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Articles 1 - 25 of 25
Full-Text Articles in Business
Monitoring And Employee Shirking: Evidence From Mlb Umpires, John Charles Bradbury
Monitoring And Employee Shirking: Evidence From Mlb Umpires, John Charles Bradbury
Faculty and Research Publications
Standard neoclassical principal-agent theory predicts that stricter monitoring should reduce employee shirking from principal desires; however, recent analyses indicate that social aspects of principal-agent relationships may result in monitoring “crowding out” disciplinary effects. From 2001 to 2008 Major League Baseball (MLB) instituted an automated pitch-tracking system (QuesTec) to assist in monitoring its umpires. The asymmetric implementation of this new monitoring technology allows for the comparison of monitored and unmonitored umpires to identify shirking to placate on-field lobbying pressure. Estimates identify deviations in calls associated with monitoring; however, overall, umpires appeared to be quite sensitive to league directives for changes in …
Searching For Illicit Behavior Through Changes In Productivity: The Case Of Roger Clemens And Performance-Enhancing Drugs, John Charles Bradbury
Searching For Illicit Behavior Through Changes In Productivity: The Case Of Roger Clemens And Performance-Enhancing Drugs, John Charles Bradbury
Faculty and Research Publications
Major League Baseball pitcher Roger Clemens has been accused of using performance-enhancing drugs to boost his performance. If Clemens used ergogenic aids consistent with the accusations of use, then unusual changes in productivity may be evident in his performance record. Two previous studies have examined Clemens’s career and reached conflicting conclusions: Bradlow et al. (2008) declares Clemens’s career to be “atypical” while Albert (2009) finds Clemens’s productivity to be unusually strong but similar to other pitchers who have not been linked with performance-enhancing drugs. This study examines Clemens’s performance at times of alleged use and over his career and finds …
E-Government As A Tool For Stability And Socio-Economic Development In Post-Conflict Libya., Abdulmajid H. Mohamed
E-Government As A Tool For Stability And Socio-Economic Development In Post-Conflict Libya., Abdulmajid H. Mohamed
Faculty and Research Publications
Usually, great challenges lie ahead of any post-conflict government, especially in states that have historically been under dictatorship, like Libya. It has been six years since the violent regime change that took place in Libya in 2011, yet no signs of improvement is foreseen in public service delivery and constructive citizen participation in influencing national policy formation and evaluation. In fact, the situation of public services has been worsened due to the absence of political and executive power from a strong, united government. The resulting widespread of collective frustration and political uncertainty has become a catalyst for a more defective …
Winning And Other Determinants Of Revenue In North America's Major Professional Sports Leagues, John Charles Bradbury
Winning And Other Determinants Of Revenue In North America's Major Professional Sports Leagues, John Charles Bradbury
Faculty and Research Publications
This study investigates recent determinants of revenue in North America’s four major professional sports leagues. Estimates reveal that revenue is positively associated with winning in baseball (MLB), basketball (NBA), and hockey (NHL), but not in football (NFL). The returns to winning are not diminishing as commonly assumed, which casts doubt on the uncertainty of outcome hypothesis, and differences across leagues are consistent with revenue sharing arrangements. Estimates also indicate a strong negative relationship between stadium age and revenue, which is consistent with observed rapid replacement of sports stadiums. The results have several important implications for economic models of sports leagues.
The Impact Of Rural Pensions In China On Labor Migration, Karen Eggleson, Ang Sun, Zhaoguo Zhan
The Impact Of Rural Pensions In China On Labor Migration, Karen Eggleson, Ang Sun, Zhaoguo Zhan
Faculty and Research Publications
We study the impact of China’s new rural pension program on promoting migration of labor by applying a regression discontinuity analysis to this new pension program. The results reveal a perceptible difference in labor migration among adult children whose parents are just above and below the age of pension eligibility: The adult children with a parent just attaining the pension-eligible age are more likely to be labor migrants compared with those with a parent just below the pension-eligible age. We also find that with a pension-eligible parent, the adult children are more likely to have off-farm jobs. These abrupt changes …
Who Takes Advanced Placement?, Benjamin Scafidi, Chris Clark, John Swinton
Who Takes Advanced Placement?, Benjamin Scafidi, Chris Clark, John Swinton
Faculty and Research Publications
In recent years there has been a renewed interest in the sources of achievement gaps between groups of students. One potential source is differential access to high quality educational opportunities. This paper provides an analysis of who takes Advanced Placement (AP) Economics. Using two years of administrative data on all high school students who take a course to satisfy Georgia’s graduation requirement in economics, we find large differences in enrollment in AP Economics across groups. Specifically, African-American and Hispanic students and students from low-income backgrounds are about half as likely to be enrolled in AP Economics as other students. However, …
Private Equity Firms' Reputational Concerns And The Costs Of Debt Financing, Rongbing Huang, Jay R. Ritter, Donghang Zhang
Private Equity Firms' Reputational Concerns And The Costs Of Debt Financing, Rongbing Huang, Jay R. Ritter, Donghang Zhang
Faculty and Research Publications
A popular view is that private equity (PE) firms tend to expropriate other stakeholders of their portfolio companies. Bonds offered during 1992-2011 by companies after their initial public offerings (IPOs) do not reflect this view. We find that yield spreads on bonds offered by PE-backed companies are on average 70 basis points lower, holding other things constant. We also find that PE-backed companies have more conservative investment and dividend policies after bond offerings compared to non-PE-backed companies. These results suggest that PE firms’ reputational concerns dominate their wealth expropriation incentives and help their portfolio companies reduce the costs of debt.
Quasi-Maximum Likelihood Estimation Of Multivariate Diffusions, Xiao Huang
Quasi-Maximum Likelihood Estimation Of Multivariate Diffusions, Xiao Huang
Faculty and Research Publications
This paper introduces quasi-maximum likelihood estimator for multivariate diffusions based on discrete observations. A numerical solution to the stochastic differential equation is obtained by higher order Wagner-Platen approximation and it is used to derive the first two conditional moments. Monte Carlo simulation shows that the proposed method has good finite sample property for both normal and non-normal diffusions. In an application of estimating stochastic volatility models, we find evidence of closeness between the CEV model and the GARCH stochastic volatility model. This finding supports the discrete time GARCH modeling of market volatility.
Optimal Allocation Of Resources In Airport Security: Profiling Vs. Screening, Aniruddha Bagchi
Optimal Allocation Of Resources In Airport Security: Profiling Vs. Screening, Aniruddha Bagchi
Faculty and Research Publications
No abstract provided.
Graph Matching Based Decision Support Tools For Mitigating Spread Of Infectious Diseases Like H1n1, Jomon Aliyas Paul, Kedar Sambhoos
Graph Matching Based Decision Support Tools For Mitigating Spread Of Infectious Diseases Like H1n1, Jomon Aliyas Paul, Kedar Sambhoos
Faculty and Research Publications
Diseases like H1N1 can be prevented from becoming a wide spread epidemic through timely detection and containment measures. Similarity of H1N1 symptoms to any common flu and its alarming rate of spread through animals and humans complicate the deployment of such strategies. We use dynamic implementation of graph matching methods to overcome these challenges. Specifically, we formulate a mixed integer programming model (MIP) that analyzes patient symptom data available at hospitals to generate patient graph match scores. Successful matches are then used to update counters that generate alerts to the Public Health Department when the counters surpass the threshold values. …
Basketball Market Efficiency And The Big Dog Bias, Ladd Kochman, Randy Goodwin
Basketball Market Efficiency And The Big Dog Bias, Ladd Kochman, Randy Goodwin
Faculty and Research Publications
A betting rule is devised to profit from an alleged unwillingness of strong favorites in the National Basketball Association to cover large point spreads. Imaginary wagers placed on NBA underdogs awarded 10+ points by Las Vegas oddsmakers produced a significantly nonrandom wins-to-bets ratio of 53.4 percent during the five consecutive seasons ending in 2007. The failure to generate a W/B ratio of at least 55.4 percent over the 758 games meeting our point spread constraint precludes any claim of profitability.
Technology In The Aid Of Delivering Economic Content To Teachers: Virtual Economics V. 3, John R. Swinton, Benjamin Scafidi
Technology In The Aid Of Delivering Economic Content To Teachers: Virtual Economics V. 3, John R. Swinton, Benjamin Scafidi
Faculty and Research Publications
We examine the impact on student achievement of a face-to-face teacher workshop that also provides economics instructors with access to an electronic library of instructional and reference material for their economics classroom—Virtual Economics v. 3 (VE3), offered by the Council for Economic Education. Based on evidence using student and teacher-level administrative data from the Georgia Department of Education and controlling for students’ prior achievement in mathematics, we find evidence that the VE3 workshop experience increases student achievement in high school economics. Our difference-in-differences estimates suggest that teacher participation in the VE3 workshop increases student achievement by 0.061 standard deviations on …
Does Online Cross-Border Shopping Affect State Use Tax Liabilities?, Mikhail I. Melnik, James Alms
Does Online Cross-Border Shopping Affect State Use Tax Liabilities?, Mikhail I. Melnik, James Alms
Faculty and Research Publications
How does online cross-border shopping affect state use tax liabilities? We collect our own data on actual online cross-border shopping transactions from eBay.com, focusing upon a “representative” commodity classification and a “typical” day. These data allow us to examine the extent of actual online crossborder shopping by buyers, and the subsequent potential impact on state use tax liabilities of buyers. Our results indicate that online cross-border shopping is highly prevalent on eBay, with out-of-state purchases accounting for on average 94 percent of the volume of a state’s online purchase transactions. Even so, given the limited volume of eBay-based transactions relative …
Intangible Investments And The Pricing Of Corporate Sga Expenses, Rongbing Huang, Gim S. Seow, Joe S. Shangguan
Intangible Investments And The Pricing Of Corporate Sga Expenses, Rongbing Huang, Gim S. Seow, Joe S. Shangguan
Faculty and Research Publications
This study examined whether the market fully prices the reported Selling, General, and Administrative (SGA) expenses when this item includes an intangible investment component. For a sample of intangible investment-intensive firms, we showed that their SGA expenses benefit future operating performances. Evidence suggests some degree of market inefficiency in the pricing of SGA expenses and the intangible investment component. Furthermore, the financial analysts do not appear to appreciate fully the future benefits of the component in their earnings forecasts. Finally, the pertinent disclosures in firms’ annual reports are so inadequate as to attenuate the market mispricing, suggesting a significant room …
Is There A Link Between Money Illusion And Homeowners' Expectations Of Housing Prices?, Lucy F. Ackert, Bryan K. Church, Narayanan Jayaraman
Is There A Link Between Money Illusion And Homeowners' Expectations Of Housing Prices?, Lucy F. Ackert, Bryan K. Church, Narayanan Jayaraman
Faculty and Research Publications
Money illusion is a behavioral bias in which a person thinks in terms of nominal rather than real values. This article reports homeowners' responses to a survey designed to measure the extent of money illusion as well as homeowners' expectations regarding home valuations. Our survey respondents suffer from money illusion, yet they have reasonable expectations of home prices. Our analysis did not identify any unique individual characteristic that correlates with homeowners' choices and suggests that the relationship between money illusion and mispricing is subtle and multifaceted.
Turkey: Another $1 Trillion Emerging Economy?, Murat Doral
Turkey: Another $1 Trillion Emerging Economy?, Murat Doral
Faculty and Research Publications
The strategic location of Turkey makes it a very important country in terms of geopolitics as well as economics. Turkey is located at the crossroads of Europe, Asia, the Caucasus, and the Middle East. It is where East meets West without clashing with each other but merging with each other. Even though, industry, trade, and finance are all dominated by the expansive and crowded Istanbul, other cities and towns in Anatolia –the Anatolian Tigers- are industrializing rapidly and now participating in the global economy. Today, Turkey has the largest economy in the greater Middle East. Depending of the source, Turkey …
Testing Conflicting Political Economy Theories: Full-Fledged Versus Partial-Scope Regional Trade Agreements, Xuepeng Liu
Testing Conflicting Political Economy Theories: Full-Fledged Versus Partial-Scope Regional Trade Agreements, Xuepeng Liu
Faculty and Research Publications
We apply a duration analysis to test the conflicting predictions of the median voter model and the lobbying model using panel data on regional trade agreement (RTA) formation. Our results show that the pro-labor prediction of the median voter model is supported by the full-fledged free trade areas and customs unions (FTAs/CUs), while the pro-capital prediction of the lobbying model is supported by the partial-scope preferential trade arrangements among developing countries. This finding holds better for the country pairs with more different capital-labor ratios as a result of the stronger distributional effects of RTAs. The support for the median voter …
Does Ap Economics Improve Student Achievement?, Benjamin Scafidi, John Swinton, Chris Clark
Does Ap Economics Improve Student Achievement?, Benjamin Scafidi, John Swinton, Chris Clark
Faculty and Research Publications
We employ a cautious empirical approach to estimate the effect of taking Advanced Placement (AP) Economics in high school on student performance on a high-stakes, statewide End-of-Course Test (EOCT). Using data on all Georgia students who took economics from 2006 to 2008, we use propensity score matching to control for the selection of students into AP Economics. Our most conservative estimate makes an adjustment for teacher effects and suggests that students who take high school economics in an AP class score 0.283 standard deviations higher on the economics EOCT than “matched” students who are in high schools that do not …
The Location Decisions Of Foreign Investors In China: Untangling The Effect Of Wages Using A Control Function Approach, Xuepeng Liu, Mary E. Lovely, Jan Ondrich
The Location Decisions Of Foreign Investors In China: Untangling The Effect Of Wages Using A Control Function Approach, Xuepeng Liu, Mary E. Lovely, Jan Ondrich
Faculty and Research Publications
There is almost no support for the proposition that capital is attracted to low wages from firm-level studies. We examine the location choices of 2,884 firms investing in China between 1993 and 1996 to offer two main contributions. First, we find that the location of labor-intensive activities is highly elastic to provincial wage differences. Generally, investors' wage sensitivity declines as the skill intensity of the industry increases. Second, we find that unobserved location-specific attributes exert a downward bias on estimated wage sensitivity. Using a control function approach, we estimate a downward bias of 50% to 90% in wage coefficients estimated …
Licensing And Patent Protection, Aniruddha Bagchi, Arijit Mukherjee
Licensing And Patent Protection, Aniruddha Bagchi, Arijit Mukherjee
Faculty and Research Publications
We show the impact of technology licensing on optimal patent policy. Strong patent protection that eliminates imitation may not be the equilibrium outcome in the presence of licensing. Depending on the cost of innovation, licensing may either increase or reduce the strength of the patent protection.
Mills B. Lane, Jr. And Enterprise In A New South, Randall L. Patton
Mills B. Lane, Jr. And Enterprise In A New South, Randall L. Patton
Faculty and Research Publications
For a century, Citizens & Southern Bank was a fixture in Georgia. In 1991, the C&S brand name disappeared in a merger with North Carolina National Bank. This was one of the bittersweet consequences of the slow, confusing swirl of bank deregulation after 1970, when institutions such as C&S simply disappeared, swallowed by the "winners" in the new competitive environment of interstate banking in the 1980s and 1990s. Even earlier, however, the Lane family had ceased to control the bank started by Mills Lane, Sr. in 1891. Mills B. Lane, Jr. was the last member of the Lane family to …
Is Exchange Risk Priced Beyond Intertemporal Risk?, Ines Chaieb, Stefano Mazzoto, Oumar Sy
Is Exchange Risk Priced Beyond Intertemporal Risk?, Ines Chaieb, Stefano Mazzoto, Oumar Sy
Faculty and Research Publications
Recent conditional tests show that exchange risk is priced in integrated international markets. However, these results are typically obtained assuming that intertemporal risk does not matter. We test an intertemporal international asset-pricing model where the investment opportunity set is dynamic. Using a conditional orthogonalization approach, we investigate whether the exchange risk is priced once the market and intertemporal risks are fully taken into account. We find that, in addition to the market and intertemporal risks, the exchange risk is an important determinant of risk premium. We also find that the intertemporal risk, which is often overlooked in the literature, is …
Family Businesses' Contribution To The U.S. Economy: A Closer Look, Joseph H. Astrachan, Melissa Carey Shanker
Family Businesses' Contribution To The U.S. Economy: A Closer Look, Joseph H. Astrachan, Melissa Carey Shanker
Faculty and Research Publications
In 1995, we were commissioned to conduct research on the impact of family businesses on the U.S. economy. A search of all relevant research led to the conclusion that the majority of existing data relating to family businesses' economic contributions were not grounded in empirical research, and the definitions used to distinguish family businesses from other enterprises were ambiguous or nonexistent. In 1996, we published a paper providing a framework for assessing the economic impact of family businesses across three ranges, defined by the degree of family involvement in the businesses. This paper revisits that research and updates and improves …
A History Of Revenue Forecasts, Mark Rider
A History Of Revenue Forecasts, Mark Rider
Faculty and Research Publications
Feenberg et al. (1989) apply a simple regression-based method to test the rationality of state revenue forecasts. Using the same regression-based methodology, we test the rationality of federal revenue forecasts for fiscal year 1802 through 2001. We find that Treasury forecasts of federal revenues satisfy the conditions of weak rationality.
Linear And Nonlinear Appraisal Models, Billie Ann Brotman
Linear And Nonlinear Appraisal Models, Billie Ann Brotman
Faculty and Research Publications
In this article, the author uses nonlinear models to forecast the value of four important housing characteristics. The article explains, for example, that each additional bedroom does not add a set incremental dollar figure to the value of a house. The results suggest that nonlinear models predict housing values better than linear ones.