Foundational to the discipline of management is the idea that organizational decisions are a function of expected outcomes; hence, the customary empirical approach to employ multivariate techniques that regress performance outcome variables on discrete measures of organizational choices (e.g.,...

The study investigates the factors that influence dividend payout policy in public Pakistani manu- facturing companies throughout the timeframe 2010-20. Pooled OLS technique was used for regression purposes, as the majority of companies do not pay a dividend at all or do not do so regularly so...

In the past decade inclusive growth, that is job-rich growth, has topped the policy agenda in developing countries. This paper investigates how the access to finance affects employment in small and medium-sized enterprises (SMEs) in Sub-Saharan Africa. It first presents a model where firm...

In the past decade inclusive growth, that is job-rich growth, has topped the policy agenda in developing countries. This paper investigates how the access to finance affects employment in small and medium-sized enterprises (SMEs) in Sub-Saharan Africa. It first presents a model where firm...

This paper explores the extent of efficiency improvements achieved by New Zealand banks over the period 1996 to 2002, using data envelopment analysis (DEA), on a time-series, rather than cross-sectional basis. Evidence is found for improvements in bank efficiency through time, some of which can...

In the past decade inclusive growth, that is job-rich growth, has topped the policy agenda in developing countries. This paper investigates how the access to finance affects employment in small and medium-sized enterprises (SMEs) in Sub-Saharan Africa. It first presents a model where firm...

In almost every area of empirical finance, researchers are confronted with multiple tests. One high profile example is the identification of investment managers that outperform. Many beat their benchmarks purely by luck. Multiple testing methods are designed to control for luck. Factor selection...

This paper models price volatility through description of the second-degree transactions and expectations averaged by time interval Δ. We call it - the second-order economic theory. First two price statistical moments define volatility. To model volatility one needs description of the squares...

Korean Abstract: 본고는 우리나나 은행의 예·대금리차(spread)의 조정행태가 비대칭적 특성을 갖는지를 문턱자기회귀모형(threshold autoregressive: TAR)과 모멘텀 문턱자기 회귀모형(momentum threshold autoregressive: M-TAR)을 이용하여...

We present an order flow model framework for limit order driven markets. Different from previous models we explicitly model a reference price process that “sweeps” the limit order book as it fluctuates up and down. Our framework allows us to use any stochastic process to model this reference...