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Articles 1291 - 1320 of 2456

Full-Text Articles in Economics

The Thailand Report: National Landscape, Current Challenges And Opportunities For Growth, Institute For Societal Leadership, John W. Ellington, Serene Chen Jun 2015

The Thailand Report: National Landscape, Current Challenges And Opportunities For Growth, Institute For Societal Leadership, John W. Ellington, Serene Chen

Institute of Societal Leadership Research Collection

Thai migrants first began trickling into the Chao Phraya river valley from Southern China in the eleventh century. Thai chieftains established petty kingdoms in modern-day Myanmar, Thailand and Laos, initially as tributaries to more established Burmese and Khmer rulers. However, both the diminishing influence of the Khmer Empire and the Mongols’ sacking of the Burmese capital Bagan in 1287 left a political vacuum in mainland Southeast Asia, which was soon filled by Thai kingdoms such as Sukhothai (1238–1463), Chiang Mai (1296–1775), Ayutthaya (1351–1767) and eventually Bangkok (f. 1 782). In the process, the up-and-coming Thai polities supplanted the Khmer Empire …

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Legal Risk And Investor Protection For Retail Investment Products: An Empirical Study Of Lawsuits Regarding Mutual Funds And Structured Notes In Taiwan, Christopher C. H. Chen Jun 2015

Legal Risk And Investor Protection For Retail Investment Products: An Empirical Study Of Lawsuits Regarding Mutual Funds And Structured Notes In Taiwan, Christopher C. H. Chen

Research Collection Yong Pung How School Of Law

This article analyses the results of 322 lawsuits regarding retail mutual funds and structured notes in Taiwan between 2000 and 2012 and their relationship with other factors such as investors’ personal characteristics, main arguments and causes of action. This article has the following major findings: (1) the winning rate for investors was quite low, meaning that banks face low legal risk from misselling claims; (2) investors were not better off by filing a complaint to the Banker’s Association; (3) we have not proved the courts showing preference for investors with certain personal traits due to limited information available; (4) a …

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The Invisible Hand Of Short Selling: Does Short Selling Discipline Earnings Management?, Massimo Massa, Bohui Zhang, Hong Zhang Jun 2015

The Invisible Hand Of Short Selling: Does Short Selling Discipline Earnings Management?, Massimo Massa, Bohui Zhang, Hong Zhang

Research Collection Lee Kong Chian School Of Business

We hypothesize that short selling has a disciplining role vis-a-vis firm managers that forces them to reduce earnings management. Using firm-level short-selling data for thirty-three countries collected over a sample period from 2002 to 2009, we document a significantly negative relationship between the threat of short selling and earnings management. Tests based on instrumental variable and exogenous regulatory experiments offer evidence of a causal link between short selling and earnings management. Our findings suggest that short selling functions as an external governance mechanism to discipline managers.

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Grandchild Care, Intergenerational Transfers, And Grandparents’ Labor Supply, Christine Ho Jun 2015

Grandchild Care, Intergenerational Transfers, And Grandparents’ Labor Supply, Christine Ho

Research Collection School Of Economics

One-fifth of children aged below five with employed mothers benefit from grandparent provided child care as their main source of daycare in the US. Using data from the health and retirement study, we investigate how grandchild care needs relate to intergenerational transfers of time and money and grandparents’ labor supply behavior. We find that grandparents with a new born grandchild are more likely to provide grandchild care while married grandparents are also more likely to be employed and provide financial help. Grandparents with grandchildren living close by provided higher time transfers while married grandmothers with resident grandchildren also worked longer …

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Export-Learning And Fdi With Heterogeneous Firms, Amanda Jakobsson Jun 2015

Export-Learning And Fdi With Heterogeneous Firms, Amanda Jakobsson

Research Collection School Of Economics

I present a dynamic general equilibrium model with heterogeneous firms that can innovate, learn how to export and then go on to become multinational firms. Entering the foreign market is a dynamic process where firms first learn how to export and then can learn how to adapt production to a low-wage location (multinational production). I solve the model numerically and, starting from a 1990 benchmark of US and Mexico, study how policy changes such as stronger patent protection and trade liberalization affect innovation, technology transfer and consumer welfare. In particular, I disentangle how labor resources are reallocated within regions in …

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Memorial To Edmond Malinvaud, Peter C. B. Phillips Jun 2015

Memorial To Edmond Malinvaud, Peter C. B. Phillips

Research Collection School Of Economics

A great man, a wide-ranging thinker and writer, a pre-eminent researcher, andan inspiring educator passed away on 7 March 2015, leaving the world of economicsso much the poorer and narrower. Edmond Malinvaud was a giant amongmany giants in the subject and one who strode uniquely and comfortably acrossthe entire discipline like an academic colossus

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Halbert White Jr. Memorial Jfec Lecture: Pitfalls And Possibilities In Predictive Regression, Peter C. B. Phillips Jun 2015

Halbert White Jr. Memorial Jfec Lecture: Pitfalls And Possibilities In Predictive Regression, Peter C. B. Phillips

Research Collection School Of Economics

Financial theory and econometric methodology both struggle in formulating models that are logically sound in reconciling short-run martingale behavior for financial assets with predictable long-run behavior, leaving much of the research to be empirically driven. The present article overviews recent contributions to this subject, focusing on the main pitfalls in conducting predictive regression and on some of the possibilities offered by modern econometric methods. The latter options include indirect inference and techniques of endogenous instrumentation that use convenient temporal transforms of persistent regressors. Some additional suggestions are made for bias elimination, quantile crossing amelioration, and control of predictive model misspecification.

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Automated Estimation Of Vector Error Correction Models, Zhipeng Liao, Peter C. B. Phillips Jun 2015

Automated Estimation Of Vector Error Correction Models, Zhipeng Liao, Peter C. B. Phillips

Research Collection School Of Economics

Model selection and associated issues of post-model selection inference present well known challenges in empirical econometric research. These modeling issues are manifest in all applied work but they are particularly acute in multivariate time series settings such as cointegrated systems where multiple interconnected decisions can materially affect the form of the model and its interpretation. In cointegrated system modeling, empirical estimation typically proceeds in a stepwise manner that involves the determination of cointegrating rank and autoregressive lag order in a reduced rank vector autoregression followed by estimation and inference. This paper proposes an automated approach to cointegrated system modeling that …

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Mochtar Riady [Indonesia, Banker], Mochtar Riady May 2015

Mochtar Riady [Indonesia, Banker], Mochtar Riady

Digital Narratives of Asia

Founder and Chairman of Lippo Group, Mochtar Riady gained the moniker "Magic Man of Banking" because of his ability to turn around and grow several of Indonesia's private banks, the most notable being Bank Central Asia (BCA). But his 15 years in BCA wasn't all smooth sailing. He speaks to DNA about his challenges in BCA, which saw him dealing with sensitive relationships with the Suharto government, as well as the firing of his own son for Forex speculation.

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The Metro Manila Report: National Landscape, Current Challenges And Opportunities For Growth, Institute For Societal Leadership, John W. Ellington May 2015

The Metro Manila Report: National Landscape, Current Challenges And Opportunities For Growth, Institute For Societal Leadership, John W. Ellington

Institute of Societal Leadership Research Collection

Although Western colonisers have, to varying degrees, shaped the political structures and economies of nearly all modern Southeast Asian nations, they achieved an unmatched level of cultural and institutional penetration in the Philippines. Far from the Indic influences that inspired Angkor Wat, Borobudur and Bagan, the island group was only marginally sanskritised during the pre-colonial period. With some notable exceptions in the south, Muslim communities were also never able to establish firm roots. Mindanao, Sulu and even southern Luzon were home to maritime sultanates beginning in the late 14th century, but a Spanish victory over the Muslim Rajah of Maynila …

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Going Beyond The ‘New Normal’ In Indonesia, Mari Pangestu, Philip Charles Zerrillo May 2015

Going Beyond The ‘New Normal’ In Indonesia, Mari Pangestu, Philip Charles Zerrillo

Asian Management Insights

The Republic of Indonesia’s former Minister of Trade and former Minister of Tourism and Creative Economy, Professor Mari Pangestu, talks about the country’s resilience, and going beyond the ‘new normal’, in this interview with Philip Zerrillo.

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The Philippines Growth Story: Ground Realities Of Asean Integration, Bernardo M. Villegas May 2015

The Philippines Growth Story: Ground Realities Of Asean Integration, Bernardo M. Villegas

Asian Management Insights

Open policies, an attractive workforce and new market potential in the Philippines– all suggest a ‘take-off’ is underway.

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Foreign Investors Are Finding Vietnam Increasingly Attractive, Tony Diep, Hawkins Pham May 2015

Foreign Investors Are Finding Vietnam Increasingly Attractive, Tony Diep, Hawkins Pham

Asian Management Insights

A new wave of mergers and acquisitions and foreign direct investments is coming into Vietnam thanks to macro stability, an emerging middle class and changes in Asia’s manufacturing landscape.

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The Past And The Hopeful Future Of Vietnam’S Economy, Le Dang Doanh May 2015

The Past And The Hopeful Future Of Vietnam’S Economy, Le Dang Doanh

Asian Management Insights

Reform and integration are key for tapping Vietnam’s economic potential.

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Asean: Growth In The Fast Lane, Edward Lee May 2015

Asean: Growth In The Fast Lane, Edward Lee

Asian Management Insights

ASEAN’s political, economic and demographic factors suggest a giant is awakening.

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Role And Impact Of Energy In The Business Cycle, Bao Tan Huynh May 2015

Role And Impact Of Energy In The Business Cycle, Bao Tan Huynh

Dissertations and Theses Collection (Open Access)

Given the fundamental role of energy in the economy, the macroeconomic literature contains a large body of work on the impact of oil/energy on the business cycle, with much of the attention focusing on energy supply shocks, mostly modeled as exogenous oil/energy price increases. And yet, the oil price hikes pre-2008 suggest that other shocks to the energy market may be the source of such instance of price disturbances, so that their effects on the economy are no longer predicted by exogenous energy supply shocks. In such scenario, it is no longer valid to treat energy price disturbances as exogenous …

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Specification Test For Panel Data Models With Interactive Fixed Effects, Liangjun Su, Sainan Jin, Yonghui Zhang May 2015

Specification Test For Panel Data Models With Interactive Fixed Effects, Liangjun Su, Sainan Jin, Yonghui Zhang

Research Collection School Of Economics

In this paper, we propose a consistent nonparametric test for linearity in panel data models with interactive fixed effects. To construct the test statistic, we need to estimate the model under the null hypothesis of linearity and then obtain the restricted residuals. We show that after being appropriately centered and standardized, the test statistic is asymptotically normally distributed both under the null hypothesis and a sequence of Pitman local alternatives. To improve the finite sample performance, we propose a bootstrap procedure to obtain the bootstrap p-values. A small set of Monte Carlo simulations illustrates that our test performs well in …

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E-Learning In Higher Education For Adult Learners In Singapore, Guan Chong, Ding Ding, Kong Weng Ho May 2015

E-Learning In Higher Education For Adult Learners In Singapore, Guan Chong, Ding Ding, Kong Weng Ho

Research Collection School Of Economics

Countries across the world have witnessed tremendous expansion of adult education and dramatic growth of adult learners. Moreover, with the growing importance of life-long learning, online learning has become a popular tool which is well received by adult learners. In order to enhance adult learners’ learning experience, we have conducted an exploratory research on online learning for adult learners to understand the challenges faced by them in their pursuit of higher education. The results suggest that technical trainings or preparations are needed prior to e-learning and infrastructure needs to be improved. The findings also emphasize on the importance of using …

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Modified Qml Estimation Of Spatial Autoregressive Models With Unknown Heteroskedasticity And Nonnormality, Shew Fan Liu, Zhenlin Yang May 2015

Modified Qml Estimation Of Spatial Autoregressive Models With Unknown Heteroskedasticity And Nonnormality, Shew Fan Liu, Zhenlin Yang

Research Collection School Of Economics

In the presence of heteroskedasticity, Lin and Lee (2010) show that the quasi-maximum likelihood (QML) estimator of the spatial autoregressive (SAR) model can be inconsistent as a ‘necessary’ condition for consistency can be violated, and thus propose robust GMM estimators for the model. In this paper, we first show that this condition may hold in certain situations and when it does the regular QML estimator can still be consistent. In cases where this condition is violated, we propose a simple modified QML estimation method robust against unknown heteroskedasticity. In both cases, asymptotic distributions of the estimators are derived, and methods …

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Expropriation Risk And Competition With The Military, Madhav S. Aney, Giovanni Ko May 2015

Expropriation Risk And Competition With The Military, Madhav S. Aney, Giovanni Ko

Research Collection School Of Economics

How can agents in the military, who control the means of coercion, commit not to expropriate from producers? In this paper we propose competition within the military as one of the mechanisms that can deter predation and consequently create commitment. In our model, even if agents within the military could expropriate all output costlessly, it is attractive to protect producers from predating military units. This is because there is a marginal defensive advantage and consequently defense is an effective way to potentially eliminate other military units, reducing competition and leading to higher future payoffs. Our model predicts that greater internal …

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Asymptotic Distribution And Finite-Sample Bias Correction Of Qml Estimators For Spatial Dependence Model, Shew Fan Liu, Zhenlin Yang May 2015

Asymptotic Distribution And Finite-Sample Bias Correction Of Qml Estimators For Spatial Dependence Model, Shew Fan Liu, Zhenlin Yang

Research Collection School Of Economics

In studying the asymptotic and finite sample properties of quasi-maximum likelihood (QML) estimators for the spatial linear regression models, much attention has been paid to the spatial lag dependence (SLD) model; little has been given to its companion, the spatial error dependence (SED) model. In particular, the effect of spatial dependence on the convergence rate of the QML estimators has not been formally studied, and methods for correcting finite sample bias of the QML estimators have not been given. This paper fills in these gaps. Of the two, bias correction is particularly important to the applications of this model, as …

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Limit Theory For Vars With Mixed Roots Near Unity, Peter C. B. Phillips, Ji Hyung Lee May 2015

Limit Theory For Vars With Mixed Roots Near Unity, Peter C. B. Phillips, Ji Hyung Lee

Research Collection School Of Economics

Limit theory is developed for nonstationary vector autoregression (VAR) with mixed roots in the vicinity of unity involving persistent and explosive components. Statistical tests for common roots are examined and model selection approaches for discriminating roots are explored. The results are useful in empirical testing for multiple manifestations of nonstationarity - in particular for distinguishing mildly explosive roots from roots that are local to unity and for testing commonality in persistence.

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Testing Additive Separability Of Error Term In Nonparametric Structural Models, Liangjun Su, Yundong Tu, Aman Ullah May 2015

Testing Additive Separability Of Error Term In Nonparametric Structural Models, Liangjun Su, Yundong Tu, Aman Ullah

Research Collection School Of Economics

This paper considers testing additive error structure in nonparametric structural models, against the alternative hypothesis that the random error term enters the nonparametric model non-additively. We propose a test statistic under a set of identification conditions considered by Hoderlein, Su and White (2012), which require the existence of a control variable such that the regressor is independent of the error term given the control variable. The test statistic is motivated from the observation that, under the additive error structure, the partial derivative of the nonparametric structural function with respect to the error term is one under identification. The asymptotic distribution …

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A General Method For Third-Order Bias And Variance Corrections On A Nonlinear Estimator, Zhenlin Yang May 2015

A General Method For Third-Order Bias And Variance Corrections On A Nonlinear Estimator, Zhenlin Yang

Research Collection School Of Economics

Motivated by a recent study of Bao and Ullah (2007a) on finite sample properties of MLE in the pure SAR (spatial autoregressive) model, a general method for third-order bias and variance corrections on a nonlinear estimator is proposed based on stochastic expansion and bootstrap. Working with concentrated estimating equation simplifies greatly the high-order expansions for bias and variance; a simple bootstrap procedure overcomes a major difficulty in analytically evaluating expectations of various quantities in the expansions. The method is then studied in detail using a more general SAR model, with its effectiveness in correcting bias and improving inference fully demonstrated …

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On Time-Varying Factor Models: Estimation And Testing, Liangjun Su, Xia Wang May 2015

On Time-Varying Factor Models: Estimation And Testing, Liangjun Su, Xia Wang

Research Collection School Of Economics

Conventional factor models assume that factor loadings are fixed over a long horizon of time, which appears overly restrictive and unrealistic in applications. In this paper, we introduce a time-varying factor model where factor loadings are allowed to change smoothly over time. We propose a local version of the principal component method to estimate the latent factors and time-varying factor loadings simultaneously. We establish the limiting distributions of the estimated factors and factor loadings in the standard large N and large T framework. We also propose a BIC-type information criterion to determine the number of factors, which can be used …

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A Bayesian Specification Test, Yong Li, Tao Zeng, Jun Yu May 2015

A Bayesian Specification Test, Yong Li, Tao Zeng, Jun Yu

Research Collection School Of Economics

A Bayesian test statistic is proposed to assess the model specification after the model is estimated by Bayesian MCMC methods. The proposed approach does not require an alternative model to be specified and is applicable to a variety of models, including latent variable models, structural dynamic choice models, and dynamics stochastic general equilibrium (DSGE) models, for which frequentist methods are difficult to use. The properties of the test statistic are established and its implementation is discussed. The test is easy to use and the test statistic can be calculated from MCMC outputs even when there are latent variables. The method …

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Employment Duration And Match Quality Over The Business Cycle, Ismail Baydur, Toshihiko Mukoyama May 2015

Employment Duration And Match Quality Over The Business Cycle, Ismail Baydur, Toshihiko Mukoyama

Research Collection School Of Economics

This paper studies the cyclical behavior of employment duration using data from the National Longitudinal Survey of Youth 1979 cohort. We estimate a proportional hazard model with competing risks, distinguishing different types of separations. A higher unemployment rate at the start of an employment relationship increases the probability that the worker quits to take or look for another job, but it decreases the probability that the firm fires the worker. The net effect of these opposing forces on the overall duration of the employment is negative, but small, implying that match quality is weakly pro-cyclical. We also build a simple …

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The Singapore Report: National Landscape, Current Challenges And Opportunities For Growth, Institute For Societal Leadership, Aji Paramartha, Shihui Khee, Regina Unson, Sai Hein Apr 2015

The Singapore Report: National Landscape, Current Challenges And Opportunities For Growth, Institute For Societal Leadership, Aji Paramartha, Shihui Khee, Regina Unson, Sai Hein

Institute of Societal Leadership Research Collection

Singapore has come a long way, since her beginnings as a sleepy fishing village and a tiny Malay settlement ruled by the Sultan of Johor. Sir Stamford Raffles first arrived in Singapore in 1819 and immediately recognised that its strategic location along the Straits of Malacca would be useful to the British in developing an alternative to challenge Dutch influence and monopoly in the region. During British colonial rule, Singapore developed into an important free port and trade city, an essential trait that continues to feature heavily in Singapore’s economic development to this day.

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Impacts Of Beijing Bus Rapid Transit On Pre-Owned Home Values, Hao Pang, Junfeng Jiao Apr 2015

Impacts Of Beijing Bus Rapid Transit On Pre-Owned Home Values, Hao Pang, Junfeng Jiao

Research Collection College of Integrative Studies

Bus Rapid Transit (BRT) has gained increasing popularity worldwide in the last few decades. However, few studies have investigated BRT’s impacts on property values in Chinese cities. This research, taking BRT route 1 (BRT1) and BRT route 3 (BRT3) in Beijing as examples, showed that proximity to BRT3 stops is weakly related to pre-owned home prices along the route, whereas BRT1 has induced a significant price premium. For BRT1, the impact is not linear. Specifically, pre-owned home prices for homes within 5–10 minutes’ walking distance to BRT stations is 5.35% higher than those located closer to or farther away. The …

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Sieve Estimation Of Time-Varying Panel Data Models With Latent Structures, Liangjun Su, Xia Wang, Sainan Jin Apr 2015

Sieve Estimation Of Time-Varying Panel Data Models With Latent Structures, Liangjun Su, Xia Wang, Sainan Jin

Research Collection School Of Economics

We consider the problem of determining the number of factors and selecting the proper regressors in linear dynamic panel data models with interactive fixed effects. Based on the preliminary estimates of the slope parameters and factors a la Bai and Ng (2009) and Moon andWeidner (2014a), we propose a method for simultaneous selection of regressors and factors and estimation through the method of adaptive group Lasso (least absolute shrinkage and selection operator). We show that with probability approaching one, our method can correctly select all relevant regressors and factors and shrink the coefficients of irrelevant regressors and redundant factors to …

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