Under Pressure: The Causal Effect of Financial Analyst Coverage on Long-term Capital

2015 ◽  
Vol 2015 (1) ◽  
pp. 15031 ◽  
Author(s):  
Mark R DesJardine
Keyword(s):  
Causal Effect ◽  
Financial Analyst ◽  
Analyst Coverage

scholarly journals The Pice Effects of Competition from Parallel Imports and Therapeutic Alternatives: Using Dynamic Models to Estimate the Causal Effect on the Extensive and Intensive Margins

2021 ◽  
Author(s):  
David Granlund
Keyword(s):  
Dynamic Models ◽  
Causal Effect ◽  
The Other ◽  
Causal Effects ◽  
Parallel Imports ◽  
Extensive And Intensive Margins ◽  
Price Effects ◽  
Short And Long Term ◽  
Therapeutic Alternatives

AbstractThis paper studies responses to competition with the use of dynamic models that distinguish between short- and long-term price effects. The dynamic models also allow lagged numbers of competitors to become valid and strong instruments for the current numbers, which enables studying the causal effects using flexible specifications. A first parallel trader is found to decrease prices of exchangeable products by 7% in the long term. On the other hand, prices do not respond to the first competitor that sells therapeutic alternatives; but competition from four or more competitors that sell on-patent therapeutic alternatives decreases prices by about 10% in the long term.

scholarly journals Variation in the Continuity of Land-Use Patterns through the First Millennium AD in Lowland Britain

2015 ◽  
Vol 11 (1) ◽  
pp. 135-154
Author(s):  
Stephen Rippon ◽  
Ralph Fyfe
Keyword(s):  
Land Use ◽  
Roman Empire ◽  
Causal Effect ◽  
Anglo Saxon ◽  
Land Use Patterns ◽  
Profound Change ◽  
Use Patterns ◽  
Land Use Types ◽  
First Millennium

AbstractThis paper explores the contribution that palaeoenvironmental evidence, and in particular palynology, is making to our understanding of landscape evolution in Britain during the 1st millenniumAD. This was a period of profound social and economic change including a series of invasions, some associated with a mass folk migration. Archaeologists and historians continue to debate the significance of these events, and palaeoenvironmental evidence is now starting to provide an additional perspective. Key to this has been obtaining pollen sequences, although there remains a need for more evidence from lowland areas, alongside higher resolution sampling and improved dating. It is suggested that although the 1st millenniumADsaw some significant long-term shifts in climate, these are unlikely to have had a significant causal effect on landscape change in lowland areas (both in areas with and without significant Anglo-Saxon immigration). The analysis of pollen data from across Britain shows very marked regional variations in the major land-use types (arable, woodland, improved pasture, and unimproved pasture) throughout the Roman and Early Medieval periods. While Britain ceasing to be part of the Roman empire appears to have led to a decline in the intensity of agriculture, it was the ‘long 8th c.’ (the later 7th to early 9th c.) that saw a more profound change, with a period of investment, innovation, and intensification, including an expansion in arable cultivation.

scholarly journals Analyst Coverage And Audit Efforts: Empirical Approach To Audit Hours

2015 ◽  
Vol 31 (3) ◽  
pp. 795 ◽  
Author(s):  
Hong Min Chun ◽  
Chang Seop Rhee
Keyword(s):  
Measurement Error ◽  
Global Financial Crisis ◽  
Positive Relation ◽  
Financial Analyst ◽  
Analyst Following ◽  
Analyst Coverage ◽  
Audit Failure ◽  
Audit Market ◽  
Audit Fee ◽  
Unique Dataset

This study investigates the effect of financial analyst coverage on audit efforts by examining the association between the number of analyst followings and audit hours. Existing literatures report that there are inconsistent results between analyst coverage and audit efforts, and most studies used audit fee as a proxy for audit efforts. However, audit fee may cause measurement error. We consider that audit hour is a better proxy for measuring audit efforts than audit fee because practically auditors are less likely to charge extra audit fee for their additional efforts in competitive audit market. Also, after audit engagement contract, the amount of audit fee is almost fixed. Thus, it cannot reflect variable auditors decision whether inputting additional efforts or not during audit service. Intuitively, audit hours are more accurate measure of audit efforts as long as it indicates how much hours auditors work. For the above reasons, we use unique dataset of audit hours in Korea. We find that analyst coverage is positively associated with audit hour. This means auditors make more efforts on their audit service in case of greater analyst following, and they crucially consider reputational damage from audit failure when they provide audit services to their clients with great analyst following. Next, we still observe positive relation in both pre and post global financial crisis periods. Lastly, we find that BIG4 auditors are more concerned about reputational loss than Non-Big4 in case of greater analyst following.

scholarly journals Education differences in sickness absence and the role of health behaviors: a prospective twin study

2020 ◽  
Vol 20 (1) ◽  
Author(s):  
K. B. Seglem ◽  
R. Ørstavik ◽  
F. A. Torvik ◽  
E. Røysamb ◽  
M. Vollrath
Keyword(s):  
Health Behaviors ◽  
Educational Attainment ◽  
Sickness Absence ◽  
Causal Effect ◽  
Familial Factors ◽  
Individual Level ◽  
Cohort Differences ◽  
Genes And Environment

Abstract Background Long-term sickness absences burden the economy in many industrialized countries. Both educational attainment and health behaviors are well-known predictors of sickness absence. It remains, however, unclear whether these associations are causal or due to confounding factors. The co-twin control method allows examining causal hypotheses by controlling for familial confounding (shared genes and environment). In this study, we applied this design to study the role of education and health behaviors in sickness absence, taking sex and cohort differences into account. Methods Participants were two cohorts of in total 8806 Norwegian twins born 1948 to 1960 (older cohort, mean age at questionnaire = 40.3, 55.8% women), and 1967 to 1979 (younger cohort, mean age at questionnaire = 25.6, 58.9% women). Both cohorts had reported their health behaviors (smoking, physical activity and body mass index (BMI)) through a questionnaire during the 1990s. Data on the twins’ educational attainment and long-term sickness absences between 2000 and 2014 were retrieved from Norwegian national registries. Random (individual-level) and fixed (within-twin pair) effects regression models were used to measure the associations between educational attainment, health behaviours and sickness absence and to test the effects of possible familial confounding. Results Low education and poor health behaviors were associated with a higher proportion of sickness absence at the individual level. There were stronger effects of health behaviors on sickness absence in women, and in the older cohort, whereas the effect of educational attainment was similar across sex and cohorts. After adjustment for unobserved familial factors (genetic and environmental factors shared by twin pairs), the associations were strongly attenuated and non-significant, with the exception of health behaviors and sickness absence among men in the older cohort. Conclusions The associations between educational attainment, health behaviors, and sickness absence seem to be confounded by unobserved familial factors shared by co-twins. However, the association between health behaviors and sickness absence was consistent with a causal effect among men in the older cohort. Future studies should consider familial confounding, as well as sex and age/cohort differences, when assessing associations between education, health behaviors and sickness absence.

scholarly journals Catalyst or Crown: Does Naturalization Promote the Long-Term Social Integration of Immigrants?

2017 ◽  
Vol 111 (2) ◽  
pp. 256-276 ◽  
Author(s):  
JENS HAINMUELLER ◽  
DOMINIK HANGARTNER ◽  
GIUSEPPE PIETRANTUONO
Keyword(s):  
Social Integration ◽  
Host Country ◽  
Causal Effect ◽  
Random Assignment ◽  
Integration Process ◽  
Policy Paradigm ◽  
The Social ◽  
Integration Of Immigrants ◽  
The Impact

We study the impact of naturalization on the long-term social integration of immigrants into the host country society. Despite ongoing debates about citizenship policy, we lack reliable evidence that isolates the causal effect of naturalization from the nonrandom selection into naturalization. We exploit the quasi-random assignment of citizenship in Swiss municipalities that used referendums to decide on naturalization applications of immigrants. Comparing otherwise similar immigrants who narrowly won or lost their naturalization referendums, we find that receiving Swiss citizenship strongly improved long-term social integration. We also find that the integration returns to naturalization are larger for more marginalized immigrant groups and when naturalization occurs earlier, rather than later in the residency period. Overall, our findings support the policy paradigm arguing that naturalization is a catalyst for improving the social integration of immigrants rather than merely the crown on the completed integration process.

scholarly journals Regulação ineficaz para forçar alongamento: O caso da Previdência Complementar Aberta no Brasil

2019 ◽  
Vol 17 (4) ◽  
pp. 33
Author(s):  
Luiz Guilherme Carpizo ◽  
Márcio Gomes Pinto Garcia
Keyword(s):  
Interest Rate ◽  
Portfolio Management ◽  
Risk Taking ◽  
Causal Effect ◽  
Portfolio Allocation ◽  
Short Term ◽  
Additional Risk ◽  
The Interest Rate ◽  
The Impact

<p>Despite the fall in the interest rate observed in Brazil in recent decades, and specific regulations on the private pension segment that encourage long-term risk taking, institutions in this segment appear to be considerably sensitive to short-term factors, while avoiding exposure to long-term risk factors. With portfolio allocation data from large entities, we implemented a VAR model to evaluate the impact of interest rate changes on portfolio management decisions and performed a counterfactual analysis to define the causal effect of regulation on additional risk taking. Results indicate that interest rate increases lead to significant and persistent reduction of investment in riskier assets with longer maturities, while the implemented regulation was not able to force greater risk-taking by institutions, in addition to generating distortions in segments of the Brazilian financial market.</p>

scholarly journals It's a matter of time: assessing the impact of aggressive police stops on (dis)trust in legal authority

2021 ◽  
Author(s):  
Thiago Rodrigues Oliveira
Keyword(s):  
Causal Effect ◽  
Sao Paulo ◽  
Term Effect ◽  
Robust Estimator ◽  
Legal Authority ◽  
São Paulo ◽  
Short Term ◽  
The Impact ◽  
Over Time

Does the experience of being stopped by the police (including being stopped by the police at gunpoint) have a negative effect on trust in legal authority over time? Previous research suggests a link between negatively-experienced police stops and distrust of legal institutions. Yet, we lack clear evidence on the existence and dynamics of any putative causal effect. To address this gap, I draw on a three-wave longitudinal survey of adults who reside in São Paulo, Brazil, and examine the impact of police stops and police stops at gunpoint on three aspects of trust in legal authority (attitudinal change in perceptions of police fairness, perceptions of overpolicing, and cynicism about police protection). In the context of a multi-period difference-in-differences design, I rely on (i) a matching framework for panel data that assumes a dynamic treatment adoption to estimate short-term effects of a recent police stop (at gunpoint), and (ii) a doubly robust estimator that assumes a staggered treatment adoption to assess the long-term effects of a first experience of being stopped and questioned by police officers (at gunpoint). I conclude, overall, that it seems unlikely that general police stops damage trust in legal authority in São Paulo over time. However, a recent aggressive police stop with officers pointing a gun at the citizen does seem to have a negative short-term effect on perceived police fairness, while the first experience of a police stop at gunpoint among people with no previous contact seems to have a positive long-term effect on perceived overpolicing. This study contributes to a growing international literature that describes the social costs of aggressive policing strategies.

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