A Stochastic Frontier Analysis Of Financing Constraints On Investment

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A Stochastic Frontier Analysis of Financing Constraints on Investment

Author : Hung-Jen Wang
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis A Stochastic Frontier Analysis of Financing Constraints on Investment by : Hung-Jen Wang

Download or read book A Stochastic Frontier Analysis of Financing Constraints on Investment written by Hung-Jen Wang and published by . This book was released on 2003 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that investment under financing constraints can be modeled as a one-sided deviation from a frictionless investment level, and that effects of financing constraints can be identified and quantified by imposing a distributional assumption on the effects. Panel data on Taiwanese manufacturing firms between 1989 and 1996 are used in the estimation. This period chronicles important financial reforms in the Taiwanese markets, thus providing a unique opportunity to test the financing constraint hypothesis. Estimation results show that cash flow not only have the first order effect of reducing the level of constraints, but also has the second order effect of reducing the variance of the constraints. The use of the quantitative measures of financing constraints in the post-estimation analysis yields two interesting findings: (1) Some of the sorting criteria used in the literature do not have significant and monotonic relationships with the degrees of financing constraint, resulting in problematic sample separations. (2) The effects of financial liberalization in Taiwan are such that the investment efficiency improved over time for a typical firm, and the improvement was particularly large for smaller firms.

Quantifying the Effects of Financing Constraints on Investment

Author : Hongren Wang
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Quantifying the Effects of Financing Constraints on Investment by : Hongren Wang

Download or read book Quantifying the Effects of Financing Constraints on Investment written by Hongren Wang and published by . This book was released on 2000 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Are Chinese Listed Firms Over-Investing'

Author : Yujun Lian
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Are Chinese Listed Firms Over-Investing' by : Yujun Lian

Download or read book Are Chinese Listed Firms Over-Investing' written by Yujun Lian and published by . This book was released on 2010 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate how financial constraints and agency costs impact firms' investment in China. A generalized Q investment model is constructed. It implies that firms' investment depends mainly on three factors: investment opportunity which determines the optimal investment stochastic frontier, financial constraints and agency costs, both of which are one-sided distributed and tend to deflect the firm's investment from its optimal level. Our theory can be tested using the newly developed two-tier stochastic frontier analysis. The empirical results show that both financial constraints and agency costs have significant effects on Chinese listed firms' investment, while that of the former is dominant. The net effect of these two factors leads to a nearly 34% underinvestment. Thus, we severely cast doubt on a large body of previous studies which claim that Chinese listed firms are over-investing.

A Practitioner's Guide to Stochastic Frontier Analysis Using Stata

Author : Subal C. Kumbhakar
Publisher : Cambridge University Press
ISBN 13 : 1107029511
Total Pages : 375 pages
Book Rating : 4.1/5 (7 download)

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Book Synopsis A Practitioner's Guide to Stochastic Frontier Analysis Using Stata by : Subal C. Kumbhakar

Corporate Efficiency, Financial Constraints and the Role of the Internal Finance

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (926 download)

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Book Synopsis Corporate Efficiency, Financial Constraints and the Role of the Internal Finance by :

Download or read book Corporate Efficiency, Financial Constraints and the Role of the Internal Finance written by and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Stochastic Frontier Analysis

Author : Subal C. Kumbhakar
Publisher : Cambridge University Press
ISBN 13 : 1107717302
Total Pages : 348 pages
Book Rating : 4.1/5 (77 download)

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Book Synopsis Stochastic Frontier Analysis by : Subal C. Kumbhakar

Download or read book Stochastic Frontier Analysis written by Subal C. Kumbhakar and published by Cambridge University Press. This book was released on 2003-03-10 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern textbook presentations of production economics typically treat producers as successful optimizers. Conventional econometric practice has generally followed this paradigm, and least squares based regression techniques have been used to estimate production, cost, profit and other functions. In such a framework deviations from maximum output, from minimum cost and cost minimizing input demands, and from maximum profit and profit maximizing output supplies and input demands, are attributed exclusively to random statistical noise. However casual empiricism and the business press both make persuasive cases for the argument that, although producers may indeed attempt to optimize, they do not always succeed. This book develops econometric techniques for the estimation of production, cost and profit frontiers, and for the estimation of the technical and economic efficiency with which producers approach these frontiers. Since these frontiers envelop rather than intersect the data, and since the authors continue to maintain the traditional econometric belief in the presence of external forces contributing to random statistical noise, the work is titled Stochastic Frontier Analysis.

Efficiency of Financial Institutions

Author : Albert Jaring Meesters
Publisher :
ISBN 13 : 9789036741217
Total Pages : 183 pages
Book Rating : 4.7/5 (412 download)

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Book Synopsis Efficiency of Financial Institutions by : Albert Jaring Meesters

Download or read book Efficiency of Financial Institutions written by Albert Jaring Meesters and published by . This book was released on 2009 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The New Palgrave Dictionary of Economics

Author :
Publisher : Springer
ISBN 13 : 1349588024
Total Pages : 7493 pages
Book Rating : 4.3/5 (495 download)

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Book Synopsis The New Palgrave Dictionary of Economics by :

Download or read book The New Palgrave Dictionary of Economics written by and published by Springer. This book was released on 2016-05-18 with total page 7493 pages. Available in PDF, EPUB and Kindle. Book excerpt: The award-winning The New Palgrave Dictionary of Economics, 2nd edition is now available as a dynamic online resource. Consisting of over 1,900 articles written by leading figures in the field including Nobel prize winners, this is the definitive scholarly reference work for a new generation of economists. Regularly updated! This product is a subscription based product.

Contemporary Trends in Accounting, Finance and Financial Institutions

Author : Taufiq Choudhry
Publisher : Springer
ISBN 13 : 3319728628
Total Pages : 156 pages
Book Rating : 4.3/5 (197 download)

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Book Synopsis Contemporary Trends in Accounting, Finance and Financial Institutions by : Taufiq Choudhry

Download or read book Contemporary Trends in Accounting, Finance and Financial Institutions written by Taufiq Choudhry and published by Springer. This book was released on 2018-03-28 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book gathers the proceedings of the ICAFFI International Conference on Accounting, Finance and Financial Institutions. The main topics addressed include: corporate finance, financial markets and asset pricing, empirical finance, taxation, financial risk management, international finance, financial econometrics, financial reporting and accounting standards, managerial accounting, measuring financial performance, accounting information systems, and current issues in accounting and finance in emerging and other markets. Presenting both cutting-edge research and a broad set of methods, and combining practical and theoretical perspectives, the book offers a valuable resource for researchers, practitioners and regulators alike.

A Practitioner's Guide to Stochastic Frontier Analysis Using Stata

Author : Subal C. Kumbhakar
Publisher : Cambridge University Press
ISBN 13 : 1316194493
Total Pages : 375 pages
Book Rating : 4.3/5 (161 download)

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Book Synopsis A Practitioner's Guide to Stochastic Frontier Analysis Using Stata by : Subal C. Kumbhakar

Download or read book A Practitioner's Guide to Stochastic Frontier Analysis Using Stata written by Subal C. Kumbhakar and published by Cambridge University Press. This book was released on 2015-01-26 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Practitioner's Guide to Stochastic Frontier Analysis Using Stata provides practitioners in academia and industry with a step-by-step guide on how to conduct efficiency analysis using the stochastic frontier approach. The authors explain in detail how to estimate production, cost, and profit efficiency and introduce the basic theory of each model in an accessible way, using empirical examples that demonstrate the interpretation and application of models. This book also provides computer code, allowing users to apply the models in their own work, and incorporates the most recent stochastic frontier models developed in academic literature. Such recent developments include models of heteroscedasticity and exogenous determinants of inefficiency, scaling models, panel models with time-varying inefficiency, growth models, and panel models that separate firm effects and persistent and transient inefficiency. Immensely helpful to applied researchers, this book bridges the chasm between theory and practice, expanding the range of applications in which production frontier analysis may be implemented.

Data Science and Productivity Analytics

Author : Vincent Charles
Publisher : Springer Nature
ISBN 13 : 3030433846
Total Pages : 441 pages
Book Rating : 4.0/5 (34 download)

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Book Synopsis Data Science and Productivity Analytics by : Vincent Charles

Download or read book Data Science and Productivity Analytics written by Vincent Charles and published by Springer Nature. This book was released on 2020-05-23 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book includes a spectrum of concepts, such as performance, productivity, operations research, econometrics, and data science, for the practically and theoretically important areas of ‘productivity analysis/data envelopment analysis’ and ‘data science/big data’. Data science is defined as the collection of scientific methods, processes, and systems dedicated to extracting knowledge or insights from data and it develops on concepts from various domains, containing mathematics and statistical methods, operations research, machine learning, computer programming, pattern recognition, and data visualisation, among others. Examples of data science techniques include linear and logistic regressions, decision trees, Naïve Bayesian classifier, principal component analysis, neural networks, predictive modelling, deep learning, text analysis, survival analysis, and so on, all of which allow using the data to make more intelligent decisions. On the other hand, it is without a doubt that nowadays the amount of data is exponentially increasing, and analysing large data sets has become a key basis of competition and innovation, underpinning new waves of productivity growth. This book aims to bring a fresh look onto the various ways that data science techniques could unleash value and drive productivity from these mountains of data. Researchers working in productivity analysis/data envelopment analysis will benefit from learning about the tools available in data science/big data that can be used in their current research analyses and endeavours. The data scientists, on the other hand, will also get benefit from learning about the plethora of applications available in productivity analysis/data envelopment analysis.

Financial Liberalization, Credit Constraints, and Collateral

Author : Mr.R. Gelos
Publisher : International Monetary Fund
ISBN 13 : 1451844247
Total Pages : 42 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Financial Liberalization, Credit Constraints, and Collateral by : Mr.R. Gelos

Download or read book Financial Liberalization, Credit Constraints, and Collateral written by Mr.R. Gelos and published by International Monetary Fund. This book was released on 1999-03-01 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of financial liberalization on fixed investment in Mexico, using establishment-level data from the manufacturing sector. It analyzes changes in cash-flow sensitivities and uses an innovative approach to explore the role of real estate as collateral and deal with a potential censoring problem. The results suggest that financial constraints were eased for small firms but not for large ones. However, banks’ reliance on collateral in their lending operations increased the importance of real estate. The results provide microeconomic evidence consistent with the role attributed to “financial accelerator” mechanisms during lending booms and during recessions that stem from financial crises.

Applied Evolutionary Economics and Economic Geography

Author : Koen Frenken
Publisher : Edward Elgar Publishing
ISBN 13 : 9781847205391
Total Pages : 360 pages
Book Rating : 4.2/5 (53 download)

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Book Synopsis Applied Evolutionary Economics and Economic Geography by : Koen Frenken

Download or read book Applied Evolutionary Economics and Economic Geography written by Koen Frenken and published by Edward Elgar Publishing. This book was released on 2007-01-01 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The volume Applied Evolutionary Economics and Economic Geography is the fourth book published by Edward Elgar on applied evolutionary economics stems from the fourth European Meeting on Applied Evolutionary Economics (EMAEE) held in Utrecht, 19-21 May, 2

Is There a Debt-threshold Effect on Output Growth?

Author : Mr.Alexander Chudik
Publisher : International Monetary Fund
ISBN 13 : 1513555901
Total Pages : 59 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Is There a Debt-threshold Effect on Output Growth? by : Mr.Alexander Chudik

Download or read book Is There a Debt-threshold Effect on Output Growth? written by Mr.Alexander Chudik and published by International Monetary Fund. This book was released on 2015-09-08 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the long-run impact of public debt expansion on economic growth and investigates whether the debt-growth relation varies with the level of indebtedness. Our contribution is both theoretical and empirical. On the theoretical side, we develop tests for threshold effects in the context of dynamic heterogeneous panel data models with cross-sectionally dependent errors and illustrate, by means of Monte Carlo experiments, that they perform well in small samples. On the empirical side, using data on a sample of 40 countries (grouped into advanced and developing) over the 1965- 2010 period, we find no evidence for a universally applicable threshold effect in the relationship between public debt and economic growth, once we account for the impact of global factors and their spillover effects. Regardless of the threshold, however, we find significant negative long-run effects of public debt build-up on output growth. Provided that public debt is on a downward trajectory, a country with a high level of debt can grow just as fast as its peers in the long run.

Robustness in Econometrics

Author : Vladik Kreinovich
Publisher : Springer
ISBN 13 : 3319507427
Total Pages : 693 pages
Book Rating : 4.3/5 (195 download)

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Book Synopsis Robustness in Econometrics by : Vladik Kreinovich

Download or read book Robustness in Econometrics written by Vladik Kreinovich and published by Springer. This book was released on 2017-02-11 with total page 693 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents recent research on robustness in econometrics. Robust data processing techniques – i.e., techniques that yield results minimally affected by outliers – and their applications to real-life economic and financial situations are the main focus of this book. The book also discusses applications of more traditional statistical techniques to econometric problems. Econometrics is a branch of economics that uses mathematical (especially statistical) methods to analyze economic systems, to forecast economic and financial dynamics, and to develop strategies for achieving desirable economic performance. In day-by-day data, we often encounter outliers that do not reflect the long-term economic trends, e.g., unexpected and abrupt fluctuations. As such, it is important to develop robust data processing techniques that can accommodate these fluctuations.

International Bibliography Of Economics 2003

Author : Compiled by the British Library of Political and Economic Science
Publisher : Psychology Press
ISBN 13 : 9780415354776
Total Pages : 698 pages
Book Rating : 4.3/5 (547 download)

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Book Synopsis International Bibliography Of Economics 2003 by : Compiled by the British Library of Political and Economic Science

Download or read book International Bibliography Of Economics 2003 written by Compiled by the British Library of Political and Economic Science and published by Psychology Press. This book was released on 2004-12 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1952, the International Bibliography of the Social Sciences (anthropology, economics, political science, and sociology) is well established as a major bibliographic reference for students, researchers and librarians in the social sciences worldwide. Key features * Authority: Rigorous standards are applied to make the IBSS the most authoritative selective bibliography ever produced. Articles and books are selected on merit by some of the world's most expert librarians and academics. * Breadth: today the IBSS covers over 2000 journals - more than any other comparable resource. The latest monograph publications are also included. * International Coverage: the IBSS reviews scholarship published in over 30 languages, including publications from Eastern Europe and the developing world. * User friendly organization: all non-English titles are word sections. Extensive author, subject and place name indexes are provided in both English and French.

Proceedings of 20th International Conference on Industrial Engineering and Engineering Management

Author : Ershi Qi
Publisher : Springer Science & Business Media
ISBN 13 : 3642400728
Total Pages : 1145 pages
Book Rating : 4.6/5 (424 download)

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Book Synopsis Proceedings of 20th International Conference on Industrial Engineering and Engineering Management by : Ershi Qi

Download or read book Proceedings of 20th International Conference on Industrial Engineering and Engineering Management written by Ershi Qi and published by Springer Science & Business Media. This book was released on 2013-12-17 with total page 1145 pages. Available in PDF, EPUB and Kindle. Book excerpt: The International Conference on Industrial Engineering and Engineering Management is sponsored by the Chinese Industrial Engineering Institution, CMES, which is the only national-level academic society for Industrial Engineering. The conference is held annually as the major event in this arena. Being the largest and the most authoritative international academic conference held in China, it provides an academic platform for experts and entrepreneurs in the areas of international industrial engineering and management to exchange their research findings. Many experts in various fields from China and around the world gather together at the conference to review, exchange, summarize and promote their achievements in the fields of industrial engineering and engineering management. For example, some experts pay special attention to the current state of the application of related techniques in China as well as their future prospects, such as green product design, quality control and management, supply chain and logistics management to address the need for, amongst other things low-carbon, energy-saving and emission-reduction. They also offer opinions on the outlook for the development of related techniques. The proceedings offers impressive methods and concrete applications for experts from colleges and universities, research institutions and enterprises who are engaged in theoretical research into industrial engineering and engineering management and its applications. As all the papers are of great value from both an academic and a practical point of view, they also provide research data for international scholars who are investigating Chinese style enterprises and engineering management.