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Abstract : A Note on the Efficiency Effects of Agglomeration Economies: Turkish Evidence
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Abstract: By using a very novel dataset from Turkish SMEs, this paper investigates the effects of agglomeration economies on productive and allocative efficiency. After controlling for unobserved heterogeneity at the time level, our empirical results from ordered panel probit models provide evidence that clusters have no statistically significant effect on productive efficiency but a negative effect on allocative efficiency. We also show that the increase in prices is not due to increased product differentiation; therefore, it is most likely due to collusion. Keywords: SMEs, Cluster, Competitiveness, Productive and Allocative Efficiency, Ordered Panel Probit Models.Download Full Article |
Abstract : Herding, Heterogeneity, and Momentum Trading of Institutional Investors Across Asset Classes
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Abstract: This paper examines herding, heterogeneity, and momentum trading of institutional investors in Israel across a broad variety of financial assets. While previous studies typically focus on stocks only, we examine herding patterns, heterogeneity, and momentum trading of institutional investors in five asset classes. We find that during the sample period (1/2002 – 12/2011) large investors tended to herd more than medium and small-size investors. In contrast, small investors used momentum trading patterns more than medium and large-size investors. Homogeneity was found among large investors, especially pension funds, and during the first half of the 2000s, when investors purchased corporate bonds at the expense of government bonds. This phenomenon ended upon the beginning of the subprime crisis and against the backdrop of the financial difficulties of the bond issuers. In those years, panicked investors withdrew funds from the most liquid institutions (study funds), while infusing funds to pension and provident funds due to legally binding arrangements. We attribute some of the heterogeneous trading of the institutional investors, to those factors. Keywords: Herding, momentum trading, feedback trading, institutional investors.Download Full Article |
Abstract : Customer Satisfaction of Mobile-Internet-Users: An Empirical Approximation for the Case of Spain
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Abstract: This paper studies the mobile Internet services in Spain. It deals mostly with overall consumer satisfaction as well as with some of its attributes. The study is based on Micro data from a survey conducted by the Spanish Center for Sociological Research (CIS, 2009). The analysis shows that communication quality and cost are the main attributes of the service involved in the overall satisfaction of the individual. The main model allows us to analyze to what extent different service providers generate different levels of satisfaction of individuals when controlling for other relevant variables. In this regard, statistically significant differences have been found for both overall satisfaction and for satisfaction with any other of its attributes. Taking into account that the dependent variable is somewhat ordinal, the model is estimated by three alternative methods: ordinary least squares (OLS), ordered probit and ordered logit. The three techniques produce fairly similar results. Keywords: Mobile Internet, ordered probability models, satisfaction, ordinary least squares, ordered probit, ordered logit.Download Full Article |
Abstract : Compensation Discrimination for Wide Receivers: Applying Quantile Regression to the National Football League
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Abstract: Keefer’s recent article in the Journal of Sports Economics (2013) finds evidence of wage discrimination in the National Football League (NFL) market for linebackers. We examine the market for NFL wide receivers using similar techniques as Keefer, though we explore only rookies rather than all current players and wide receivers rather than linebackers. While we would expect to find stronger evidence of discrimination in the rookie market, as rookies are captured sellers, we find no pervasive pattern of pay discrimination by race in this market. Keywords: National Football League, discrimination, compensation, rookie, quantile regression.Download Full Article |
