic.

The authors administered the questionnaire using an online platform and circulated it through social media and IMS, so that this research poses a problem of self-selection bias, which potentially leads to biased estimates. The authors also oversampled female participants, especially in laypeople sample.

Aiming at universal health coverage in 2019, JKN will cover almost 300m Indonesians and be one of the biggest single-payer national health insurance scheme in the world. The research might offer insight into how health workers and laypeople respond to the policy.

The purpose of this paper is to identify managerial and organizational characteristics and behaviors that facilitate the fostering of a just and trusting culture within the healthcare system.

Two studies were conducted. The initial qualitative one was used to identify themes based on interviews with health care workers that facilitate a just and trusting culture. The quantitative one used a policy-capturing design to determine which factors were most likely to predict outcomes of manager and organizational trust.

The factors of violation type (ability vs integrity), providing an explanation or not, blame vs no blame by manager, and blame vs no blame by organization were all significant predictors of perceptions of trust.

Limitations to the generalizability of findings included both a small and non-representative sample from one health care region.

The present findings can be useful in developing training systems for managers and organizational executive teams for managing medical error events in a manner that will help develop a just and trusting culture.

A just and trusting culture should enhance the likelihood of reporting medical errors. Improved reporting, in turn, should enhance patient safety.

This is the first field study experimentally manipulating aspects of organizational trust within the health care sector. The use of policy-capturing is a unique feature that sheds light into the decision-making of health care workers as to the efficaciousness of particular managerial and organizational characteristics that impact a just and trusting culture.

This study examined the determinants of attendance at the Chilean national soccer tournaments between 1990 and 2002. A multilevel model approach was taken to estimate the effects of several factors, including unobserved sources, hypothesised to influence attendance in Chile. Results regarding team success, team division, population, stadium size and habitual persistence were found to influence professional soccer attendance; other factors such as admission price, age of team, international success, availability of soccer teams in the same vicinity and stadium ownership did not.

The purpose of this paper is to execute the efficiency analysis of the selected metaheuristic algorithms (MAs) based on the investigation of analytical functions and investigation optimization processes for permanent magnet motor.

A comparative performance analysis was conducted for selected MAs. Optimization calculations were performed for as follows: genetic algorithm (GA), particle swarm optimization algorithm (PSO), bat algorithm, cuckoo search algorithm (CS) and only best individual algorithm (OBI). All of the optimization algorithms were developed as computer scripts. Next, all optimization procedures were applied to search the optimal of the line-start permanent magnet synchronous by the use of the multi-objective objective function.

The research results show, that the best statistical efficiency (mean objective function and standard deviation [SD]) is obtained for PSO and CS algorithms. While the best results for several runs are obtained for PSO and GA. The type of the optimization algorithm should be selected taking into account the duration of the single optimization process. In the case of time-consuming processes, algorithms with low SD should be used.

The new proposed simple nondeterministic algorithm can be also applied for simple optimization calculations. On the basis of the presented simulation results, it is possible to determine the quality of the compared MAs.