scholarly journals Dynamic Spatial Panel Models: Networks, Common Shocks, and Sequential Exogeneity

Econometrica ◽  
2020 ◽  
Vol 88 (5) ◽  
pp. 2109-2146 ◽  
Author(s):  
Guido M. Kuersteiner ◽  
Ingmar R. Prucha
Keyword(s):  
Social Interaction ◽  
Asymptotic Distribution ◽  
Network Formation ◽  
Interaction Model ◽  
Interactive Effects ◽  
Time Varying ◽  
Cross Sectional ◽  
Moment Conditions ◽  
Panel Models ◽  
Common Shocks

This paper considers a class of generalized methods of moments (GMM) estimators for general dynamic panel models, allowing for weakly exogenous covariates and cross‐sectional dependence due to spatial lags, unspecified common shocks, and time‐varying interactive effects. We significantly expand the scope of the existing literature by allowing for endogenous time‐varying spatial weight matrices without imposing explicit structural assumptions on how the weights are formed. An important area of application is in social interaction and network models where our specification can accommodate data dependent network formation. We consider an exemplary social interaction model and show how identification of the interaction parameters is achieved through a combination of linear and quadratic moment conditions. For the general setup we develop an orthogonal forward differencing transformation to aid in the estimation of factor components while maintaining orthogonality of moment conditions. This is an important ingredient to a tractable asymptotic distribution of our estimators. In general, the asymptotic distribution of our estimators is found to be mixed normal due to random norming. However, the asymptotic distribution of our test statistics is still chi‐square.

Categorization flexibility and unconventional choices: is life an adventure?

2020 ◽  
Vol 54 (8) ◽  
pp. 1963-1986
Author(s):  
Tilottama G. Chowdhury ◽  
Feisal Murshed
Keyword(s):  
Interactive Effect ◽  
Interactive Effects ◽  
Cognitive Capacity ◽  
Purchase Behavior ◽  
Consumer Decision Making ◽  
Cross Sectional ◽  
Content Type ◽  
Cross Domain ◽  
Multiple Domains

Purpose This paper proposes that categorization flexibility, operationalized as the cognitive capacity that cross-categorizes products in multiple situational categories across multiple domains, might favorably influence a consumer’s evaluation of unconventional options. Design/methodology/approach Experimental research design is used to test the theory. An exploratory study first establishes the effect of categorization flexibility in a non-food domain. Study 1 documents the moderating role of decision domain, showing that the effect works only under low- (vs high-) consequence domain. Studies 2A and 2B further refine the notion by showing that individuals can be primed in a relatively higher categorization flexibility frame of mind. Study 3 demonstrates the interactive effect of categorization flexibility and adventure priming in a high-consequence domain. Study 4 integrates the interactive effects of decisions with low- vs high-consequence, adventure priming and categorization flexibility within a single decision domain of high consequence. Findings Consumers with higher- (vs lower-) categorization flexibility tend to opt for unconventional choices when the decision domain entails low consequences, whereas such a result does not hold under decision domain of high consequences. The categorization flexibility effects in case of low-consequence decision domain holds true even when consumers are primed to be categorization flexible. Furthermore, with additional adventure priming, consumers show an increased preference for unconventional options even under a decision domain with high consequence. Research limitations/implications This study could not examine real purchase behavior as results are based on cross-sectional, behavioral intention data. In addition, it did not examine the underlying reason for presence of cross-domain categorization flexibility index. Practical implications The results suggest that stimuli may be tailored to consumers in ways that increase the salience and the perceived attractiveness of unconventional choices. Further, data reinforce the notion of cross-categorical interrelations among different domains, which could be leveraged by marketers. Originality/value This study represents the first documentation of the potential ways by which unconventional product choice might be a function of individuals’ categorization flexibility level across different types of decision domains. The findings yield implications that are novel to both categorization and consumer decision-making literature.

scholarly journals U.S. Economic Uncertainty Shocks and China’s Economic Activities: A Time-Varying Perspective

SAGE Open ◽  
2021 ◽  
Vol 11 (3) ◽  
pp. 215824402110326
Author(s):  
Lin Liu
Keyword(s):  
Global Financial Crisis ◽  
The United States ◽  
Time Varying ◽  
Economic Uncertainty ◽  
Transient Effects ◽  
Economic Activities ◽  
Common Shocks ◽  
Uncertainty Shocks ◽  
Intensive Intervention ◽  
The Global Financial Crisis

This paper presents new empirical evidence concerning the time-varying responses of China’s macroeconomy to U.S. economic uncertainty shocks through a novel TVP-VAR model. The results robustly reveal that a rise in U.S. economic uncertainty would exert sizable, persistent, and significant detrimental effects on China’s gross domestic product (GDP), price level, and short-term interest rate during the period when common shocks take place, such as the global financial crisis around 2008, whereas small and transient effects in the tranquil times. Therefore, China should diversify its international linkages and gradually reduce the dependence on the United States into a certain range to shield the domestic economy, as well as improve the independence of monetary policy. Furthermore, to withstand unfavorable external shocks, China should be prudent on greater opening-up and carry out more intensive intervention when common shocks hit the world economy. Finally, investors should be alert to the potential detrimental impact of U.S. economic uncertainty on Chinese assets’ fundamentals.

scholarly journals Fractal-induced 2D flexible net undulation

2021 ◽  
Vol 11 (1) ◽  
Author(s):  
Michael Joon Seng Goh ◽  
Yeong Shiong Chiew ◽  
Ji Jinn Foo
Keyword(s):  
3D Reconstruction ◽  
Cross Section ◽  
Channel Cross Section ◽  
Time Varying ◽  
Blockage Ratio ◽  
Transient Time ◽  
Cross Sectional ◽  
Velocity Fluctuations ◽  
Square Grid ◽  
Multilength Scale

AbstractA net immersed in fractal-induced turbulence exhibit a transient time-varying deformation. The anisotropic, inhomogeneous square fractal grid (SFG) generated flow interacts with the flexible net to manifest as visible cross-sectional undulations. We hypothesize that the net’s response may provide a surrogate in expressing local turbulent strength. This is analysed as root-mean-squared velocity fluctuations in the net, displaying intensity patterns dependent on the grid conformation and grid-net separation. The net’s fluctuation strength is found to increase closer to the turbulator with higher thickness ratio while presenting stronger fluctuations compared to regular-square-grid (RSG) of equivalent blockage-ratio, σ. Our findings demonstrate a novel application where 3D-reconstruction of submerged nets is used to experimentally contrast the turbulence generated by RSG and multilength scale SFGs across the channel cross-section. The net’s response shows the unique turbulence developed from SFGs can induce 9 × higher average excitation to a net when compared against RSG of similar σ.

scholarly journals Auditors, Underwriters, and Firm Owners’ Interaction in an IPO Environment: The Case of OECD Nations

2021 ◽  
Vol 13 (11) ◽  
pp. 6281
Author(s):  
Sheela Sundarasen ◽  
Kamilah Kamaludin ◽  
Izani Ibrahim ◽  
Usha Rajagopalan ◽  
Nevi Danila
Keyword(s):  
Positive Impact ◽  
Common Law ◽  
Civil Law ◽  
Least Square ◽  
Interactive Effects ◽  
Cross Sectional ◽  
Key Stakeholders ◽  
Research Findings ◽  
Firm Owners ◽  
The Relationship

This study explores the effects of interactions among key stakeholders, i.e., auditors, underwriters, and firm owners on IPOs’ first-day returns in selected OECD nations. It also examines the alteration effects of legal origin (Common law and Civil law) on the relationship between the interacted key stakeholders and IPOs’ first-day returns. A total of four thousand one hundred and sixty-four IPOs from twenty-eight OECD nations are included in this study. Since it is cross-sectional data, a two-stage least square regression is applied. The empirical outcomes indicate that, in general, the interacted reputable underwriters and auditors have a positive impact on IPOs’ first-day return. The relationship is modified between common law and civil law nations, whereby in civil law nations, no significance is demonstrated except for the interaction between the reputable auditors and underwriters. In the common law nation, interactions between reputable auditors and ownership retention have an impact on IPOs’ first-day return. The research findings provide outlooks into an IPO framework for issuers, investors, and regulators. Issuers may want to weigh carefully the costs and benefits of hiring credible auditors and underwriters when going public as they act as signaling agents. As for the investors, they should take into consideration the involvement of reputable underwriters and auditors and the degree to which the IPO firms retain ownership, as the interactive effects give clear signals on firm valuation and IPOs’ first-day returns. Regulators may find the findings informative concerning the creation of a more organized regulatory and financial system that could lead to a deeper and more open financial market.

scholarly journals Time-Varying Convergences of Environmental Footprint Levels between European Countries

Energies ◽  
2021 ◽  
Vol 14 (7) ◽  
pp. 1813
Author(s):  
Durmuş Çağrı Yıldırım ◽  
Seda Yıldırım ◽  
Seyfettin Erdoğan ◽  
Işıl Demirtaş ◽  
Gualter Couto ◽  
...  
Keyword(s):  
Ecological Footprint ◽  
Unit Root Test ◽  
Data Availability ◽  
European Countries ◽  
Time Varying ◽  
Cross Sectional ◽  
Ecological Footprints ◽  
Window Method ◽  
International Policies ◽  
Rolling Window

This study proposes the time-varying nonlinear panel unit root test to investigate the convergence of ecological foot prints between the EU and candidate countries. Sixteen European countries (such as Albania, Austria, Belgium, Denmark, France, Germany, Greece, Italy, Luxembourg, Netherlands, Poland, Portugal, Romania, Spain, Sweden and Turkey) and analysis periods are selected according to data availability. This study proposes a cross-sectional Panel KSS with Fourier to test the convergence of the ecological footprints. Then, we combine this methodology with the rolling window method to take into account the time-varying stationarity of series. This study evaluated sub-components of ecological footprints separately and provided more comprehensive findings for the ecological footprint. According to empirical findings, this study proves that convergence or divergence does not show continuity over time. On the other side, this study points out the presence of divergence draws attention when considering the properties of the sub-components in general. As a result, this study shows that international policies by EU countries are generally accepted as successful to reduce ecological footprint, but these are not sufficient as expected. In this point, it is suggested to keep national policies to support international policies in the long term.

scholarly journals A Review of Software for Spatial Econometrics in R

Mathematics ◽  
2021 ◽  
Vol 9 (11) ◽  
pp. 1276
Author(s):  
Roger Bivand ◽  
Giovanni Millo ◽  
Gianfranco Piras
Keyword(s):  
Maximum Likelihood ◽  
Spatial Econometrics ◽  
Historical Perspective ◽  
Statistical Computing ◽  
Spatial Econometric ◽  
Cross Sectional ◽  
Panel Models ◽  
Econometric Software ◽  
Generalized Moments

The software for spatial econometrics available in the R system for statistical computing is reviewed. The methods are illustrated in a historical perspective, highlighting the main lines of development and employing historically relevant datasets in the examples. Estimators and tests for spatial cross-sectional and panel models based either on maximum likelihood or on generalized moments methods are presented. The paper is concluded reviewing some current active lines of research in spatial econometric software methods.

Can do and reason to: when are proactive employees willing to share negative information?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Laura E. Marler ◽  
Susie S. Cox ◽  
Marcia J. Simmering ◽  
Bryan L. Rogers ◽  
Curtis F. Matherne
Keyword(s):  
Online Survey ◽  
Negative Information ◽  
Proactive Personality ◽  
Interactive Effects ◽  
Personality Factors ◽  
Cross Sectional ◽  
Content Type ◽  
Motivational States ◽  
Final Sample ◽  
Cross Sectional Design

Purpose Information sharing is vital to organizational operations, yet employees are often reluctant to share negative information. This paper aims to gain insight into which employees will be reluctant to share negative information and when by drawing from the proactive motivation literature examining effects of proactive personality and motivational states on individuals’ willingness to share negative information. Design/methodology/approach A cross-sectional design was used, with data collected from a final sample of 393 individuals via an online survey. Hypotheses were tested using correlation and hierarchical multiple regression analyses. Findings Interactive effects indicate proactive individuals with accompanying high levels of role breadth self-efficacy (“can do”) or high levels of felt responsibility for constructive change (“reason to”) were less likely to be reluctant to share negative information. However, findings also suggest proactive individuals with lower levels of proactive motivation avoid sharing negative information. Originality/value The findings extend what is known about personality factors and employee willingness to share information to highlight which employees may be likely to avoid sharing negative information. The authors also examine the moderating influence of proactive motivational states on the relationships between proactive personality and reluctance to share negative information.

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