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  1. Elections, political connections and cash holdings
    evidence from local assemblies
    Autor*in: Adeabah, David; Andoh, Charles; Asongu, Simplice; Akomea-Frimpong, Isaac
    Erschienen: [2021]
    Verlag:  African Governance and Development Institute, [Yaoundé]

    We examine the relationship between elections, political connections, and cash holdings in Ghanaian local assemblies. Using a panel dataset of 179local assemblies over a period 2012 to 2017, a panel regression and the generalized method of moments... mehr

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    We examine the relationship between elections, political connections, and cash holdings in Ghanaian local assemblies. Using a panel dataset of 179local assemblies over a period 2012 to 2017, a panel regression and the generalized method of moments estimation techniques was employed for the analysis. We find that local assemblies hold less cash during election years, which suggests that election may be one of the potential factors to mitigate agency conflict in weak governance environment. Further, we demonstrate that local assemblies that have political connections hold less cash; however, political uncertainty makes these entities conducive to agency problems than their non-connected peers because they hold more cash. Additional analysis indicates that one year prior to elections, managerial conservatism kicks-in and leads managers to hold more cash in local assemblies that have political connections, which continues and becomes more pronounced in election years. Our results have implications for regulations on the cash management practices of local assemblies.

     
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
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    Weitere Identifier:
    hdl: 10419/244179
    Schriftenreihe: AGDI working paper ; WP/21, 004
    Schlagworte: agency problem; cash holdings; generalized method of moments; panel regression; political connections
    Umfang: 1 Online-Ressource (circa 25 Seiten)
  2. Socio-economic determinants of child marriage
    evidence from the Iranian provinces
    Autor*in: Asna-ashary, Mozhgan; Farzanegan, Mohammad Reza; Feizi, Mehdi; Fereidouni, Hassan Gholipour
    Erschienen: 2020
    Verlag:  Verein für Socialpolitik, [Köln]

    We study the socio-economic determinants of child (girls below age of 19 years) marriage using a panel data of thirty Iranian provinces from 2007 to 2015. Our panel fixed effects and generalized method of moments (GMM) estimations show that the level... mehr

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    We study the socio-economic determinants of child (girls below age of 19 years) marriage using a panel data of thirty Iranian provinces from 2007 to 2015. Our panel fixed effects and generalized method of moments (GMM) estimations show that the level of income per capita (with negative effect), inflation and income inequality (both with positive effect) are the significant determinants of child marriage. Our results which control for province fixed effects (e.g. local cultural norms or geographical conditions) do not show a significant effect of religiosity captured by a household's spending on religious products and services. To reduce child marriage, which has long-run negative effects on the development of children, policymakers need to focus on economic issues and distribution of income, thus reducing the economic incentives or necessities of families to accept the practice of child marriage. Child marriage is more rooted in economic deprivation than in religiosity of households.

     
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    hdl: 10419/224513
    Auflage/Ausgabe: This version: 22.01.2020
    Schriftenreihe: Jahrestagung 2020 / Verein für Socialpolitik ; 2
    Schlagworte: child marriage; Iran; poverty; panel regression
    Umfang: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  3. Corporate real estate holding and stock returns
    international evidence from listed companies
    Autor*in: Ng, Joe Cho Yiu; Leung, Ka Yui; Chen, Suikang
    Erschienen: January 2022
    Verlag:  The Institute of Social and Economic Research, Osaka University, Osaka, Japan

    This study examines the relationship between corporate real estate (CRE) holdings and stock returns before and after the Global Financial Crisis (GFC). We find that (1) the United States and the United Kingdom show a negative relationship before the... mehr

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    This study examines the relationship between corporate real estate (CRE) holdings and stock returns before and after the Global Financial Crisis (GFC). We find that (1) the United States and the United Kingdom show a negative relationship before the GFC and positive after the GFC. (2) Firms that pay positive tax or have positive R&D investments are not systematically different from the full sample. This finding cannot support the "scarce capital" theory or the tax incentive explanation, but it is consistent with the "empire building" theory. After the GFC, financial constraints tightened, and both CRE holding and stock returns dropped. (3) European (excluding the United Kingdom) sample shows a positive relationship in the pre-crisis period. This finding is compatible with the "illiquidity premium" theory. However, the association becomes inconclusive in the post-crisis period. (3) The Japanese sample shows a negative association between CRE and stock returns in the pre-crisis period, like the United States and the United Kingdom. However, the relationship becomes statistically insignificant in the post-crisis period, consistent with the theory of financial constraint tightening after the GFC.

     
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    hdl: 10419/263295
    Auflage/Ausgabe: This version: January 2022
    Schriftenreihe: Discussion paper / The Institute of Social and Economic Research ; no. 1158
    Schlagworte: Global Financial Crisis; corporate real estate holding; collateral constraint; illiquidity premium; panel regression
    Umfang: 1 Online-Ressource (circa 42 Seiten)
  4. Interaction of cyclical and structural systemic risks: insights from around and after the global financial crisis
    Autor*in: Hodula, Martin; Janků, Jan; Pfeifer, Lukáš
    Erschienen: 2021
    Verlag:  Czech National Bank, Economic Research Division, Praha

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    Schriftenreihe: Research and policy notes / Czech National Bank ; 2021,3
    Schlagworte: Cyclical risk; event study; financial cycle; panel regression; structural risks,systemic risk
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  5. What is productive investment? Insights from firm-level data for the United Kingdom
    Autor*in: Karmakar, Sudipto; Melolinna, Marko; Schnattinger, Philip
    Erschienen: July 2022
    Verlag:  Bank of England, London

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    Schriftenreihe: Staff working paper / Bank of England ; no. 992
    Schlagworte: Dynamic programming; firm-level productivity; intangible assets; panel regression
    Umfang: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  6. The effect of structural risks on financial downturns
    Autor*in: Hodula, Martin; Janků, Jan; Pfeifer, Lukáš
    Erschienen: [2022]
    Verlag:  European Systemic Risk Board, Frankfurt am Main, Germany

    We investigate the extent to which various structural risks exacerbate the materialization of cyclical risk. We use a large database covering all sorts of cyclical and structural features of the financial sector and the real economy for a panel of 30... mehr

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    We investigate the extent to which various structural risks exacerbate the materialization of cyclical risk. We use a large database covering all sorts of cyclical and structural features of the financial sector and the real economy for a panel of 30 countries over the period 2006Q1-2019Q4. We show that elevated levels of structural risks may have an important role in explaining the severity of cyclical and credit risk materialization during financial cycle contractions. Among these risks, private and public sector indebtedness, banking sector resilience and concentration of real estate exposures stand out. Moreover, we show that the elevated levels of some of the structural risks identified may be related to long-standing accommodative economic policy. Our evidence implies a stronger role for macroprudential policy, especially in countries with higher levels of structural risks.

     
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    Sprache: Englisch
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    ISBN: 9789294722607
    Weitere Identifier:
    hdl: 10419/278193
    Schriftenreihe: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 138 (September 2022)
    Schlagworte: Cyclical risk; event study; financial cycle; panel regression; structuralrisks; systemic risk
    Umfang: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  7. States' fiscal performance and yield spreads on market borrowings in India
    Autor*in: Jangili, Ramesh; Kumar, N. R. V. V. M. K. Rajendra; Chander, Jai
    Erschienen: January 2022
    Verlag:  Reserve Bank of India, Department of Economic and Policy Research, [Mumbai]

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    Schriftenreihe: RBI working paper series ; WPS (DEPR) 2022, 4
    Schlagworte: States' performance; market borrowings; yield spreads; composite index; panel regression
    Umfang: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  8. There's more in the data!
    using month-specific information to estimate changes before and after major life events
    Autor*in: Hudde, Ansgar; Jacob, Marita
    Erschienen: [2023]
    Verlag:  German Socio-Economic Panel (SOEP), DIW Berlin, Berlin, Germany

    Sociological research is increasingly using panel data to examine changes in diverse outcomes over life course events. Most of these studies have one striking similarity: they analyse changes between yearly time intervals. In this paper, we present a... mehr

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    Sociological research is increasingly using panel data to examine changes in diverse outcomes over life course events. Most of these studies have one striking similarity: they analyse changes between yearly time intervals. In this paper, we present a simple but effective method to model such trajectories more precisely using available data. The approach exploits month-specific information regarding interview and life-event dates. Using fixed effects regression models, we calculate monthly dummy estimates around life events and then run nonparametric smoothing to create smoothed monthly estimates. We test the approach using Monte Carlo simulations and SOEP data. Monte Carlo simulations show that the newly proposed smoothed monthly estimates outperform yearly dummy estimates, especially when there is rapid change or discontinuities in trends at the event. In the real data analyses, the novel approach reports an amplitude of change that is roughly twice as large amplitude of change and greater gender differences than yearly estimates. It also reveals a discontinuity in trajectories at bereavement, but not at childbirth. Our proposed method can be applied to several available data sets and a variety of outcomes and life events. Thus, for research on changes around life events, it serves as a powerful new tool in the researcher's toolbox.

     
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    hdl: 10419/270312
    Auflage/Ausgabe: Last modified: February 2023
    Schriftenreihe: SOEPpapers on multidisciplinary panel data research ; 1184 (2023)
    Schlagworte: Panel data; life events; fixed effects regression; panel regression; life satisfaction
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  9. Differential effects of unconventional monetary policy
    Autor*in: Eiblmeier, Sebastian
    Erschienen: [2023]
    Verlag:  [Wirtschaftswissenschaftliche Fakultät der Leibniz Universität Hannover], [Hannover]

    Did the Eurosystem's quantitative easing from 2015 to 2018 have differential effects regarding the bank lending volume to different institutional sectors, industry sectors, or types of loans? To investigate this question, this paper employs linked... mehr

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    Did the Eurosystem's quantitative easing from 2015 to 2018 have differential effects regarding the bank lending volume to different institutional sectors, industry sectors, or types of loans? To investigate this question, this paper employs linked microdata of the German banking system. These allow for computing the volume of bond redemptions at bank level as a measure of banks' exposure to QE. Because when a bond matures, the bank is faced with the decision of whether to reinvest the proceeds into bonds or whether to rebalance into another asset such as loans. When the central bank squeezes bond yields through large-scale purchases, banks with more redemptions have a stronger incentive to rebalance. However, a fixed effects model reveals no significant difference between banks with a high exposure compared to the control group regarding their overall loan growth. Neither can any of the mentioned differential effects be observed. While these findings are at odds with some of the previous empirical literature, they are in line with theories that argue that lending is purely demand-led and any central bank action geared towards the supply side of the loan market merely constitutes 'pushing the string'.

     
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    hdl: 10419/283158
    Schriftenreihe: [Hannover economic papers (HEP)] / [Wirtschaftswissenschaftliche Fakultät der Leibniz Universität Hannover] ; [Nummer: 707 (Jun 2023)]
    Schlagworte: Unconventional monetary policy; portfolio rebalance; differential effects; panel regression
    Umfang: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  10. Business investment, cost of capital and uncertainty in the United Kingdom
    evidence from firm-level analysis
    Autor*in: Melolinna, Marko; Miller, Helen; Tatomir, Srdan
    Erschienen: March 2018
    Verlag:  Bank of England, London

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    Hinweise zum Inhalt
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    Schriftenreihe: Staff working paper / Bank of England ; no. 717
    Schlagworte: Investment; micro data; panel regression; hurdle rates; cost of capital; uncertainty
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  11. Adding fuel to the fire?
    inequality and the spread of COVID-19
    Autor*in: Afonso, Helena; Vergara, Sebastián
    Erschienen: [2022]
    Verlag:  United Nations, Department of Economic and Social Affairs, New York, NY, USA

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    Schriftenreihe: DESA working paper ; no. 178 (April 2022)
    Schlagworte: Inequality; COVID-19; panel regression
    Umfang: 1 Online-Ressource (circa 19 Seiten)