Firm productivity, exchange rate movements, sources of finance and export orientation

We investigate the level and volatility effects of exchange rates on the productivity growth of manufacturing firms with heterogenous access to debt, and domestic and foreign equity markets in Turkey. We find that while exchange rate volatility affects productivity growth negatively, having access to foreign or domestic equity, or debt markets does not alleviate these effects. Furthermore, foreign owned or publicly traded companies do not appear to perform significantly better than the rest. We detect, however, that firm productivity is positively related to having access to external credit. Additionally, we find that while export (inward) oriented firms are affected less (more) by exchange rate appreciations, they are more (less) sensitive to exchange rate volatility

The Response of Firms' Leverage to Uncertainty: Evidence from UK Public versus Non-Public Firms

This paper empirically investigates the effects of uncertainty on firms' leverage. The analysis is carried out for a large panel of public and non-public UK manufacturing rms over 1999-2008. The empirical results provide evidence that firms use less short-term debt as they go through periods of high uncertainty. The leverage of non-public firms is more sensitive to idiosyncratic uncertainty in comparison to their public counterparts, yet macroeconomic uncertainty a ects both types of firms similarly. We finally end our investigation showing that the total impact of either type of uncertainty on firms' leverage is related to the amount of the cash buffer each firm carries

Do Institutions, Inequality and Religious Beliefs Affect Cadaveric versus Live-Kidney Harvesting

Using an unbalanced annual dataset from 63 countries over 1998-2002, we show that improvements in equality and rule of law in developing countries encourage cadaveric kidney transplants. Religion also plays an important role in that relationship

Does Real Exchange Rate Volatility Affect Sectoral Trade Flows?

This paper investigates empirically the effect of real exchange rate volatility on sectoral bilateral trade flows between the US and her top thirteen trading countries. Our investigation also considers those effects on trade flows which may arise through changes in income volatility and the interaction between income and exchange rate volatilities. We provide evidence that exchange rate volatility mainly affects sectoral trade flows of developing but not that of developed countries. We also find that the effect of the interaction term on trade flows is opposite that of exchange rate volatility yet there is little impact arising from income volatility

Determinants of Financial vs. Non Financial Stock Returns: Evidence from Istanbul Stock Exchange

We estimate a four-factor model for a sample of financial and nonfinancial firms traded on the Istanbul Stock Exchange (ISE). The factors relate to market return, interest, inflation and exchange rates. By investigating the effects of these factors simultaneously for different exchange rate regimes, we show that market return, interest, inflation, and exchange rates play a separate role in financial and nonfinancial firms´ stock returns. We also show that all factors are priced during the period of free float. These results are important for determining financial institutions' cost of capital and for identifying the risks that should be hedged

On the internal target model in a tracking task

An optimal control model for predicting operator's dynamic responses and errors in target tracking ability is summarized. The model, which predicts asymmetry in the tracking data, is dependent on target maneuvers and trajectories. Gunners perception, decision making, control, and estimate of target positions and velocity related to crossover intervals are discussed. The model provides estimates for means, standard deviations, and variances for variables investigated and for operator estimates of future target positions and velocities

On the Relationship Between the Generalized Equality Classifier and ART 2 Neural Networks

In this paper, we introduce the Generalized Equality Classifier (GEC) for use as an unsupervised clustering algorithm in categorizing analog data. GEC is based on a formal definition of inexact equality originally developed for voting in fault tolerant software applications. GEC is defined using a metric space framework. The only parameter in GEC is a scalar threshold which defines the approximate equality of two patterns. Here, we compare the characteristics of GEC to the ART2-A algorithm (Carpenter, Grossberg, and Rosen, 1991). In particular, we show that GEC with the Hamming distance performs the same optimization as ART2. Moreover, GEC has lower computational requirements than AR12 on serial machines

On the Relationship Between the Generalized Equality Classifier and ART 2 Neural Networks

In this paper, we introduce the Generalized Equality Classifier (GEC) for use as an unsupervised clustering algorithm in categorizing analog data. GEC is based on a formal definition of inexact equality originally developed for voting in fault tolerant software applications. GEC is defined using a metric space framework. The only parameter in GEC is a scalar threshold which defines the approximate equality of two patterns. Here, we compare the characteristics of GEC to the ART2-A algorithm (Carpenter, Grossberg, and Rosen, 1991). In particular, we show that GEC with the Hamming distance performs the same optimization as ART2. Moreover, GEC has lower computational requirements than AR12 on serial machines

Reexamining the linkages between inflation and output growth: A bivariate ARFIMA-FIGARCH approach

In this paper, given recent theoretical developments that inflation can exhibit long memory properties due to the output growth process, we propose a new class of bivariate processes to simultaneously investigate the dual long memory properties in the mean and the conditional variance of inflation and output growth series. We estimate the model using monthly UK data and document the presence of dual long memory properties in both series. Then, using the conditional variances generated from our bivariate model, we employ Granger causality tests to scrutinize the linkages between the means and the volatilities of inflation and output growth.

CADAVERIC VS. LIVE-DONOR KIDNEY TRANSPLANTS: THE INTERACTION OF INSTITUTIONS AND INEQUALITY

“In 1991, the World Health Assembly approved a set of Guiding Principles which emphasize voluntary donation, non-commercialization and a preference for cadavers over living donors” (World Health Organization). We investigate whether factors such as inequality, rule of law and religion have any effect on the ratio of cadaveric transplants to all transplants. Using an unbalanced annual dataset from 64 countries over 1993-2004, we show particularly for developing countries that an improvement in equality and rule of law encourage cadaveric kidney transplants. Religion also plays an important role in that relationship.