Showing papers in "Journal of Economics and Business in 2009"

TL;DR: In this article, the authors examined the long run and causal relationship between stock market development and economic growth for seven countries in sub-Saharan Africa using the autoregressive distributed lag (ARDL) bounds test.

TL;DR: In this paper, the effects of capital regulations on cost of intermediation and profitability of banks in Egypt are investigated, and the results support the Central Bank's efforts to enforce capital regulations to improve the performance of the banking sector in Egypt.

TL;DR: This article examined the impact of financial deregulation on cost and profit efficiency of Indian commercial banks during the post-reform period 1992-2004 using the nonparametric data envelopment analysis (DEA).

TL;DR: In this paper, the impact of match outcome uncertainty on two types of audience for Spanish football, fans at the stadium and television viewers, was investigated and it was shown that fans inside the stadium prefer games that are less and not more likely to finish with a close score.

TL;DR: In this article, the authors examine the structure of voting control and blockholders' contestability for a sample of 233 non-financial listed firms in Colombia during 1996-2004 and find that a more equal distribution of equity among large blockholders has a positive effect on firm value.

TL;DR: Chui et al. as mentioned in this paper found that the lack of profits from momentum strategies in emerging markets may be due more to the state-dependence of momentum discovered by Cooper, Gutierrez, and Hameed, rather than to cultural differences.

TL;DR: In this paper, the authors used panel data on Italian regions to test two competing theories of long-run productivity dynamics: the opportunity-cost model, according to which productivity-enhancing activities have a comparative advantage during recessions; and the risk-aversion model, which predicts a negative relationship between transitory disturbances and productivity growth.

TL;DR: In this paper, the authors investigated the hypothesis of a unit root in inflation for 13 OECD countries over the period 1957-2005, taking into account cross-sectional dependence and multiple mean shifts.

TL;DR: This article used the Heston-Rouwenhorst approach to unravel country, industry, and firm-specific effects as a source of variation in financial analysts' earnings forecast errors.

TL;DR: In this article, the authors investigated the microstructure of the co-movement of stock returns and found that the wider an asset's spread, the faster the asset will converge to the intra-day returns of other similar assets.

TL;DR: In this article, the authors used a sample of rights issues for the period 1988-1998 and found that the long-term underperformance is significantly related to a deterioration of companies' operating fundamentals in the post-offering period.

TL;DR: In this article, the effect of monetary policy on long-term interest rates has been examined using a single-equation approach where unanticipated changes in the federal funds rate are measured as residuals from policy reaction functions.

TL;DR: The authors examined the performance and diversification gains provided by iShares versus closed-end country funds over the period 1996 through 2006 and found that U.S. investors react similarly to foreign currency risk associated with iShares and country funds, and the average risk-adjusted performance of passively managed iShares is better than that of their respective actively managed country funds.

TL;DR: In this paper, the authors studied the relationship between incentive compensation and performance related CEO turnover and found that incentives and turnover are positively related, and that high-powered incentives may increase the signaling power of performance measures and lead to higher likelihood of turnover.

TL;DR: In this paper, the authors estimated total factor productivity (TFP) change for the Russian economy in the time period 1994-2006 and calculated potential output and output gap using a Cobb-Douglas (CD) production function and a Hodrick-Prescott filter.

TL;DR: In this paper, the authors employ a log-normal censored regression model to analyze the influence of customer demographics as well as the transactional details of the contract on the rent paid by consumers using rent-to-own.

TL;DR: In this article, the authors analyzed the effect of transaction technology innovation on narrow money using Italian data disaggregated at provincial level and found that transaction technology has a negative effect on the demand for currency in circulation, while its effect on M1 is positive.

TL;DR: The authors decomposes the output response to a change in the stance of monetary policy to each of the two general channels by which monetary policy impacts output are the neo-classical cost of capital channel and the credit channel.

TL;DR: This article examined the cross-dynamics of volatility term structure slopes implied by foreign exchange options and found that a few principal components can explain a vast proportion of the variation in volatility term structures slopes across the major exchange rates.

TL;DR: In this article, the authors analyzed to what extent anticompetitive business regulations, like price controls and administrative obstacles to start a new business, affect labor force participation and employment rates, and found that they appear to lower both.

TL;DR: The authors explored the effects of the variability of fiscal and monetary policy shocks on aggregate demand growth and output growth in the United States and found that higher variability of government spending shocks around a steady-state growth trend results in, on average, a decline in aggregate demand and inflation, with limited effects on output growth.

TL;DR: The authors examined the interaction effects of restructuring activities for a sample of Australian firms experiencing significant declines in operating performance and concluded that financial and corporate restructuring play complementary as well as interactive role in reversing a declining trend in operating profits.

TL;DR: In this paper, the authors show that investment in such assets and debt financing are inversely related in controlling self-interested management, and that firms borrow more and own proportionally more assets that provide internal funds as the average profitability of these assets, or that of future investment, increases.

TL;DR: In this paper, the authors consider a model where banks compete in distinct spaces of depositor's characteristics and show that if the spatial scope of demand is low and/or accessibility of services is not costly outside the home region, then cross-regional merger is the outcome of the game.

TL;DR: In this article, the authors evaluate the wealth transfer hypothesis applied to the carveout announcement and partial IPO on stockholders and bondholders from 1983 to 2002 using daily security prices and show that such combinations have multi-faceted wealth transfers and wealth creation.

TL;DR: In this paper, the authors investigated the equilibrium growth rate of capital stock and social welfare when risk-sharing externalities are incorporated into the infinite-horizon model where endowment risks are endogenized by the degree of incomplete market participation.

TL;DR: In this article, the authors empirically examine what happens when the volatility of the spread changes over time, and they find that a positive shock has a larger impact on the volatility than does a negative shock.

TL;DR: In this paper, the authors employed theoretical relations between stochastic discount factors, state prices, and state probabilities to recover the following four functions: (i) Absolute Risk Aversion (ARA); (ii) Absolute risk tolerance (ART); (iii) Absolute Prudence (AP); and (iv) Absolute Temperance (AT).

TL;DR: In this paper, the effect of corporate R&D to stimulate inter-firm asset trade is investigated and it is shown that R&Ds increase a firm's opportunities for and ability to profit from synergy with external assets.