Endogenous capital depreciation and technology shocks

I examine the dynamic impact of capital maintenance on key aggregates through the depreciation rate. I find that two factors are crucial for the short-run effects of Total Factor Productivity and Investment-Specific shocks: (i) the marginal efficiency of maintenance and its connection with the rate of utilization, and (ii) the interplay between the intertemporal effect of maintenance and the substitution effect between maintenance and utilization. The latter is expressed by the relative size of the elasticity of maintenance to the Hicksian elasticity of complementarity between maintenance and utilization. These theoretical results suggest that to match the observed responses of the macroeconomic aggregates the sign of the cross derivative should be negative and that the relative size of the Hicksian elasticity should be smaller than the maintenance elasticity of marginal depreciation. Finally, the model suggests that the main macroeconomic aggregates react procyclically, with the exception of maintenance, the behavior of which depends on the type of the shock

Real effects of bank capital regulations: global evidence

We examine the effect of the full set of bank capital regulations (capital stringency) on loan growth, using bank-level data for a maximum of 125 countries over the period 1998-2011. Contrary to standard theoretical considerations, we find that overall capital stringency only has a weak negative effect on loan growth. In fact, this effect is completely offset if banks hold moderately high levels of capital. Interestingly, the components of capital stringency that have the strongest negative effect on loan growth are those related to the prevention of banks to use as capital borrowed funds and assets other than cash or government securities. In contrast, compliance with Basel guidelines in using Basel- and credit-risk weights has a much less potent effect on loan growth

Locating Decision Rights: Evidence from the Mutual Fund Industry

Mutual fund advisors make portfolio decisions for their funds on a daily basis. We examine the location of these portfolio decision rights on two dimensions. First, we consider the geographic location of the decision rights. Second, we consider whether the decision rights remain with an advisor or are allocated to an independent sub-advisor. We argue that the allocation of portfolio decision rights involves a tradeoff between the opportunity cost of not matching decision rights with specific knowledge, and the agency costs associated with moving the decision rights to the specific knowledge. The patterns in the location of decision rights are consistent with the tradeoff being a meaningful determinant of the allocation of decision rights in the mutual fund industry. We also find that funds that are predicted to be sub-advised and are sub-advised outperform those that are predicted to be sub-advised but are not

Improving Pedagogic Competence of Non-Education Teachers in Preparing Lesson Plan Through Supervision Academic of the Headmaster

Educational reform is not enough with changes in the curriculum sector, both the structure and the writing procedure. Updating the curriculum will be more meaningful if followed by changes in learning practices inside and outside the classroom. The success of curriculum implementation is strongly influenced by the ability of teachers to apply and actualize the curriculum. Not infrequently the failure of curriculum implementation is caused by the lack of knowledge, skills and ability of teachers in understanding the tasks that must be implemented. This means that the teacher as the executor of the learning activities becomes the key to the implementation of the curriculum in the school.   &nbsp

Kemampuan Menemukan Ide Pokok Paragraf Berbagai Jenis Wacana Dalam Naskah Soal UN Oleh Siswa Kelas X SMA Satria Nusantara Binjai Tahun Pelajaran 2012/2013

This study aims to describe the students' ability to find the main ideas of paragraph in writing of UAN by the ten Grades of students' of SMA Satria Nusantara Binjai in Academic Year 2012/2013, which amounted to 200 students and that a sample as many as 30 students. Sampling was done by determining the class to be representative of the population studied. The research method used was descriptive method which describe the phenomena of the real situation. The test was given by the students through objective test which consists of 20 items. It consists of descriptive, narration, argumentation, persuasion, and exposition. To analyze the students' ability to find the main idea, it was used the percentage as in the following. The findings indicate that the students' ability of ten Grade students of Senior High School in Academic Year 2012/2013 to find the main ideas of paragraph in UAN was categorized Good, where the means score of the students' 70,33. From the 5 kinds of writing, descriptive writing was easy to be understood by the students. It was proved from 106 or 24.82% and the persuasion writing is more difficult for the students. It was proved 60 or 14,51%

Investor Behavior in the Mutual Fund Industry: Evidence from Gross Flows

Using a large sample of monthly gross flows from 1997 to 2003, we uncover several previously undocumented regularities in investor behavior. First, investor purchases and sales produce fund-level gross flows that are highly persistent. Persistence in fund flows dominates performance as a predictor of future fund flows. More importantly, failing to account for flow persistence leads to incorrect inferences with respect to the relation between performance and flows. Second, we document that investors react differently to performance depending on the type of fund, and that investor trading activity produces meaningful differences in the persistence of fund flows across mutual fund types. Third, at least some investors appear to evaluate and respond to mutual fund performance over much shorter time spans than previously assessed. Additionally, we document differences in the speed and magnitude of investors’ purchase and sales responses to performance

Investors Do Respond to Poor Mutual Fund Performance: Evidence from Inflows and Outflows

Abstract We examine the relation between mutual fund performance and gross flows for a large sample of actively managed U.S. mutual funds. Unlike previous studies that have only examined periods of generally increasing net flows, our sample includes periods of both increasing and decreasing net flows. We find that outflows are related to performance, with investors withdrawing money from poor performers. We also find that outflows and inflows respond asymmetrically to performance, outflows increase more aggressively following poor performance, and inflows increase more aggressively following good performance. Additionally, we find a symmetric performance net flow relation

Conceptual Issues of Global Counterfeiting on Products and Services

Counterfeiting is a global problem of enormous magnitude. Despite its obvious importance, relatively little attention has been paid to the management of counterfeiting. This paper considers the difficulties of measuring counterfeiting and provides evidence of the magnitude of the problem worldwide. The focus is on counterfeiting of privately produced goods and services, rather than the issue of the counterfeiting of currency per se, which is a somewhat different though related issue. A conceptual framework of the private and social costs and benefits of anti-counterfeiting measures is also provided. The framework highlights a number of key driving forces of counterfeiting, including existence of unsatisfied demand at the prevailing prices – a demand that is fueled by advertising and other promotional activities. The paper draws on a range of conceptual and empirical work to develop an agenda of items for company policy maker

Pengaruh Citra Perusahaan dan Kualitas Pelayanan terhadap Loyalitas Pelanggan pada Jasa Perhotelan ( Kasus Hotel Benteng Pekanbaru )

This study aims to determine the influence of corporate image and service quality oncustomer loyalty at the Hotel Fort Pekanbaru. The companys image as a variable (X1) quality ofservice as a variable (X2) and customer loyalty as (Y).The method in this research is descriptive and quantitative using SPSS 20, where sampleswere used that guests staying more than 3 times in the Hotel Fort Pekanbaru with respondents asmany as 99 people. To determine the number of samples used slovin formula, as well as asampling technique by purposive sampling. Data collection through questionnaires andinterviews.Results of analysis using multiple linear regression, t test and f test so that it can be seenthat the variable corporate image positive effect on customer loyalty, that the provision ofquality services significant effect on customer loyalty and significant influence of the companysimage and service quality on customer.Keywords: Corporate Image, Service Quality and Customer Loyaltyloyalty