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Abstract: Role of Public Investment in Growth and Poverty Reduction in Transition Economies
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Abstract: This paper explores the linkages among public investment, growth and poverty in light of the existing theories, evidence and methods for 30 transition economies using the panel data for 1995-2010. Using Least Square Dummy Variable technique, we conclude that public investment is growth enhancing; furthermore, the impact is even higher if associated with foreign direct investment. However, public investment is still not strong enough to reduce poverty, poverty gap and inequality in income distribution. In case of the latter, it has rather worsening impact. But if public current expenditure is spent primarily on educational subsidies, this brings pro-poor growth impact. Keywords: Public investment, Growth, Poverty, Transition economies.Download Full Article |
Abstract - Modeling the Main Determinants of Movie Sales: An Econometric Study of Chinese Marketplace
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Abstract: This paper investigates the financial performance of movies in China, a fast-growing commercial exhibition marketplace. Movie sales and Chinese market returns, movie characteristics and cultural contexts are operationalized in ordinary least squares (OLS) regression and quantile regression models to explain the highly varied acceptance across different products released since 2009. The samples comprise most of the widely released motion pictures in China. We posit that production budgets, sequels, audience ratings, cultural contexts and movie genres can significantly account for the variation in box office (BO) revenue and sales-revenue-to-cost (SRTC) within the Chinese market. Movies produced in countries with similar cultural contexts capture more audiences measured by box office proceeds, but it is noteworthy that SRTC falls at a decreasing rate as cultural differences increase. An increase in production budget generates more sales in China, but reduces the SRTC ratios with other factors controlled. Although aggregate cinema attendance may fluctuate with releasing date, this is not always true for an individual movie’s financial success. Quantile regressions provide us with a richer characterization of the relationship, enabling us to analyze the entire distribution of box office proceeds and SRTC ratios, as well as their determinants at key quantiles. Keywords: Box office revenue, market sales return, cultural discount.Download Full Article |
Abstract - How do Agency Problems Affect the Implied Cost of Capital?
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Abstract: We test the relationship between the implied cost of capital and two agency problems, free cash flows and overinvestment. We show that free cash flows have a significant negative impact on the implied cost of capital, but overinvestment has a significantlypositive impact. In addition, the pay-for-performance sensitivity has a negative effect but the sensitivity of volatility has a significantly positive effect on the implied cost of capital. After taking the incentives into account, we find that the significance of the impact from both agency problems still exists. Finally, we conclude that well-designed executive compensation should focus on reducing overinvestment and the sensitivity of volatility. Keywords: Agency problems, Free cash flows, Overinvestment, Implied cost of capital.Download Full Article |
Abstract - Scaling Capitalist Class Relations: Commercial Property Development in Tampa, Florida
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Abstract: Transcalar capitalist networks form around diverse material and human resources located in many places. One purpose is to “lock in” or direct these resources to specific urban commercial property developments. I extend the scope of previous research about the Transnational Capitalist Class (TCC) and Transcalar Territorial Networks (TTNs) to a case study of commercial real estate in Tampa, Florida. Local printed news records are used to trace the evolving status of the Channelside Plaza project since the 1980s. I identify and describe relations among the changing actors, institutions, resources, and legal mechanisms that by mid-2014 allowed one former hedge-fund manager to amass control over the project and 40 acres of land contiguous with it. The case demonstrates that intra-class relations can be contentious when capitalism is in crisis and that the likely elite sources to overcome conflict are financial finesse linked to effective local relations.. Keywords: Financial Markets, Urban Land Development, Class Relations.Download Full Article |
