competition policy and growth theory and evidence from the us

... long-run industry averages and the book value of the firm According to RKRV, it is the third component that captures the long-run growth opportunities of the firm RKRV use their model to compare the ... Analysis, Vol 28, pp 347–62 Bi, X G and A Gregory (2011), ‘Stock Market Driven Acquisitions versus the Q Theory of Takeovers: The UK Evidence , Journal of Business Finance and Accounting , Vol 38, pp ... to infer the underlying merger motivations from ex-post market data In other words, we let the market tell us the motives behind the mergers A major advantage of this approach is that there is...

Ngày tải lên: 18/12/2017, 00:33

... The Evolution of Monetary Policy and Banking in the US Donald D Hester The Evolution of Monetary Policy and Banking in the US Donald D Hester Professor of Economics, Emeritus University ... between growth rates of the two aggregates in the 1960s and the 1970s 27 The mix of expansionary fiscal and somewhat restrictive monetary policy was about to cause serious side effects in mortgage and ... upon who was the Federal Reserve Chairman at the time, there were variations in meeting formats, but the Chairman usually had the last word and proposed the wording in the directive and public...

Ngày tải lên: 30/10/2014, 17:01

... participants and policymakers alike Bondholders, naturally, are concerned with the effects of Fed policy on bond prices And because the first link in the transmission of Federal Reserve policy is from the ... represents the yields on 3- 6- and 12-month bills, 2- 5- and 10-year notes, and 30-year bonds The results appear in Table Two main conclusions emerge from the table The first is that the coefficient on the ... has more of the flavor associated with the VAR literature mentioned earlier, and shifts the focus away from the precise timing of the policy actions.11 In addition, the assumption that the dates...

Ngày tải lên: 06/03/2014, 02:21

... Conclusion In 2002, the Stability and Growth Pact was put to a test due to the implementation of the surveillance process and the discussion about the framework itself in the context of the economic ... and the renewed strengthening of the Pact in November to the stability of inflation expectations But the comparison with the implied break-even inflation rate in the US and the UK reveals, the ... 5.3 sw ap Furthermore, the changes in the yields and in the swap spreads for both Portugal and Germany, were not directly related to the change in the yield and in the swap spread in the leading...

Ngày tải lên: 22/03/2014, 23:20

... cases where the person causing damage is excused from compensating the claimant, the benefits the latter receives decrease On the other hand, if the person causing damage had to compensate the claimant, ... through three different economic theories; the welfare economics theory, the property rights theory, and the constitutional economics theory In so doing, I aim to answer the first two research questions ... constitutional economics theory) with respect to their conclusions on the problem of public goods provision I will discuss, from the perspective of these theories, whether governmental action...

Ngày tải lên: 23/03/2014, 08:21

... adjust their par values from SR 100 to SR 50 and thus imposes a 2-for-l split of their shares The firms and the entire market received the announcement (signal) in the same way and at the same ... content and determines the magnitude and the direction of relationships among them The third study concentrates on investigating the changes made to the market structure and whether or not the stated ... finance and national economy, the minister of commerce and industry, and the governor of the Saudi Monetary Agency The purpose of this research is to study the impact of this new public policy on the...

Ngày tải lên: 30/09/2015, 16:34

... across the two provinces Of these, 249 households (39.3 percent) are from the Karen, 59 households (9.3 percent) are from the Hmong, 59 households (9.3 percent) are from the Lahu, 50 households ... hill tribes of Thailand, namely the Karen, the Hmong, the Lahu, the Yao, the Akha and the Lisu From a pool of villages which have had prior contact with the local NonProvincial and district maps ... less education To test our hypothesis, we use a random household sample from the six major hill tribes of Thailand These hill tribes were chosen because they possess the attributes of a fast growing...

Ngày tải lên: 05/10/2015, 19:01

... set the record straight on the contribution of Ibn Khaldun to the theory of economic growth and costs of economic growth •To contribute to the existing literature on the theory of economic growth ... Governments and business find that the current economic path is environmentally unsustainable OBJECTIVES OF THIS LECTURE •To elucidate the theory of economic growth and costs of economic growth in the ... Khaldun believes there are nexus between events  There are similar patterns in the past, the present and the future  Use inductive and deductive methods to derive economic theories and laws which...

Ngày tải lên: 05/12/2016, 21:28

... GDP growth rate during the 1990s (NCSSH, 2001) Much of this development is attributed to the growth of the industrial sector and the exploitation of natural resources On the other hand, it caused ... escaped from the crisis in the mid1980s and its annual GDP growth rate averaged 7.2% during the 1990s Much of this development is attributed to the growth of the industrial sector and the exploitation ... regulations, like the US and EU markets, have to meet and anticipate these high standards But once satisfying these standards, they are more likely to have higher penetration rate and the companies’...

Ngày tải lên: 24/08/2013, 18:48

... samples taken from the Con Voi range evidenced the existence of two parageneses which developed during the deformation and metamorphism Con Voi range was the southernmost segment of the Ailao Shan-Red ... diagram, the isotopic 73 ratio of plagioclase was kicked out due to the very low concentration of Sm Discussion and conclusion The peak metamorphism of the Con Voi range occurred at around 690oC and ... Although the zircon had very high closure temperature but the direct link to the metamorphism and ductile deformation lacked Therefore, the interpretation of the zircon age for metamorphism and interfoliation...

Ngày tải lên: 13/02/2014, 12:20

... recoveries from 1880 to the present Figure shows the quarterly path of GDP from the preceding peak to the trough of each business cycle and then the quarterly path of GDP from the trough for the same ... serious event since the Great Contraction Both the crisis and the recession were dealt with by vigorous policy responses: on the monetary policy side, the Federa Reserve cut the funds rate from ... pattern: the recovery from the Great Contraction in the 1930s; the recovery after the recession of the early 1990s and the present recovery The present recovery is strikingly more tepid than the 1990s...

Ngày tải lên: 06/03/2014, 19:20

... for both France and The Netherlands, and the highest average was 25 bp for Greece For the period 2009-2011, the lowest annual average CDS spread was 31 bp for Finland in 2010 and the highest annual ... influence of the new observations quicker than the 1,000-day windows and to estimate the price-discovery metrics for the years 2006 and 2007 On the other hand, the 1,000-day windows enable us to consider ... and Scheicher (2010) find that since the outset of the crisis, the bond market has had a predominant role in price discovery in Germany, France, the Netherlands, Austria, and Belgium, while the...

Ngày tải lên: 15/03/2014, 07:20

... performed using the CLUSTAL X program released from the European Bioinformatics Institute [41], and phylogenetic trees were displayed using the tree-viewing program NJPLOT [42] Northern blot ... sequences around the GTPbinding region, catalytic site, and Ca2+-binding region are highly homologous to the corresponding regions of the human TGase and the other invertebrate TGases (Fig 3) The eight ... Factor XIII, and band 4.2.), were aligned by using the CLUSTAL X program, and a bootstrap tree file was created The phylogenetic tree was drawn with the provided tree-viewing program NJPLOT The values...

Ngày tải lên: 17/03/2014, 23:20

... directly from the author IZA Discussion Paper No 5558 March 2011 ABSTRACT Wars and Child Health: Evidence from the Eritrean-Ethiopian Conflict* This is the first paper using household survey data from ... focuses on understanding the causes and spread of war and its role in reducing growth (Collier and Hoeffler, 1998; Miguel, Satyanath, and Sergenti, 2004; Guidolin and La Ferrara, 2007; Do and ... distance to the war sites Third, because of the fortuitous timing of the household survey data collection, we are able to explore how the effects of the shock differ for children born during the conflict...

Ngày tải lên: 22/03/2014, 09:20

... DW stands for the Durbin-Watson statistic The numbers in the parentheses below the point estimates stand for the t-ratios Adj R2 stands for the adjusted coefficient of determination The hypotheses ... Piraeus 1.75 (5.44*) 8.94 0.19 -10.9* Index 1.14 (4.72*) 6.72 0.19 -11.7* * The mean and standard deviation correspond to the sample values The numbers in the parentheses stand for the t-ratios The ... testing the null hypothesis that the parameter θ is insignificantly different from zero The use of the first difference of the long-term interest rate follows Sweeny and Warga (1986) and Elyasiani and...

Ngày tải lên: 22/03/2014, 17:20

... macroeconomic and monetary conditions in the run-up to the crisis These are the yearly average rate of GDP growth, GDP GROWTH, and the MONEY MARKET RATES The use of pre-crisis averages for the explanatory ... variables are negative and statistically significant at the one percent level in all cases and the results are robust to the inclusion of the control variables At the same time, the evidence indicates ... to weaken the connections between the macroeconomic environment in the run-up to the crisis and the likelihood of subsequent bank failure These hypotheses are taken to the data in the next sections...

Ngày tải lên: 22/03/2014, 21:20

... still the possibility of bias arising from the non-random re-districting of counties, which we discuss in greater detail in the next section, and address in the theory and empirical sections 10 The ... inter-county water management committees The focus of and the conclusions the authors draw in these case studies point to the centrality of spillovers and the importance of inter-jurisdictional ... and a motion for a referendum on the proposal 13 in the state legislature Both the district newly acquiring county status and the county being split must ratify the proposal in a referendum The...

Ngày tải lên: 29/03/2014, 14:20

... estimates from the random effects model and 2SLS estimation are similar to the OLS estimates, and the F-test cannot reject the hypothesis of no fixed effects and Hausman test cannot reject random ... effects, and thus possibly cause the change in the significance levels To reduce the multicollinearity problem, we use import adjusted CR4_FPL in the model The estimated effect of industry concentration ... in the U.S pulp and paper industry Section III discusses the structure-conduct-performance model and the empirical specification Data and empirical results are discussed in Sections IV and V, and...

Ngày tải lên: 01/04/2014, 00:20

... Reproduced with permission of the copyright owner Further reproduction prohibited without permission Reproduced with permission of the copyright owner Further reproduction prohibited without ... permission Reproduced with permission of the copyright owner Further reproduction prohibited without permission Reproduced with permission of the copyright owner Further reproduction prohibited without ... permission Reproduced with permission of the copyright owner Further reproduction prohibited without permission Reproduced with permission of the copyright owner Further reproduction prohibited without...

Ngày tải lên: 03/06/2014, 02:01

... earnings management, which uses Taiwan2 as the proxy of emerging market and the United States as the proxy of developed market Hypotheses and mathematical model 3.1 Hypotheses Man and Wong (2013) consider ... Skinner and Sloan, 2001) Since the mid-1980s, there has been explosive growth in using accruals to detect earnings management (Sun and Rath, 2010) The most popular accrual models are the standard ... mechanism and earnings management The occurrence of the agency problem results from the separation of ownership and control The managers might pursue their self-interest to maximize their own...

Ngày tải lên: 12/06/2014, 19:37