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  • facet.materialart.
    Oles Honchar Dnipropetrovsk National University
    Online: 18(3).2010 –
    Publisher: Oles Honchar Dnipropetrovsk National University
    Print ISSN: 2313-2159
    Electronic ISSN: 2409-9864
    Topics: Geography , Geosciences
    Keywords: Regionalgeographie Osteuropa ; Regionale Geowissenschaften Osteuropa
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  • facet.materialart.
    Institute for the Study of Labor (IZA) Bonn
    Publication Date: 2015-05-22
    Description: This paper compares various forecasts using panel data with spatial error correlation. The true data generating process is assumed to be a simple error component regression model with spatial remainder disturbances of the autoregressive or moving average type. The best linear unbiased predictor is compared with other forecasts ignoring spatial correlation, or ignoring heterogeneity due to the individual effects, using Monte Carlo experiments. In addition, we check the performance of these forecasts under misspecification of the spatial error process, various spatial weight matrices, and heterogeneous rather than homogeneous panel data models.
    Keywords: C33 ; ddc:330 ; Forecasting ; BLUP ; panel data ; spatial dependence ; heterogeneity ; Prognoseverfahren ; Panel ; Räumliche Interaktion ; Theorie
    Language: English
    Type: doc-type:workingPaper
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  • facet.materialart.
    Publication Date: 2013-05-22
    Description: The decomposition of a European market return into cashflow and discount rate news components suggests that returns on European and country value portfolios react more sensitive to news about the European market return´s cashflows than the corresponding growth portfolios. This evidence is substantially weaker when the receptiveness of country value and growth returns to cashflow and discount rate news components of the respective national market return is in question. Moreover, I show that national news series are more important than international news series in explaining the variation in European value and growth returns. Even though European cashflow news play a marginally significant role in explaining returns on value portfolios, there is no persuasive evidence of the notion that high cashflow betas explain relatively high average returns on European countries´ value portfolios.
    Keywords: G12 ; G15 ; G14 ; ddc:330 ; cashflow and discount rate beta ; international stock markets ; value premium ; book-to-market factor
    Language: English
    Type: doc-type:workingPaper
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  • facet.materialart.
    The Research Institute of the Finnish Economy (ETLA) Helsinki
    Publication Date: 2012-09-22
    Description: Teollisuuden ja Työnantajain Keskusliiton vuosittain teettämän työvoimatiedustelun aineistosta voidaan muodostaa kaksi tarkasti määriteltyä rekrytointiongelmien mittaria, joita on mahdollista soveltaa joko toimiala- tai toimipaikkakohtaisesti. Näiden kahden mittarin yhteyksiä toimipaikkarakenteeseen sekä tuotantoon arvioidaan teollisuustoimialoittain vuosina 1987-2000. Osoittautuu, että toimipaikan koon ja rekrytointiongelmien yhteys on kaksijakoinen: suuremmat toimipaikat kärsivät useammin rekrytointiongelmista, mutta pienempien toimipaikkojen rekrytointiongelmat ovat vakavampia. Vuoden 2000 rekrytointiongelmat ovat 1980-luvun loppuun verrattuna pienempiä ja harvemmille toimialoille keskittyneitä, mutta voidaan väittää, että määrällisesti eräiden toimialojen rekrytointiongelmat ovat yhtä vakavia kuin 1980-luvun lopun rekrytointiongelmat. Nämä toimialat ovat sähkötekninen, kulkuneuvo, kumija muovituote sekä metallituoteteollisuus. Rekrytointiongelmien kehitykseen vaikuttaa lyhyellä aikavälillä ennen kaikkea tuotannon ja työttömyyden kehitys. Viitteellistä näyttöä löytyy myös sille, että muillakin muuttujilla, kuten tehdyillä työtunneilla, tuntipalkoilla ja toimialan keskittymisasteella on yhteyksiä rekrytointiongelmiin. – rekrytointiongelmia ; teollisuus ; toimipaikan koko ; tuotanto
    Description: Based on industry-wide surveys compiled by the Confederation of Finnish Industry and Employers, we create two accurately defined indicators of recruitement problems for the Finnish industry sector. These measures can be used at both firm and aggregate level and they cover the years 1987-2000. We find that the difficulties to recruit suitable labour are related to firm size in two ways: Larger firms have a higher overall probability of facing recruitment problems, but the problems that the smaller firms experience are more severe. Compared to the end of the 1980s, the recruitment problems in 2000 were concentrated to fewer sectors. Still, it can be argued that in some sectors the shortages of labour are comparable to the situation in the late 1980s. The recruitment problems are most prominent in sectors that produce electrotechnical equipment, plastics and rubber, fabricated metal products and ships and transport products. In the short run, the dynamics of the two indicators are mainly detemined by the dynamics in output and unemployment. There is also some evidence that working hours per worker, hourly wages and sector dominance of large firms affect the indicators of recruitment problems.
    Keywords: ddc:330 ; firm size ; industry ; output ; recruitment problems ; Betriebsgröße ; Industrie ; Produktion ; Personalbeschaffung ; Finnland
    Language: Finnish
    Type: doc-type:workingPaper
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  • facet.materialart.
    Center for Economic Studies and Ifo Institute (CESifo) Munich
    Publication Date: 2015-05-22
    Description: This paper examines the relationship between teacher unionization, student achievement and teachers' pay using a cross-section of data from private schools in India. We use differences in student mark across subjects to identify within-pupil variation in achievement and find that union membership of the teacher appears to strongly reduce pupil achievement. We find no evidence this could be due to the unobservables not controlled for by this procedure. A school fixed effects equation of teacher pay shows that union membership substantially raises pay and in this case too we find that remaining unobservables are unlikely to explain this outcome. We thus have in this data clear evidence that unions raise cost and reduce student achievement.
    Keywords: I21 ; ddc:330 ; Teacher unions ; teacher salaries ; student achievement ; productivity ; India ; Lehrkräfte ; Gewerkschaftlicher Organisationsgrad ; Gehalt ; Schüler ; Bildungsniveau ; Privatschule ; Indien
    Language: English
    Type: doc-type:workingPaper
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  • facet.materialart.
    Dep. of Economics, Rutgers, the State Univ. of New Jersey New Brunswick, NJ
    Publication Date: 2012-06-26
    Description: We take an agnostic view of the Phillips curve debate, and carry out an empirical investigation of the relative and absolute efficacy of Calvo sticky price (SP), sticky information (SI), and sticky price with indexation models (SPI), with emphasis on their ability to mimic inflationary dynamics. We look at evidence for a group of 13 OECD countries, and consider three alternative measures of inflationary pressure, including the output gap, labor share, and unemployment. We find that the SPI model is preferable to the Calvo SP and the SI models because it captures the type of strong inflationary persistence that has in the past characterized the economies in our sample. However, two caveats to this conclusion are that improvement in performance is driven mostly by lagged inflation and that the SPI model overemphasizes inflationary persistence. There appears to be room for improvement in all models in order to induce them to better track inflation persistence.
    Keywords: E12 ; E3 ; C32 ; ddc:330 ; sticky price ; sticky information ; empirical distribution ; model selection ; New-Keynesian Phillips Curve ; Preisrigidität ; Modellierung ; Schätztheorie ; Theorie ; OECD-Staaten
    Language: English
    Type: doc-type:workingPaper
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  • facet.materialart.
    Elinkeinoelämän Tutkimuslaitos Helsinki
    Publication Date: 2011-03-26
    Description: Three fourths of Finnish business enterprises have relationships that are deeper than those associated with normal market transactions, i.e., they are involved in interorganizational networking. Regionally networking is more commonplace in North Savo, North Karelia/Kainuu, Central Finland and Lapland/Northern Ostrobothnia. Connections to other firms is the most prevalent and qualitatively most important type of networking. Networking is predominantly a local phenomenon, particularly when it comes to firms' partnerships with educational and research institutions as well as public bodies. Networking may be associated with better firm profitability in low-tech industries. Participating in a national cluster may be associated with firms' better growth prospects. In the absence of functioning local markets for some productive inputs, being engaged in inter-organizational networking may be a necessary conditions for firms' survival.
    Keywords: D21 ; L14 ; L22 ; L25 ; ddc:330 ; Inter-organizational networking ; business collaboration ; profitability ; growth ; Unternehmensnetzwerk ; Regionale Konzentration ; Rentabilität ; Unternehmensentwicklung ; Finnland
    Language: Finnish
    Type: doc-type:workingPaper
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  • facet.materialart.
    Dep. of Economics, Rutgers, the State Univ. of New Jersey New Brunswick, NJ
    Publication Date: 2010-05-15
    Description: In this paper we take an agnostic view of the Phillips curve debate, and carry out an empirical investigation of the relative and absolute efficacy of Calvo sticky price (SP), sticky information (SI), and sticky price with indexation models (SPI), with emphasis on their ability to mimic inflationary dynamics. In particular, we look at evidence for a group of 13 OECD countries, and we consider three alternative measures of inflationary pressure, including the output gap, labor share, and unemployment. We find that the Calvo SP and the SI models essentially perform no better than a strawman constant inflation model, when used to explain inflation persistence. Indeed, virtually all inflationary dynamics end up being captured by the residuals of the estimated versions of these models. We find that SPI model is preferable because it captures the type of strong inflationary persistence that has in the past characterized the economies of the countries in our sample. However, two caveats to this conclusion are that improvement in performance is driven mostly by the time series part of the model (i.e. lagged inflation) and that the SPI model overemphasizes inflationary persistence. Thus, there appears to be room for improvement via either modified versions of the above models, or via development of new models, that better track” inflation persistence.
    Keywords: E12 ; E3 ; C32 ; ddc:330 ; Empirical distribution ; model selection ; sticky information ; sticky price
    Language: English
    Type: doc-type:workingPaper
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  • facet.materialart.
    Institute for the Study of Labor (IZA) Bonn
    Publication Date: 2015-05-22
    Description: Using firm level data on 70,000 enterprises in 107 countries, this paper finds important effects of access to finance, business regulations, corruption, and to a lesser extent, infrastructure bottlenecks in explaining patterns of job creation at the firm level. The paper focuses on how the impact of the investment climate varies across sizes of firms. The differences across size categories come from two sources. First, objective conditions of the business environment do vary systematically by firm types. Micro and small firms have less access to formal finance, pay more in bribes than do larger firms, and face greater interruptions in infrastructure services. Larger firms spend significantly more time dealing with officials and red tape. Second, even controlling for these differences in objective conditions, there is evidence of significant non-linearities in their impact on employment growth. The results suggest strong composition effects: A weak business environment shifts downward the size distribution of firms. In the case of finance and business regulations this occurs by reducing the employment growth of all firms, particularly micro and small firms. On the other hand, corruption and poor access to infrastructure reduce employment growth by affecting the growth of medium size and large firms. With significant differences between firms with less than 10 employees and SMEs, these results indicate significant reforms are needed to spur micro firms to grow into the ranks of the SMEs.
    Keywords: ddc:330 ; Employment growth ; investment climate ; corruption ; regulatory framework ; finance ; Unternehmensentwicklung ; Beschäftigungseffekt ; Betriebsgröße ; Standortfaktor ; Unternehmensfinanzierung ; Regulierung ; Korruption ; Infrastruktur ; Investitionsklima ; Welt
    Language: English
    Type: doc-type:workingPaper
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  • facet.materialart.
    Inter-American Development Bank, Research Dep. Washington, DC
    Publication Date: 2011-11-19
    Description: Using firm level data on 70,000 enterprises in 107 countries, this paper finds important effects of access to finance, business regulations, corruption, and to a lesser extent, infrastructure bottlenecks in explaining patterns of job creation at the firm level. The paper focuses on how the impact of the investment climate varies across sizes of firms. The differences across size categories come from two sources. First, objective conditions of the business environment do vary systematically by firm types. Micro and small firms have less access to formal finance, pay more in bribes than do larger firms, and face greater interruptions in infrastructure services. Larger firms spend significantly more time dealing with officials and red tape. Second, even controlling for these differences in objective conditions, there is evidence of significant non-linearities in their impact on employment growth. The results suggest strong composition effects: A weak business environment shifts downward the size distribution of firms. In the case of finance and business regulations this occurs by reducing the employment growth of all firms, particularly micro and small firms. On the other hand, corruption and poor access to infrastructure reduce employment growth by affecting the growth of medium size and large firms. With significant differences between firms with less than 10 employees and SMEs, these results indicate significant reforms are needed to spur micro firms to grow into the ranks of the SMEs.
    Keywords: ddc:330 ; Unternehmensentwicklung ; Beschäftigungseffekt ; Betriebsgröße ; Standortfaktor ; Unternehmensfinanzierung ; Regulierung ; Korruption ; Infrastruktur ; Investitionsklima ; Welt
    Language: English
    Type: doc-type:workingPaper
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