Can the SupLR Test Discriminate between Different Switching Regression Models: Application to the US GNP and the UK/US Exchange Rate

2005 ◽  
Author(s):  
Dominique Guegan ◽  
Charfeddine Lanouar
Keyword(s):  
Exchange Rate ◽  
Regression Models ◽  
Switching Regression ◽  
The Us ◽  
The Uk ◽  
Switching Regression Models

The same deep water as you? The impact of alternative governance arrangements of water service delivery on efficiency

2017 ◽  
Vol 3 (2) ◽  
pp. 78-101 ◽  
Author(s):  
Miguel Rodrigues ◽  
António F Tavares
Keyword(s):  
Regulatory Authority ◽  
Regression Models ◽  
Water Governance ◽  
Water Utilities ◽  
Switching Regression ◽  
Water Utility ◽  
Utility Systems ◽  
The Impact ◽  
Switching Regression Models ◽  
Governance Arrangements

This work contributes to the literature on water governance by attempting to provide an answer to the question of what are the differences in efficiency of alternative governance arrangements of water utilities. We test hypotheses derived from property rights, principal–agent, and transaction costs theories using a comprehensive database of 260 water utility systems provided by the Portuguese Regulatory Authority of Water and Waste Services. Using endogenous switching regression models estimated through maximum likelihood, the study is designed in two steps. First, we investigate differences in efficiency between in-house options and externalization and find that in-house solutions as a set (direct provision and municipal companies) are more efficient than externalization options (mixed companies and concessions). Second, we test differences in efficiency within both in-house and externalization solutions, and fail to find statistically significant differences in efficiency between in-house bureaucracies and municipal companies and between mixed companies and concessions.

scholarly journals Effect of Exchange Rate Returns on Equity Prices: Evidence from South Africa and Nigeria

2017 ◽  
Vol 9 (11) ◽  
pp. 35
Author(s):  
Jibrin Daggash ◽  
Terfa W. Abraham
Keyword(s):  
South Africa ◽  
Exchange Rate ◽  
Stock Market ◽  
Stock Exchange ◽  
Equity Prices ◽  
The Us ◽  
Short Run ◽  
Us Dollar ◽  
The Exchange Rate ◽  
The Uk

This paper examines the exchange rate returns of the Rand (relative to the US dollar) and the Naira (relative to the US dollar) for the presence of volatility. It also examines the effect of the exchange rate returns on the performance of their respective stock market. While it was found that the returns of the South African Rand was volatile, the Nigerian naira was not. Estimating the effect of exchange rate returns and crude oil price on the stock market indices of both countries showed that exchange rate return have a positive effect on the performance of the Nigerian stock exchange thus, confirming the stock flow hypothesis for Nigeria and refuting same for South Africa. Although the VAR granger causality identifies short run fluctuation of the naira as a significant factor affecting the performance of the Nigerian stock exchange in the short run, the Johannesburg stock exchange was found to be mostly affected by short run changes in the Rand and the UK FTSE 100. The paper concludes that policies aimed at stabilizing exchange rate and encouraing more non-oil stocks to be quoted in the Nigerian stock exchange will important. For the Johanesburg stock exchange, raising the listing requirement for firms quoted in the UK FTSE 100 and also seeking listing or already listed in the JSE will be a plausible idea. For both countries, however, curtailing swings in their exchange rate returns would help attract new investments and sustain existing ones hence, helping to spur growth.

Trade Balance and Exchange Rate: Unit Roots, Co-integration and Long Memory in the US and the UK

2008 ◽  
Vol 37 (1) ◽  
pp. 59-74 ◽  
Author(s):  
Luis A. Gil-Alana ◽  
Natalia Luqui ◽  
Juncal Cunado
Keyword(s):  
Exchange Rate ◽  
Long Memory ◽  
Trade Balance ◽  
Unit Roots ◽  
The Us ◽  
The Uk
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