A Meta Analytic Approach to Testing for Panel Cointegration

We propose new tests for panel cointegration by extending the panel unit root tests of Choi (2001 Choi , I. ( 2001 ). Unit root tests for panel data . Journal of International Money and Finance 20 ( 2 ): 249 – 272 .[Crossref], [Web of Science ®] , [Google Scholar]) and Maddala and Wu (1999 Maddala , G. , Wu , S. ( 1999 ). A comparative study of unit root tests with panel data and a new simple test . Oxford Bulletin of Economics and Statistics 61 ( S1 ): 631 – 652 .[Crossref] , [Google Scholar]) to the panel cointegration case. The tests are flexible, intuitively appealing, and relatively easy to compute. We investigate the finite sample behavior in a simulation study. Several variants of the tests compare favorably in terms of both size and power with other widely used panel cointegration tests.     

Rush and Be Wrong or Wait and Be Late? A Model of Information in Collaborative Processes

Business processes have become more simultaneous and collaborative in the recent past. In simultaneous processes, multiple parties must adapt to one another in real time as decisions evolve. For example, New Product Development (NPD) requires collaboration in the context of Concurrent Engineering, and Supply Chain Management (SCM) in the context of collaborative planning. In both cases, parties must modify decisions based on preliminary information, information that is not fully precise or stable, about what the other parties are doing. This article develops a generalized model of real‐time decision making based on preliminary information, which applies both to NPD and SCM. The model offers insights into when to commit to a course of action, and we derive seven principles that help in dealing with preliminary information.     

The attention-based view: Review and conceptual extension towards situated attention

Over two decades ago, William Ocasio introduced the attention-based view (ABV) of the firm with a powerful argument: firm-level behaviour is the result of the situated distribution and allocation of managerial attention, embedded in broader organizational structures and the environmental context. ABV-based research has received substantial and increasing scholarly attention, resulting in a complex and incoherent body of research. In order to address this issue, this paper takes stock of extant research on the ABV and consolidates key debates. Based on a systematic review of 173 articles, we synthesize existing research into a unifying framework. Drawing on this framework, we propose situated attention as a central theme for future research. We elaborate on four situational factors (materiality, social dynamics, temporality and what we call framing of the strategic setting), which may influence how actors’ attention is situated in the particular context.     

The social transformation of American medical education: class, status, and party influences on occupational closure, 1902–1919

Applying Weber's theorizing on action and stratification, this study examines whether the early 20th-century extinction of half of the medical schools in the United States resulted from actions intended to serve class, status, and party interests by achieving social closure. Analyses reveal closure intentions in the school ratings assigned by the American Medical Association, although not in the recommendations in the 1910 Carnegie-sponsored Flexner report. In contrast to claims that schools failed largely because of economic exigencies, analyses indicate that failures were influenced by the AMA's and Flexner's assessments, as well as by state regulatory regimes and school characteristics.     

Eighth‐Grade School Form and Resilience in the Transition to High School: A Comparison of Middle Schools and K‐8 Schools

We examine a set of academic and social outcomes in 9th grade, comparing middle school attendees with those who attended K‐8 schools. Previous research with these data has shown that there are few differences in 8th‐grade outcomes by school type. Here we extend these findings to determine whether school form influences student outcomes in the first year of high school. The results reveal several domains in which attendance at a middle school results in worse outcomes (e.g., greater rates of course failure); however, we find that a large portion of the difference by type of a student's 8th‐grade school is accounted for by differential rates of attendance at the district's magnet schools. That is, our results indicate that type of school attended during the middle grades is significantly and positively related to magnet school attendance and thereby on the academic outcomes in the 9th‐grade year.     

The Effect of Urbanization on China’s Fertility

The relationship between urbanization and fertility decline is known to be inverse in developed countries. However, the nature of this relationship in developing countries that already have relatively low fertilities is not well-understood. This study aims to illustrate how much urbanization contributed to China’s fertility decline between 1982 and 2008 and forecasts how much it can contribute to future reductions in fertility. The study examines changes in the total fertility rate (TFR) at both the national and provincial levels, given regional differences in the urbanization rate. The results show that changes in rural fertility behavior accounted for most of the decline in the national TFR between 1982 and 2008. This finding suggests that official birth control policies were instrumental in curbing China’s population growth. However, urbanization was responsible for about 22% of the decrease in TFR during this period, and its effect was especially important during the latter years (2001–2008). In most provinces, urbanization associated with a decline in provincial-level fertility. The forecasts indicate that urbanization will become the primary factor behind future declines in national fertility. Given the negative effect of urbanization on the TFR, it is possible to relax the one-child policy without having adverse implications for population growth.     

Insider ownership and corporate performance: evidence from Germany

In this paper we address the question whether insider ownership affects corporate performance. Evidence from studies dealing with Anglo-Saxon countries is rather inconclusive, especially because results seem to be significantly affected by endogeneity. Economically, this is due to the fact that in these countries insider ownership seems to be mainly driven by management’s compensation contracts. We argue that Germany is different in this regard, as insider ownership is often related to family control, stock-based compensation is less widespread, and the market for corporate control used to be less developed. Starting from this presumption, our data allows an unbiased observation as to whether insider ownership affects firm performance. Using a pooled data set of 648 firm observations for the years 2003 and 1998, we find evidence for a positive and significant relationship between corporate performance—as measured by stock price performance, market-to-book ratio and return on assets—and insider ownership. This relationship seems to be rather robust, even if we account for potential endogeneity by applying a 2SLS regression approach. Furthermore, the results hold for a sub-sample of firms that did not have a stock-based compensation program in place. Moreover, we find outside block ownership as well as more concentrated insider ownership to have a positive impact on corporate performance. Overall, the results indicate that ownership structure might be an important variable explaining the long term value creation in the corporate sector.

Dinner with Bayes: On the revision of risk beliefs

Journal of Risk and Uncertainty - We study how people form and revise health risk beliefs based on food safety information. In an online experiment, subjects stated their perceived risk of...