Economic

The entry into force of the World Trade Organization (WTO) TRIPS Agreement in 1995 transformed the international intellectual property system. The harmonization of basic intellectual property standards has operated to protect investment in innovation, limiting risks from unjustified ‘free riding’. Yet these same harmonized IP standards sharply curtailed the traditional capacity of suppliers of public goods, such as health care and nutrition, to address priority needs of less affluent members of society, particularly in (but not limited to) developing countries. In the Doha Declaration, the Waiver Decision of 30 August 2003 and the Article 31bis Protocol of Amendment, stakeholders concerned with re-opening policy space for the supply of newer pharmaceutical products pushed back against restrictive elements of the TRIPS Agreement.Governments around the world are in the process of deciding whether to ratify and accept the Article 31bis Amendment. Based on their Study for the Internatio...

We study the effect of the presence of a certification intermediary in an environment where information asymmetries are particularly severe. The intermediary improves the information that buyers have about quality. This in turn increases the incentives that the seller has to provide high-quality goods. Efficiency is increased by the presence of the intermediary, but quality is underprovided in equilibrium relative to full information. The intermediary can implement the optimal policy in many ways. The amount of information revealed ranges from full disclosure to partial, noisy disclosure. * Manuscript

Many intertwined factors contribute to sustainability in the desert settlements of Birdsville and Bedourie. Taking one factor, the commitment to, and achievement of, full employment for all local residents, this paper draws data from a larger research project ...

We analyse the effects of regulations prohibiting the use of information to risk-rate premiums in a life insurance market. New information derived from genetic tests is likely to become increasingly relevant in the future. Many governments prohibit the use of this information, thereby generating Ôregulatory adverse selectionÕ. In our model, individuals early in their lives know neither their desired level of life insurance later in life nor their mortality risk, but learn both over time. We obtain both positive and normative results that differ qualitatively from those in standard, static models. Legislation prohibiting the use of genetic tests for ratemaking may increase welfare. * We thank two anonymous referees and David DeMeza (the editor) for very helpful comments, as well as seminar participants at the

Traditional sensitivity and elasticity analyses of matrix population models have been used to inform management decisions, but they ignore the economic costs of manipulating vital rates. For example, the growth rate of a population is often most sensitive to changes in adult survival rate, but this does not mean that increasing that rate is the best option for managing the population because it may be much more expensive than other options. To explore how managers should optimize their manipulation of vital rates, we incorporated the cost of changing those rates into matrix population models. We derived analytic expressions for locations in parameter space where managers should shift between management of fecundity and survival, for the balance between fecundity and survival management at those boundaries, and for the allocation of management resources to sustain that optimal balance. For simple matrices, the optimal budget allocation can often be expressed as simple functions of vital rates and the relative costs of changing them. We applied our method to management of the Helmeted Honeyeater (Lichenostomus melanops cassidix; an endangered Australian bird) and the koala (Phascolarctos cinereus) as examples. Our method showed that cost-efficient management of the Helmeted Honeyeater should focus on increasing fecundity via nest protection, whereas optimal koala management should focus on manipulating both fecundity and survival simultaneously. These findings are contrary to the cost-negligent recommendations of elasticity analysis, which would suggest focusing on managing survival in both cases. A further investigation of Helmeted Honeyeater management options, based on an individual-based model incorporating density dependence, spatial structure, and environmental stochasticity, confirmed that fecundity management was the most cost-effective strategy. Our results demonstrate that decisions that ignore economic factors will reduce management efficiency.

E2 is a plugin-based, service-oriented middleware architecture. E2 extends the popular Eclipse platform's idea of building a software system entirely and dynamically from XML-interfaced plugins, adds the feature to remove and replace plugins on the fly, administers the plugin connection process, and provides a message transport plugin for distributed inter-E2 system communication. E2 introduces a generic user interface plugin that separates user interfaces and application functionality. With these extensions, E2 extends the plugin concept, with its success on the desktop, to the broader areas of distributed middleware and multi-agent systems. E2 retains compatibility with Eclipse so that it can reuse Eclipse plugins but also, via an extensible interpreter capability, adds compatibility with Web Services and WSDL. This paper describes the E2 platform, implemented in Java, being used to develop the Everything is Alive agent system.

Material aspirations are initially fairly similar among income groups; consequently more income brings greater happiness. Over the life cycle, however, aspirations grow along with income, and undercut the favourable effect of income growth on happiness, although the ...

This paper investigates the impact of climate change on agricultural productivity in Tanzania focusing on maize and paddy as the staple food crops. We use Tanzania National Panel Survey (NPS) data for 2008/9, 2010/11, and 2012/13. The results suggest a significant impact of weather variables – temperature and rainfall, and their
shocks on agricultural productivity in Tanzania. Also, farmers’ education appears to reduce the impact of temperature shocks on productivity. These findings imply a need for policy intervention to ensure that farmers are equipped for climate change adaptation as well as the use of modern farming technologies and inputs.

Background: In New Zealand, people unable to work due to an illness may be eligible for a means-tested benefit whereas injured people are eligible for a wide range of support including earnings-related compensation through the no-fault Accident Compensation Corporation (ACC). The effect of this difference on socioeconomic outcomes has not been investigated before. Methods: A comparative cohort study was undertaken of stroke versus injury. Individuals aged 18e64, who had a first-stroke (n ¼ 109) were matched by age, sex and functional impairment with injured individuals (n ¼ 429) participating in the Prospective Outcomes of Injury Study. Data were collected by interview 3.5 and 12 months after stroke or injury. Logistic regression adjusting for the matching variables at 3.5 months, and functional impairment at 12 months, was undertaken. Results: Median personal income declined by 60% over 12 months for the Stroke Group compared to 13% decline in the Injury Group. Decline in income was greater for those in both groups who had a higher income initially, and for those who had not returned to work. The proportion of the Stroke Group reporting 'Fairly low/low' standard of living increased from 8% to 28% and 'Just/not enough' income increased from 35% to 61% whereas the Injury Group increased only from 5% to 12% and 33%e44% respectively. The odds of reporting low standard of living and income inadequacy at 12 months were significantly less for the Injury Group. Despite earnings-related compensation (80% of income), the odds of being back at work were greater for the Injury Group compared to the Stroke Group (Adjusted Odds Ratio 3.1; 95% CI 1.7e5.6). Conclusions: These findings support the conclusions that earnings-related compensation and rehabilitative support, available to injured people via ACC, largely prevents the downward spiral into poverty and ill health. It also appears to enhance return to work though residual confounding cannot be ruled out.

The monograph describes the organic basis, the phenomena of lexical reflection and the logistics of the formation of new entities in business on the general theoretical positions of the development of activities in transition economies. Using the principles of the market economy and on the tools of political economy, the monograph clarifies the interaction functions, the genesis and the structural-analytical model communication of movement, which arises in business and approximates the reproduction complex to the post-industrial economy. Based on the logistics of stratification and structuration, the monograph develops classification signs and situational provisions of filling business with quality, a conceptual principle of accelerating the transition of relations into business, and a method of forming the sphere of service business.
The monograph is intended for researchers, teachers and professionals who are engaged in the processes of the formation of the organic structure of activity, in the development of the entrepreneurial function of a human and in the management of business processes in a non-equilibrium changing economic space.

Saienko V. Relationship processes in business : monograph / V. Saienko. – Opole : Publishing house of the Academy of management and administration in Opole, 2019. – 160 p. ISBN 978-83-62683-55-0

Saienko, V. (2019). Relationship processes in business : monograph. Publishing house of the Academy of management and administration in Opole, Opole. ISBN 978-83-62683-55-0

Saienko V.: Relationship processes in business: monograph. Publishing house of the Academy of management and administration in Opole, Opole 2019, 160 p. ISBN 978-83-62683-55-0

Th e global climate has changed notably since the beginning of the Industrial Revolution. Atmospheric concentrations of greenhouse gasses (GHG) have increased dramatically followed by an increase in global average temperature. In order to avoid negative potential outcomes of global warming, countries have adopted the United Nations Framework Convention on Climate Change that has so far been ratifi ed by 192 countries. In 1997 the Kyoto Protocol, a binding GHG reduction plan, was adopted and entered into force in 2005. But several countries, including the USA, have had doubts about the potential negative consequences of the planned 5% global joint reduction of GHG. However, studies generally show that on a macroeconomic level: (1) welfare loss in terms of GDP and lost growth in EU is low; (2) it diff ers among economies; and (3) permit trading and permit price (in either global or regional markets) is highly correlated with the welfare loss. Th e main objective of the paper is to describe the attitudes and responses to the Kyoto Protocol from a global perspective. Th e paper has three objectives. First, to provide an overview of global greenhouse gas emissions and the big drivers behind these emissions. Second, to present where diff erent countries, both developed and less developed countries, such as India, China and the countries of Southeast Europe currently stand as regards their eff orts to achieve the Kyoto Protocol requirements. Th ird, to analyse the responses and attitudes to the Kyoto Protocol from a country development perspective.

Picking the right hotel can be tricky especially in today’s world of multiple rating systems. A luxury hotel rating once topped out at five stars but in the war to snag vacationers certain hotels that sing tunes of opulence and luxurious pleasure have started to accumulate seven stars. Star rating systems vary from continentto continent, country to country, and in a country. Hotel ratings have become a subjective assessment of amenities depending on the hotel and location. But the big question that is how they rate a seven stars Hotel. What makes it different from five stars Hotel or any fine establishment alike. In this case, the author is over viewing some of the Hotels in the world that are known for its seven stars reputation and taking a closer look on how they get their reputation for being the most luxurious Hotels in the world.

The leaf skeletonizer Uraba lugens Walker (Lepidoptera: Nolidae), an Australian species, locally known as "gumleaf skeletonizer," is well established in New Zealand. This insect has the potential to become a serious pest of forestry and amenity eucalypts (Eucalyptus spp.) and is the focus of a long-term management program. The use of synthetic chemical or biological insecticides is one possible control method within an integrated control program. A series of doseÐresponse trials were conducted using laboratory bioassays to test the efÞcacy of several insecticides against U. lugens: pyrethroids, spinosad, Bacillus thuringiensis kurstaki Berliner (Btk) and an insect growth regulator, Mimic. Pyrethroids and spinosad proved highly effective against U. lugens larvae, achieving 100% mortality after 3Ð 6-d exposure. The performance of Btk was lower against gregarious skeletonizing larvae compared with solitary chewing larvae. When good coverage of the target foliage is achieved, Ͼ90% mortality is possible with Btk. Mimic performed poorly against U. lugens compared with other insecticides tested (Ͻ60% mortality). The Eucalyptus species on which larvae were feeding signiÞcantly altered insecticide efÞcacy. Treatments applied to Eucalyptus nitens (Deane & Maiden) Maiden had reduced efÞcacy compared with E. cinerea F. Muell. ex Benth. or E. fastigata Deane & Maiden. Cooler temperatures also reduced insecticide efÞcacy, presumably by decreasing movement and food consumption by U. lugens. Recommendations on spray applications to control U. lugens in New Zealand are given.

Many speak of ‘economic sustainability’ but few define what they mean. On a finite world with biophysical limits, what should it mean? Firstly, it must be based on ecological reality and limits. It must acknowledge human dependence on nature and the environmental crisis caused by ignoring this. It must move past denial of our problems, as you don’t solve problems you deny exist. The paper analyses the underlying assumptions of neoclassical economics, and their failing to be based on ecological reality. It then considers what economic sustainability should be and considers immediate first steps, and the path to first a green economy and then a steady state economy.

BioOne sees sustainable scholarly publishing as an inherently collaborative enterprise connecting authors, nonprofit publishers, academic institutions, research libraries, and research funders in the common goal of maximizing access to critical research.

The demand for goods like seasonal fashion apparel is uncertain but the lead time needed for production is long, and so it is necessary to set the production quantity before the demand is fully known. Once sale begins, if demand is less than anticipated, the price will be low. In a futile attempt to avoid losses themselves, a competitive retail industry selling such merchandise will order too little, which will diminish the producer profit. A returns system is one response but it has problems also. Under a returns system in which retailers are fully reimbursed by the producer for any unsold merchandise, retailers will set their order quantities at the highest level allowed, which is also sub-optimal. So what to do? A slightly more sophisticated returns system is the answer. We show that a returns system with rebates implements the optimal production and sales strategy, attaining maximum expected profit in the channel.

The 21st century consumers are mindful of problems that impact social and environmental sustainability, fast fashion’s main emphasis is faster turnaround from factories to stay competitive thus some retail companies aren’t paying keen attention on the ethics in apparel production factories (Bhasin, 2014, June 04; Tan, 2016). According to the International Labour Organisation (ILO) forced labor is a worldwide concern affecting 21 million people; simply put there are 3 out of every 1,000 victims who are part of forced labor within Asia-Pacific with 11.7 million and other regions as shown in Appendix A (Mcclelland, 2017). 260 million children partake in employment with an estimate of 170 million children engaged in apparel making; ILO estimated that 6 million children are in forced labor with 14 to 16 working hour days in poor working conditions with reported cases in Bangladesh apparel factories; yarn spinning in India; cotton seeds production in Benin; and harvesting cotton in Uzbekistan (Moulds, 2017; Peiris, 2005). Ashridge Centre for Business and Sustainability, and Ethical Trading Initiative (ETI) confirmed that 71% of companies admitted to cases of modern slavery in their supply chain; with 168 million child labor cases in 2017 and a proven improvement from 246 million cases in 2000 (Mcclelland, 2017). Can apparel suppliers and retailers tackle the unethical practices that are impacting humanity and integrate practices that would ensure social sustainability? The focus of this research was for an opportunity to acquire and understand millennials perspectives on the unethical conduct and fashion industry with relevance to apparel sourcing, manufacturing, industry sustainability.

JEL: L60, L67, M14, D29, K20

This paper shows that supervision with soft information is valuable whenever supervisors and supervisees collude under asymmetric information and proceeds then to derive an Equivalence Principle between organizational forms of supervisory and productive activities. We consider an organization with an agent privately informed on his productivity and a risk averse supervisor getting signals on the agent's type. In a centralized organization, the principal can communicate and contract with both the supervisor and the agent. However, these two agents can collude against the principal. In a decentralized organization, the principal only communicates and contracts with the supervisor who in turn sub-contracts with the agent. We show that the two organizations achieve the same outcome. We discuss this equivalence and provide various comparative statics results to assess the efficiency of supervisory structures.

In soccer penalty kicks, goalkeepers choose their action before they can clearly observe the kick direction. An analysis of 286 penalty kicks in top leagues and championships worldwide shows that given the probability distribution of kick direction, the optimal strategy for goalkeepers is to stay in the goal's center. Goalkeepers, however, almost always jump right or left. We propose the following explanation for this behavior: because the norm is to jump, norm theory . Norm theory: Comparing reality to its alternatives. Psychological Review, 93, 136-153) implies that a goal scored yields worse feelings for the goalkeeper following inaction (staying in the center) than following action (jumping), leading to a bias for action. The omission bias, a bias in favor of inaction, is reversed here because the norm here is reversed -to act rather than to choose inaction. The claim that jumping is the norm is supported by a second study, a survey conducted with 32 top professional goalkeepers. The seemingly biased decision making is particularly striking since the goalkeepers have huge incentives to make correct decisions, and it is a decision they encounter frequently. Finally, we discuss several implications of the action/omission bias for economics and management.

Soft skills development has come with the intention of an all-rounded development of individual personality and entrepreneurship can be taught or not has been an argument until today. Therefore, this study was designed to explore the importance of soft skills to enhance entrepreneurial capacity. The three key soft skills that researchers examined were communication, leadership, and critical and problem-solving skills while the entrepreneurial capacity was the dependent variable of this study. A total of five successful entrepreneurs were purposively selected to be the informants of this study. Researchers employed a qualitative method using interview protocol as an instrument to conduct in-depth interviews. Data were analyzed using content analysis. The results revealed that critical thinking and problem-solving skills is the most significant soft skills to assist entrepreneurs to improve their competitiveness and productivity. Moreover, all the informants came to the consensus that...

Beginning in 1992, the Slow The Spread (STS) pilot project was initiated to target gypsy moth (Lymantria dispar L.) spread rate reduction by controlling populations in the transition zone. The project uses intensive monitoring techniques, with pheromone-baited sticky moth traps, to detect low-level populations and target them for eradication. The primary objective of the pilot project was to evaluate the feasibility of using integrated pest management techniques to slow the spread of gypsy moths over a large geographical area. In this study, the cost of STS pilot project activities in 1993Ð1995 was investigated. A cost accounting system was developed and used as a framework to collect the cost data and to investigate cost patterns and characteristics. Total expenditures of STS activities for 1993Ð1995 were $7,685.2 million. Per unit cost was $49.67 per trap with the direct cost component being $35.03 per trap. Trapper labor and vehicle expense accounted for Ϸ90% of this direct cost. Per unit cost for treatment activities was found to average $27.86 per treated acre. In general, the STS pilot project is labor intensive, speciÞcally the trapping component. From 1993Ð1995, 59% of total project expenditures were spent on trapping activities, 28% on pesticide treatments, and 13% on data management. A trapper productivity rate regression model is described.

Ce document est publié dans lintention de rendre accessibles les résultats préliminaires de la recherche effectuée au CIRANO, afin de susciter des échanges et des suggestions. Les idées et les opinions émises sont sous lunique responsabilité des auteurs, et ne représentent pas nécessairement les positions du CIRANO ou de ses partenaires. This paper presents preliminary research carried out at CIRANO and aims to encourage discussion and comment. The observations and viewpoints expressed are the sole responsibility of the authors. They do not necessarily represent positions of CIRANO or its partners. CIRANO Le CIRANO est une corporation privée à but non lucratif constituée en vertu de la Loi des compagnies du Québec. Le financement de son infrastructure et de ses activités de recherche provient des cotisations de ses organisations-membres, dune subvention dinfrastructure du ministère de lIndustrie, du Commerce, de la Science et de la Technologie, de même que des subventions et mandats obtenus par ses équipes de recherche. La Série Scientifique est la réalisation dune des missions que sest données le CIRANO, soit de développer lanalyse scientifique des organisations et des comportements stratégiques. CIRANO is a private non-profit organization incorporated under the Québec Companies Act. Its infrastructure and research activities are funded through fees paid by member organizations, an infrastructure grant from the Ministère de lIndustrie, du Commerce, de la Science et de la Technologie, and grants and research mandates obtained by its research teams. The Scientific Series fulfils one of the missions of CIRANO: to develop the scientific analysis of organizations and strategic behaviour.

This paper provides an economic analysis of underground gun markets drawing on interviews with gang members, gun dealers, professional thieves, prostitutes, police, public school security guards and teens in the city of Chicago, complemented by results from government surveys of recent arrestees in 22 cities plus administrative data for suicides, homicides, robberies, arrests and confiscated crime guns. We find evidence of considerable frictions in the underground market for guns in Chicago. We argue that these frictions are due primarily to the fact that the underground gun market is both illegal and "thin" the number of buyers, sellers and total transactions is small and relevant information is scarce. Gangs can help overcome these market frictions, but the gang's economic interests cause gang leaders to limit supply primarily to gang members, and even then transactions are usually loans or rentals with strings attached.

This paper develops a model of cultural transmission where television plays a central role for socialization. Parents split their free time between educating their children which is costly and watching TV which though entertaining might socialize the children to the wrong trait. The free to air television industry maximizes advertisement revenue. We show that TV watching is increasing in cultural coverage, cost of education, TV's entertainment value and decreasing in the perceived cultural distance between the two traits. A monopolistic television industry captures all TV watching by both groups if the perceived cultural distance between groups is small relative to the TV's entertainment value. Otherwise, more coverage will be given to the most pro…table group where pro…tability increases in group size, advertisement sensitivity and perceived cultural distance. This leads to two possible steady states where one group is larger but both groups survive in the long run. Competition in the media industry might lead to cultural extinction but only if one group is very insensitive to advertisement and not radical enough not to watch TV. We brie ‡y discuss the existing evidence for the empirical predictions of the model.

Strategic formulation is a management tool for measuring negotiated performance targets. It is a freely negotiated performance agreement between the government, acting as the owner of public agency on one hand, and the management of the agency on the other hand. The County government strategies are anchored on the Kenya Vision 2030. In revising their strategies, the County government needs to employ participatory approach, relying on the consensus of stakeholder groups, including civil society, the private sector and donor partners. The study focused on Isiolo county government. This is because the county government has been formulating and implements their strategies for the period of 3 years. The study involved all the management employees who include head of department of the county government. There were 63 managerial staff who were involved in the study. The study adopted descriptive research design. The study adopted a census sample design since the target population was manag...

In the present context of women’s socio-economic empowerment, Bangladesh has played a revolutionary role in microcredit movement and has proved that the poor women are creditworthy and they can even do better in repaying the debt. This movement is no longer limited to only microcredit program; rather it includes more service-oriented in the frame of microfinance operation. Microcredit institutions in Bangladesh have dramatically increased the credit available to poor rural women since the mid-1980s. Moreover, Microfinance Institutions (MFIs) have become a dominant financial institution for the poor section of people, especially women who cannot access formal financial institutions in a large extent. Though poor women have access to microfinance, later it has been explored that due to various kind of patriarchal norms and other socio-economical constraints, women in most cases lose the control on proper utilization of debt. Even though, sometimes women’s decision-making power and the expansion of enterprise became shrink due to lack of control over the loan utilization process. This paper mainly focuses on how microfinance intervention in Bangladesh played a decisive role in women’s economic empowerment and to what extent government policy initiatives and institutional building approach assist in flourishing microfinance discourse more friendly for the most vulnerable poor women. Moreover, this paper also evaluates the most prominent two selected institutions named BRAC and Grameen Bank’s microfinance operation from a critical viewpoint and assess to what are the existing ambiguity in the arena of microfinance operation at the field level.

A buyer's observation that one or more people are consuming a product can lead that buyer to consume the product as well. The evidence supporting unconscious and unintentional (automatic) mimicry of consumption suggests that it is a pervasive and robust phenomenon. However, up until now most findings on the antecedents of mimicry have been obtained from lab studies. Using a field study, the current research shows that passengers in a train mimic the consumption behavior of other passengers. Two subsequent lab studies suggest that mimicry of consumption is all the more powerful the more people there are consuming and the more intense and consistent their consumption behavior is. However, the impact of the number of people on the willingness to engage in mimicry reaches a peak at approximately eight people and is relatively constant thereafter.

We examine implications of delegating delivery of an infrastructure service to an elected local government rather than bureaucrats appointed by a central government. The latter is uninformed about local need and unable to monitor service allocations. Bureaucrats charge bribes for services as monopoly providers, resulting in underprovision of services, especially for the poor. Local governments are directly responsive to their citizens needs but may be subject to capture by elites. Effects of decentralization on service volumes, efficiency and equity are analyzed under different financing arrangements for local governments.

This study investigates the relationship between money and inflation using coin-tegration tests. For a broad sample of countries, the paper finds that most time series data underlying a typical monetarist model are nonstationary, indicating that it is necessary to appropriately ...

This article develops a two-period double moral hazard model with incomplete contracting to explore the implication of a possible adverse effect of unilateral control on the optimal revenue sharing and control allocation in a joint venture. We identify conditions under which joint ownership and control become optimal when unilateral control gives the controlling party opportunities to inefficiently extract private benefits at the expense of the joint revenue. Moreover, this adverse consequence of control may also lead to the separation of share ownership and control, i.e., it may be optimal for the minority owner to have the control rights. * Manuscript received March 2002; revised May 2004. 1 We thank various seminar participants for helpful comments on the earlier drafts of the article and the Research Grants Council of Hong Kong for financial support. We are especially grateful to two anonymous referees whose comments have greatly improved the article.

Substantial empirical research documents that exchange-rate forecasts are not formed rationally. This paper identi®es a common technical trading signal, the head-and-shoulders pattern, as a potential source of departures from rationality in exchange-rate forecasts. Forecasts based on this pattern are evaluated for daily dollar exchange rates over 1973 to 1994, using two criteria for rationality: pro®tability and ef®ciency. Resulting pro®ts, replicable in real-time, are tested for statistical signi®cance using a bootstrap technique. We ®nd that the rule is pro®table, but not ef®cient, since it is dominated by simpler trading rules.

This paper calculates Theil's entropy index to measure the extent of productivity differences across 92 countries for the period from 1970 to 2003. While there is evidence of increasing differences in productivity across these countries, we observe different patterns when we group the countries by income levels. These differences seem to be decreasing among middle income developing and developed countries whereas they seem to be widening among low and high income developing countries. The results of our multivariate time series analysis also suggest that FDI increases productivity differences among low and high income developing countries whereas GDI reduces these differences among low income countries in the long-run. Granger causality test results indicate that while an increase in GDI leads to a decline in growth of trade, a higher growth of trade appears to be important for attracting FDI to middle income countries. Furthermore, a reduction in productivity differences and a higher FDI growth lead to higher growth of trade in developed countries.

It has been observed that professional and qualified teacher's retention become a challenge for Higher Education Institutions (HEIs) in Pakistan as the turnover rate has been significantly increased in recent years. The main objective of this paper is to access personal, push and pull factors and to find out that which factors contribute more to turnover intention. Primary data were collected from 100 teachers of 5 HEIs using questionnaire methods. The results indicate that all factors (personal, pull and push) have contributed in the employees' turnover intentions. However, some facets of personal factor have significantly contributed in turnover intentions.

This paper reviews the current Corona virus situation, then examines the legal definitions of negligence and fiduciary duty in an attempt to determine whether closing a university because of health concerns over the Corona virus might result in legal liability for the university's board members and relevant university administrators.

Changes made as a result of publishing processes such as copy-editing, formatting and page numbers may not be reflected in this version. For the definitive version of this publication, please refer to the published source. You are advised to consult the publisher's version if you wish to cite this paper.

List of figures page xii List of tables xv List of boxes xviii List of screenshots xx Preface xxi 3 A brief overview of the classical linear regression model 42 3.1 What is a regression model? 42 3.2 Regression versus correlation 43 v r vi Contents 3.3 Simple regression 3.4 Some further terminology 3.5 The assumptions underlying the classical linear regression model 3.6 Properties of the OLS estimator 3.7 Precision and standard errors 3.8 An introduction to statistical inference 3.9 Generalising the simple model to multiple linear regression 3.10 The constant term 3.11 How are the parameters (the elements of the β vector) calculated in the generalised case? 3.12 A special type of hypothesis test: the t-ratio 3.13 Data mining and the true size of the test 3.14 An example of the use of a simple t-test to test a theory in finance: can US mutual funds beat the market? 3.15 Can UK unit trust managers beat the market? 3.16 The overreaction hypothesis and the UK stock market 3.17 Testing multiple hypotheses: the F-test 3.18 Sample EViews and RATS instructions and output for simple linear regression Appendix: mathematical derivations of CLRM results 3A.1 Deriving the OLS coefficient estimator in the bivariate case 3A.2 Derivation of the OLS standard error estimators for the intercept and slope in the bivariate case 3A.3 Derivation of the OLS coefficient estimator in the multiple regression context 3A.4 Derivation of the OLS standard error estimator in the multiple regression context 4 Further issues with the classical linear regression model 4.1 Goodness of fit statistics 4.2 Hedonic pricing models 4.3 Tests of non-nested hypotheses 4.4 Violations of the assumptions of the classical linear regression model 4.5 Assumption 1: E(u t) = 0 1 4 4.6 Assumption 2: var(u t) = σ 2 < ∞ 4.7 Assumption 3: cov(u i , u j) = 0 for i = j 4.8 Assumption 4: the x t are non-stochastic Contents r vii 4.9 Assumption 5: the disturbances are normally distributed 4.10 Multicollinearity 4.11 Adopting the wrong functional form 4.12 Omission of an important variable 4.13 Inclusion of an irrelevant variable 4.14 Parameter stability tests 4.15 A strategy for constructing econometric models and a discussion of model-building philosophies 4.16 Determinants of sovereign credit ratings Appendix: a brief introduction to principal components analysis 4A.1 An application of principal components to interest rates 4A.2 Calculating principal components in practice 5 Univariate time series modelling and forecasting r viii Contents 8 Modelling volatility and correlation 8.1 Motivations: an excursion into non-linearity land 8.2 Models for volatility 8.3 Historical volatility 8.4 Implied volatility models Contents r ix 8.5 Exponentially weighted moving average models 8.6 Autoregressive volatility models 8.7 Autoregressive conditionally heteroscedastic (ARCH) models 8.8 Generalised ARCH (GARCH) models 8.9 Estimation of ARCH/GARCH models 8.10 Extensions to the basic GARCH model 8.11 Asymmetric GARCH models 8.12 The GJR model 8.13 The EGARCH model 8.14 GJR and EGARCH in EViews 8.15 Estimating GJR and EGARCH models using RATS 8.16 Tests for asymmetries in volatility 8.17 GARCH-in-mean 8.18 Uses of GARCH-type models including volatility forecasting 8.19 Testing non-linear restrictions or testing hypotheses about non-linear models 8.20 Volatility forecasting: some examples and results from the literature 8.21 Stochastic volatility models revisited 8.22 Forecasting covariances and correlations 8.23 Covariance modelling and forecasting in finance: examples of model uses 8.24 Historical covariance and correlation 8.25 Implied covariance models 8.26 Exponentially weighted moving average models for covariances 8.27 Multivariate GARCH models 8.28 A multivariate GARCH model for the CAPM with time-varying covariances 8.29 Estimating a time-varying hedge ratio for FTSE stock index returns 8.30 Estimating multivariate GARCH models using RATS and EViews Appendix: parameter estimation using maximum likelihood 9 Switching models 9.1 Motivations 9.2 Seasonalities in financial markets: introduction and literature review r x Contents Contents r xi 11.6 How might the finished project look? 11.7 Presentational issues 12 Recent and future developments in the modelling of financial time series 12.1 Summary of the book 12.2 What was not covered in the book 12.3 Financial econometrics: the future? 12.4 The final word Appendix 1 A review of some fundamental mathematical and statistical concepts A.1 Introduction A.2 Characteristics of probability distributions A.3 Properties of logarithms A.4 Differential calculus A.5 Matrices A.6 The eigenvalues of a matrix