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Informational content of corporate ratings in a developing country: the case of Brazilian firms

Bone, Rosemarie Bröker; Ribeiro, Eduardo P - In: Economics Bulletin 33 (2013) 1, pp. 35-45

A corporate rating is an opinion from a rating agency about the debt payment capacity and willingness to pay of a private issuer. In principle, ratings issued by a third party should be unbiased and provide private information on credit quality to the market. Yet many researchers argue that such...

Persistent link: https://www.econbiz.de/10011278585

Stock market response to women's active participation in Japan: an event study analysis on a disclosing policy

Mitsuyama, Nahoko; Shimizutani, Satoshi - In: Economics Bulletin 33 (2013) 4, pp. 2596-2606

While the government encourages women's active participation in the economy, the evidence on the causal relationship of female participation to firm performance has been relatively unsupported in Japan. This study examines the short-term stock market response to a disclosure policy, i.e., the...

Persistent link: https://www.econbiz.de/10010699647

Do airlines always suffer from crashes?

Ho, Jerry C.; Qiu, Mei; Tang, Xiaojun - In: Economics Letters 118 (2013) 1, pp. 113-117

We examine the impact of aviation disasters on the stock prices of the crash airlines and their rival airlines. Results show that the crash airlines experience deeper negative abnormal returns as the degree of fatality increases. The stock prices of the rival airlines also suffer in large-scale...

Persistent link: https://www.econbiz.de/10010603122

Decomposing abnormal returns in stochastic linear models

Lin, Carl - In: Economics Letters 118 (2013) 1, pp. 143-147

This paper presents a method helpful in analyzing the sources of return in an event study. A generalized decomposition result derived from the differential between two random linear functions attributes the effect of events or regulations on the value of firms to differences in economy-wide and...

Persistent link: https://www.econbiz.de/10010603147

A Short-run Schumpeterian Trip to Embryonic African Monetary Zones

Asongu, Simplice A - In: Economics Bulletin 33 (2013) 1, pp. 859-873

With the spectre of the Euro crisis looming substantially large and scaring potential monetary unions, this study is a short-run trip to embryonic African monetary zones to assess the Schumpeterian thesis for positive spillovers of financial services on growth. Causality analysis is performed...

Persistent link: https://www.econbiz.de/10010835849

On the substitution of institutions and finance in investment

Asongu, Simplice A - In: Economics Bulletin 34 (2014) 3, pp. 1557-1574

The Ali (2013, EB) findings on the nexuses among institutions, finance and investment could have an important influence … finance and institutions because they are less realistic to developing countries to which the resulting policy implications … substitution of institutions and finance in investment. Results under many baseline and augmented scenarios are not consistent with …

Persistent link: https://www.econbiz.de/10010800841

Estimating efficiency spillovers with state level evidence for manufacturing in the US

Glass, Anthony; Kenjegalieva, Karligash; Sickles, Robin C. - In: Economics Letters 123 (2014) 2, pp. 154-159

Unit specific effects are often used to estimate non-spatial efficiency. We extend such estimators to the case where there is spatial autoregressive dependence and introduce the concept of spillover efficiency. Intuitively, we present an approach to benchmark how successful units are at...

Persistent link: https://www.econbiz.de/10010906375

A generalized panel data switching regression model

Malikov, Emir; Kumbhakar, Subal C. - In: Economics Letters 124 (2014) 3, pp. 353-357

This paper considers a generalized panel data model of polychotomous and/or sequential switching which can also accommodate the dependence between unobserved effects and covariates in the model. We showcase our model using an empirical illustration in which we estimate scope economies for the...

Persistent link: https://www.econbiz.de/10010930707

Okun's law in the french regions: a cross-regional comparison

Marie-estelle, Binet; Facchini, Francois - In: Economics Bulletin 33 (2013) 1, pp. 420-433

This article tackles one central issue in the regional science literature: the persistence of regional disparities in unemployment within national economies. Our approach is original as Okun's coefficients are estimated for each of the 22 administrative French regions over the period...

Persistent link: https://www.econbiz.de/10011278517

Unionization and informal economy

Elgin, Ceyhun - In: Economics Bulletin 32 (2012) 3, pp. 2615-2623

In this paper I investigate the relationship between unionization and the size of the informal economy. Using a cross-country panel data for 30 countries over the period from 1960 to 2009, I find a strong and robust negative correlation between unionization and the size of the informal economy.

Persistent link: https://www.econbiz.de/10011278596