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This study examines the association between types (packages) of executive director’s remuneration and conflicting related-party transactions (RPT-conflict) among listed companies in Malaysia. The hypotheses are analyzed using a sample of... more
The countervailing power of large buyers subdues the market power of sellers, but price concessions won by large buyers in upstream markets may or may not translate into lower prices downstream as Galbraith ( , 1954) ) once contended.... more
This paper concerns the sale of a vertically differentiated good by a manufacturer to retailers that have market power when reselling to consumers. The contractual relationships between the manufacturer and individual retailers are... more
Large value payment and securities settlement systems are important components of an economy's nancial system. Many such systems are operated by central banks and are liquidity intensive. Central banks often provide inexpensive liquidity... more
I explore alternative central bank policies for liquidity provision in a model of payments. I use a mechanism design approach so that agents' incentives to default are explicit and contingent on the credit policy designed. In the …rst... more
This paper interprets private label marketing as a retailer instrument for overcoming the double‐marginalization problem inherent in the distribution of well‐known manufacturer brands. Retailers with some degree of market power carry... more
The enterprise value (EV) is a crucial metric in company valuation as it encompasses not only equity but also assets and liabilities, offering a comprehensive measure of total value, especially for companies with diverse capital... more
We test for the presence of low-dimensional chaotic structure in the Stock Exchange of Thailand (SET) Index. While we find strong evidence of nonlinear dependencies, the evidence is not consistent with chaos. Our test results indicate... more
Research in economics and finance documents a puzzling negative relationship between stock returns and inflation rates in markets of industrialized economies. The present study investigates this relationship for Korea and Mexico. We show... more
We test for the presence of low-dimensional chaotic structure in the Stock Exchanges of Indonesia and Malaysia. While we find strong evidence of nonlinear dependencies, the evidence is not consistent with chaos. Our test results indicate... more
Do firms with employee ownership (EO) programs exhibit greater employment stability in the face of economic downturns? In particular, are firms with EO programs less likely to lay off workers during negative shocks? In this article, we... more
Research in economics and finance documents a puzzling negative relationship between stock returns and inflation rates in markets of industrialized economies. The present study investigates this relationship for Korea and Mexico. We show... more
Energy represents an important share of production costs for many agricultural commodities. Previous studies have found mixed evidence of a pass-through relationship between oil prices and agricultural commodity prices, a relationship... more
This paper investigates the nonlinearities in the behavior of jet fuel prices and air carrier yields as measured by revenue passenger miles(RPMs), where one RPM is defined as one passenger flown one mile in revenue traffic. It indicates... more
The Transportation Research Forum, founded in 1958, is an independent, nonprofit organization of transportation professionals who conduct, use, and benefit from research. Its purpose is to provide an impartial meeting ground for carriers,... more
This paper examines the relationship between consumer confidence and consumption expenditures in the US for the period 1970:1-2007:4. Consumer confidence surveys are widely reported in the business and economics media and play an... more
This paper examines the effects of world market volatility on the systematic risk and volatility in four emerging Latin American markets: Argentina, Brazil, Chile, and Mexico. We choose this sample of emerging markets because of their... more
This paper investigates the daily volatility spillovers between crude oil prices and a select group of agricultural staples. Empirical findings confirm that the price series under study exhibit nonlinear dependencies which are... more
ThIS paper exammes the hypothesIs of optlmlzmg behavIOr of the U S. consumers usmg quarterly and seasonally adjusted senes on real consumer expenditures on eIght commodIty groups. clothIng, durable goods, energy, food, hOUSIng, medIcal... more
Energy represents an important share of production costs for many agricultural commodities. Previous studies have found mixed evidence of a pass‐through relationship between oil prices and agricultural commodity prices, a relationship... more
This paper examines the relationship between consumer confidence and consumption expenditures in the US for the period 1970:1-2007:4. Consumer confidence surveys are widely reported in the business and economics media and play an... more
The present study examines the effects of market structure and technology on airline fleet composition in the deregulated airline industry. To capture the effects of market structure and technology on airline fleet acquisition and use, a... more
Research in economics and finance documents a puzzling negative relationship between stock returns and inflation rates in markets of industrialized economies. The present study investigates this relationship for Korea and Mexico. We show... more
Do firms with employee ownership (EO) programs exhibit greater employment stability in the face of economic downturns? In particular, are firms with EO programs less likely to lay off workers during negative shocks? In this article, we... more
We test for the presence of low-dimensional chaotic structure in crude oil, heating oil, and unleaded gasoline futures prices from the early 1980s. Evidence on chaos will have important implications for regulators and short-term trading... more
In this paper we analyze the price dynamics of Alaska North Slope crude oil and L.A. diesel fuel prices. We employ VAR methodology and bivariate GARCH model to show that there is a strong evidence of a uni-directional causal relationship... more
We test for the presence of low-dimensional chaotic structure in the Stock Exchange of Thailand (SET) Index. While we find strong evidence of nonlinear dependencies, the evidence is not consistent with chaos. Our test results indicate... more
We conduct tests for the presence of low-dimensional chaotic structure in the futures prices of four important agricultural commodities. Though there is strong evidence of non-linear dependence, the evidence suggests that there is no... more
A model of informal caregiving is presented in which decisions are made by extended households including parents and children. An extended household possibly has both a demand and a supply of elder caregiving by children-in-law. A... more
economists, whose research aims to provide answers to the global labor market challenges of our time. Our key objective is to build bridges between academic research, policymakers and society. IZA Discussion Papers often represent... more
During 2008, some forms of patient co-payments – in particular, patients paying privately for additional medicines as part of an episode of care in the National Health Service – became controversial in political and policy terms in the... more
The report describes the current developments of the German market for Non Performing Loans/Distressed Debt as it is influenced by the financial crisis/credit crunch. Furthermore the sale of (small and medium sized) real estate portfolios... more
We estimate revealed willingness to pay for animal welfare using a panel mixed logit model. We utilize a unique household level panel, combining real purchases with survey data on perceived public and private good attributes of different... more
The increasing deployment of renewables introduces substantial variability into the production of electricity, requiring demand to be more movable across time. We analyze data from a large Danish field experiment (2015)(2016) to... more
In this paper, we propose a reputation-signalling model of demand for consumer goods containing pro-social characteristics such as a 'fair trade' or 'organic' certification. We show that reputation signalling can reverse price reactions... more
Objectives: There is no single “correct” definition of poverty. However, there is consensus that any definition of poverty needs to acknowledge particular social, economic and cultural contexts. Different meanings of poverty results in... more
Development of vibration controlled high-rise RC building with low stiffness at lower stories using shear-wall and oil-dampers Part 1 Tsubasa TANI, Ryota MASEKI, Hiroshi HIBINO and Izuru TAKEWAKI A new structural control system using... more
We investigate whether regret can explain mutual fund managers' risk-shifting behavior. We propose a theoretical framework by introducing a modified utility function for mutual fund managers who are both risk averse and regret averse. The... more
a producción agregada de bienes y servicios que realiza un país en un período dado es tal vez la variable macroeconómica más importante, ya que determina en gran parte el bienestar de la sociedad y su desarrollo frente a otras sociedades.... more
The sustainability of the welfare state ultimately depends on citizens' preferences for income redistribution. They are elicited through a Discrete Choice Experiment performed in 2008 in Switzerland. Attributes are redistribution as GDP... more
Two-sided intergenerational moral hazard occurs (i) if the parent's decision to purchase long-term care (LTC) coverage undermines the child's incentive to exert effort because the insurance protects the bequest from the cost of nursing... more
An important source of conflict surrounding nuclear energy is that with a very small probability, a large-scale nuclear accident may occur. One way to internalize the associated financial risks is through mandating nuclear operators to... more