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Articles 8401 - 8430 of 9281

Full-Text Articles in Social and Behavioral Sciences

A Semi-Parametric Estimator For Censored Selection Models With Endogeneity, Myoung-Jae Lee, Francis Vella Feb 2006

A Semi-Parametric Estimator For Censored Selection Models With Endogeneity, Myoung-Jae Lee, Francis Vella

Research Collection School Of Economics

We propose a semi-parametric least-squares estimator for a censored-selection (type 3 tobit) model under the mean independence of the outcome equation error u from the regressors given the selection indicator and its error term ɛ. This assumption is relatively weak in comparison to alternative estimators for this model and allows certain unknown forms of heteroskedasticity, an asymmetric error distribution, and an arbitrary relationship between the u and ɛ. The estimator requires only one-dimensional smoothing on the estimate of ɛ. We generalize the estimator to allow for an endogenous regressor whose equation contains an error w related to u and discuss …

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Interface Between Ip And Competition Law In Taiwan, Kung-Chung Liu Feb 2006

Interface Between Ip And Competition Law In Taiwan, Kung-Chung Liu

Research Collection Yong Pung How School Of Law

The modernization of Taiwan’s intellectual property (IP) laws has been most marked in the last 10 to 15 years.] During that period, Taiwan also responded to U.S. Section 301 pressure by enacting and enforcing the Fair Trade Act of 1991, a general competition law. The issue of the interface between IP and antitrust law has gradually gained sigdcance in the last couple of years. To some extent, as its development in Taiwan testifies, competition law has circumscribed the scope of IP laws and inacted a spd-over effect on the IP laws. The ramification of competition law in Taiwan with regard …

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The Micro-Foundations Of Intertemporal Price Discrimination, Winston T. H. Koh Feb 2006

The Micro-Foundations Of Intertemporal Price Discrimination, Winston T. H. Koh

Research Collection School Of Economics

This paper investigates the optimality of intertemporal price discrimination for a durable-good monopoly in a model where infinitely-lived households face an intertemporal budget constraint, and consume both durable goods and non-durable goods. We prove that the optimal price of the durable good is not constant, and may decrease or increase over time. Some households may choose to purchase the durable good at a later date, and pay lower or higher prices, since the gain in discounted utility of consuming more of the non-durable good more than compensates for the loss in utility from delaying the consumption of the durable good. …

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Functional Sunspot Equilibria, Shurojit Chatterji, Subir Chattopadhyay Feb 2006

Functional Sunspot Equilibria, Shurojit Chatterji, Subir Chattopadhyay

Research Collection School Of Economics

Consider a one step forward looking model where agents believe that the equilibrium values of the state variable are determined by a function whose domain is the current value of the state variable and whose range is the value for the subsequent period. An agent's forecast for the subsequent period uses the belief, where the function that is chosen is allowed to depend on the current realization of an extrinsic random process, and is made with knowledge of the past values of the state variable but not the current value. The paper provides (and characterizes) the conditions for the existence …

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More Efficient Estimation In Nonparametric Regression With Nonparametric Autocorrelated Errors, Liangjun Su, Aman Ullah Feb 2006

More Efficient Estimation In Nonparametric Regression With Nonparametric Autocorrelated Errors, Liangjun Su, Aman Ullah

Research Collection School Of Economics

We define a three-step procedure for more efficient estimation of the nonparametric regression mean with nonparametric autocorrelated errors. The procedure is based upon a nonparametric prewhitening transformation of the dependent variable that has to be estimated from the data by a local polynomial technique. We establish the asymptotic distribution of our estimator under weak dependence conditions and show that it is more efficient than the conventional local polynomial estimator. Furthermore, we consider criterion functions based on the linear exponential family, which include the local polynomial least squares criterion as a special case. Simulation evidence suggests that significant gains can be …

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A Simple Test For Multivariate Conditional Symmetry, Liangjun Su Feb 2006

A Simple Test For Multivariate Conditional Symmetry, Liangjun Su

Research Collection School Of Economics

This paper proposes a simple consistent nonparametric test of multivariate conditional symmetry based on the principle of characteristic functions. The test statistic is shown to be asymptotically normal under the null and consistent against any conditional asymmetric distributions.

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Central Asia's Transition After Fifteen Years: Growth And Policy Choices, Malcolm Dowling, Ganeshan Vignaraja Feb 2006

Central Asia's Transition After Fifteen Years: Growth And Policy Choices, Malcolm Dowling, Ganeshan Vignaraja

Research Collection School Of Economics

This paper presents a coherent and systematic analysis of the collapse and subsequent revival of the Central Asian Republics (CARs) since 1990. The focus is on the pattern of growth and structural change during the cycle of decline and subsequent revival in the CARs which have been inadequately analyzed in the literature on transition. The paper relates economic performance to initial conditions, country characteristics and policies. Within this framework, it proposes a simple typology of policies (including a new Type III set of policies on regional cooperation and industrial competitiveness) and relates them to the cycle of decline and revival …

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Central Asia: Mapping Future Prospects, Malcolm Dowling, Ganeshan Wignaraja Feb 2006

Central Asia: Mapping Future Prospects, Malcolm Dowling, Ganeshan Wignaraja

Research Collection School Of Economics

Central Asia has emerged as one of the world’s fastest growing regions since the late 1990s and has shown notable development potential. This is significant for a region comprising largely of small landlocked economies with no access to the sea for trade. Among the advantages, of the region are its high- priced commodities (oil, gas, cotton and gold), reasonable infrastructure and human capital as legacies of Soviet rule; and a strategic location between Asia and Europe. Furthermore, many Central Asian Republics (CARs) have embarked on market-oriented economic reforms to boost economic performance and private sector competitiveness. Central Asia: Mapping Future …

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Effects Of Technological Improvement In The Ict Producing Sector On Business Activity, Hian Teck Hoon, Edmund S. Phelps Feb 2006

Effects Of Technological Improvement In The Ict Producing Sector On Business Activity, Hian Teck Hoon, Edmund S. Phelps

Research Collection School Of Economics

It seems to be taken for granted by many commentators that the sharp decline in prices of computers, telecommunications equipment and software resulting from the technological improvements in the information and communications technology (ICT)-producing sector is good for jobs and is a major driving force behind the non-inflationary employment miracle and booming stock market in the latter half of the nineties in the U.S. and their recurrence since 2004. We show that, in our model, a technical improvement in the ICT-producing sector by itself cannot explain a simultaneous increase in employment and a rise in firms’ valuation (or Tobin’s Q …

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Music And Moral Geographies: Constructions Of "Nation" And Identity In Singapore, Lily Kong Feb 2006

Music And Moral Geographies: Constructions Of "Nation" And Identity In Singapore, Lily Kong

Research Collection School of Social Sciences

In this paper, I attempt to pull together sociological and geographical perspectives in the study of music to understand the ways in which pop and rock music are socio-cultural products with political and moral meanings and implications. I examine state engineering of moral panics, focusing on a case study of pop and rock music in post-independence Singapore. Such engineering is aimed at political and ideological ends, in particular, "nation"- building outcomes. In engineering moral panics through both discursive and legislative acts, the contours of a moral geography are delineated at various spatial scales. First, at the scale of the national …

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Hungary: Holding Back The Tiers, Kenneth Benoit Feb 2006

Hungary: Holding Back The Tiers, Kenneth Benoit

Research Collection School of Social Sciences

Hungary has a particularly complicated electoral system: a type of mixed system that incorporates three tiers of seat allocation, the use of a proportional allocation formula, and the allocation of a number of seats by a two-round system in single-member constituencies. Examination of the strategic incentives facing parties explains some surprising outcomes, such as the majoritarian impact on the party system and the possibility of the second strongest party in votes becoming the strongest in seats. Despite its complexity and alleged shortcomings, it is unlikely to be abandoned; it serves the interests of the largest parties, and these effectively wield …

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Government Ownership And The Performance Of Government-Linked Companies: The Case Of Singapore, James Ang, David K. Ding Feb 2006

Government Ownership And The Performance Of Government-Linked Companies: The Case Of Singapore, James Ang, David K. Ding

Research Collection Lee Kong Chian School Of Business

In an emerging economy, the alternative to government control is often no governance. We investigate the governance structure of government-linked companies (GLCs) in Singapore under the ownership/control structure of Temasek Holdings, the government holding entity, which typically owns substantial cash flow rights but disproportional control rights and exercises no operational control. We compare the financial and market performance of GLCs with non-GLCs, where each has a different set of governance structure, the key difference being government ownership. We show that Singaporean GLCs have higher valuations and better corporate governance than a control group of non-GLCs. The results hold even when …

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Singapore Management University Report To Stakeholders 2006 - 2007, Singapore Management University Jan 2006

Singapore Management University Report To Stakeholders 2006 - 2007, Singapore Management University

Report to Stakeholders

SMU was founded to add diversity to higher education in Singapore, and to serve as a catalyst for change. Eight years on, the University continues to set new benchmarks for nurturing responsible leadership, developing diverse talents and spearheading research that has impact and real-world relevance. In the past academic year, SMU added a new school, graduate programmes and centres of excellence and forged new and deeper relationships with industry, academic and civic partners. These advances built on our existing strengths and moved us forward on a path of purposeful change and growth that reinforced our vision to be a premier …

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Predicting A Currency Crisis Alternative Approaches And Applications To The Philippines, Fernando Antonio Iv Castillo Jan 2006

Predicting A Currency Crisis Alternative Approaches And Applications To The Philippines, Fernando Antonio Iv Castillo

Dissertations and Theses Collection (Open Access)

An arrival of a currency crisis can be anticipated through a comprehensive and properly specified Early Warning System (“EWS”). The costs that entail with experiencing a currency crisis far exceed the costs of spending a considerable amount of time to developing an EWS. In a report done by the IMF(1998), they estimated that emerging economies suffer an 8% cumulative loss in real output during a severe currency crisis. Likewise, evidence suggests that a simple look at traditional market indicators of currency and default risks will not provide much advance warning of an impending currency crisis. In a study done by …

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A Class Of Nonlinear Stochastic Volatility Models, Jun Yu, Zhenlin Yang Jan 2006

A Class Of Nonlinear Stochastic Volatility Models, Jun Yu, Zhenlin Yang

Research Collection School Of Economics

This paper proposes a class of nonlinear stochastic volatility models based on the Box-Cox transformation which offers an alternative to the one introduced in Andersen (1994). The proposed class encompasses many parametric stochastic volatility models that have appeared in the literature, including the well known lognormal stochastic volatility model, and has an advantage in the ease with which different specifications on stochastic volatility can be tested. In addition, the functional form of transformation which induces marginal normality of volatility is obtained as a byproduct of this general way of modeling stochastic volatility. The efficient method of moments approach is used …

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Intraday Stock Prices, Volume, And Duration: A Nonparametric Conditional Density Analysis, Anthony S. Tay, Christopher Ting Jan 2006

Intraday Stock Prices, Volume, And Duration: A Nonparametric Conditional Density Analysis, Anthony S. Tay, Christopher Ting

Research Collection School Of Economics

We investigate the distribution of high-frequency price changes, conditional on trading volume and duration between trades, on four stocks traded on the New York Stock Exchange. The conditional probabilities are estimated nonparametrically using local polynomial regression methods. We find substantial skewness in the distribution of price changes, with the direction of skewness dependent on the sign of trade. We also find that the probability of larger price changes increases with volume, but only for trades that occur with longer durations. The distribution of price changes vary with duration primarily when volume is high.

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L S Penrose's Limit Theorem: Tests By Simulation, Pao Li Chang, Vincent Chua, Moshe Machover Jan 2006

L S Penrose's Limit Theorem: Tests By Simulation, Pao Li Chang, Vincent Chua, Moshe Machover

Research Collection School Of Economics

L S Penrose's Limit Theorem-which is implicit in Penrose (1952, p. 72) [Penrose, 1952. On the Objective Study of Crowd Behavior. H. K. Lewis and Co, London, p. 72] and for which he gave no rigorous proof-says that, in simple weighted voting games, if the number of voters increases indefinitely and the relative quota is pegged, then-under certain conditions-the ratio between the voting powers of any two voters converges to the ratio between their weights. Lindner and Machover (2004) [Lindner I., Machover M. 2004. L.S. Penrose's limit theorem: proof of some special cases. Mathematical Social Sciences 47, 37-49] prove some …

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Asymmetry Of Processing Trade In China : Theory And Empirics, Zhaopeng Xing Jan 2006

Asymmetry Of Processing Trade In China : Theory And Empirics, Zhaopeng Xing

Dissertations and Theses Collection (Open Access)

This paper studies decision of whether outsourcing or localization in China. Both strategies can enjoy low wage advantage. But outsourcing induces processing trade, while localization, which has additional localization cost can turn processing trade of some goods to ordinary trade. The asymmetric effect lies on that once localized, it is hard to return to outsourcing due to competition or fixed expenditures involved. If wage difference larger, it is more preferable to localized. Therefore, we can expect asymmetric effect of processing trade due to movement of relative wage difference, which was proved by econometrics on recent data by cointegrating analysis within …

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External Debt And Growth Dynamics, Si Chen Jan 2006

External Debt And Growth Dynamics, Si Chen

Dissertations and Theses Collection (Open Access)

Based on an extended growth model, this thesis further explores the joint dynamics between external debt and growth. The model explicitly expresses this growth dynamic mechanism incorporating external debt as an important explanatory variable with risk premium and other related structural factors. The interactions between external debt and growth are interpreted as directly and mainly through the channel of capital accumulation and indirectly through technology change. These constitute the functional form foundation to solve the main concern on the effect of external debt upon growth adjustment path. The numerical simulations of the model indicate that when external debt is assumed …

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Information Value Of Credit Ratings In Asia Ex-Japan Markets, Chen Zhou Jan 2006

Information Value Of Credit Ratings In Asia Ex-Japan Markets, Chen Zhou

Dissertations and Theses Collection (Open Access)

This study investigates the information value of credit ratings by exploring the relationship between ratings and security price. Unlike previous studies, we concentrate on the major markets ex-Japan in Asia. We begin with an investigation of rating reclassification as well as credit watch placement events by three leading international rating agencies. We show that markets with differing level of sophistication behave differently. Specifically, South Korea and Hong Kong are found to respond in a similar manner. Indonesia shows possible ign of information leakage. In the cases of Malaysia and Thailand, significant and positive equity price responses exist for upgrades, suggesting …

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Impact Of Gender And Ethnic Composition Of South African Boards Of Directors On Intellectual Capital Performance, Jean-Luc Wolfgang Mitchell Van Der Zahn Jan 2006

Impact Of Gender And Ethnic Composition Of South African Boards Of Directors On Intellectual Capital Performance, Jean-Luc Wolfgang Mitchell Van Der Zahn

Research Collection School Of Accountancy

This study examines the association between the gender and ethnic composition of boards of directors and firm performance in a transitional nation. In contrast to prior research that largely focuses on firm performance within a financial context, this study concentrates on intellectual capital performance. Using data collected from 84 South African, empirical results indicate a positive association between the percentage of female and non-white directors on the board and a firm’s intellectual capital performance. Additional analysis shows the designation of female directors as an insider has a negative effect of intellectual capital performance. Designation of female and non-white directors as …

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Singapore: A Tax Compact For The Future?, Eugene Kheng Boon Tan Jan 2006

Singapore: A Tax Compact For The Future?, Eugene Kheng Boon Tan

Research Collection Yong Pung How School Of Law

No abstract provided.

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Measuring Global Poverty Right: Mission Impossible?, M. G. Quibria Jan 2006

Measuring Global Poverty Right: Mission Impossible?, M. G. Quibria

Research Collection School Of Economics

The international community is committed to millennium development goals which postulate a vision of global development that makes eliminating poverty and sustaining development the overriding objective of global development efforts. In the hierarchy of the MDGs, the first and foremost goal is to reduce by half, between 1990–2015, the proportion of people whose income is less than a dollar a day (a widely used yardstick to measure extreme poverty). However, estimating such poverty across developing countries and globally is by no means a simple exercise nor has it yielded unambiguous results. This article provides a brief summary of the state …

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Semi-Parametric Inference In A Bivariate (Multivariate) Mixture Model, Denis H. Y. Leung, Jing Qin Jan 2006

Semi-Parametric Inference In A Bivariate (Multivariate) Mixture Model, Denis H. Y. Leung, Jing Qin

Research Collection School Of Economics

We consider estimation in a bivariate mixture model in which the component distributions can be decomposed into identical distributions. Previous approaches to estimation involve parametrizing the distributions. In this paper, we use a semi-parametric approach. The method is based on the exponential tilt model of Anderson (1979), where the log ratio of probability (density) functions from the bivariate components is linear in the observations. The proposed model does not require training samples, i.e., data with confirmed component membership. We show that in bivariate mixture models, parameters are identifiable. This is in contrast to previous works, where parameters are identifiable if …

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The Mirage Of Global Justice, Chandran Kukathas Jan 2006

The Mirage Of Global Justice, Chandran Kukathas

Research Collection School of Social Sciences

The political pursuit of global justice is not a worthy goal, and our aims in establishing international legal and political institutions should be more modest. The pursuit of justice in the international order is dangerous to the extent that it requires the establishment of powerful supranational agencies, or legitimizes greater and more frequent exercise of political, economic, and military power by strong states or coalitions. The primary concern in the establishment and design of all legal and political institutions should be not to secure justice but to limit power. It is a mistake to think that a distinction can be …

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Cartel Parties And Cartel Party Systems: The Italian Case, Riccardo Pelizzo Jan 2006

Cartel Parties And Cartel Party Systems: The Italian Case, Riccardo Pelizzo

Research Collection School of Social Sciences

In spite of the fact that Katz and Mair’s cartel party article has been one of the most widely cited, read, discussed, criticized scholarly works of the past decade, Italian politics experts have been somewhat reluctant to apply the cartel party framework to analyze the Italian party system.1 This reluctance was probably motivated by an improper understanding of what the cartel party hypothesis actually entails. Italian politics scholars seemed to think that the cartel is a specific type of oligopolistic market in which the supply of goods is distorted by the collusion of the oligopolistic firms which, by colluding, form …

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Parliamentary Oversight For Government Accountability, Riccardo Pelizzo, Rick Stapenhurst, David Olson Jan 2006

Parliamentary Oversight For Government Accountability, Riccardo Pelizzo, Rick Stapenhurst, David Olson

Research Collection School of Social Sciences

No abstract provided.

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Dynamics In Legislative Budgeting In Italy: 1982-2001, Carolyn Forestiere, Riccardo Pelizzo Jan 2006

Dynamics In Legislative Budgeting In Italy: 1982-2001, Carolyn Forestiere, Riccardo Pelizzo

Research Collection School of Social Sciences

For much of the First Republic, the Italian Parliament was notorious for its fiscal irresponsibility. However, using data over a 20-year period we note that the performance of the Parliament during the passage of the national budget changed over time. During most the 1980s the Parliament always spent more than the amount specified in the government’s Budget Bill. But this trend slowed towards the late 1980s, and of particular interest is that for several years during the 1990s the Parliament voted to spend less than what the government originally proposed. We explain this anomaly using institutional theories and contextual explanations.

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Democracy And Oversight, Riccardo Pelizzo, Rick Stapenhurst Jan 2006

Democracy And Oversight, Riccardo Pelizzo, Rick Stapenhurst

Research Collection School of Social Sciences

In the course of the past decade, political science has started paying increasing attention to the study of legislative oversight, which had been previously been described as an important but inadequately researched area of legislative activity (Lees, 1977). Lees’ comment is particularly true with regard to comparative analyses of oversight tools and practices. Some studies have recently discussed the instruments of legislative oversight (Maffio, 2002), other studies have instead investigated how legislative oversight relates to both political variables (Pennings, 2000; Damgaard, 2000; Pelizzo and Stapenhurst, 2004a) and socio-economic conditions (Pelizzo and Stapenhurst, 2004b). In spite of this renewed interest in …

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A Code Of Conduct For Indonesia: Problems And Perspectives, Riccardo Pelizzo, Bernice Ang Jan 2006

A Code Of Conduct For Indonesia: Problems And Perspectives, Riccardo Pelizzo, Bernice Ang

Research Collection School of Social Sciences

The purpose of the present paper is fairly straightforward. We want to show that institutional reforms, such as the adoption of a conduct code, represent a necessary albeit insufficient condition to curb corruption and promote good governance. As several scholars have pointed out the success of institutional reform in general and the success of codes of conduct in particular depends, among other things, on ideational conditions. With regard to codes of conduct, parliamentary ethics experts believe in fact that the success of a code of conduct depends on whether the individuals who are supposed to be regulated by the disposition …

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