Current Issue : October - December Volume : 2015 Issue Number : 4 Articles : 7 Articles
The aim of the paper is to evaluate the effects on growth of discretionary fiscal policy measures in selected\nEurozone countries in the period ranging from 2001 to 2013. The analysis suggests a positive effect of discretionary\nfiscal policy measures on GDP and support the conclusion that structural public balance adjustments have negative\neffects on growth irrespective of macroeconomic conditions. These results show that, if the reduction of the structural\nbalance has to be considered as an objective to be achieved per se, such a goal should not be pursued in times of\ndeteriorating macroeconomic conditions....
We employ the notion of statistical arbitrage to investigate the relationship between earnings\nsmoothing and returns from momentum trading of stocks and explore the role that the level of\ninvestor sophistication may play in the smoothing-return calculus. To do so, we exploit the\nobservation that both earnings smoothing and momentum profits are related to the\ncross-sectional variation in returns. We analyze the relevant data of 25 developed and\nemerging economies. Our results confirm the proposition that momentum profits as indicated\nby statistical arbitrage measures are inversely related to earnings smoothing but only in those\nmarkets where investors are more sophisticated and are able to take advantage of liquidity\ntraders, who are often uninformed....
There is renewed interest in female entrepreneurship as policy makers recognize the\nimportance of social inclusiveness in economic development. Women�s involvement in\nentrepreneurship is applauded as a necessary precursor to economic growth of developing\nnations despite women under-representation among business owners. Many factors have been\nblamed for this under-representation among them, socialisation and lack of motivation in\nchoosing entrepreneurship as a career option. In Kenya, women entrepreneurs have low\nlevels of education; are in need of business knowledge and skills yet unable to pay for\nbusiness development services; and are affected strongly by patriarchal structures especially\nthe role of husbands. Yet, some few women own growing businesses that contribute towards\nwealth and employment creation. This study sought to determine how women learn to be\nentrepreneurial and to establish hindrances to female entrepreneurial learning process. A\nsurvey was conducted on 106 women micro-entrepreneurs in the Kenyan dairy processing\nindustry. Data were collected using semi-structured interviews and analysed using descriptive statistics. Findings showed that majority (76.9%) of the micro-entrepreneurs went into\nbusiness without any prior business skills. Only 5.5% of them had training in business-related\nfields before starting their businesses. Another 17.6% had learnt some business skills from\nprevious employment. Social contacts and relations were important sources of business\nknowledge and skills for 68.7% of them. Rarely did the respondents engage in active search\nof business knowledge and skills. Probably an entrepreneurship development curriculum\nweaved through the entire school syllabus would help in entrenching an enterprising culture\namong women....
Today firm�s especially large one can�t be controlled and administered by single individual and if so, the performance of those firms is not as good as the decentralized firms. Now a day�s firm gives opportunity to each employee to participate in decision making and give them freedom to make their own decisions in favor of firm. We take the examples of Honey Well, Google, Toyota and different sectors of Pakistan. We also give a model of our study that explains how decentralization increases performance with the help of cooperation. The result of study is that the performance of firms increases as the decentralization increases....
stract\nThe paper attempted to analyze Trade volume in seven major agricultural products in Ethiopia. The data revealed\nin most cases the volume of export is less than volume of import. Trade balance and exchange rate based on impulse\nresponse function and the forecast error variance decompositions. The short run effect of devaluation can be captured\nby the impulse response functions. Impulse response results show that trade balance in Ethiopia after real depreciation\nof currency follows J-curve patter. More importantly the obtained estimates suggest that upon real depreciation in\nthe first three years trade balance deteriorates (ââ?¬Ë?short runââ?¬â?¢) and subsequently improves. The forecast error variance\ndecomposition for each variable reveals the proportion of the movement in this variable due to its own shocks versus\nthe shocks in other variables. Further information on the linkages between the trade balance and its determinants\ncan be obtained from variance decompositions, which measure the proportion of forecast error variance in a variable\nthat is explained by innovations (impulses) in itself and the other variables. Discussion was conducted on analyzing\ntrade balance variance decomposition over a period of 10 years. The variance decomposition of trade balance reveals\nthat changes in its own shock, trade balance is the predominant source of variation in the logarithm of trade balance.\nThe result showed own series shock of trade balance explain most of the forecast error variance of the series in both\nbased on VAR and VECM. The change in the real effective exchange rate represents the second source of variation\nin trade balance with a percentage of 1.4%, and 1.28% in the second and third year forecast horizons based on VAR\nrespectively. Finally, the results also prove the relative ineffectiveness of the industrial production index in affecting trade\nbalance in Ethiopia based on both in VAR and VECM....
This qualitative research study explores the hotel franchising relationships and the psychological contract and\ndevelops a model of success factors of hotel franchising relationships. A multiple case study approach was adopted\ninvolving document analysis and semi-structured interviews with hotel franchisors and a number of their franchisees\nto explore how hotel franchisors and franchisees approach the issues of hotel franchise lifecycle, phases and\npsychological contract. This study explores the nature of the relationship between franchisor and their franchisees\nin each phase of the hotel franchise relationship. The findings illustrated the important aspects which the franchisor\nand the franchisees should follow in each phase in order to have success in their relationship. These findings led to\nthe development an initial model of hotel franchise success factors. Additionally the findings stressed the necessity\nof developing policies and practices used by the psychological contract to be more helpful for the success of hotel\nfranchise relationships. The researcher developed the final model based on the way franchisors and franchisees\napproach hotel franchising relationship aspects....
This paper looks at the effects of Sarbanes-Oxley on the practice known as Earnings Management. Using earnings as reported in quarterly corporate filings, I employ a test of discontinuity used by DeGeorge, Patel and Zeckhauser to estimate the discontinuity in reported earnings per share (EPS) following a major accounting reform resulting from Sarbanes-Oxley. I find that the previous discontinuities found in the literature in reported EPS at 0�¢ and 1�¢ disappear after the accounting reform. Using a standard market model on security prices, I also find that short-term abnormal returns to reporting 1�¢ EPS decrease following this reform, which could indicate positive shortterm returns to Earnings Management....
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