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A now well-established literature in economics assesses the effect of different forms of bank ownership on various measures of banks' performance. Such literature has its theoretical roots in a surprisingly narrow framework, broadly identified with property rights theory. However, such theory – or bundle of theories – has been increasingly criticized for its inability to account for the emergence, the existence and the functioning of business firms. Indeed, many works and authors counter mainstream property rights theory, arguing instead that firms are entities that cannot be possessed – and that equity ownership should not be equaled with firm ownership. Nowhere is perhaps this critique more salient than in the field of banking. As the 2007/08 crisis reminded many observers, banks are not just firms or corporations: they are institutions, endowed with a dual social purpose (the creation of money and the setting of rules for access to credit). If the ownership of firms is difficult to conceive, the ownership of institutions such as banks is obviously harder still to envision. However, over the past twenty to thirty years, regulatory reform in finance has led to the empowerment of ownership, and especially private ownership, in the field of banking. This is apparent, for instance, with the 2007/44 European Directive, which fully liberalized equity ownership (and control) of banks. Yet, even within the actual legal and regulatory framework, there are many limitations to property rights as applied to banks. This paper thus has two aims: firstly, to develop a theoretical explanation of the heuristic and empirical limitations of "bank ownership"; and, secondly, to analyze, on the basis of an empirical case study of Italian banking law, the nature and extent of the property rights associated with ownership in banks. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to analyze the use of telematics in insurance and its consequences for the insurability of risks. Empirical results on monitoring policyholders or insured objects and its consequences for asymmetric information, as well as claims frequency and severity are discussed. Furthermore, potential future research questions that arise from the use of telematics in risk management and insurance are outlined. Design/methodology/approach: The paper systematically reviews existing studies and then investigates the consequences of telematics using Berliner's insurability criteria. The results are based on 52 academic studies and industry papers published from 2000 to 2019. Findings: The findings emphasize the effects of new information on information asymmetry and risk pooling, the implications of new technologies on loss frequency and severity, legal restrictions and ethical consequences of the use of telematics in the insurance field. Problems with the insurability impede the market development of innovations such as telematics tariffs. Originality/value: Despite its increasing relevance for businesses at present, research on telematics in insurance is limited. Some papers can be found in the IT domain, but relatively little research has been done in the business and economics literature. The authors illustrate where the research stands currently and outline directions for future research. [ABSTRACT FROM AUTHOR]

The mobility of highly skilled employees is seen as a critical way for organizations to transfer knowledge and to improve organizational performance. Yet, the relationship between mobility and individual performance is still largely a theoretical and empirical puzzle. Integrating human capital mobility research and the economics of science literature, we argue that mobility of academics should have a positive effect on individual productivity. Additionally, we argue that this positive effect is strengthened when academics move towards better-endowed institutions. We find support for our predictions using a unique dataset of 348 academics working in biology department in the United Kingdom supplemented with qualitative evidence from a survey of the focal academic researchers. [ABSTRACT FROM AUTHOR]

Unfair differences in healthcare access, utilisation, quality or health outcomes exist between and within countries around the world. Improving health equity is a stated objective for many governments and international organizations. We provide an overview of the major tools that have been developed to measure, evaluate and promote health equity, along with the data required to operationalise them.Methods are organised into four key policy questions facing decision-makers: (i) what is the current level of inequity in health; (ii) does government health expenditure benefit the worst-off; (iii) can government health expenditure more effectively promote equity; and (iv) which interventions provide the best value for money in reducing inequity.Benefit incidence analysis can be used to estimate the distribution of current public health sector expenditure, with geographical resource allocation formulae and health system reform being the main government policy levers for improving equity. Techniques from the economic evaluation literature, such as extended and distributional cost-effectiveness analysis can be used to identify 'best buy' interventions from a health equity perspective. A range of inequality metrics, from gap measures and slope indices to concentration indices and regression analysis, can be applied to these approaches to evaluate changes in equity.Methods from the economics literature can provide policymakers with a toolkit for addressing multiple aspects of health equity, from outcomes to financial protection, and can be adapted to accommodate data commonly available in low- and middle-income settings. [ABSTRACT FROM AUTHOR]

The economics and management literature provides theoretical support for both leader and laggard firms to earn higher future operating returns. However, prior empirical research lacks a generalizable proxy to capture leader versus laggard behavior, thus limiting prior findings to specific contexts. This study utilizes a combination of firm-specific and industry life cycle identification to categorize leaders and laggards and validates the designation against constructs established in prior literature. Additionally, we examine each strategy's effect on future performance, finding that, in general, laggards earn greater operating returns. Laggards gain their advantage through product differentiation—specifically, through marketing/advertising expenditures. Leaders are, on average, unable to convert their first movers' advantage into sustainable future profitability once we control for other determinants of profitability. The leader/laggard classification using financial statement information has useful applications in analysis, forecasting, and valuation. This paper was accepted by Suraj Srinivasan, accounting. [ABSTRACT FROM AUTHOR]

Productivity in rain-fed and irrigated rice farming ecosystems are very important for Ghana's self-sufficiency in rice. This paper, therefore, provides a synthesis of the irrigated and rain-fed rice farming ecosystems in Ghana using recent advances in the production economics literature. Specifically, the technical efficiency differential in the irrigated and rain-fed rice farming ecosystems are estimated using stochastic and bias-corrected data envelopment metafrontier methods. Technical efficiency drivers of the individual rice farming ecosystems are also examined. Using a sample of 381 for the modelling, the estimated results showed that farms under the irrigated rice farming ecosystem are more technically efficient (71%) compared to those under the rain-fed rice farming ecosystem (59%). However, overall technical efficiency falls short of about 36%, suggesting a substantial level of inefficiency in both rice farming ecosystems. In addition, the results revealed male farmers are more technically efficient compared to female farmers. Also, membership of farming associations has efficiency reducing effect. The study proposes that to improve rice productivity, resources should be invested in improving the managerial skills of farmers operating under the two rice farming ecosystems and in infrastructural development. [ABSTRACT FROM AUTHOR]

Humankind has always been curious about unknown particulars since starting day of their existence. Hence, when literature and holy texts, archaeological remains, paintings made on the cave walls, sculptures have been examined, it is seen that in almost each community there have been applications regarding witching, magic and supernatural powers. At this point determining attitudes of individuals living in today's modern community regarding witching, magic and supernatural powers bears importance for understanding continuity of these beliefs. It would be beneficial for revealing the attitudes university students constituting the young and relatively educated segment of community regarding the subject and to predict future values and tendencies of community. For this purpose article focuses on determining attitudes of university students with respect to the variables of gender, type of education faculty, academic success, family piety and subjective piety, in relation to witching, magic and supernatural powers. It has been tried to reveal the attitudes of sample group being composed of 407 people who were determined by random method among students of Faculty of Theology (N:100,24,6 %), Faculty of Literature (N:100, 24.6 %), Faculty of Business Administration and Economics (N: 103,25,3 %), Faculty of Fine Arts (N: 46, 11,3 %) and other faculties (N: 58, 14,3 %) of Kahramanmaras Sutcu Imam University regarding witching, magic and supernatural powers by conducting a qua [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this article is to provide an overview of the evolution of the business model research while identifying the leading trends and suggesting future research directions. Design/Methodology/Approach: The study consists of bibliometric analysis, and bibliographic data visualization using the Web of Science (WoS) database, and cluster analysis using the VOSViewer software. Findings: The results reveal the exponential growth of the topic favored within the academic literature. The analysis identified eight clusters of co-words in the field of the business model (BM). Five relevant research trends were identified in which the topic of the business model (BM) would develop in the next years. Research limitations: The analysis focuses on the field of management, business, finance, and economics literature. The paper describes the research activity concerning a bibliometric analysis. Therefore it does not take into consideration the quality of the publications and methodological issues. Practical Implications: This study may serve as a model providing useful information for academic and practitioners to analyze the topic of the business model (BM) within a certain discipline, as well as to identify research areas that need more attention to come up with theoretical and practical implications. Originality/Value: The analysis structures and consolidates the concept of the business model (BM) in the academic research, providing valuable insights. It identifies future themes for the development of the field and its consolidation within the academic and business literature. [ABSTRACT FROM AUTHOR]

Empirical finding that the stocks with low accruals return higher than the stocks with high accruals is one of the most prominent market anomalies documented in financial economics literature. Evidence from developed markets suggests that the Capital Asset Pricing Model (CAPM), three-factor (3 F) model with the factors of excess market return (rm -rf), size (SMB) and value (HML) and five-factor (5 F) model with additional earnings-based profitability (RMW) and investment (CMA) factors cannot deflate the accrual effect. Recent evidence from the U.S. market suggests that accrual effect loses power when it is conditioned against a cash-based operating profitability factor. This paper investigates the accrual effect and its pricing for the stocks listed on Borsa Istanbul (BIST). Portfolio analysis reveals a significant accrual effect among the profitable stocks that gain strength when conditioned against CAPM. However, the 3 F model can deflate the accrual effect and different profitability factors, including cash-based operating profitability factor, and investment factor cannot improve its pricing or economic performance in an emerging market. [ABSTRACT FROM AUTHOR]

The aim of this article is to investigate the impacts of cooperative and non-cooperative R&D strategies on product innovation and firm performance. Based on the industrial economics literature and the optimisation model, R&D competition, R&D cartelisation, and full industry cartelisation strategies of firms operating on a market with differentiated goods and simultaneous price and quality competition are considered. It is showed that R&D cartelisation entails a loss of firm's product innovation compared with R&D competition. However, profit-maximising firms do not prefer the R&D competition strategy. They prefer to pursue either R&D cartelisation or full industry cartelisation strategies, depending on the elasticity of demand with respect to the firm's investment in R&D. The social cost of R&D cartelisation is a loss of product innovation, and the social cost of full industry cartelisation is both the loss of product innovation and the loss of consumer surplus due to a relatively high price and low output of the final product. The latter results carry significant implications for the modern business and public policy. [ABSTRACT FROM AUTHOR]

This paper introduces an innovative framework for decision making by individuals with inconsistent preferences. Practices, associations of individuals with a preference set shared by its members, provide context and unify preferences across an economy so that decision-makers are situated in social and economic structures. Our framework models the time evolution of certain attributes, emerging from the practice framework, that govern individuals' decisions and their intertemporal variation. A novel feature is that preferences are able to rank other preference sets without the need to aggregate them. Instead, the selection of a preference set is treated as a decision in its own right. Our framework explains decision making paradoxes such as the disposition effect and agency cost considerations that are frequently encountered in the behavioural finance and economics literature. [ABSTRACT FROM AUTHOR]

Innovation is an inherently uncertain process. Success is typically coupled with risk and we can only hope that those with great ideas will persevere. To encourage innovation, society reduces some of the innovation risk through structures like funding systems, regulation, and of course intellectual property rights. But what happens when uncertainty strikes the legal protection devices themselves? Faced with unclear rules and increasingly speculative rewards, some innovators may simply stop playing the game. Such uncertainty has recently been a topic of great concern in the U.S. patent system. Some believe that the suddenly unknowable nature of fundamental questions like what is patentable has had the effect of dramatically undermining legal incentives. Others question whether a crisis really exists. They point out that uncertainty can have positive effects, and even, be a source of strategic advantage. How can we tell good uncertainty from bad?. This article provides a novel framework for evaluating patent uncertainty that explains how complaints and complacency can exist contemporaneously. It draws on the behavioral economics literature to provide a deeper understanding of how innovators react to unknown legal environments. Based on this analysis, the article identifies three different types of legal uncertainty: (1) investment-killing; (2) if-then; and (3) remedial uncertainly. It asserts that only the first creates a problem that must be addressed by legal reform, while the others are actually essential to a healthy innovation system. The article concludes with specific prescriptions for addressing negative uncertainty that depend on both firm and policymaker action. [ABSTRACT FROM AUTHOR]

This paper evaluates the short- and long-term value of sales representatives' detailing visits to different types of physicians. By understanding the dynamic effect of sales calls across heterogeneous physicians, we provide guidance on the design of optimal call patterns for route sales. The findings reveal that the long-term persistence effect of detailing is more pronounced for specialist physicians, whereas the contemporaneous marginal effect is higher for generalists. The paper also provides a key methodological insight to the marketing and economics literature. In the Nerlove–Arrow framework, moment conditions that are typically used in conventional dynamic panel data methods become vulnerable to serial correlation in the error structure. We discuss the associated biases and present a robust set of moment conditions for both lagged dependent and predetermined explanatory variables. Furthermore, we show that conventional tests to detect serial correlation have weak power, resulting in the misuse of moment conditions that leads to incorrect inference. Theoretical illustrations and Monte Carlo simulations are provided for validation. This paper was accepted by Matthew Shum, marketing [ABSTRACT FROM AUTHOR]

This article deploys Alasdair Maclntyre's Aristotelian virtue ethics, in which meaningfulness is understood to supervene on human functioning, to bring empirical and ethical accounts of meaningful work into dialogue. Whereas empirical accounts have presented the experience of meaningful work either in terms of agents' orientation to work or as intrinsic to certain types of work, ethical accounts have largely assumed the latter formulation and subjected it to considerations of distributive justice. This article critiques both the empirical and ethical literatures from the standpoint of Maclntyre's account of the relationship between the development of virtuous dispositions and participation in work that is productive of goods internal to practices. This refraining suggests new directions for empirical and ethical enquiries. [ABSTRACT FROM AUTHOR]

We examine over 7400 analyst recommendations made in the year after going public for IPOs from 1999 to 2000. Initiations of coverage at the end of the quiet period come almost exclusively from affiliated analysts, whereas initiations afterward are predominantly from unaffihiated analysts. Contrary to previous findings, we find no evidence that the market discounts recommendations from affiliated analysts once we control for recommendation characteristics and timing. Moreover, analyst coverage in the first year is not affected by underpricing, and after the flurry of initiations at the end of the quiet period, the number of analysts covering a firm during the following 11 months is unrelated to the number of managing underwriters. [ABSTRACT FROM AUTHOR]

We present a rational general equilibrium model that highlights the fact that relative wealth concerns can play a role in explaining financial bubbles. We consider a finite-horizon overlapping generations model in which agents care only about their consumption. Though the horizon is finite, competition over future investment opportunities makes agents' utilities dependent on the wealth of their cohort and induces relative wealth concerns. Agents herd into risky securities and drive down their expected return. Even though the bubble is likely to burst and lead to a substantial loss, agents' relative wealth concerns make them afraid to trade against the crowd. [ABSTRACT FROM AUTHOR]

Bubbles are a topic of great importance and great controversy. This paper discusses alternative perspectives on the economic meaning and origin of bubbles. Drawing on historical approaches to bubbles, this article sets out a taxonomy of approaches used to explain the nature of bubbles. The paper also considers issues connected with the scientific thinking surrounding bubbles. [ABSTRACT FROM AUTHOR]

The article presents a letter from the editor, telling of how contributing authors can derive greater benefit from the manuscript review process. Two common mistakes of authors are discussed: premature submissions and comments-and-chances. Premature submissions refer to manuscripts that were submitted before the proper editing and proofreading took place. Comments-and chances refer to manuscripts that were submitted not for publication, but for the sake of constructive criticism. He also examines two trends of reviewers, which he calls breadth versus depth and sink or swim. The first refers to reviewers only taking into account the range of subject matter or the depth of discussion, and the second refers to only pointing out the problems encountered in a manuscript.

This paper empirically tests two prevalent but competing theories regarding the timing of appointments to the Board of Governors by presidential administrations. Both theories were developed simultaneously in the economics literature by Havrilesky and Gildea (1992) and Waller (1992) and are observationally equivalent by suggesting that administrations will select partisans early in their four-year terms and nonpartisans (sectoral) later in their four-year terms, although each bases this prediction on a different theoretical model. Several empirical replications (with updated data sets) presented here work to confirm the solutions put forth consistently by both models. However, the results of a new statistical test perhaps lends slightly more credence to the theoretical foundations of Waller's bargaining model. [ABSTRACT FROM AUTHOR]

The article lists publications received by the journal for possible review, including "Advances in International Marketing," edited by Perves Ghauri, "The Changing Nature of Work: Implications for Occupational Analysis," by Anne S. Mavor, and "Developing Strategies for Competitive Advantage," edited by Patrick McNamee.

This paper revisits the work of Fitzsimons et al. (1999) on the level of trade between Ireland and Northern Ireland. In doing so, we reflect on the recent move to prominence of this issue since the referendum decision of the UK to leave the EU and also on the shift within the economics literature to looking at trade issues from a micro rather than a macro perspective as data availability has grown. Our country-level results show the same pattern of limited statistical significance for a border effect as was found in the earlier work still holds, but when using firm-level data we find a positive and significant border effect. This effect holds for total trade at firm and product level with the primary determinant coming from the intensive margin, both in terms of average exports per firm and average exports per product within firms. [ABSTRACT FROM AUTHOR]

The article deals with the issue of knowledge spillovers in the European regions. For this purpose, a standard Knowledge Production Function (KPF) approach was extended by the application of spatial econometrics methods. Our analysis started from the construction of the alternative structures of the spatial weight matrices. These matrices were based on technological and institutional proximities, which represent compelling alternatives to geographic proximity regarded as a kind of all-encompassing connectivity measure. The next step in our analysis was the modeling of regional knowledge generation processes. We treated R&D expenditures and human resources in science and technology as the input measures and patent applications to the European Patent Offce as the output measure in our basic and extended models. The results show that the scope and direction of knowledge spillovers are sensitive to the type of knowledge (tacit vs. codified) and proximity dimension engaged. These findings contribute to the current debate in the geography of innovation and economics of knowledge literature. [ABSTRACT FROM AUTHOR]

The present study is focused on Ezra Pound's two book-length essays, ABC of Reading and Guide to Kulchur, reading them from the perspective of what Ezra Pound first-called in a letter from 1927 to his father the "subjectrhyme" - namely "an ideogram of space and time", as Pound also calls it somewhere else, that superposes heteregeneous cultural spaces and periods and constructs a sophisticated ideogram proving the strange continuities contiguities of beauty. Thus, reformations in art are for Pound always stemming deep into the tradition; and they involve not only the matter of literature - but essential matters concerning the human from economics, monetary theory, anthropology, history of the arts, history of philosophy etc. The "subject-rhyme" shows both how the complicated nature of beauty is a heteregenous ideogram traversing time - and also how it collects essential information about the human from various fields of knowledge, in order to reinvent the human on a superior scale - what Dante called trasumanare (Paradise, I 70). [ABSTRACT FROM AUTHOR]

The effect of military expenditure on growth is a longstanding debate in defence economics and peace literatures. The paper investigated the combined impact of military expenditure and Institutional quality on South Africa Inclusive growth. The authors add to the defence literature by constructing an inclusive growth index for South Africa, so as to capture the joint real effect of military expenditure and institutional quality. Only corruption was selected as a reliable proxy for institutional quality, since corruption is often a symptom of bad institution. Using data from 1984 to 2017, the result suggests that the impact of military expenditure on South Africa inclusive growth is positive and significant whereas military expenditure impact in the presence of corruption retards South Africa inclusive growth. [ABSTRACT FROM AUTHOR]

Corporate social responsibility (CSR) implies that corporations integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis. CSR's component parts include: economic, legal, ethical and philanthropic responsibilities. Although social norms and ethics are inherent features of CSR the modern literature of economics and finance focuses mainly on CSR as a firm value-driver. Such narrow view may lead to the deterioration of CSR identity as well as underestimating the role of CSR in building welfare. Thus the purpose of the article is to show the role of CSR in achieving welfare improvements by considering social responsibility as a factor of prosperity and especially as a mechanism of ethically and institutionally anchored self-regulation supporting the organization of market failure correction reducing this welfare. The main thesis is that CSR brings about considerable benefits in terms of allocation efficiency, redistribution and stabilisation. The method employed is the analysis of international literature. [ABSTRACT FROM AUTHOR]

Research on industrial policy has taken off, leading to a better understanding of when such policies effectively harness economic development. This article reviews the recent literature on the economics of industrial policies. Until recently, empirical studies on industrial policies came largely in one of two types: detailed country/region studies and cross-industry or cross-country econometric studies. I point out that the country/region studies had the usual problem that it was difficult to trace the effects of success to specific industrial policies, while the econometric studies suffered from the problem of misspecification. I show that a new generation of work has been moving us beyond the largely ideological debates of the past to a more contextual, pragmatic understanding. [ABSTRACT FROM AUTHOR]

Environmental degradation and income inequality are two of the most important international debates that await immediate resolution. Despite that, their interaction in the environmental economics literature has been very little analysis. The aim of this study is to examine the impact of income distribution on the CO 2 emissions in Turkey during 1984–2014. An Autoregressive Distributed Lag Model (ARDL) test is employed to determine possible long-term and short-term nexus among the series. The ARDL test results show that the series are cointegrated and that income inequality has a positive effect on CO 2 emissions. We also find that the environmental Kuznets curve (EKC) is valid in Turkey. The Toda-Yamamoto causality test denotes that Gini coefficient is the Granger-cause of CO 2 emission. The results show that deterioration in income distribution will reduce environmental quality in Turkey, which validates that political economy approach is valid in Turkey. Study results can be an important guide for policymakers. Reducing income inequality for a new strategy in the fight against environmental problems may lead to a win-win situation for Turkey and the international community. • Examines the effect of income inequality on CO 2 emissions in Turkey. • The method of ARDL is employed as an analytical technique. • We find that income inequality positively affects CO 2 emission in Turkey. • Empirical findings suggest that the quality of the environment should be ensured by implementing fairer income distribution. [ABSTRACT FROM AUTHOR]

The effect of minimum wage on employment is one of the most important matters discussed in economics literature however; the theoretical approaches put forward regarding the impact of minimum wage on employment indicate different outcomes. In this regard, the purpose of this paper is to empirically investigate the effect of minimum wage legislation on employment by employing data for OECD countries over the period 1997- 2017 and to contribute to this literature where consensus has not yet been achieved on the subject. In order to conduct this investigation, the Augmented Mean Group Estimator has been used. According to empirical results, minimum wage legislation increases the employment in the long run for the OECD countries. On the other hand, these results show that a one percent increase in minimum wage leads to an increase of 0.17% in employment rate. Although country-specific coefficients vary between countries because of the institutional and structural characteristics of countries, they are mostly positive. These findings support the modern liberal approach, which suggests that the impact of minimum wage on employment is negligible or positive. [ABSTRACT FROM AUTHOR]

Purpose: The global financial crisis (GFC) undermined the legitimacy of orthodox economic assumptions, which nevertheless continue to frame business school pedagogy. In consequence, there is an opportunity for socio-economic insights to be more fully incorporated into the business school curriculum. This paper reports and reflects on a socio-economic case study that was delivered to MBA students. The purpose of this paper is to demonstrate that the developing literature on behavioural economics (BE) has the potential to enhance students' social economic understanding of key areas of the curriculum. Design/methodology/approach: The paper presents an inter-disciplinary socio-economic teaching case that was informed by insights from BE. The teaching case concerned a socio-economic understanding of corruption and white-collar crime. It was also inter-disciplinary to include inputs from business history and criminology. The aim of the teaching case was to develop an appreciation among students that corruption and white-collar crime can be analysed within a social economics lens. Findings: The teaching case example discussed in this paper offered an alternative socio-economic understanding to core areas of the MBA curriculum, enabling students to apply a behavioural economic approach to corruption and more generally to white-collar crime. The findings derived from this case study are that behavioural economics has the potential to enhance the teaching of socio-economics. Practical implications: The GFC presents an opportunity to re-shape the business school curriculum to acknowledge the centrality of socio-economics and consequently to offer an alternative to the dominant ontological assumptions – taken from the economic understanding of rationality – that have previously under-pinned business school pedagogy. Originality/value: The originality of this paper is to apply BE to a socio-economic teaching case studies in core subject areas of the MBA curriculum. [ABSTRACT FROM AUTHOR]

In the literature on monetary economics, there is the 'inflationary bias' result which predicts that the rate of inflation will be biased towards a higher level under discretionary monetary policy than under a rule‐based policy regime. It is established that a credible nominal target can eliminate this 'inflationary bias'. In this paper, we examine the case of nominal GDP targeting, which is a rule‐based monetary regime. Depending on the degree of conservativeness by the central bank, we show in a stylized model the choice of different combination of inflation and real GDP targets can still result in an 'inflationary bias', and there also exists the possibility of a 'dis‐inflationary bias'. [ABSTRACT FROM AUTHOR]

Entrepreneurship is one of the main factors of production and hence, it plays a key role in determining the level of production and employment. Together with the globalization process entrepreneurship has become a fundamental determinant of economic growth and development. Thus, establishing the drivers of entrepreneurship is crucial for determining the necessary policies in order to increase the level of economic growth and development of a country. This paper investigates the determinants of entrepreneurship in Turkey by using individual level data taken from the Global Entrepreneurship Monitor [1]. The Global Entrepreneurship Monitor [2] provides a rich dataset with regard to the entrepreneurial behaviour and attitudes of individuals and how the national context of countries affect entrepreneurship. By considering the current economics literature demographic and economic features of individuals are used as potential determinants of becoming an entrepreneur. Moreover, similar to Arenius and Minniti [3]'s study perceptual variables are taken into account as explanatory variables of entrepreneurship in the empirical analysis. The results of our empirical study put forward the determinants of entrepreneurship in Turkey at the individual level. Hence, we contribute to the existing literature by presenting new evidence with regard to the determinants of entrepreneurship in Turkey. The results of our analysis will be helpful for policy makers in designing new policies in order to increase the number of entrepreneurs in Turkey. [ABSTRACT FROM AUTHOR]

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There is a mixed opinion in the economics literature on whether corruption promotes economic development or not. The complexity of corruption in terms of its definition and measurement has also deterred many studies to be carried out in terms of its effect on economic development. In order to have a good clarification, the study investigates the extent at which corruption affects development in Nigeria between 1982 and 2015 using cointegration and ECM methods of analysis to determine the long and short run effects of the variables. The findings from the study suggest that there is a long-run relationship among the variables (economic development (ED) and corruption) while the ECM explains that the previous year disequilibrium is adjusted back in this current year at 88.67% speed of adjustment. Overall, it is concluded that corruption has significant negative effect on economic development in Nigeria thereby slows down development in the country. The study therefore recommended among others, the need to strengthen anti-corruption agencies and also give them autonomy so as to enable them discharge their duties effectively. [ABSTRACT FROM AUTHOR]

This paper aims to investigate the predictive accuracy of the flexible price monetary model of the exchange rate, estimated by an approach based on combining the vector autoregressive model and multilayer feedforward neural networks. The forecasting performance of this nonlinear, nonparametric model is analyzed comparatively with a monetary model estimated in a linear static framework; the monetary model estimated in a linear dynamic vector autoregressive framework; the monetary model estimated in a parametric nonlinear dynamic threshold vector autoregressive framework; and the naïve random walk model applied to six different exchange rates over three forecasting periods. The models are compared in terms of both the magnitude of their forecast errors and the economic value of their forecasts. The proposed model yielded promising outcomes by performing better than the random walk model in 16 out of 18 instances in terms of the root mean square error and 15 out of 18 instances in terms of mean return and Sharpe ratio. The model also performed better than linear models in 17 out of 18 instances for root mean square error and 14 out of 18 instances for mean returns and Sharpe ratio. The distinguishing feature of the proposed model versus the present models in the literature is its robustness to outperform the random walk model, regardless of whether the magnitude of forecast errors or the economic value of the forecasts is chosen as a performance measure. [ABSTRACT FROM AUTHOR]

The article examines the subadditivity of costs and multiproduct production in large commercial banks in the United States. It is the aim of the article to contribute to economic literature centering around bank production efficiency. One of the ways the article contributes to the literature is that it analyzes a sample composed of banks of appreciably larger asset size than in analyzed in most previous bank cost studies. The result of this study reveals the production and product mix economies of larger banks. Several other contributions are also discussed in the article.

The article focuses on the role of purchasing power parity in theoretical and empirical research. The article also presents assertions on the martingale model of real exchange rate innovations. It is explained that the concept of purchasing power parity (PPP) has long played an important role in theoretical and empirical research. The article reports that the examination of the current empirical literature also suggests that the movements in foreign exchange risk premiums are unlikely to exactly balance the variations in ex ante real rate differentials.

This paper proposes a new definition of the Efficient Markets Hypothesis with respect to information, which is more formal and precise than those of Rubinstein [13], Fama [4], Jensen [6], and Beaver [1], and which fits well as a framework for interpreting the many tests of the Efficient Markets Hypothesis in the literature. Security markets are here considered "efficient with respect to information set " if and only if revealing to all agents would change neither equilibrium prices nor portfolios. In addition to other desirable features, this definition has the "subset property": efficiency with respect to implies efficiency with respect to any subset of . [ABSTRACT FROM AUTHOR]

This paper constructs a general equilibrium model with endogenous stochastic production and establishes that the equilibrium interest rate can he constant in a closed production economy when the preferences are represented by constant absolute risk aversion utility functions. The results in this paper and their limitations are compared and contrasted with related contributions in the financial economics literature. [ABSTRACT FROM AUTHOR]

Theoretical analysis of mergers has a great deal of significance independent of the fact that, when markets are perfect and in equilibrium, incentives for further merger activities are, by definition, exhausted temporarily. Two originally separated gases in a closed container will get mixed up and reach an equilibrirum state after one removes the partition. But that is hardly any reason for neglecting the investigation of how and why they get mixed up. It is in light of this observation that an attempt is made in the present article to reexamine a purely financial rationale for merger, which has already attracted a lot of attention in the finance literature. By drastically simplifying our considerations, we are able to arrive at three general conclusions on the basis of structured models. First, co-insurance, one of the many things that take place in a merger, has a cost and benefit structure to an equity class that can in principle be delineated. The pure cost of co-insurance to an equity class, if perceived, consists of that part of the expected residue used to subsidize the loan class of the other firm at the pre-coinsurance rate when default occurs in the latter. The pure benefit of co-insurance to an equity class is made possible by the concessions, if any, in contractual loan rates of both firms following the co-insurance. It is argued that the source of this benefit is a far cry from that resulting from preferential tax treatment of the allegedly enlarged "debt capacity" (however defined) of the participating firms. Second, residue redistribution effect in a merger must not be ignored. The simple but essential point is that it, again largely a matter of perception, may be regarded as working for or against the interest of a particular equity class. To that extent, therefore, any conclusion based on co-insurance effect alone is weakened. Third, to dispose of the misplaced emphasis on statistical correlation of revenues, it is reasoned that the really... [ABSTRACT FROM AUTHOR]

The description and theory of regulation have received a great deal of attention in the Economic Literature in recent years. Most of the literature dealing with regulation has been concerned with the impact of regulation on some particular aspect of firm behavior, usually in a single period setting. Little attention has been paid to the construction of a total model of the optimum financing, investment, and valuation of the firm under regulation. The purpose of this paper is to construct such a model which, in addition, captures the intertemporal interdependencies of optimum firm behavior. The model will be used to derive both the optimum behavior of a regulated firm over time and to show the impact of changes in the allowable rate of return (regulatory rate) on this behavior. [ABSTRACT FROM AUTHOR]

The article introduces a general-purpose citation-indexing system for finance journals, with the primary objective of illustrating the cross-disciplinary impact of journals of finance. A brief historical overview of the growth of professional literature is presented, and it is suggested that writers of financial literature often use only a few sources in their research. The citation-indexing system introduced by the authors can assist researchers in bibliographic searches, identification of widely used finance journals, and the selection of appropriate journals for their needs.

The author discusses his views on the value of economic and finance literature as an aid to decision-making. He believes the literature tends to promote policies that are either impractical or informed by inadequate analysis, and that rigorous application of economic techniques to apparently solvable problems is limited. He also discerns too great a willingness on the part of writers to publish work of merely academic interest, without expending the effort to determine whether it is applicable to real-world problems, or how it can be made so. Three examples are detailed to illustrate his contentions.

A language of care and relationship-building has recently appeared with prominence in the business literature, driven by the realities of the marketplace. Thus, it seems a propitious time to reflect on a decade of writing in feminist morality that has focussed on the concept of an ethic of care, and examine its relevance for today's business context. Is the idea of creating organizations that "care" just another management fad that subverts the essential integrity of concepts of ethical caring? Conversely, are these concepts capable of beginning an important dialogue that may help us to see new possibilities for simultaneously enhancing both the effectiveness and the moral quality of organizations in the future? [ABSTRACT FROM AUTHOR]

The article lists several books which have been received by the Academy of Management. They include "Advanced Project Management: A Structured Approach," "The Age of Discontinuity: Guidelines to Our Changing Society," and "American Arbitration Law."

The article discusses publications from the U.S. Federal Trade Commission (FTC). According to the author, FTC publications are an important resource for consumers, but they can be easily overlooked because the FTC does not actively market their availability. He also feels that the available publications from the FTC present a fair and balanced view. Some of the categories that publications fall into include consumer publications, business publications, business manuals, policy planning publications, and business guides, among others. The author includes charts showing the different categories and how they can be broken down, as well as how the publications can be put to use.

This article reviews John Butterworth's significant contributions to the accounting and information economics literature. Some of the reviewed work is unpublished and is first exposed in this paper. I describe the general nature of John's diversified contributions and focus on some theoretical components of his work. [ABSTRACT FROM AUTHOR]

Recent writings on competitiveness fall into three almost disjointed clusters. One is oriented toward firms. A second is concerned with macroeconomic conditions. A third is about national industrial policies. Writings in each of the three perspectives purport to give a virtually complete explanation as to why American companies have been faring so badly recently in international competition. Each of the explanations is plausible, and yet they are completely different. This article aims to describe each of them and to sketch out how they might be joined with each other to arrive at a more integrated perspective. [ABSTRACT FROM AUTHOR]

A primary goal of most R&D organizations is innovation. The principles of innovation are the essential building blocks for the organization's design and management, and differ from the often quoted principles of management in key ways. Applying the principles of innovation can help R&D and corporate managers to better organize and staff their R&D units by identifying the roles to be performed and the skills each role requires for effective performance. [ABSTRACT FROM AUTHOR]

This paper compares applied economic models and an institutional model in an empirical study of financial reporting practice at the Fortune 200 between 1962 and 1984. The findings indicate that the institutional model adds significant explanatory power over and above the models that currently dominate the applied economics literature. Thus, the primacy of organizational level rationality implicit in existing models is shown to be overly narrow and inadequate, in discussing the conclusions of the study and their implication for future research, particular emphasis is placed on the question of how institutional environments change over time. [ABSTRACT FROM AUTHOR]