A crucial assumption for the solution of the endogenous growth model with government intervention is a balanced budget along the perpetual steady state. This assumption is unreal once we are interested to test the model using government data, given that in most countries the budget is not...

Manufacturing industries with high merger intensities have higher value-added of about 10% after taking into account the number of employees and the amount of new investment. Merger-intensive industries are also more investment-intensive, and they have higher value-added per employee. These...

We provide an alternative estimation method which can be used to estimate the coefficient of intertemporal substitution and risk aversion separately, without assuming log-normal distribution or using a social market portfolio. We find the two parameters are significantly positive. This finding...

Inconsistent evidence exists within the economics of education research literature with respect to the relationship between teacher salary and student performance. This paper shows that such inconsistency of results could be attributed to simultaneous equation bias and model misspecification....

The purpose of this note is to emphasize that the qualitative effect of a labour subsidy on the union's desired wage rate, is highly sensitive to the design of the policy instrument.

The paper investigates the predictability of Finnish stock and stock index futures returns by the volume of index options. Absolute stock market returns are predictable by options volume while returns per se are not. However, call and put volume offer useful information on the future behaviour...

The study considers the ADF and KPSS tests for unit root testing in a time series characterized by a number of structural changes in its mean. Using the Monte Carlo simulation method the percentage points of the tests distributions are estimated. These two tests are biased towards non-rejection...

The objective of our study is to analyse the difference in economic efficiency between the state and collective sectors of Chinese industry, with the help of a data set containing firm-level data of 7273 enterprises across 35 industrial branches in Hubei Province in 1990. Data envelopment...

The estimation of the factors contributing to the reduction in the costs of service delivery arising from the tendering of specified health and local authority activities presents difficulties for conventional parametric techniques, because of an absence in cardinal measurability. This implies...

Blair and Fesmire (Southern Economic Journal, June 1994, pp. 1043-1046) argue for the treatment of resale price maintenance (RPM) with a rule-of-reason approach, based on a welfare comparison in which changes in consumer surplus may outweigh gains in producer surplus from RPM. The welfare...