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Journal of economic surveys 13건

  1. [해외논문]   ADVERTISING'S ELUSIVE ECONOMIC RATIONALE: PUBLIC POLICY AND TAXATION   SSCI

    Driver, Ciaran (Department of Financial and Management Studies, SOAS, University of London)
    Journal of economic surveys v.31 no.1 ,pp. 1 - 16 , 2017 , 0950-0804 ,

    초록

    Abstract Advertising and its effects have been debated for well over a century. In the last few decades a generally sceptical view of the benefits of advertising has been overturned by a series of academic advances in economics that detail a variety of ways in which advertising may affect the economy and society. This academic work has however been paralleled by a growing popular and political opposition to advertising and its social effects. In this paper, the positive economic case for advertising is challenged by an assessment of the main channels of its influence and by a review of the associated empirical findings on its economic and wider impact. A policy response of limiting the tax deductibility of business advertising is explored.

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    회원님의 원문열람 권한에 따라 열람이 불가능 할 수 있으며 권한이 없는 경우 해당 사이트의 정책에 따라 회원가입 및 유료구매가 필요할 수 있습니다.이동하는 사이트에서의 모든 정보이용은 NDSL과 무관합니다.

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  2. [해외논문]   FROM INSTITUTIONS TO FINANCIAL DEVELOPMENT AND GROWTH: WHAT ARE THE LINKS?   SSCI

    Ferná (Inter‐American Development Bank ) , ndez, André (Inter‐American Development Bank) , s , Tamayo, Cé , sar E.
    Journal of economic surveys v.31 no.1 ,pp. 17 - 57 , 2017 , 0950-0804 ,

    초록

    Abstract This paper presents an integrated overview of the literature linking institutions, financial development, and economic growth. From the large body of research on institutional development, the paper first selects those contributions that make it possible to study the role of institutional arrangements in ameliorating/worsening the information frictions and transaction costs that characterize the development of financial markets. The paper then investigates the theoretical mechanisms by which these specific frictions affect economic growth and presents the stock of empirical evidence quantifying the impact of institutions on growth through financial development.

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  3. [해외논문]   THE THREAT EFFECT OF ACTIVE LABOR MARKET PROGRAMS: A SYSTEMATIC REVIEW   SSCI

    Filges, Trine (The Danish National Centre for Social Research, SFI Campell ) , Hansen, Anne Toft (The Danish National Centre for Social Research, School and Education)
    Journal of economic surveys v.31 no.1 ,pp. 58 - 78 , 2017 , 0950-0804 ,

    초록

    Abstract This paper is a systematic review of the threat effect of active labor market programs for unemployed individuals. The threat effect is the induced change in the hazard rate of leaving unemployment prior to program participation. Studies included in the review all estimated a threat effect, with the participants in all cases being unemployed individuals in receipt of benefit of some kind during their tenure of unemployment. Eight of these studies have been included in a meta‐analysis: The meta‐analysis, which has been carried out using a random effects model to account for heterogeneity, indicated a hazard ratio of 1.25 for the pooled estimate. We conclude that active labor market programs constitute a statistically significant threat effect, although it is modest.

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  4. [해외논문]   A CLOSER LOOK AT VALUE PREMIUM: LITERATURE REVIEW AND SYNTHESIS   SSCI

    Pä (Lappeenranta University of Technology, School of Business and Management ) , tä (Lappeenranta University of Technology, School of Business and Management) , ri, Eero , Leivo, Timo
    Journal of economic surveys v.31 no.1 ,pp. 79 - 168 , 2017 , 0950-0804 ,

    초록

    Abstract This paper provides a systematic review of value premium literature that examines the performance difference between value and growth stocks and the possible reasons for it. We compare and synthesize the results from the different regional stock markets and different sample periods. The literature is categorized according to stock selection criteria that are based on either individual valuation ratios, such as E/P, B/P, D/P, S/P, CF/P, and enterprise value‐based multiples, or composite value criteria that aim to capture more than one dimension of relative value simultaneously or combine them with other classification criteria. We also compare the efficacy of various selection criteria to each other and synthesize the literature on the explanations for the value anomalies. The overall evidence shows that the best criterion varies over time and across the markets. The relative efficacy of different valuation criteria also seems to depend on numerous methodological choices. Recent studies have given mild evidence that combining traditional valuation ratios either with each other or with some financial statement variables could at least in some cases enhance the value premium, although very few studies have provided transparent comparisons between the results based on individual valuation ratios and those based on composite value criteria.

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  5. [해외논문]   IS THE CAPITAL STRUCTURE LOGIC OF CORPORATE FINANCE APPLICABLE TO INSURERS? REVIEW AND ANALYSIS   SSCI

    Dhaene, Jan (Faculty of Economics and Business, Department of Accountancy, Finance & Insurance, University of Leuven ) , Van Hulle, Cynthia (Faculty of Economics and Business, Department of Accountancy, Finance & Insurance, University of Leuven ) , Wuyts, Gunther (Faculty of Economics and Business, Department of Accountancy, Finance & Insurance, University of Leuven ) , Schoubben, Frederiek (Faculty of Economics and Business, Financial Management, University of Leuven ) , Schoutens, Wim (Faculty of Science, Department of Mathematics, University of Leuven)
    Journal of economic surveys v.31 no.1 ,pp. 169 - 189 , 2017 , 0950-0804 ,

    초록

    Abstract Since the financial crisis of 2008, next to banks, insurers have received increasing attention from researchers and regulators because of their crucial role in the financial system. A key point for a stable insurer is its capital structure, i.e. the choice between equity, debt and provisions in financing its operations. Based on earlier work a quickly developing literature has directly applied capital structure theories (in particular trade‐off and pecking order) from corporate finance to insurers’ financing choices. Corporate finance concepts used herein however, are developed for industrial firms. In this paper we provide an overview of the literature on the capital structure of insurers, but contribute by systematically clarifying how to account for the specificities of insurers when transferring the trade‐off and pecking‐order logic from an industrial to an insurer context. This way, we add several new insights on an insurer's choice between equity, financial debt and provisions. In particular, we are able to explain why, as compared to industrial firms, insurers use less financial debt, and why insurers focus so strongly on self‐financing. Finally, we identify multiple avenues for future research.

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  6. [해외논문]   TOWARDS AN ECONOMICS OF AWARDS   SSCI

    Frey, Bruno S. (University of Zurich ) , Gallus, Jana (University of Zurich)
    Journal of economic surveys v.31 no.1 ,pp. 190 - 200 , 2017 , 0950-0804 ,

    초록

    Abstract Awards are a widespread phenomenon. They cater to the fundamental desire for social recognition and serve as a valuable incentive to influence behaviour. The study of awards such as medals, prizes and titles has in recent years gained momentum in economics, complementing the longstanding focus on material incentives. To evaluate the effectiveness of awards as a motivator is difficult as the effect of awards must be separated from the fact that awards are meant to be given to the best. We show how research on awards has advanced over the last couple of years, thus providing points of departure for future work.

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  7. [해외논문]   TAXATION AND THE USER COST OF CAPITAL   SSCI

    Creedy, John (New Zealand Treasury ) , Gemmell, Norman (Victoria University of Wellington)
    Journal of economic surveys v.31 no.1 ,pp. 201 - 225 , 2017 , 0950-0804 ,

    초록

    Abstract This paper provides a review of the concept of user cost and its determinants. Particular attention is given to the influence of taxation. The concept of user cost relates to the rental, the rate of return to capital, that arises in a profit maximizing situation in which further investment in capital produces no additional profit. This paper sets out in some detail the range of assumptions involved in obtaining alternative expressions for the user cost. The user cost refers to a before‐tax capital rental, the rate of return that ensures that the (after‐tax) cost of capital is equal to the post‐tax returns over its life. Hence, associated with the user cost measure is an effective marginal tax rate. This can differ substantially from the statutory marginal rate applicable to the investor. A related effective average tax rate is also defined.

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  8. [해외논문]   INTERTEMPORAL SUBSTITUTION IN CONSUMPTION: A LITERATURE REVIEW   SSCI

    Thimme, Julian (Goethe University)
    Journal of economic surveys v.31 no.1 ,pp. 226 - 257 , 2017 , 0950-0804 ,

    초록

    Abstract This paper reviews the status quo of the empirical literature about the elasticity of intertemporal substitution (EIS) in consumption. Aiming to answer the question what the true magnitude of the parameter really is, it discusses several recent advances of the theory and highlights challenges for the estimation. Although the general discussion still seems to be prevailed by Hall's early EIS estimates close to zero, we show that several deviations from the time‐additive constant relative risk aversion model speak in favor of considerably higher values. Our treatment is supposed to provide researchers a hint at which parameter is a reasonable and incontrovertible choice for the calibration of models in macroeconomics and finance.

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  9. [해외논문]   STATED PREFERENCES FOR PUBLIC SERVICES: A CLASSIFICATION AND SURVEY OF APPROACHES   SSCI

    Schlä (Department of Economics and Management, Kalaidos University of Applied Sciences) , pfer, Felix
    Journal of economic surveys v.31 no.1 ,pp. 258 - 280 , 2017 , 0950-0804 ,

    초록

    Abstract The wider range of stated preference approaches to value public goods has not been systematically reviewed in recent years. The objective of this paper is to provide an overview of this literature and to evaluate the strengths and limitations of alternative approaches. Since the public referendum has served as a ‘blueprint’ for survey design, two key dimensions by which many surveys differ from the public referendum are used for a simple classification of approaches. This yields eleven approaches, including different variants of micro‐based demand surveys, referendum surveys, budget allocation surveys and contingent valuation surveys. Their evaluation in terms of the preference information they produce and the assumptions they require suggests there is no single preferred approach. Instead, each approach has its characteristic profile of strengths and limitations which follow from how it strikes the balance between the conflicting goals of measuring entire willingness‐to‐pay distributions and presenting manageable, credible and incentive compatible questions. Ultimately, judgments about the suitability of alternative approaches for specific objectives should rely on empirical evidence. Progress in the field could greatly benefit from a routine implementation of powerful experimental validity tests in applied work.

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  10. [해외논문]   A NEW CINDERELLA STORY: JOINT VENTURES AND THE PROPERTY RIGHTS THEORY OF THE FIRM   SSCI

    Gattai, Valeria (Università) , Natale, Piergiovanna (degli Studi di Milano‐Bicocca )
    Journal of economic surveys v.31 no.1 ,pp. 281 - 302 , 2017 , 0950-0804 ,

    초록

    Abstract Joint ventures (JVs) are a common form of inter‐firm collaboration and, unsurprisingly, the subject of a vast literature, extending from economics to management and business studies. Issues of control are central to the definition of JVs, and this naturally calls for an interpretation in the context of the property rights theory (PRT) of the firm. In a series of seminal papers, Grossman, Hart and Moore (GHM) offer a rigorous framework to predict the allocation of control rights. Notably, under the standard assumptions of GHM, JVs are suboptimal. However, JVs are not suboptimal in more general settings where a number of the original framework's assumptions are relaxed. In the context of PRT, this paper surveys more than 20 contributions that address the optimality of JVs under contract incompleteness. The surveyed papers question the assumptions of GHM and reveal the circumstances in which JVs outperform sole ownership. Although contributions are scattered over time and bibliographical sources, we believe sufficient material has accumulated over 25 years of economic modelling to encourage some systematization. The discussion is organized in an intuitive and non‐technical way; in particular, effort is devoted to analysing each paper in detail and providing a unified framework.

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